Advance Tax Penalty: What Happens If You Miss the 15 March Deadline?
As the financial year nears its end, one important date taxpayers should remember is March 15, 2026. This is the last day to pay the final advance tax instalment for FY 2025-26. Advance tax simply means paying your income tax in parts during the year instead of paying everything later while filing the return. Missing […]
Union Budget 2026: Key Tax Changes Explained
The Union Budget 2026 did not bring any big surprises. Income tax rates have stayed the same. Still, a few useful changes were announced to make tax rules simpler and easier to handle. These changes are relevant for people sending money abroad, companies, NRIs, and small taxpayers. Let us go through them in a simple […]
Budget 2026 MAT Update: 14% Rate & New Set-Off Rules
In Budget 2026, the government made a minor change to the MAT (Minimum Alternate Tax). This rule applies when a company earns money but pays very little tax. In such cases, tax is calculated on the company’s book profit instead. If this tax is less than 15 percent, MAT applies. Earlier, companies believed the extra […]
What is the Impact of Artificial Intelligence in Auditing?
The impact of AI in auditing is increasing day by day. There was a time when auditors manually checked financial records and transactions. This process would take a lot of time because humans cannot analyse a large number of documents at once. Here comes the relevance of AI. AI can process huge amounts of data […]
General Ledger Interview Questions and Answers
The General Ledger is the core of accounting, where all financial transactions are finally recorded. It helps businesses track income, expenses, assets, and liabilities in one place. Interviewers often ask general ledger questions to test basic accounting knowledge, accuracy, and understanding of how accounts are maintained. These questions are commonly asked for junior accountants, accounts […]
Important Inventory Valuation Questions and Answers
We all know that inventory valuation is the process of finding the value of stock held by a business at a specific date. We all know that it includes raw materials, work in progress, and finished goods. A proper inventory valuation is very important because it has a major effect on profit calculation, financial statements, […]
Important Depreciation Questions And Answers
Depreciation is one of the most important concepts in accounting because it explains how the value of fixed assets reduces over time. We have always noticed that the value of some assets does not remain the same forever. To show the true cost of using these assets and also to present accurate financial statements, depreciation […]
Important Rectification Of Errors Questions For Interview
In order to prepare for the interviews on rectification of errors, you have to be well prepared. For that, you should know about what rectification is and all similar facts connected to it. If you know every nook and corner of this topic, you can succeed in your interview. This knowledge will make you more […]
Important Cash Book Questions And Answers
Cashbook is an important record that shows all cash received and paid by a business. In Interviews, important cash book questions usually cover the types, format, and differences between a cash book and a ledger. You may also be asked about handling bank transactions, discounts, and mistakes. Knowing all these basics shows that you understand […]
Excel Lookup and Reference Functions
When you are working in Excel, you will be more likely to notice that you are spending more time finding data. Maybe you are looking for a salary, a student mark, or a product price. You will become more tired scrolling up and down continuously. It will lead to more mistakes. That is exactly where […]
Contra Entry: Meaning, Types & Examples
Have you ever withdrawn cash from an ATM or transferred funds between your two accounts? Then you have done a contra entry here. Contra entries are everyday business transactions that include a transaction between accounts in the same organization. It includes both cash and bank transfer. Let’s discuss more about contra entries, their types, and […]
GSTR-3B vs GSTR-1: Meaning, Filing & Due Dates
Under the GST System, registered businesses are required to share transaction information with the government. Among the various returns, the most commonly used are GSTR-1 and GSTR-3B. At first, it may be difficult to understand each role, but once you thoroughly understand both, the process will become clearer. This knowledge will make the filing process […]
