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Arun Mishra Accounting Taxation PDF
Arun Mishra Accounting Taxation PDF
On
“Accounting & Taxation”
At
(MBA 2017-19)
Enrollment number:-50618003917
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Declaration
Place:- Noida
Date:-
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ACKNOWLEDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude to wards all
the individuals
who directly or indirectly contributed towards completion of this report.
Working on this report was a great fun, excitement, challenges and a new exposure in the
field of finance.
I am greatly in debated to under whose guidance and concern I am able to bring the report
into its real
shape.
Arun Mishra
Course: MBA(2017-19)
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TABLE OF CONTENT
LITERATURE REVIEW
7 33-36
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11
73-74
OTHER DETAILS
12 CONCLUSION 75
13 BIBLIOGRAPHY 76
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INTRODUCTION OF INDUSTRY
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Industry I selected is working in a reputed Chartered Accountant's firm
followed by the rules and regulations and code of conduct designed for C.A
firms by ICAI (The Institute of Chartered Accountants of India). It has vast
experience in the field of both Domestic and
International Taxation. The firm assists its clients at various phases of their
business.
Varying from structuring their investment into India, complying with
regulations of
Reserve Bank of India, Registrar of Companies, Income Tax Authorities,
Service Tax Authorities, Value Added Tax Authorities, G.S.T permissions
from Foreign Investment Promotion Board.
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ICAI VISION 2030
ICAI had released its Vision 2030 document which set outs its Vision for
2030,Mission ,
Strategic Priorities and Action Plan for the coming three years to achieve its
Vision during the 62nd Annual Function held on 11th February 2012 by the
august hands of Dr. M. Veerappa Moily, Minister of Corporate Affairs. ICAI
aims at harnessing the opportunities and addressing the challenges presented
by the rapidly changing environment so that, by 2030, ICAI becomes:
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ICAI is governed by the Council which consists of nineteen members. Fifteen
members are elected from amongst the members for a period of four years.
The remaining four of the Council members are nominated by the Government
of India.
The affairs of the ICAI are managed by a Council in accordance with the
provisions of the Chartered Accountants Act, 1949 and the Chartered
Accountants Regulations, 1988. The Council constitutes of 40 members of
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and Auditor General of India, Securities and Exchange Board of India,
Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
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ACCOUNTING RESEARCH FOUNDATION
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As a part of its continued pursuit to promote research in the fields of
accounting, auditing, monetary policies and other related disciplines, the ICAI
Accounting Research Foundation (ICAI ARF) has undertaken and completed
various basic and applied research projects. It also provides financial
assistance to researchers / scholars for undertaking basic research projects of
contemporary national/ international significance in the aforesaid areas.
The Institute has been holding an annual competition “ICAI Awards for
Excellence in Financial Reporting” with the objective to recognize and
encourage excellence in the preparation and presentation of financial
information with the mission of greater accountability and well informed
decision-making. Entries received for the annual competition are sent to the
panel of Technical Reviewers for being reviewed and the review reports are
being received as a part of first tier of evaluation. The shortlisted entries are
evaluated by Shield Panel and then by the Jury as the second tier and third tier
of evaluation process. The Shield Panel and the Jury is being constituted for
the purpose. The award function to honor the awardees is organised every year
by the Institute.
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KEY COMPETITORS
RAJ GARG & ASSOCIATES is one of the well reputed and experienced
firm in the C.A industry. Since it has been providing services since a long
time, they have a list of competitors.
Raj Garg & Associates, Chartered Accountant, was established in 1998 with
the view to provide dynamic professional services in the field of Chartered
Accountant Services.
The Firm‟s different verticals are headed by Senior Partners. Team RGA
consists of qualified, semi-qualified and others, who are technically
competent, well trained, strongly motivated and have in-depth knowledge and
rich experience
Our Team
Raj Garg & Associates is a professionally managed firm. The team consists of
distinguished chartered accountants, corporate financial advisors, tax
consultants and management consultants. The firm represents a combination
of specialized skills, which are geared to offers sound financial advice and
personalized proactive services. Those associated with the firm have regular
interaction with industry and other professionals which enables the firm to
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keep pace with contemporary developments and to meet the needs of its
clients. The Firm‟s different verticals are headed by Senior Partners. Our team
consists of qualified, semi-qualified and others, who are technically
competent, well trained, strongly motivated and have in-depth knowledge and
rich experience.
Partners Details
B. Sc, FCA
Raj Kumar Garg is the founder of Raj Garg & Associates. He is a member of
the Institute of Chartered Accountants of India (ICAI) since 1993. He has
experience of more than 24 years in the fields of taxation, auditing,
management consultancy, corporate setup, FDI. He has vast knowledge and
thorough understanding of Indian laws and regulations as well as the complex
corporate compliance.
Himanshu Gupta
B. Com, ACA
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Some of the key competitors are :-
J C Bhalla & Co
JC Bhalla & Company was established in 1943 as a public accounting and
audit practice. It has since expanded to cover a wide array of tax litigation, tax
advisory, assurance and other financial advisory services
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regulatory policy across a range of sectors. Our growth is a byproduct of the
outstanding client service delivered by our people, the best in the industry.
Shiv Om & Co
Shiv Om & Co („SOC‟), Chartered Accountants is providing a vide gamut of
services since 1972.
Initially it started with traditional services like auditing and then it branched
out to few contemporary areas like International taxation and Accounts
Outsourcing.
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COMPARISON
Here the work culture is very Work Culture Here the work culture is
friendly and educating and complete professionalism and
professional also at the same time only task oriented work is given
Since its one of the oldest Market Image Since it is operating since many
accounting firm it has a good and years it also has good market
a better market image image but not better than RAJ
GARG & ASSOCIATES
Here the work is done with Quality of work Here the work done is based on
complete accuracy and under quantitative basis rather than
complete supervision with qualitative basis
qualitative aspect in mind
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REASON FOR SELECTING THE ORGANIZATION
Student’s end:
• In an organization, you can make a bigger impact, so you can see the
effect of your work relatively quickly
• Early responsibility and your initiative will be tested and you‟ll be able
to develop your leadership, team working, time management and
organizational skills.
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• Your contribution will be highly valued, we can dedicate our time to
one of these areas and offer enterprising ideas to improve the business
Industrial end
• Consistency
A good recruitment and selection policy will also require that hiring
managers use predetermined criteria at all stages of the recruitment
process, thereby reducing the risk of bias or discrimination.
• Legality
Privacy and equal opportunity legislation require that the recruitment
process is conducted in a fair and transparent manner.
A candidate may have recourse to legal action if they feel they have
been discriminated against, so impartiality is not only the right thing to
do.
Privacy laws also require that a candidate‟s application is treated
confidentially. Penalties apply if breaches occur, so here as well, a
good recruitment and selection policy helps to protect the
organization‟s best interests.
• Credibility
Some are placed by organizations wishing to build up a „talent pool‟ or
to simply to test the waters and see what‟s out there.
• Transparency
By requiring transparent procedures at every step, the recruitment and
selection policy ensures that all stakeholders in the recruitment process
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(HR, department head, line manager etc.) are able to follow the
process and be confident of the outcome.
LEARNING OBJECTIVE
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• To get knowledge of opportunities and threats while entering into an
organisation.
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Raj Garg & Associates, Chartered Accountant, was established in 1998 with
the view to provide dynamic professional services in the field of Chartered
Accountant Services.
The Firm‟s different verticals are headed by Senior Partners. Team RGA
consists of qualified, semi-qualified and others, who are technically
competent, well trained, strongly motivated and have in-depth knowledge and
rich experience
Team
Raj Garg & Associates is a professionally managed firm. The team consists of
distinguished chartered accountants, corporate financial advisors, tax
consultants and management consultants. The firm represents a combination
of specialized skills, which are geared to offers sound financial advice and
personalized proactive services. Those associated with the firm have regular
interaction with industry and other professionals which enables the firm to
keep pace with contemporary developments and to meet the needs of its
clients. The Firm‟s different verticals are headed by Senior Partners. Our team
consists of qualified, semi-qualified and others, who are technically
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competent, well trained, strongly motivated and have in-depth knowledge and
rich experience.
Partners Details
B. Sc, FCA
Raj Kumar Garg is the founder of Raj Garg & Associates. He is a member of
the Institute of Chartered Accountants of India (ICAI) since 1993. He has
experience of more than 24 years in the fields of taxation, auditing,
management consultancy, corporate setup, FDI. He has vast knowledge and
thorough understanding of Indian laws and regulations as well as the complex
corporate compliance.
Himanshu Gupta
B. Com, ACA
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Mission - Our mission is to provide One-Stop solution to our clients for their
business, financial and regulatory requirements.
Valuing People
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KEYS TO SUCCESS
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ORGANIZATIONAL STRUCTURE
• Proprietor
• Senior Managers
• Managers
• Supervisors
• Senior Trainee Students
• Junior Trainees
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Supervisors
SeniorManagers
SeniorTraineeStudents
Proprietor
Managers JuniorTrainees
Proprietors are often the founders of the firms. Most of the firms‟ names
are associated with the names of Proprietor. They are basically the main
authorized personal who issue and sign any report (specifically audit report)
on behalf of the firm. Proprietor mostly communicates with the Senior
Managers. In other words, the progress of any report and any inquiry is
made from the Senior Managers and hierarchal structure is strictly followed
to avoid any disruption.
RAJ GARG & ASSOCIATESIs having its office in Mulund west. Almost all
the controls and regulations are dealt at office in Mulund west. The office
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constitute different number of departments who basically handle their
respective functions. The major departments include
• Tax & Corporate Department: Firm delivers taxation services to clients and
assists them in obtaining optimal tax benefits available under the laws. Firm
also assist clients to comply with the tax rules and regulations and always
keep them updated with the latest developments and amendments. Tax
personnel are qualified professionals, experienced and knowledgeable. We
maintain a comprehensive tax library which always provides ready references
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and timely solution in complex situations. Firm provides a comprehensive
range of tax services which includes;
• Preparation and submission of annual tax returns
• Compliance services
• Tax advisory services
• Representation and litigation with tax authorities
• Personal income tax services
In RAJ GARG & ASSOCIATES same staff is handling with tax matters as
well as corporate sector. While in corporate firm provides different kinds of
services relating to corporate sector from incorporation to winding up of a
Company.
cares for them and motivate them to work more efficiently and diligently.
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The hierarchy adopted by RAJ GARG & ASSOCIATES.is in accordance
with the legal structure a CA firm shall have. Although the ICAI rules
permit of not having the supervisors and does not make it mandatory having
senior manager and manager, yet this goes as additional benefit for the firm
of having such an extensive hierarch
Since RAJ GARG & ASSOCIATES.is an accountant's firm, the culture here
is very formal and people here are very hardworking and they work with
their complete dedication. The environment is very friendly and for a "fresh
internee" like me it's the best place to learn and understand in depth about
our country's taxation systems and various new reforms and amendments.
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• Formal Communication:
• Informal Communication:
Dress Code:
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still neat, conservative, and traditional, if a little more loose when it
comes to color or pattern.
Business professional is also sometimes called “traditional business.”
Expect to present a professional appearance every day, injecting
personality into your outfits with your accessories and color choices.
TIMING'S
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LITERATURE REVIEW
Author(s):
Gudrun Baldvinsdottir (Trondheim Business School, Trondheim, Norway)
Andreas Hagberg (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Inga‐Lill Johansson (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Kristina Jonäll (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Jan Marton (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Acknowledgements:
The authors gratefully acknowledge financial support from the Jan Wallanders
and Tom Hedelius Foundation, the Swedish Research Council, and from the
Torsten and Ragnar Söderbergs Foundation. The authors also thank the Editor,
Deryl Northcott, and two anonymous reviewers for their encouragement and
suggested improvements. Finally, thanks are also due to workshop participants
at the AAA Annual Meeting in New York 2009 and at the EAA Annual
Congress in Tampere, 2009.
Abstract:
Purpose
– The purpose of this paper is to provide a structured overview of literature in
the nexus of trust and accounting. This can serve as a basis for future research,
and thus provide a framework for asking more precise and focused research
questions.
Design/methodology/approach
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– All papers published in prominent accounting journals during a 15‐year
period were examined. Papers pertaining to the field of trust and accounting
were categorized and analyzed in more detail, and qualitatively classified in
accordance with selected dimensions. The review focused on papers explicitly
exploring the link between accounting and trust.
Findings
– A large proportion of the papers is in the field of management accounting
(MAN). The majority of published papers in the field are based on
sociological theory, but there are some economics‐based papers.
Sociologically based analysis seems to provide more structure, but is also less
paradigmatic in nature than economic theory. Only a small number of papers
have an explicit definition of the concept of trust. The authors' conclusion is
that the state of research has been developing to become more paradigmatic in
recent years.
Originality/value
– This is the only literature review that provides a comprehensive overview of
research on trust and accounting. Thus, it is an aid to future research in the
area.
Keywords:
Trust, Accounting, Research work, Serials, Paradigmatic research, Trust
definition
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Author(s):
ABSTRACT
The general advice of international institutions such as the IMF and the World
Bank given to developing countries over the past few decades has been to replace
trade taxes with domestic consumption taxes, particularly value-added tax (VAT)
and to maintain relatively high corporate income tax rates. This paper reviews
recent literature that supports and challenges this conventional view.
INTRODUCTION
The seminal work on the subject of taxation and development was done by Burgess
and Stern (1993), who reviewed previous literature and presented what is still, 13
years later, regarded as conventional wisdom.
According to their view, developing countries should have an indirect tax system
based on the following elements:
(i) a VAT, with one or two rates and some exemptions;
(ii) excises on alcohol, tobacco, petroleum products and some luxury goods; and
(iii) direct support for certain groups, possibly through subsidized rations. Such a
system may be supplemented by temporary tariffs to maintain revenue, or to
protect infant industries when justifiable. They strongly support the common
move that has taken place, way from trade taxes to sales tax in general, and
to VAT in particular.
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consumption taxes, particularly value-added tax (VAT) and to maintain relatively
high corporate income tax rates.
Some recent literature, in particular, Emran and Stiglitz (2005) and Gordon and Li
(2005) challenge the conventional view, arguing that the relatively large informal
sector in developing countries may justify a different tax policy design.
Margalioth (2003) suggests that maintaining high corporate income tax rates may
come at a high cost in terms of economic growth as corporate tax rates affect FDI
location, and FDI may have significant spillover effects.
This paper is structured as follows.
The first section provides some general background. Section 2 reviews some
recent papers that support the conventional wisdom. In section 3, some recent
criticisms of the conventional wisdom are reviewed, and in the last section we
raise a few questions and offer suggestions for future research.
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RESEARCH METHODOLOGY
What is Research…?
Research means search for facts in order to find answers to certain questions or to
find solutions to certain problems. It is often referred to as „scientific inquiry‟ or
„scientific investigation‟ into a specific problem or situation. This is because; the
search for facts should be made by scientific method rather than by arbitrary
method. The scientific method uses systematic rational approach to search for
facts, whereas, the arbitrary method attempts to find answers to questions on the
basis of imagination and one‟s own beliefs and judgment.
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TYPES OF RESEARCH
Descriptive Research:
Descriptive research helped me to find out facts and details of the pts. I
have been enquired directly to senior executives and senior employees about what
has happened and what is happening in the company.
Historical Research:
Quantitative Research:
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OBJECTIVES OF THE STUDY
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LIMITATIONS OF THE STDY
• Time factor is the most crucial one. The study was conducted within a
short period of two months.
• I had to wait for a long time to make contact with the executives, because
they were busy with their work.
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RESEARCH DESIGN
Problem: In Pts, since 3 years there is positive and equal relationship between
current assets and current liabilities. Collection period is less than payment period
so cash conversion cycle is less.
Data Collection: I have been collected data through secondary. Secondary data
from Observation and Personal interaction, executives and senior employees.
Secondary data from annual reports and company websites.
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DATA COLLECTION
The following sources have been sought for the preparation of this report:
• While doing this project, the data relating to working capital, cash
management, receivables management, inventory management and short
term financing was required.
• This data was gathered through the company’s websites, its corporate
intranet, and PTS’s annual reports of the last five years.
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DATA SAMPLING
Above are all the sampling units that are used by me for study.
RESEARCH INSTRUMENTS
While doing the research on working capital management, I use some documents
that are given below:
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PRODUCT PORTFOLIO
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Indirect Taxes: (PRODUCTS)
• Service Tax o Compiling and calculating the net service tax on output
services after taking benefit of Convert Credits.
o Compiling the data of GST Input Credits for GST.
o Preparing & Filing of Service tax Returns. o Advising on the
issues relating to Service tax.
o Consultancy on the maintenance of prescribed records.
o Tax Planning as regards the minimization of Service Tax
Liability
• Good And Services Tax
Rendering assistance in registration under GST
Assistance in claiming input tax credit
Assistance in furnishing tax returns and claiming refunds
Advice on the legal aspects of GST
o Rendering advice on the wide range of issues in relation to tax
invoices and retails invoices
o Internal Audit and Compliance Reviews
o Helping with audit of accounts necessary for a registered dealer
G.S.T
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TALLY SOLUTIONS (ACCOUNTING PRODUCT)
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Why businesses and accountants prefer Tally rather than Manual
Accounting ?
MANUAL ACCOUNTING Accounting in Tally
(As Done in Schools/College books) (as done practically)
We first We only
1.Pass Entries 1.Make Ledger Name
2.Make Ledgers 2.Pass Entries
3.Make Trail Balance (Automatically Ledgers, Trail balance and
Balance Sheet updated)
4.Make Profit and Loss
5.Make Balance Sheet
More Chances of error and very time Less Chances of error and less time taking
consuming (However, Accounting entry should be
correct, otherwise there will be errors)
Balance Sheet Asset and liability rarely Balance Sheet automatically tallied with
tallies each other
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Insert the following details. Directory: C:\ Tally .ERP9 \ Data (this is the default
directory and folder. if necessary you can change this at the time of tally software
installation or you can directly change from the creation window. (d:\ Tally\Data)
i.e., you only type the path or drive where you want to store your data)
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Tally Vault Password: here you can give a password
Use Security Control: If you want to control over accessing tally
data, give Yes
Your company is created. Then you can see the Gateway of Tally.
The button panel of this shows:-
F1- Select Company (Here you can open your company from the list
of companies).
F1 (Press Alt + F1)- Shut Company ( To close a company)
F2- Change Date (Here you can change the current date)
F2 (Press Alt + F2) (To change current period of Company)
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Ledger Creation
From Gateway of Tally go to Accounts info - Ledger- Create
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There is a list of groups in the Tally software. While creating new
ledger accounts we have to also select the appropriate group
according to the type of account i.e. sundry debtors , sundry
creditors ,loans liability, loans (advances),current assets current
liability etc.
Following below are the few examples of the ledgers and the
account to which they belong to :
Ledgers Group
Loan HDFC A/c Loans Liability
Bank SBT A/c Bank Account
Furniture A/c Fixed asset
Furniture Mart A/c Sundry Creditors
Advertisement A/c Indirect Expense
Media Advertiser A/c Sundry Creditors
Printing charge A/c Indirect Expense
Machinery A/c Fixed asset
Purchase A/c Purchase Accounts
Aroma traders A/c Sundry Creditors
Telephone charge A/c Indirect Expense
Sales A/c Sales Account
Purchase Return A/c Purchase Accounts
Kishore A/c Sundry Debtor
Sales Return A/c Sales Account
After creating new ledger Press Esc key for Quit Ledger Creation
window
Then from Gateway of Tally Select Accounting Vouchers
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Then you will get:-
This is called Vouchers. . On the Button Panel you can see the
different type of vouchers.
F4 – Contra (To record transaction between Cash and Bank. i.e.
Cash deposited into Bank and Cash withdrawn from Bank for
office use.)
F5 – Payment (To record Cash and Bank Payments)
F6 – Receipt (To record Cash and Bank receipts)
F7 – Journal (To record non cash transactions)
F8 – Sales (To record Cash Sales and Credit Sales)
F9 – Purchase (To record Cash and Credit Purchase)
For Sales Return and Purchase Return
Press F11 for features
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Here select Use Debit/Credit Notes ? Yes
Then Press
Ctrl + F8 – Credit Note (To record sales return)
Ctrl + F9 – Debit Note (To record Purchase return
Journal entry
Journal Vouchers are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence, they are referred
to as adjustment entries.
Creating a Journal Entry
Journal entries are usually used for finalization of accounts.
To pass a Journal Voucher,
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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:
ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
CTRL+R: Recalls the Last narration saved for a specific voucher
type, irrespective of the ledger
• Automatic as well as manual calculation of interest u/s 234A, 234B & 234C.
• Preparation of Return Forms viz. ITR 1 to ITR 7.
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• Preparation of Trading, P&L Account, Balance Sheet, Multiple Capital
Account, and Statement of Affairs.
• MIS Reports viz. assesses register, Filed Return List, Pending Return List,
Returns to be Prepared, Refund
• Cases List, Advance Tax Register, Advance Tax Estimation Report, and
Assesses without PAN etc.
• Client-wise backup and restore facility.
• Online e-Payment of Tax Chillan‟s through software directly, no require
filling master information.
• Facility to Import Data Directly from Tally 4.5/ 5.4/ 6.3/7.2/8.1/9.0, BUSY
and from MSExcel.
• Specimen of Qualification in Auditor Report Notes on Accounts and
Accounting Policies.
•Facility to calculate Defer Tax Liability ⁄ Assets as per AS-22.
• Statutory Compliance (Income Tax)
» Enables Auto filing of Income Tax Return Form 1, 2, 2A, 3, 4, 4S, 5, 6 and
7 in Hard Copy and Electronic Format as per the requirement of Income Tax
Department for Individuals, HUF, Firms, Companies, AOP, BOI,LLP and
Trusts.
» Form 49A (PAN Application New-Indian Citizen), Form 49AA (PAN
Application NewForeign Citizen) & Form 49A Correction (Modification in
PAN Data) are generated from the master database in the software in the hard
copy and online.
» Declaration form for Non deduction of TDS - Facilitates Generation of
Form 15H (senior citizens) and Form 15G (Other Citizens).
» Relief Calculator - Calculation of Relief u/s 89(1). Minimum Alternate Tax
(MAT) report - Furnishing of Form 29B enabled.
»Advance Tax Calculator for computation of Advance Tax installments.
• Billing
» Facility to generate bills, receipts and bill cum receipts.
»Pending fee list and Pending bill list.
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» Navigating widget for logging on to Income Tax India website to directly
upload the required XML files.
»e-Filing for 10B, 10BB, 29B, 3CEB, 35.
» Downloading widget facilitates update from email box i.e., downloading of
intimation and ITR-V receipt status.
» e-payment of Challan obviates need to fill master information, Import TDS
entries from Form 26AS.
» Facility to know Outstanding Tax Demand, Tax Credit Mismatch,
Rectification Request, Filing of Defective Return, Generation & Verification
of ITR through EVC.
• Statutory Compliance - Financial Statement
» Generates Balance Sheet, Profit and Loss Statement in the Revised Schedule
VI Format and Horizontal format.
» Tax Audit Reports - Generates Forms 3CA, 3CB, 3CD and Annexure of
Form 3CD.
» Company Reports - Generates Auditor's Report, Director's Report &CARO
Report.
» Notes to Account & Significant Accounting Policies - Enables inputs for
notes and accounting policies.
» Comparative summary of current year's and previous year's computation
enabled in a single click.
» Tax Planning Tool facilitates adjustment of sequence of current year losses
and unabsorbed depreciation.
E-TDS
Features
• Preparation and Validation of e-TDS return file.
• User can Generate Forms 24G, 24Q, 26Q, 26QA, 26QAA, 27A, 27B, 27Q,
27EQ, 15G/H, 16, 16A, 27D, 49B by giving Single Input (with correction
statement).
• Facilitates record keeping and error tracking of returns through preparation
of Multiple correction statement.
• Identification of wrong PAN - This helps to identify a wrong PAN report
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• File Viewer Facility to view FVU files as per the format prescribed by the
NSDL. •Salary display computation of total income and tax calculation
thereon.
• Challans wise Details, Certificate Issue Register, List of Clients not having
PAN and address.
• Salary Summary Annual Gross (Display the Gross Amount and Exempted
Amount separately), Annual Net (Display the Final Taxable Amount) and
Monthly Salary Summary (Display the Monthly Salary Paid).
• Online TAN Registration.
• e-Filing of Return (Auto downloads of CSI File from the NSDL Site, Error
Locator - efile error locator redirects you to the point of initiation of error,
Auto Generation of Form No. 27A with control report.
• List of All India Bank Branches Codes Available.
• Facility to calculate amount of Monthly TDS to be deducted.
• Real Time Validation Facility - A tripwire in the software to identify errors
and notify the user during the e-Filing process.
• Challan Verification - This facility verifies the authenticity and correctness
of the challan from the CSI File.
• Import/Export Facility
» Import Facility - Zen TDS facilitates importing data of deductee and
employee master and deductee entries from Excel Sheets / FVU / NSDL-TDS
File.
» Facilitates importing deductee entries from Text files generated by all major
banking software e.g.Finacle etc.
» Export Facility - Zen TDS facilitates exporting of data and grid into Excel
templates.
• MIS Reports
» Various Master Reports - Deductor Master / Deductee Master / Employee
Master Reports.
» Salary Report - Reports on Monthly TDS Deducted, Monthly TDS to be
Deducted, Gross Salary Summary, and Net Salary Summary.
» Challan Report - Reports on Challan Status, Deductee wise Challan report.
» Return Status Report - User is facilitated by status report of Filed and
Pending Returns. » Statement Analysis Report - Identification of all the
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possible defaults on a excel sheet for a Particular quarter on a single
click.
• Online Features
» New Deductor Registration on Income Tax Website.
» Facility to upload TDS statements.
» Online TAN/AIN Registration - Information automatically filled up in the
online registration form on Traces website using the software's master
database.
» Online Verification Single / Multiple Challan - This facility checks the
correctness of the challan from the NSDL Website.
» Online PAN Verification - This facility checks the correctness of the PAN
from the Traces Website.
Good and Service Tax
Features
• Preparation of Form ST-1, 3, 3A, 4, 5, 6, 7.
• Preparation of Form GSTR-1, GSTR-2.
• Report of Pending or Filled GSTR-3B Return.
• Online e-Payment of Tax Challan through software directly, no
requirements to fill master information.
• Preparation of Additional Information to be submitted with Good and
Service Tax Return.
• Takes into account the effect of abatements.
• Software directly navigate to the e-filing websites (aces.gov.in) and logs in
directly. Software memorizing the password.
Document Manager
Features
• Enable client wise Document management for easy listing, storing.
• Classification of Documents on the basis of subject, financial year.
• Creates Centralized storage of documents.
• Quick addition of document, modification possible.
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Project Report / CMA
Features
• Preparation of project report.
• Depreciation Chart as per New Companies Act, 2013.
• Preparation of complete projected financial statements of specified projected
years.
• Facility to enter complete quantitative details and auto calculation of various
figures at the option of the user.
• Preparation of CMA Data & Calculation of MPBF as per Tandon and Nayar
Committee.
• Preparation of Cash Flow & Fund Flow statement.
• Auto Interest calculation, EMI calculation, rate of interest calculation,
present value & maturity value calculation.
• Facility of preparation of multiple repayment schedules of the term loan.
• Auto preparation of depreciation chart and term loan interest for estimated
and projected years.
Form Manager
Features
• Facility of Automatic Picking of Master Data in Forms (It works like Mail
Merge Facility of MS Word).
• Facility to add additional categories in forms and storage at a central
location.
• Forms provided by the software can be edited and saved.
• Forms available from the assessment year 2007-2008 in the Form Manager
enabling compilation of all ITR forms in a single location.
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» Gift, Hire Purchase
» Income Tax
» Indemnity
» Lease and License, Mortgage and Pledge
» Notices
» FEMA
» Partition, Partnership Deed
» Power of Attorney
» Sale Deed
» Service Tax, Wealth Tax, Central Excise
» Income Tax Circulars and Notification (Approx. 9000
The spectrum software is very useful for jobs related to tax filing. It
is software specially designed to prepare workouts for tax filing. It
increases efficiency and reduces the time required to prepare tax
returns. In the software once you have added all the information of the
client, it automatically auto feeds the data next time when need it
somewhere and also this software also helps to manage and control the
login information and helps in storing large amount of clients data and
it is very easy those data. This software is a little complicated in the
beginning for the beginners but once you start using it, You understand
the controls and keys to control the software. This software was very
up-to-date and so technologically advanced, that it almost reduced half
of the work load Various other Services offered
Tax accountant
Tax matters arise in every aspect of running a business, from day-to-day GST
to share schemes. Tax accountants prepare corporate and personal income tax
statements and formulate tax strategies involving issues such as financial
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choice, how to best treat a merger or acquisition, deferral of taxes, when to
expense items and the like.
Management Accountant's
Financial Accountant's
The work of a financial accountant can be varied - one day they could be
participating in important financial decisions involving mergers and
acquisitions, the next they may be visiting a customer or supplier to set up a
new account and discuss business. This work requires a good understanding of
both accounting and finance.
Auditor
Budget Analyst
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G.S.T (Goods and Service Tax) (registration and filing)
Goods and Services Tax (GST) is an indirect tax which was introduced in
India on 1 July 2017 and was applicable throughout India which replaced
multiple cascading taxes levied by the central and state governments.
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HSN code in GST
As per the government website on GST, "Goods and Services Tax" Network
(GSTN) is a nonprofit organization proposed to be formed for creating a
website / platform for all the concerned parties related to the GST, namely
stakeholders, government and taxpayers to collaborate on a single portal.
When up and running, the portal is supposed to be accessible to the central
government which allows it to track down every transaction on its end while
taxpayers are advertised to have the ability of connecting this to their tax
returns. However its efficacy and efficiency is yet to be tested. The IT network
was touted to be developed by unnamed private firms. The known authorized
capital of GSTN is 10 crore (US$1.6 million) in which Central Government
holds 24.5 percent of shares while the state government holds 24.5 percent and
rest with private banking firms for smooth running of the transactions.
So for registration for G.S.T is mandatory for every business (if they are
taxable under G.S.T) and migrating for VAT to G.S.T is a quite difficult and
requires lot of information which is not possible for ordinary businessman to
understand. So most of the businesses hand over this process from migration
to registration to filing to G.S.T returns to Chartered Accountant's which a
new service product in this Industry is. There are also various options for
filing your GST return according to your business-turnover and your
convenience. So Accountants also do the work of filing those returns and they
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Maintenance of accounts/ book keeping.
This is one of the basic services which are provided by every Chartered
Accountant's firm. The first and the most basic thing which an accountant does
after their clients hand over them their Bank statements are "preparing a bank
summary". This summary helps the accountant in understanding the
withdrawal's and deposit's done in a particular year through which he can
further compute his tax liability, Further they pass the journal entries to find
the amount of debtors and creditors.
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SERVICES RENDERED BY THE C.A FIRM
CA firms audit the accounts of their and check all the major books along with
subsidiary books and vouchers with supporting evidence. After this process
then they express their opinion upon the accuracy or inaccuracy of the
accounts. They write an audit report and also mention the various transactions,
which are not duly verified. They also write audit report to the management in
which they express any weakness of the management how to control these
weaknesses. They are rendering for such services charges some fee.
Taxation
They provide tax services to their clients. Some firms are specially deals in
tax. The client who needs the services regarding to tax pay fee for such
services and the auditor gives him a very useful service by the tax returns.
Management Consultancy
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They provide management consultancy to their clients. In management
consultancy include development and implementation for accounting system,
manuals and management information system. In order to make their
management efficient they appoint staff may or may not have a professional
auditor's qualification. Sometimes the company independent auditors to
conduct the internal audit of their accounts. The auditor checks the system and
the policies of the management along with the books of accounts. The auditor
has to report to the management whether the policy and plans of activities
prescribed by them have been implemented, whether the internal check and
internal control established are adequate, whether the actual result are obtained
and varying form the estimates, and to enable the management to achieve the
objective of the company in a planned manner.
Professional Consultancy
They also provide the professional consultancy services to their clients. When
appointed as consultants, they valuate sick units for the purpose of
privatization. Evaluate the reports and bid documents in respect of the sick
projects prepared for the Privatization Commission Government of India. CA
firm s also provides the professional assistance in the establishment or the
organization.
Corporate Services
The Chartered Accountant firms are also providing the corporate services in
the connection with the corporate law authority.
Book keeping
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Job Description
I used to work with all of my dedications and after working for about a week
on preparing various bank summary for many clients of that firm ,I completely
got the knowledge on how to prepare bank summary.
After one week I was handed over the work for passing entries in the books of
accounts in tally erp.9. It was a task which required a lot of dedication and
hard work. At the start it was quite difficult but later I started to understand
"how to use the tally erp software" and after working on Tally for about a
week I got a good practice and I learnt the basics.
After That for the rest of the period of my internship I was working on Bank
summary, passing different entries in Tally, Creating income tax user id,
sheet, P&L A/c, E-verify ITR, Link aadhar with Pan Card etc. Preparation of
I was assigned to prepare the preliminary trial balance and various other
financial statements of different companies during the period of my internship
as to get more and more exposure to the actual economic environment and to
get a better knowledge related to the whole tax filing mechanism.
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Preliminary Trial Balance
is a summary of the balance of all accounts in the chart of accounts to, firstly,
make sure the books are balanced. Then, these account balances are used to
prepare financial statements such as Profit and Loss Account, Balance Sheet
and Cash Flows Statement. The trial balance is a worksheet on which all the
general ledger accounts with their debit or credit balance are listed. It is a tool
that issued to alert errors in the books of account. The total debits must equal
the total credits. If they don't equal, there is an error that must be tracked
down. As the name indicates the Profit and loss statement
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Verify Tax returns
Verifying tax returns is a one of the important and crucial part of post filing of
ITR.Without verifying the ITR, the return will not be processed and will be
termed as invalid if not verified within 120 days after uploading the ITR.There
are various six different ways of verifying the ITR i.e. :
As per the existing tax laws, a return filed by the taxpayer is not valid until it
is verified as filed by the concerned assesse. A taxpayer can verify his/her
return either electronically using EVerification Code (EVC) using any one of
multiple options or physically.
In case of e-filing taxpayers have the option to e-verify their respective returns
at the time of uploading or after uploading. In case of an already-uploaded
return, taxpayers can e-verify the same by clicking on the "e-Verify Return"
option under the 'My Account' tab after logging into the e-filing website.
Physical verification method can be used only after filing the return.
Under the 'e-verify return' option, a taxpayer will be shown three alternatives
to verify their returns.
2.I do not have an EVC and I would like to generate EVC to verify my return.
If you're using Aadhaar OTP method, your mobile number must be linked to
your Aadhaar. In this process a, OTP is generated and sent to your registered
mobile number. Enter the OTP in the text box provided and click on submit.
Success page will be displayed. It is important to remember that Aadhaar OTP
is valid for 30 minutes only.
If you do not have EVC or your mobile number is not linked to aadhaar, then
you can choose option 2 mentioned above. EVC can be generated by clicking
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on 'Generate EVC' option under 'My Account Tab'. Four options to verify your
ITR will appear. An Individual can choose any of
You can use any one of the following four methods to verify your ITR
electronically apart from Aadhaar OTP. Once you have verify your ITR
electronically apart from Aadhaar OTP. Once you have verified it
electronically you are not required to send the physical ITR-V copy to
Bengaluru.
(a) Using One Time Password (OTP): You can verify your ITR by receiving
an OTP on your registered mobile number and e-mail ID. OTP is a 10 digit
alphanumeric code which can be generated through the income tax
department's e-Filing portal and is valid for 72 hours. This OTP can be used
only if your gross Income minus deduction is less than or equal to Rs 5
lakh. And/or, refund/demand is less than or equal to 100. This is first option to
that appears under the 'Generate EVC' option. Click on 'Generate e-filing
OTP'. The OTP will be you're your email id.
b) Generating EVC using net-banking: You can also verify your return by
using the netbanking facility of your bank account. Log-in to your net banking
account and click on tab related to income tax filing. Select the e-verify option
and you will be redirected to e-filing website.
Once logged in to the income tax e-filing website, click on the 'My Account'
to generate the EVC. A 10-digit alpha-numeric code will be sent to your email
and mobile number which is valid for 72 hours. Now, click on 'e-verify' option
in 'My Account' tab to verify your returns using option 1 'I have EVC already'.
(c) Receiving EVC by using bank account based validation system: To use
this method you must first pre-validate your bank account. You can pre-
validate your bank account through the profile settings menu in your e-filing
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account. You will be required to enter details such as bank name, account
number, IFSC and mobile number.
You will be required to select your depository and enter both mobile number
and email id. Once the details (PAN, mobile number and email id) mentioned
by you is confirmed and validated by the depository then you can use this
option to generate the code. Here too, no change of mobile number or email id
will be permitted without revalidation with the depository. Using Physical
Method (by sending ITR-V/Acknowledgement receipt)
If the taxpayer is not able to e-verify his return because of any reason or is not
comfortable in using the electronic verification mode, then he/she can
download the ITR-V also known as acknowledgement receipt. He needs to
sign it and send it to CPC through post. This ITR-V should reach CPC within
120 days from the date of upload of the return for the return to be treated as
valid.
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1. ITR-V is a one-page document which you need to sign in blue ink and
send via ordinary post or speed post. You cannot courier the ITR-V.
3. You are not required to send any supporting document along with the ITR-
V. Just send the one page signed ITR-V.
4. When your duly signed ITR-V is received and entered in the records at
CPC, you will receive an email on your registered email ID that the ITR-V has
been received and your return has been verified. Processing of your return will
only start after verification
For that the estimated tax returns are to be utilized. The submission is due to
be made by the date for payment of the first installment, i.e. it shall be filed
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together with the first installment. Since the first estimate has to be submitted
after the income year is half,the estimate should include the actual taxpayer‟s
facts of the first half of the income year so that there is some thorough basis
for the estimation of the possible profit of the second half of the income year.
In this estimate the following amounts are to be specified: the assessable
income to be derived for the income year from employment, business, and
investment the source of this income the taxable income to be derived for the
income year the tax to become payable calculated without reduction for any
medical tax credit The installments have to be paid as follows:40 % of the tax
as estimated for the current income year less paid tax, i.e. less amounts that
have already been paid by the end of the month Poush70 % of the tax as
estimated for the current income year less paid tax, i.e. less amounts that have
already been paid by the end of the month 100 % of the tax as estimated for
the current income year less paid tax, i.e. less amounts that have already been
paid by the end of the month As If the amount of an installment calculated as
above is less than Rs. 2000, the installment is not required to be paid. If at the
end of the year a final tax liability remains to be paid, as, for example, a result
of the income tax return filed at the end of the year the income tax paid by
installments is credited against this liability.
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Computing the Tax Liability
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OTHER DETAILS
CORPORATE SERVICES
• Incorporation of company
• Clause 49 review for compliance with fiscal, corporate and tax laws
AUDIT
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• Detection and prevention of leakages of income and suggesting
corrective measures to
prevent recurrence.
• Tax Audit under Section 44AB of the Income Tax Act, 1961.
• Audit under other sections of the Income Tax Act, 1961 such as
80HHC, 80-IA, etc.
• Concurrent Audits.
• Internal Audits.
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CONCLUSIONS
The study on Accounting & Taxation management conducted in Raj Garg &
Associates to analyze the financial position of the company and instructed how to e-
file Return. The company‟s financial position is analyzed by using the tool of
accounting and taxation.
The financial status of Raj Garg and Associates is good. In the last year the inventory
turnover has increased, this is good sign for the company. The company‟s liquidity
position is very good With regard to the investments in current assets there are
adequate funds invested in it. Care should be taken by the company not to make
further investments in current assets, as it would block the funds, which could
otherwise be effectively utilized for some productive purpose. On the whole, the
company is moving forward with excellent management.
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BIBLIOGRAPHY
https://www.sokanu.com/careers/accountant/
http://economictimes.indiatimes.com/articleshow/52985020.cms?utm_source=
contentofinterest
&utm_medium=text&utm_campaign=cppst
http://www.kdksoftware.com/
http://accounting-tally.blogspot.in/2013/01/learning-
tally-exa
https://www.icai.org/new_post.html?post_id=183&c_
id=197 https://www.careers360.com/news/4162-
Chartered-Accountancy-CA
https://www.quora.com/What-is-the-role-of-a-chartered-accountant-in-
improving-the-economyof-the-country
https://en.wikipedia.org/wiki/Institute_of_Cost_Accountants_of_India
https://www.teachoo.com/721/227/What-is-Tally---Features-and-
Uses/category/Basics-of-Tally/
http://economictimes.indiatimes.com/wealth/tax/5-ways-to-verify-your-income-
tax-return-nowe-verify-without-aadhaar-net-banking/articleshow/52985020.cms
https://cleartax.in/s/income-tax-e-verification-evc
http://legaladda.myonlineca.in/important-points-gst-india/
https://cleartax.in/s/gst-law-goods-and-services-tax
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