Summer Internship Report (Shekhar Chandra) (CA)

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Summer Internship Report (Shekhar Chandra)

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SUMMER INTERNSHIP PROJECT

REPORT ON
“ACCOUNTS & FINANCE”
AT
SHEKHAR CHANDRA & COMPANY
(RISHIKESH)
OX
Summer Training Project Report

Submitted in the partial fulfillment of B.Com(Hons.) V SEMESTER
SWAMI RAMA HIMALAYAN UNIVERSITY

HIMALAYAN SCHOOL OF MANAGEMENT STUDIES
(Batch 2017-2020)
pee tacked
ar oak where
4 be
MENTOR: - SUBMITTED BY: -

Mr. Sandeep Badoni TANYA REKHI
HSMS, SRHU Reg. No: - DD1712302054

Enrollment No: - SRHU17000434
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CERTIFICATE
This is to certify that the Summer Internship Report entitled “Accounts

& Finance, Direct & Indirect Taxation” by “Tanya Rekhi” is her
original work. She has worked under my guidance for the required
period. This dissertation fulfils the requirement of the ordinance
relating to Summer Internship Training.
No part of this report has ever published by any other university or

institution for any purpose whatsoever.
Mr. Sandeep Badoni

Assistant Professor
HSMS, SRHU
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Training Completion
certificate from the
organisation
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DECLARATION BY THE STUDENT
Dated: - 12-August-2019
This is to certify that the present Summer Internship Report entitled

“Accounts & Finance, Direct_& Indirect Taxation” is my original
work. This Summer Internship Report fulfils the requirement of the
“B.Com(Hons.)” degree of this University. It does not form the basis
for the award of any degree or diploma from any other university or
institution.
Tanya Rekhi (B.Com(Hons.) V Sem)

Reg. No: - DD1712302054
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Summer Internship Report (Shekhar Chandra) (CA)
ACKNOWLEDGEMENT
I would like to express my deepest appreciation to all those who

provided me the possibility to complete this report. I have taken efforts
in this project. However, it would not have been possible without the
kind support and help of many individuals and the organization. A
special gratitude I give to our project manager Mr. Shekhar Chandra
and my college mentor Mr. Sandeep Badoni whose contribution in
stimulating suggestions and encouragement, helped me to coordinate
my project specially in writing this report.
Furthermore, I would also like to acknowledge with much appreciation

the crucial role of the staff, who gave the permission to use all required
equipment and necessary materials throughout the period. Last but not
least, my thanks go to the head of the project Mr. Shekhar Chandra who
have invested his full effort in guiding the team in achieving the goal. I
have to appreciate the guidance given by the other supervisor as well as
the panels especially in our project presentation that has improved our
presentation skills thanks to their comment and advices.
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1. CHAPTER 1: Introduction
Index
1.1. Introduction of Organization Business Sector

L.1.1. About the Industry
1.1.2. Mission and Vision
1.2. Organizational Structure
1.2.1. Organizational Structure
1.2.2. Top 11 CA Firms in India
1.3.Competition Overview (20 Firms)... cece cece esecseeeeeeereteeeaeeeeeeeaes 11
. CHAPTER 2: Company Profile
2.1. About the Company
2.1.1. Departments of CA Company

2.2. Services Offering
2.3. Audit
. CHAPTER 3: Conceptual Discussion
3.1. Objective of the Study .

3.2. Job Description
3.3. Overview of TDS
3.3.1. TDS Returns
3.3.2. Process Flow of TDS
3.4. Overview of Vouching
3.5. Preparation of books on Tally
3.6. Preparation of Partnership Deed
3.7.Overview of VAT
3.8. Overview of Tally ERP9
3.10 AS 26 Intangible Assets 0... ieee cneeeeeeceeeseeeeeecneensenesseesseneeaes 46
3.11 Overview of Auditing ...
3.12 Overview of GST....
3.13 Overview of Taxation ...
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. CHAPTER 6: Bibliography
4, CHAPTER 4: Work and Research
4.1. Description of accomplished work in Organization

4.2. Description of Research under the supervision
4.2.1, Taxation
. CHAPTER 5: Learning, Conclusion & Suggestions...
5.1. Behavioral Learning From Organization .
5.2. Suggestions and Recommendiations............
§.3, CIMMILATONS ..
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ney 73
5.4. Conclusion
6.1, References ...... cece ccc ccc

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CHAPTER 1
INTRODUCTION
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INTRODUCTION OF THE
ORGANIZATION’S BUSINESS SECTORS
About The Industry
Organization is working as Chartered Accountants firm under the rules

and regulations and code of ethics designed for CA firms by ICAI (The
Institute of Chartered Accountants of India).
The Institute of Chartered Accountants of India (ICAI or the Institute)

was established as statutory body on July 1, 1961 under Chartered
Accountants Ordinance, 1961 to regulate the profession of accountancy
in the country.
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.
These kinds of firms provide different kinds of professional services

like audit, taxation and management consultancy to its clients.
The Chartered Accountancy course is conducted by the Institute of

Chartered Accountants of India, which has its headquarters in New
Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New
Delhi) and 81 branches under these regional centers.
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MISSION & VISION
Mission of ICAI
Is to achieve excellence in professional competence, add value to

businesses and economy, safeguard public interest; ensure ethical
practices and good corporate governance while recognizing the needs
of globalization.
Vision of ICAI
The profession of Chartered Accountants in India should be the

benchmark of professional excellence upholding the principles of
integrity, transparency and accountability.
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ORGANISATIONAL STRUCTURE
A hierarchy is an arrangement of items (objects, names, values,

categories, etc.) in which the items are represented as being "above,"
"below," or "at the same level as" one another and with only one
"neighbour" above and below each level. These classifications are
made with regard to rank, importance, seniority, power status, or
authority. A hierarchy of power is called a power structure.
Following is the organizational hierarchy of the firm:-
> Partners
>» Directors
>» Senior Managers
> Managers
» Supervisors
» Senior Trainee Students

> Junior Trainees
Various levels of the firm have different functions. Partners are often
the founders of the firms. Most of the firms’ names are associated
with the names of partners. They are basically the main parties who
issue and sign any report (specifically audit report) on behalf of the
firm. Partners mostly communicate 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.
Managers are inquired of by Senior Managers and mostly manager

manage audit field works etc. and after field work managers with
cooperation of senior managers makes and finalize any audit report
to be issued. Senior Manager is a qualified Chartered accountant
having more than 10 year working experience.
Field work and information collection and implementation of

policies by adopting changes in rules & regulations is the main
responsibility of supervisors and trainees. They use different kind of
techniques for error and fraud detection.
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Top 11 CA firms in India

1. Deloitte: -
Deloitte, in terms of Revenue, is the largest professional services

network in the world. Also on the basis of a number of professionals,
it is the largest professional services network in the world.
Deloitte is known for providing audit, tax, consulting, enterprise risk

and financial advisory services to more than 200,000 professionals in
over 150 countries. They are the Advisors to many of the World’s
most admired Brands.
The Consulting services of industries work on the theory of

‘Providing practical perspectives and solutions to queries.’ Deloitte
believes in‘Good to make it great!’ They believe in ‘helping
clients to become Leaders’.
Deloitte.
Price Waterhouse Coopers has been the world’s second largest

professional services network in terms of Revenue as surveyed in 2014
and is one of the Big Four Auditors and stands neck to neck with
Deloitte, EY and KPMG.
The Firm believes in helping resolve complex issues and identifies

opportunities. People from all backgrounds such as arts, business,
economics, engineering, finance, health, information technology, law
and more are entertained.
pwck.
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3. KPMG: -
Having its global headquarters in Amstelveen, Netherlands, KPMG has

been considered as one of the largest professional services companies
in the world.
It is amongst the Big Four auditors, standing along with PWC, Deloitte
and EY. The professionals employed with this firm, KPMG is 162,000
people and performs three services, viz. audit, tax, and advisory. The
tax and advisory services provided by the firm are further divided into
various service groups.
4. Ernst & Young: -
Emst & Young abbreviated as EY is a multinational professional
services firm having its headquarters in London, United Kingdom. In

terms of Revenue, it has been ranked as the world’s third largest
professional services firm surveyed in 2012 and is one of the four
biggest audit firms.
_———
EY
2] ERNST & YOUNG
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5. BDO International: -
BDO International stands at the fifth rank for providing the largest
accountancy network in the world.
It is a worldwide professional services network and one of the best

public accountancy firms. It has its competency is in serving national
and international clients.
Following a survey conducted in 2014, September, BDO has its

Member Firms in 151 countries and takes pride in employing around
60,000 Partners and staff in 1,328 offices throughout the world.
|BDO
6. Grant Thornton International: -
Grant Thornton is a UK based firm which has its branches in almost

125 countries. This firm is known for generating very high revenue
which is more than 4.5 billion dollars.
It is providing services in assurance, tax and advisory firms. Grant

Thornton is also known for providing services in Assurance and
Taxation and other consultancy services relating the financial matters.
It has been operating for 100 years. Grant Thornton has provided valued
service to organizations with the potential to grow and to operate
internationally. It makes the professionals adapt to market conditions
and deal with complex events or transactions.
The member office of Grant Thornton is situated in Connaught Place in

New Delhi.
© Grant Thornton
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7. RSM International: -
RSM ranks the 7th largest among the professional services network for
audit, tax and advisory firms. It takes pride in holding the 6th rank as
the largest global provider of tax services in the world.
It has its fully independent member firms and correspondents in 111

countries surveyed, September 2014. The member firms of RSM
International have a combined total of 35,396 staff which includes
3,221 partners in 718 offices.
Three of the original member firms of the organization are Robson

Rhodes (UK), Salustro Reydel (France) and RSM
McGladrey/McGladrey & Pullen (USA).
RSM
8. Kothari, Mehta & Co.: -
The best thing about this Firm is that it has over 55 years in existence.
SS Kothari has been one of the highly reputed firms in Delhi and has
its branches in 100 other countries.
It has created a strong National presence through a network creation of

6 offices and 20 associates which covers almost all the regions of the
Country. With a combination of Partners and Associates, it has covered
almost all the parts of the country.
It offers services in BPO, Tax Advisory Services, Merger and

Acquisition, Statutory Audit Services, Corporate Laws and other
different areas.
S 5 HOTHAA! MEHTA & CO
CHARTERED ACCOUNTANTS
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9. Lodha & Co.: -
This is also a vintage firm set up in 1941 and has its offices all over
India. They operate in locations like Kolkata (Calcutta), Chennai
(Madras), Hyderabad, Mumbai (Bombay), New Delhi and Jaipur.
Lodha & Co. has proficiency in providing professional services to a

large number of corporate clients, central banks, banks, insurance
companies, public sector corporations etc. They operate both in India
and Internationally.
Lodha & Co
10. Sahni Natrajan & Bahl (SNB): -
SNB is a national Indian firm which is based in Delhi and provides its
services in the field of audit, consulting, accounting and allied areas. It
was established in 1981 and is one of the leading Firms in India having
its Headquarters in New Delhi and branch offices in Bangalore and
Mumbai.
The Firm has kept its Aim for providing services of the highest quality,
resulting in the addition of value to each of its clients in a totally
professional, independent and ethical manner.
It is known for providing services in various areas like Taxation,

Auditing and Internal Audit, Corporate Laws and several other services
relating to services.
Adding value to your business
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11. Luthra & Luthra: -
Luthra & Luthra is a Delhi-based firm having six other partners. The
Firm was established in 1979.
It has been one of the most leading firms in India and has been providing
its services in audit, advisory, tax and corporate law matters. It is
bound to provide high-end services to its clients.
The success of Firms depends on its professionals, thus the Firm

focuses on training its employees such that they could find solutions to
the various needs and queries of its clients and thus, achieving the
Organizational goals. It has its branches in Delhi, Mumbai, Bangalore,
Chennai and Noida.
This firm is known for providing its service in different fields like
Taxation, Corporate Laws, Foreign Exchange Compliance and SEBI
related services in cooperation with 18 highly qualified personnel.
Luthra & Luthra
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COMPETITION OVERVIEW OF CA FIRMS
BY REVENUE (30 FIRMS)
Jriam NAME YEAR END UK REVENUE (£M)

PwC 30/06/18 3,760
Deloitte 31/05/18 3,580
EY 30/06/17 2,350
KPMG 30/09/17 2,153
Grant Thornton UK 30/06/17 499.9
BDO 29/06/18 461.1
RSM 31/03/18 314
Smith & Williamson 30/04/18 267
Moore Stephens UK 31/12/17
Mazars 31/08/18
PKF 31/05/18
Saffery Champness 31/03/18
Haines Watts Group 31/03/18
Crowe UK 31/03/18
MHA Macintyre Hudson 31/03/18
Wilkins Kennedy 30/04/18
FRP Advisory 30/04/18
Begbies Traynor 30/04/18
UHY Hacker Young 30/04/18
Kingston Smith 30/04/18
Menzies 30/06/18
TaxAssist Accountants 31/12/17
Buzzacott 30/09/17
HW Fisher & Co. 30/04/18
Haysmacintyre 31/03/18
Hazlewoods 30/04/18
Price Bailey 31/03/18
Armstrong Watson 31/03/18
Bishop Fleming 27/05/18

Duncan & Toplis 31/03/18
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CHAPTER 2
COMPANY PROFILE
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ABOUT THE COMPANY
Shekhar CA & Co. is a leading chartered accountancy firm. It is

rendering comprehensive professional services which include audit,
management consultancy, tax consultancy, accounting — services,
manpower management, secretarial services etc.
It is a professionally managed firm. The team consists of distinguished

chartered accountants, corporate financial advisors and tax 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.
Shekhar CA & Co. has a clear vision for the future growth and
development of financial markets and services and researches to stay
ahead of these trends and developments. Shekhar CA & Co. moulds its
operations and areas of competencies and introduces services so as to
assist clients in their business operations and growth.
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DEPARTMENTS OF CA COMPANY
Shekhar CA & Co. is having its head office in Rishikesh. Almost all the
controls and regulations are dealt at head office in Rishikesh. All the
offices constitute different number of departments who basically handle
their respective functions. The major departments include:
>» Audit and Assurance Department: -
Firm provides audit and assurance services to wide range of clients

which include performing audits of financial statements of limited
companies, NGOs and. partnerships. Firm also performs special
assignments which include management audits, internal audits and
investigations. Audit focuses on business issues and the matters that can
impact on the financial statements, whilst also retaining the basic audit
procedures that test the information contained in the financial
statements. Services are aimed to comply with the legal requirements
as defined under the various laws and regulations in Pakistan. In doing
so firm not only identify the non-compliances but also assists clients in
its rectification, designing remedial measures and provides guidance to
adhere with the laws and regulations. Firm always endeavor to meet
reporting deadlines as set out by the laws and regulations or as mutually
agreed with clients, without compromising the professional, legal and
ethical requirements.
Firm’s emphasis is on delivering high quality services to clients, adding

value to their business through identification of existing and potential
control risks and suggesting best possible measures in the given
circumstances, Firm always places priority to deploying audit teams to
clients who are well equipped with the specific industry knowledge,
experience and are professionally sound.
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» Tax and 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 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 Shekhar CA & Co. 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.
>» Computer Department: -
Department handles the computer related matters and assists other

departments in working properly and efficiently. Department deals with
online filing of returns of income for tax department and finalize audit
reports in proper format in a presentable manner. It deals with
networking of computers in office and all other problems which may be
faced by computer users time to time.
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» Correspondence Department: -
It handles with all the correspondence of the firm by sending the

solicited and unsolicited information from time to time. Effectively and
efficiently manage the day-to-day operations of the Correspondence.
Interact with clients to resolve policy and customer issues. Identify
trends and remove obstacles in Statement production and delivery by
properly maintaining record of all communication for future reference.
>» HR Department: -
This department is mainly concerned with the recruitment, hiring/firing

of the firm and this department presents the timely reports on effective
utilization of the resources by the firm. A purpose of the human
resource is to keep the trained employees and recruit new energetic staff
to work. Another purpose of this department is to provide a good
working environment for staff and try to make by facilitating them and
arranging some recreational activities for them. HR knows the real
worth of its employees so cares for them and motivate them to work
more efficiently and diligently.
The hierarchy adopted by Shekhar CA & Co. 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 hierarchy.
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CORPORATE SERVICES
> Incorporation of company

> Consultancy on Company Law matters.
> Advisory Planning for Mergers, Acquisitions, De-mergers, and

Corporate re-organizations.
> Filing of annual returns and various forms, documents.
> Clause 49 review for compliance with fiscal, corporate and tax laws
> Secretarial Matters including share transfers
> Maintenance of Statutory records
>» Consultancy Services on Public/Rights/Bonus Issue of shares.
>» Change of Name, Objects, Registered Office, etc.
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SERVICES OFFERING
>» Company Registration: -
The most common business composition is to register a Pvt. Ltd.

Company. Company registration will enable limiting the person
liability of promoters to the extent of paid up capital. Promoters have to
get DIN & check availability of the company name.
>» One Person Company: -
Register one-person company (u/s 2 (62) of Companies Act 2013) for

quick start of your business within reasonable fees by experienced CA
firms.
» LLP Registration: -
Limited Liability Partnership (LLP) has benefit of the company

registration & easiness of partnership. It is apt for small businesses.
Experienced CA firms can ease out the process within reasonable fees.
>» GST Registration: -
GST registration of business is to enable selling of goods with turnover

value beyond a certain limit. Limit may differ from state to state. It is
necessary to get GST Input Tax Credit. Experienced CA firms can ease
out the process within reasonable fees.
>» Project Financing: -
Companies need funds to grow their business. Experienced CA can

prepare project report for loan financing to ensure that you get best
eligible amount in the shortest time. Generally, fees are charged as
percentage of financed amount.
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» ROC Filing: -
Periodic returns/forms need to be submitted to Registrar of Companies

(ROC) for company’s act compliance. Experienced CA firms can file
timely & correct ROC filing in reasonable overall cost.
>» GST Return: -
GST returns to be filed on periodic basis by business to provide

information about value of turnover & total GST liability & mode of
payment. Frequency may differ from state to state. Delays will attract
penalty. Experienced CA firms can ensure compliance with reasonable
fees.
> TDS Return: -
Income tax act requires TDS (Tax Deducted at Source) deduction file
the TDS return on periodic basis by mentioning TAN No.
> Income Tax (Salaried): -
Income tax return of salaried employee can be filed with help of Form
16 & Form 16A. Form 26 AS will help you in getting information about
TDS on salary. Experienced CA firm can help you for better tax
planning and reduce the TDS.
>» Income Tax (Business): -
Income Tax returns filing is requirement of Income Tax Act for

companies/businesses. Tax Audit Report helps in compliance of
income tax laws. Experienced CA firms can help in reducing non-
compliance of income tax laws.
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> Tally Accounting: -
Tally is most used accounting software. Small and medium sized

business can take services from CA firms who can allocate accountants
to handle accounting for your business.
» Statutory Audit: -
Get the statutory audit of your company under Companies Act from
experienced CA firms. Statutory Audit is compulsory for any type of
company.
> Tax Audit: -
Tax Audit is requirement of Income Tax Act for companies/large

businesses. Tax Audit Report helps in compliance of income tax laws
& highlights key tax related information. Experienced CA firms can
help in reducing non-compliance of income tax laws.
> Internal Audit: -
Internal Audit & Internal Financial Control Testing is needed as per

Companies Act. Internal Audit is not as compulsory as Statutory Audit.
Internal auditor can add value to your business to arrest leakage &
improve control and efficiency.
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AUDIT
Broadly, Audit involves the following:
> In-depth study of existing systems, procedures and controls for

proper understanding. Suggestions for improvement and
strengthening.
>» Ensuring compliance with policies, procedures and statutes.
> Comprehensive review to ensure that the accounts are prepared in

accordance with Generally Accepted Accounting Policies and
applicable Accounting Standards/IFRS.
> Checking the genuineness of the expenses booked in accounts.
>» Reporting inefficiencies at any operational level.
> Detection and prevention of leakages of income and suggesting

corrective measures to prevent recurrence.
> Certification of the books of account being in agreement with the

Balance Sheet and Profit and Loss Account.
> Issue of Audit Reports under various laws.
Types of Audits conducted: -
>» Statutory Audit of Companies.
> 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.
> Revenue Audit of Banks.
> Branch Audits of Banks.
> Audit of PF Trusts, Charitable Trusts, Schools, etc.
> Audit of Co-operative Societies.
> Information System Audit.
> Internal Audits.
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CHAPTER 3
CONCEPTUAL DISCUSSION
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OBJECTIVES OF STUDY
I choose to work with Shekhar CA & Co. During this internship I have
learmt many new skills. Before internship I have only theoretical
knowledge about work in organization but now I have practical some
practical experience of working in organization. Now I have knowledge
about the organization’s working environment and how organizations
work and achieve their goals and objectives.
This internship has to gives me the understanding of business and also

about the elements of strategic thinking, planning and implementation,
and how these things are applied in a real world organization
environment. Following are the objectives that I have in my mind
before working as an internee.
To improve communication skills.
To analyze the business situation.
To establish high standard in professionalism.
To learn more than the theoretical knowledge.
To learn book keeping practices of different companies.
To apply the theoretical knowledge in actual organization.
To compare practical aspects with theoretical aspects.
To make quick decision in real situations.
To learn how to promote and to conduct research in business areas.
To enhance my personal knowledge and professional preparation
for future.
> To properly integrate my theoretical knowledge and practical work.
> To plan for the future of oneself and learn how to adjust in an
organization.
> To know how to present your recommendations in front of your boss.
> To get knowledge of opportunities and threats while entering into an

organization.
> To get exposure to do a work in an organization and also known about

organizational behavior, ethical rules and regulations.
> Assist the student development of employer-valued skills such as

teamwork, strong communication and attention in details.
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> Expose student to the environment & expectations of performance on

part of accountants in professional accounting practices.
> Enhance & expand the student’s knowledge of particular areas of

accounting.
> Expose the students to professional role models or mentors who will
provide the student with support in the early stages of the internship
& provide an example of behaviour expected in the internship
workplace.
> Expand networks of professionals’ relationship & contacts.
> Develop a solid work ethic & professional demeanour as well as

commitment to ethical conduct & social responsibility.
> Develop time management skills and the ability to be responsible for
more than one project at a time.
> Develop organizational skills to complete the project in a timely

manner.
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JOB DESCRIPTION
I have tried my best to enhance my abilities and apply the knowledge

that I gained during the studies. On my first day at firm, company in-
charge Mr. Shekhar Chandra gave me training session about TDS
returns and computerized accounting in tally software and also shared
his practical experience with me and gave me some techniques of this
process. He also guided me that how to prepare VAT/GST return and
filing data in income tax return preparation software.
Different task that I performed during my internship:
> Vouching
> Preparing books of accounts in tally
>» Voucher Entry
» Preparing Data in Excel Sheet
> Preparing Partnership Deed
> Intangible Assets
> Prepare Projected and other Balance Sheet

> Auditing
>» Taxation
> Theoretical learning of different type of Taxation and GST

» Maintenance of accounts/ book keeping.
> TDS return preparation.
Software used during internship:
> MS office
> Tally software
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Overview of TDS
Tax deducted at source (TDS) is a tax that is deducted from income that
a company in India pays to a recipient or supplier if the income amount
exceeds a specific statutory limit in a financial year. The types of
income that are subject to TDS include:
> Salary
> Interest and dividends.
» Winnings from the lottery.
» Insurance commission.
> Rent.
> Fees from professional and technical services.

> Payments to contractors and subcontractors.
The withholding amounts for TDS can be deducted from an invoice

submitted by a supplier or from the payment that is issued to the
recipient or supplier. Examples of recipients and suppliers include
contractors, providers of professional services, employees, and real
estate landlords. Companies submit a TDS certificate to each supplier
ona monthly or yearly basis. The certificate includes the payments, as
well as information about the company and supplier. Companies must
also submit an annual return to the government for each recipient or
supplier for the financial year. TDS certificate can be either Form 16
(R75IL0A) or Form 26Q-P2P-IND (R751122EQ). Form 16 is the TDS
certificate which an individual submits and Form 26Q is the TDS
certificate which a company submits to the tax authorities.
TDS must also be deducted from payments issued to third parties by

both corporate and no corporate entities. The entity must deposit the
amount owed for withholding at any of the designated branches of
banks that are authorized to collect taxes on behalf of the government
of India. The entity must also submit the TDS returns, which contain
details about the payments and the challan for the tax deposited to the
Income Tax Department (ITD).
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» TDS RETURNS: -
TDS is a system whereby the income tax is deducted at the time of

making some payments like rent, interest, commission etc. The person
making such specified payments is responsible for deducting the TDS
and paying the balance amount to the person entitled to receive such
payment. The TDS amount deducted must be deposited to the
government within the due dates specified by the person deducting
TDS. While it is commonly assumed that the TDS is applicable only on
salary income, but it is also applicable in many other cases such as:
> Income from interest on securities and debentures.
> Income from interest other than those on securities.
Income from dividends.
Income from withdrawal of EPF (Before expiry of a certain period
or if amount withdrawn is beyond the limit specified)
> Payment to contractors/subcontractors/freelancers.
> Winnings from horse races, lottery, crossword puzzles or any

game related wins.
> Income from rendering technical or professional services.
> Income from royalty, etc.
>
$
All income is taxable only at the end of the financial year, hence the
government has instituted the concept of TDS, in order to ensure:
» Prevention of tax evasion: This mechanism ensures that the

government collects a portion of the mcome itself, chances of
hiding income or tax defaults are minimized significantly.
Timely collection of tax.
Ease in filing tax returns: As the tax is automatically collected and

deposited with the concerned authorities by the deductor, it
becomes easier for individuals to file their returns. If there are no
other sources of income for a person, once TDS has been
appropriately deducted, they need not pay any additional tax
during return filing.
$
>
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» PROCESS FLOW OF TDS: -
ca
This process flow shows the steps to charge and remit TDS: -
Create vouchers for suppliers with

pay status % and applicable tax type
Uy
Calculate TDS on vouchers
Issue payments to suppliers with TDS

amounts deducted
Submit monthly payment for TDS to

tax authority
Update Challan
U
Generate monthly statements and
submit quarterly and annual returns
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Overview of VOUCHING
Vouching is a technical term which refers to the inspection of

documentary evidence supporting and substantiating a transaction, by
an auditor. It is the practice followed in an audit, with the objective of
establishing the authenticity of the transactions recorded in the primary
books of account. It essentially consists of verifying a transaction
recorded in the books of account with the relevant documentary and the
authority on the basis of which the entry has been made; also
confirming that the authority on the basis of which the entry has been
made; also confirming that the amount mentioned in the voucher has
been posted to an appropriate account which would disclose the nature
of the transaction on its inclusion in the final statements in account.
Vouching do not include valuation. Vouching can be described as the
essence or backbone of auditing.
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PREPARATION ON BOOKS ON TALLY
Following are the books that were made in tally:
>» VOUCHER ENTRY: -
Tally provides flexibility to use predefined voucher types, comprising

of accounting and inventory voucher types to record various business
transactions. It also allows you to use Keyboard Shortcut Keys as well
as mouse operations during voucher entry.
To create a new Voucher Type,
Go to Gateway of Tally > Accounts Info. > Voucher Type > Create
> Enter the Voucher name

> Specify the Type of voucher
» Specify the Method of numbering
> Activate or deactivate the other functions as required.
>» BOOKS AND REGISTERS: -
Tally provides you capability to generate various books and registers

for any specific period viz., month, date, and year and as on date. In
Tally, once voucher entry is made, the transactions are automatically &
immediately in the Day Book and other Books of Accounts without any
additional effort. Tally allows you to maintain and generate all primary
books of accounts and registers like:
> Cash Book > Debit Note Register

» Bank Book >» Credit Note Register
> Purchase Register >» General Ledger
»® Sales Register
>» Journal Register
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PREPARATION OF PARTNERSHIP DEED
In this, we prepare the partnership deed of different persons, in which

different rules and regulations we mentioned according to the law. A
partnership deed also known as partnership agreement, is a document
that outlines in detail the rights and responsibilities of all parties to a
business operation, It has the force of law and is designed to guide the
partners in the conduct of the business. It is helpful in preventing
disputes and disagreements over the role of each partner in the business
and the benefits which are due to them. The partnership deed normally
carries the name of the business, the address of its principal place of
business and a short summary of the business the partners intend to
operate.
Q.How to prepare a partnership deed in India?
When registering a partnership firm in India for startups, there are some
basics that need to be covered. Partnership and proprietorship are the
two most popular forms of business organisations in India. The reason
why these two forms of organisations are so popular is because they are
relatively easy to set-up and the number of statutory compliance
requirements needing to be followed by these forms of organisations is
relatively less than the statutory compliance requirements applicable to
LLP’s and companies. As such, this article focuses on the registration
process for the partnership firm.
> Choose a partnership name: - The partners are free to choose

any name as they desire for their partnership firm subject to the
following rules:
1. The names must not be too identical or similar to the name of

another existing firm doing similar business, so as to avoid
confusion. The reason for this rule being that the reputation or
goodwill of a firm may be injured, if a new firm could adopt an
allied name.
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2. The name must not contain words like Crown, Emperor, Empress,
Empire or words expressing or implying the sanction, approval or
patronage of the Government, except when the State Government
signifies its consent (in writing) to the use of such words as part of
the firm name.
> Create a Partnership Deed: - The document in which the
respective rights and obligations of the members of a partnership is

written is called the Partnership Deed. A partnership deed agreement
may be written or oral. However, practically an oral agreement does
not have any value for tax purposes and therefore the partnership
agreement should be written. The following are the essential
characteristics of a partnership deed:
> Name and address of the firm as well as all the partners.
> Nature of business to be carried on.
> Date of commencement of business.
> Duration of partnership (whether for a fixed period/project).
>» Capital contribution by each partner.
> Profit sharing ratio among the partners.
» The above are the minimum essentials which are required in
all partnership deeds.
>» Consider whether additional clauses are needed: - The

partners may also mention any additional clauses. Some of the
examples of additional clauses which may be mentioned in the
partnership deed are mentioned below:
> Interest on the partner’s capital, partners’ loan, and interest, if any,
to be charged on drawings.
> Salaries, commissions etc., if any, payable to partners.
> Method of preparing accounts and arrangement for audit.
> Division of task and responsibility, namely, the duties, powers

and obligations of all the partners.
> The rules to be followed in case of retirement, death and
admission of a partner.
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> Do the partnership deed in the appropriate form: - The
deed so created by the partners should be on a stamp paper in

accordance with the Indian Stamp Act. Each partner should have a
copy of the partnership deed. A Copy of the Partnership Deed should
also be filed with the Registrar of Firms in case the firm is being
registered.
Decide whether or not to register the partnership firm: -

Partnerships in India are governed by the Indian Partnership Act,
1932.As per the Partnership Act, registration of partnership firms is

optional and is entirely at the discretion of the partners. The Partners
may or may not register their Partnership Agreement. However, in
the case where the partnership deed is not registered, the partners
may not be able to enjoy the benefits which a registered partnership
firm enjoys.
> Registration of a partnership firm may be done before starting
the business or anytime during the continuance of
partnership. However, where the firm intends to file a case in
the court to enforce rights arising from the contract, the
registration should be done before filing the case.
Register: - The procedure for registration of a partnership firm in

India is fairly simple/An application and the prescribed fees are
required to be submitted to the Registrar of Firms of the State in
which the firm is situated. The following documents are also required
to be submitted along with the application:
1. Application for Registration of Partnership in Form No. 1.
2. Duly filled specimen of Affidavit.
3. Certified True Copy of the Partnership Deed.
4, Ownership proof of the principal place of business or rental/lease

agreement thereof.
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» Sign the application: - The application or statement must be

signed by all the partners, or by their agents especially authorised in
this behalf.
Expect the registration process to proceed formally: -

When the registrar is satisfied with the points stated in the partnership
deed, he or she shall record an entry of the statement in a register
called the Register of Firms and issue a Certificate of Registration.
The Register of Firms maintained at the office of the Registrar
contains complete and up-to-date information about each registered
firm,
>» This Register of Firms 1s open to inspection by any person on
payment of the prescribed fees; any person interested in
viewing the details of any firm can request the Registrar of
Firms for the same and on payment of the prescribed fees, a
copy of all details of the firm registered with the Registrar will
be given to the applicant.
Be registered for tax: - It should be noted that registration with

the Registrar of Firms is different from registration with the Income
Taxation Department. It is mandatory for all firms to apply for
registration with the Income Tax Department and have a PAN Card.
After obtaining a PAN Card, the partnership firm is required to open
a Current Account in the name of the partnership firm and to operate
all its operations through this bank account.
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Overview of VAT
Preparation of VAT returns
At the end of the month or each quarter, you file a VAT return with the
tax office, and remit the VAT due.
>» Prerequisites
You have carried out the activities described in closing for VAT.
> Process
1. You prepare a copy of the sales ledger and the purchase ledger.
The ledgers show the invoices that have been paid and on
which VAT is thus due. The ledgers are for your own
reference in the event of a check-up by the tax office.
2. You prepare the VAT return. This consists of two steps.

. You calculate the total amounts of VAT for each tax code.
. You print the VAT return. The system fills out the fields in
the VAT return using the totals that you calculated in the first
step.
. For information about preparing VAT returns for VAT

withheld from vendors.
. You file the VAT return with the tax office and remit the taxes.
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>» Computer online software
Tax Solution for professionals is to provide end to end management of

every stage of the tax life cycle - from provision to estimates and
extensions, returns, audit, amendment and planning.
> A Solution For
¥ Income Tax Return
¥ TDS return
Y Service tax return
Y Balance sheet & audit report

¥ VAT returns
¥ Checking of assessment orders

¥ ROC form and filling
v¥ CMA
Y AIR return
¥ Document Management
¥ Challan
¥ All other required forms
Y Standard letters to clients
Y Standard formats of departmental letters

Y Office assistance works & mechanism.
¥ Various types of reporting.
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> Features
¥ Single switch board for all software.
¥ Common client information for all software.
¥ Searching of records by Code No., Name PAN, ete.
¥ Online auto-update of software.
¥ Defining user rights with grouping facility.
¥ Password protection for individual clients.
¥ Activation/De-activation of individual party from

particular/all software.
¥ Single window/screen to input, edit, view and print.
¥ Front-view buttons for easy understanding.
¥ User friendly similar layout of all software.
¥ LAN compatible.
¥ Various data input validation checks to eliminate errors.
¥ Easy auto backup of your precious data.
¥ Option to access from anywhere in the world.
Q.What is VAT?
Every commodity passes through different stages of production and

distribution before finally reaching the consumer. Some value is added
at each stage of the production and distribution chain: for instance, a
forged metal tool is more valuable than metal, which was itself more
valuable than the ore that was originally mined. Value Added Tax
(VAT) is a tax on this value addition at each stage.
Under a VAT system, a dealer collects tax on his sales, retains the tax
paid on his purchase and pays the balance to the government. It is a
consumption tax, because it is borne ultimately by the final consumer.
The tax paid by the dealer is passed on to the buyer. It is not a charge
on the dealer. VAT is instead a multipoint tax system with provision for
collection of tax paid on purchases at each point of sale.
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Q.What is Output Tax?
Output tax is VAT charged to the customer by a dealer making taxable

sales. A dealer is an individual, partnership, or business that is
registered under VAT. Any person or business making sales above the
prescribed limit are required to register. When a dealer is registered,
VAT becomes chargeable on all taxable sales made by that dealer.
Q. What is Input Tax?
The tax a dealer pays for purchases is input tax. Many purchases will
carry a VAT charge, but when a dealer is registered under VAT, they
can normally claim a credit for VAT charges on most business
purchases. Input tax includes not only the VAT on your purchases of
raw materials or on goods purchased for resale but also VAT on capital
goods, such as machinery or equipment.
VAT Computation
A dealer pays VAT by deducting the tax paid on purchases (input tax)
from his tax collected on sales (output tax).
In other words, VAT = Output Tax — Input Tax.
For example: A dealer pays Rs.10.00 @ 10% on his purchase price of

goods valued Rs.100.00. He sells the goods at Rs.150.00 and collects
tax amounting to Rs.15.00 (@ 10%). He will pay Rs.5.00 (Rs.15.00-
Rs.10.00) as he has already paid Rs.10.00 to his seller while purchasing
those goods.
Q.How is VAT different from Sale Tax?
VAT has fewer rates, as opposed to the high number of rates for Sales
Tax, and allows offsets of tax on inputs against those on outputs. VAT
also does away with the tax on tax.
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Q.Who will be covered by VAT?
All business transactions involving the sales of goods/commodities

carried on within a state by individuals, partnerships, or companies will
be covered by VAT.
VAT will not cover small businesses with sales below a certain limit.
In Maharashtra, the limit is 10 lakhs or below.
Q.What are the tax rates under VAT?
Since every state has its own VAT legislation, VAT rates, taxable base
and list of taxable goods, VAT rates will differ from state to state. As
an example, here are Maharashtra’s tax rates as of June 2016:

Schedule ‘A’ — Essential Commodities (Tax-free) — Nil
Schedule ‘B’ — Gold, Silver, Precious Stones, Pearls etc. — 1%
Schedule ‘C’ — Declared Goods and other specified goods — 5%
(Rates for items other than declared goods changed to 5.5%)
Schedule ‘D’ — Foreign Liquor, Country Liquor, Motor Spirits,
etc. —20% and above
Schedule ‘E’ — All other goods (not covered by A to D) — 12.5%
starting April 1, 2016.
Q. How does VAT help trade, consumers, and government?
» Trade
Uniform rates of VAT will boost trade; 100% self-assessment will
reduce the need for taxpayers to visit a tax department officer.
>» Customers
Removing tax on tax reduces prices of goods that the end
consumer pays.
> Government
Since dealers will conduct self-assessment, the resources required
for this process will be fewer, and the revenue department can
focus more on collection than administrative processes.
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Overview of Tally ERP 9
> 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,
Go to Gateway of Tally > Accounting Vouchers
Click on F7: Journal on the Button Bar or press F7.
For example, there may be entries made for interest accrued or
interest due. If you have to receive Interest from a party, the same
can be entered using Journal Voucher.
1. Debit the Party
2. Credit the Interest Receivable Account the Journal entry is

displayed as shown:
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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.
Allowing Cash Accounts in Journals:
Journals are adjustment entries, which do not involve Cash account and
Bank account. However, in exceptional cases where the user would like
to account Journal entries involving Cash/Bank Account, Tally.ERP 9
has the flexibility of passing such entries by enabling the option under
F12 configuration.
To enable Cash Accounts in Journal voucher,
Set Allow Cash Accounts in Journals to Yes in F12: Configure

(Voucher Entry Configuration).
Voucher Entry Configuration
Accounts Inventory
‘Skip Date field in Create Mode (faster entry!) ? Yes Use Ref Number in Stock
Journal
Use Single Entry mode for Pymt/Rcpt/Contra 9 Yes ‘Show Compound Unit of Item based
on Rate
Use Payment/Receipt as Contra ? No Show Full Detaais of Compound Unit
Use CriDr instead of To/By during entry ? No Wam on Negative Stock Balance
Use Cheque Printing for Contra ? No Honor Expiry Dates usage for Batches
Wann on Negative Cash Balance ? Yes ‘Show Balances as on Voucher Date
Pre-Allocate Bills for Payment/Receipt/Joumal 7 No Show Godown-wise Details
Show Batch-wse Details

Allow Cash Accounts in Joumals 7 No
Allow Expenses/Fixed Assets in Purchase Vouchers ? ‘Statutory

Allow Income Accounts in Sales Vouchers 7 No
Allow selection of VAT/Tax Class during entry
‘Show Imentory Details ? Yes yam on Mismatch in VAT Rates

Show Cost Centre Details 7 Yes Activate ET or EZ Transaction (VAT)
Show Table of Bill Details for Selection 7 Yes
‘Show Bill-vase Details ? Yes
Expand into multiple lines ? Yes

‘Show Ledger Current Balances ? Yes
Show Balances as on Voucher Date ? No
Show Forex Gain/Loss as on Voucher Date ? No
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To pass a Journal voucher with Cash/Bank Ledger,

1. Goto Gateway of Tally > Accounting Vouchers > Select F7:
Journal
2. Press the spacebar at the Debit or Credit field.
The Journal Voucher Screen with Cash/Bank Ledger selection will
appear as shown:
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> Debit Note Entry
Debit Note is a document issued to a party stating that you are debiting
their Account in your Books of Accounts for the stated reason or vice
versa. It is commonly used in case of Purchase Returns, Escalation/De-
escalation in price, any other expenses incurred by you on behalf of
the party etc.
Debit Note can be entered in voucher or Invoice mode.
You need to enable the feature in F11: Accounting or Inventory
features.
To use it in Voucher mode you need to enable the feature in F11:
Accounting Features - Use Debit / Credit Notes.
To make the entry in Invoice mode enable the option FI1:
Accounting Features - Use invoice mode for Debit Notes.
To go to Debit Note Entry Screen,
Click on Ctrl+F9: Debit Note on the Button Bar or press Ctrl+F9.
You can toggle between voucher and Invoice mode by clicking
Ctrl+V, Pass an entry for the goods purchased returned to Supplier
A:
Pe eae)
Ct
Ret
Party's Alc Name) Supplier A

Curent Batance
Name of tem
hem A
4 End of List
Narration: Tass cope?

‘Good Purchased retumed to Suppher A ae |
Yes = No
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1. ALT+R: Recalls the Last narration saved for the first ledger in the
2. CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.
>» Credit Note Entry
Credit Note is a document issued to a party stating that you are crediting
their Account in your Books of Accounts for the stated reason or vice
versa. It is commonly used in case of Sales Returns.
A Credit Note can be entered in voucher or Invoice mode.

You need to enable the feature in Fl1l: Accounting or Inventory
features.
To use it in Voucher mode you need to enable the feature in F11:
Accounting Features - Use Debit / Credit Notes.
To make the entry in Invoice mode enable the option FI1:
Accounting Features - Use invoice mode for Debit Notes.
To go to Credit Note Entry Screen:
1. Click on CtrHF8: Credit Note on the Button Bar or press
Ctrl+F8. You can toggle between voucher and Invoice mode by clicking
Ctrl+V. Pass an entry for goods sold returned from Customer A:
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Accounting Voucher Creation

So 1
Rat
Party's Ale Name) Customer A

Curent Balance 9,800.00 Or
Name of hem
hem A
* End of List
Narration: — = )COiCA cept?

Goods sold to Customer A retuned
Wes _o No
‘1. ALT+R: Recalls the Lastnarration saved for the first ledger in the
' 2. CTRL+R: Recalls the Last narration saved for a specific

voucher type, irrespective of the ledger.
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AS-26 INTANGIBLE ASSETS
Intangible asset is a non-physical non-monetary asset which is held for

use in the production or supply of goods and services, or for rental for
others, etc.
As 26 should be applied by all enterprises in accounting of intangible

assets, except:
e Intangible assets that are within the scope of another standard
financial assets.
e Rights and expenditure on the exploration for or development of
minerals, oil natural gas and similar non-generative resources.
© Intangible assets arising in insurance enterprise from contracts with
policyholders.
Recognition and Initial Measurement of an Intangible Assets
It applies when an item meets the criteria of an Intangible asset and it is

probable that the future economic benefits will flow to the enterprise
and the cost of the asset can be measured reliably. These recognition
criteria are applicable to cost of acquiring and generating an intangible
asset internally.
Note: If an intangible asset is acquired separately, that should be

measured initially at cost, which includes purchase price that includes
import duty, non-refundable purchase taxes, after deducting trade
discount and related direct cost.
If an asset is acquired in a business combination, the cost of that asset

should be its fair value at the acquisition date which depends on market
expectations. When the asset is acquired free of charge or for a normal
consideration, by way of government grant, then it is recognized at a
nominal value or at the acquisition cost.
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OVERVIEW ON AUDITING
An auditor is someone who prepares and examines financial records.

They ensure that financial records are accurate and that taxes are paid
properly and on time. They assess financial operations and work to help
ensure that an organization runs efficiently.
In this area, we were done different type of work such as matches the
balances of transactions from software information with our tally
voucher entries information. We check different financial records of
companies any analyze that and identify the mistakes then give some
suggestions to them.
An audit is a systematic and independent examination of books,

accounts, statutory records, documents and vouchers of an organization
to ascertain how far the financial statements as well as non-financial
disclosures present a true and fair view of the concern. It also attempts
to ensure that the books of accounts are properly maintained by the
concern as required by law. Auditing has become such a ubiquitous

phenomenon in the corporate and the public sector that academics
started identifying an Audit Society. The auditor perceives and
recognizes the prepositions before them for examination, obtains
evidence, evaluates the same and formulates an opinion on the basis of
his judgement which is communicated through their audit report.
Any subject matter may be audited. Auditing is a safeguard measure

since ancient times. Audits provide third party assurance to various
stakeholders that the subject matter is free from material that the subject
matter is free from material misstatement. The term is most frequently
applied to a legal person. Other areas which are commonly audited
include: secretarial and compliance audit, internal controls, quality
management, project management, water management and energy
conversion.
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> Auditing Standards
The Public Company Accounting Oversight Board (PCAOB)

maintains external auditing standards for public companies (issuers)
registered with the Securities and Exchange Commission (SEC).
As of 2012, PCAOB has 15 permanent standards approved by the SEC

and a number of interim standards that reflect generally accepted
auditing standards, as described in standards issued by the Auditing
Standards Board (ASB), which is part of the American Institute of
CPAs (AICPA).
The ASB also issues Statements on Auditing Standards (SASs) that

apply to preparing and releasing audit reports for non-issuers
(companies not required to register with the SEC). AICPA members
who audit a non-issuer are required by the AICPA Code of
Professional Conduct to comply with these standards. As of 2012,
there are more than 60 active standards.
For internal auditing, the Institute of Internal Auditors provides a

conceptual framework called the International Professional Practices
Framework (IPPF) that provides guidance for internal audits. Some of
the guidance is mandatory, while others are considered strongly
recommended, but not required by law.
There are four main steps in the auditing process. The first one is to
define the auditor’s role and the terms of engagement which is usually
in the form of a letter which is duly signed by the client.
The second step is to plan the audit which would include details of
deadlines and the departments the auditor would cover.
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The next important step is compiling the information from the audit.
When an auditor audits the accounts or inspects key financial
statements of a company, the findings are usually put out in a report
or compiled in a systematic manner.
The last and most important element of an audit is reporting the

result. The results are documented in the auditor’s report.
> Audit Planning
Audit planning includes deciding on the overall audit strategy and

developing an audit plan.
Auditing Standard No. 9 from the PCAOB describes an external

auditor's responsibility and the requirements for planning an audit.
According to standard No. 9, an audit plan is expected to describe the
planned nature, extent, and timing of the procedures for risk
assessment and the tests to be done on the controls and substantive
procedures, along with a description of other audit procedures planned
to ensure the audit meets PCAOB standards.
For internal auditing, the Institute of Internal Auditors provides

guidance for audit planning. Planning starts with determining the
scope and objectives of the audit.
Internal auditors need to understand the business, operations, and

unique characteristics of the department/unit being audited and to
develop an audit plan that defines the procedures needed to do an
efficient and effective audit.
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OVERVIEW ON GST
>» What is GST?
GST is an Indirect Tax which has replaced many Indirect Taxes in

India. The Goods and Service Tax Act was passed in the Parliament on
29th March 2017. The Act came into effect on 1st July 2017; Goods &
Services Tax Law in India is a comprehensive, multi-stage, destination-
based tax that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax levied
on the supply of goods and services. This law has replaced many
indirect tax laws that previously existed in India.
GST is one indirect tax for the entire country.
So, before Goods and Service Tax, the pattern of tax levy was as
follows:
®& cleartax
Buying Raw
Materials
Sale to
Manufacture Wholesaler/Warehousing
VAT + Excise Duty
Final Sale to
Consumer Sale to Retailer
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Under the GST regime, the tax is levied at every point of sale. In the
case of intra-state sales, Central GST and State GST are charged. Inter-
state sales are chargeable to Integrated GST.
Now let us try to understand the definition of Goods and Service Tax —
“GST is a comprehensive, multi-stage, destination-based tax that is
levied on every value addition.”
Multi-stage
There are multiple change-of-hands an item goes through along its

supply chain: from manufacture to final sale to the consumer.
Let us consider the following case:

- Purchase of raw materials
+ Production or manufacture
- Warehousing of finished goods
+ Sale to wholesaler
+ Sale of the product to the retailer
« Sale to the end consumer
®cleartax
Buying Raw
Materials
Sale to
a Wholesaler/Warehousing
Final Sale to -
Consumer Sale to Retailer
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Value Addition
Flour & Sugar Biscuits Label Biscuit
SB cleartax one-stop solution for all taxcompliance
The manufacturer who makes biscuits buys flour, sugar and other
material. The value of the inputs increases when the sugar and flour are
mixed and baked into biscuits.
The manufacturer then sells the biscuits to the warehousing agent who
packs large quantities of biscuits and labels it. That is another addition
of value after which the warehouse sells it to the retailer.
The retailer packages the biscuits in smaller quantities and invests in

the marketing of the biscuits thus increasing its value.
GST is levied on these value additions i.e. the monetary value added at
each stage to achieve the final sale to the end customer.
Destination Based
Consider goods manufactured in Maharashtra and are sold to the final

consumer in Kamataka. Since Goods & Service Tax is levied at the
point of consumption. So, the entire tax revenue will go to Karnataka
and not Maharashtra.
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> Advantages of GST
GST has mainly removed the Cascading effect on the sale of goods
and services. Removal of cascading effect has impacted the cost of
goods. Since the GST regime eliminates the tax on tax, the cost of
goods decreases. GST is also mainly technologically driven. All
activities like registration, return filing, application for refund and
response to notice needs to be done online on the GST Portal; this
accelerates the processes.
® Removing cascading tax effect
® Higher threshold for registration
® Composition scheme for small businesses

® Online simpler procedure under GST
@ Lesser compliances
® Defined treatment for e-commerce
® Increased efficiency in logistics
® Regulating the unorganized sector
> Components of GST
There are 3 taxes applicable under this system: CGST, SGST & IGST.
- CGST: Collected by the Central Government on an intra-state sale
(Eg: transaction happening within Maharashtra)
- SGST: Collected by the State Government on an intra-state
sale (Eg: transaction happening within Maharashtra)
+ IGST: Collected by the Central Government for inter-state sale
(Eg: Maharashtra to Tamil Nadu)
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OVERVIEW ON Taxation
A tax is a mandatory financial charge or some other type of levy

imposed upon a taxpayer by a governmental organizational in order to
fund various public expenditures. A failure to pay, along with evasion
of or resistance to taxation, is punishable by law.
In this we learned about the Direct & Indirect taxes. We filled most of
the income tax returns of different clients.
In this we learned about different heads of income, calculation of taxes

& different deduction with sections. As well in Indirect taxes we file
returns of GST in which different forms are involved for Regular
scheme & Composition scheme. For regular scheme we filled GSTR-1
& GSTR-3B (online) and for composition scheme we filled GSTR-4
(offline)
> Purposes & Effects
The levying of taxes aims to raise revenue to fund governing and to

alter prices in order to affect demand. States and their functional
equivalents throughout history have used money provided by taxation
to carry out many functions. Some of these include expenditures on
economic infrastructure, military, scientific research, culture and the
arts, public works, distribution, data collection and dissemination,
public insurance, and the operation of government itself. A
government’s ability to raise taxes is called its fiscal capacity.
> Types of Taxes
Taxes are of two distinct types, Direct and Indirect taxes. The difference
comes in the way these taxes are implemented. Some are paid directly
by you, such as the dreaded income tax, wealth tax, corporate tax etc.
while others are indirect taxes, such as GST.
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CHAPTER 4
WORK & RESEARCH
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Description of process followed to accomplished the assigned

task in the organization
> Tally Entries
Following process are followed for accomplishment this task:
Firstly, we review all records of vouchers carefully, that no any

vouchers had any queries related to adjustments.
Then, we make a separate folder for that work.
Then, we create a company in Tally software by that company name

and started doing entries.
Receipts & Payment entries are posted carefully as it carries some

contra entries also.
Then after completing entries posting recheck the data by Balance

sheet, Trial balances & Day book.
Any queries related to this work communicated to our external

mentor.
>» Auditing
These steps were followed by us in auditing:
Build an audit strategy.
Verify that all outgoing checks were properly signed, accounted for
and posted to the correct accounts.
Ensure that all deposits were properly posted.
Review all financial statements.
Ensure compliance with all state and federal requirements.

Review all treasurers’ reports.
Complete the financial review worksheet.
Suggest improvements to internal controls.
Determine your audit opinion.
Submit all documents to companies.
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> Taxation
Following steps are followed by us —
e All of the first, we study about the taxation and mainly headed
Income Tax.
e Then, we started to prepare ITR’S statement in excel sheet

according to the format given to us.
e After that, we prepare the offline utilities of ITR’S according to the

income status in statement.
e Then, we login to the income tax site and upload that utility online,
if user not registered then first we registered them.
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Detailed description of any specific

study/research conducted by you under the
supervision of your mentor(faculty), the
study should co-related with internship

functional area
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TOPIC — TAXATION
What is TAX?
A tax is a mandatory financial charge or some other type of levy

imposed upon a taxpayer (an individual or other legal entity) by a
governmental organization in order to fund various public expenditures.
A failure to pay, along with evasion of or resistance to taxation, is
punishable by law. Taxes consist of Direct and Indirect taxes and may
be paid in money or as its labor equivalent.
> Purposes and Effects -
The levying of taxes aims to raise revenue to fund governing and to

alter prices in order to affect demand. States and their functional
equivalents throughout history have used money provided by taxation
to carry out many functions. Some of these include expenditures on
economic infrastructure, military, scientific research, culture and the
arts, public works, distribution, data collection and dissemination,
public insurance, and the operation of government itself. A
government’s ability to raise taxes is called its fiscal capacity.
>» Types of Taxes —
Taxes are of two distinct types, Direct and Indirect taxes. The difference
comes in the way these taxes are implemented. Some are paid directly
by you, such as the dreaded income tax, wealth tax, corporate tax etc.
while others are indirect taxes, such as GST.
a. Direct Taxes
b. Indirect Taxes
Direct Tax
An Income tax is a tax that government impose on financial income

generated by all entities within their jurisdiction. By law, businesses
and individual must file an income tax return every year to determine
whether they owe any taxes or are eligible for a tax refund.
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> Financial year — A year as reckoned for taxing or accounting

purposes.
>» Assessment _vear — Assessment year is the year immediately

following the financial year wherein the income of the financial year
is assessed.
There are some examples of Direct Taxes like:
. Income Tax
. Corporate Tax
. Wealth Tax
. Gift Tax
. Estate Duty
. Expenditure Tax
. Fringe Benefit Tax
> Income Tax is a tax imposed on individuals or entities that

varies with respective income or profits. Income tax generally is
computed as the product of a tax rate time’s taxable income.
There are 5 different heads of income sources for tax:
1. Salary
2. House Property
3. Profit & Gains from Business & Profession
4. Capital Gains
5. Other Sources
We calculate tax on financial year income in assessment year in which

year we are calculating the income tax. These are filing ITR necessarily:
1. Individual/Proprietors
2. Firms
3. Trust/ NGO’s/Societies/Association Of Persons/Body Of
Individuals.
. Companies
. Local authorities/Municipality
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There are different tax rate slabs for different age groups, different work
& different status:
> Income Tax slabs for Individual Tax Payer & HUF (1
than ars old) for F.Y. 2019-2
Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old)
for FY 2019-20 -
Part |
Up to %2,50,000° Nil
%2,50,001 to %5,00,000 5% of total income exceeding %2,50,000
%5,00,001 to 10,00,000 %12,500 + 20% of total income exceeding %5,00,000
Above 210,00,000 %1,12,500 + 30% of total income exceeding 210,00,000
Note : An additional 4% Health & education cess will be applicable on the tax
amount calculated as
above.
Invest Now & Save Upto 7 46,800 on Taxes
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1
crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2019-20 is up to Rs. 2,50,000 for individual &
HUF other than
those covered in Part(I!) or (Ill)
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> Income Tax Slabs for Senior Citizens (60 years old or more but
less than 80 years old) for F.Y. 2019-20
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years
Old) for FY 2019-20
~Part Il
Income up to Rs 3,00,000*
Income from Rs 3,00,000 - Rs

5,00,000
Income from Rs 5,00,000 -

10,00,000
20%
Income more than Rs 10,00,000 30%
above.
Invest Now & Save Upto 2 46,800 on Taxes

crore.
“Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000 other than those
covered in Part(I) or
(un)
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> Income Tax Slabs for Senior Citizens (80 years old or more)
for F.Y. 2019-20
Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 -
Part III
Income up to Rs 5,00,000° No tax
Income from Rs 5,00,000 -

10,00,000
20%
Income more than Rs 10,00,000 30%
above.
Invest Now & Save Upto % 46,800 on Taxes
crore.
“Income tax exemption limit for FY 2019-20 is up to Rs. 5,00,000 other than those
covered in Part(I) or
(I!)
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> Income Tax Slabs for Domestic Companies for F.Y. 2019-20
Income Tax Slabs for Domestic Companies for FY 2019-20 - Part IV
Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year
In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax

Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%
>» Due Dates of Filing Return
The due date for filing Income Tax Returns for FY 2018-2019 for Individuals is
extended to31st
August 2019.
Category of Taxpayer Due Date for Tax Filing —- FY 2018-19
Individual 31st August, 2019
Body of Individuals (BOI) 31st August 2019

Hindu Undivided Family (HUF) 31st August 2019
Association of Persons (AOP) 31st August 2019
Businesses (Requiring Audit) 30th September 2019
Businesses (Requiring TP Report) 30th November 2019
(This is income tax return for the financial year 2018-19. Applicable for income
earned from 1
April 2018 to 31 March 2019).
earned from April Ist, 2018 to March 31st, 2019).
Important Due Dates of Income tax return filing for the year 2019
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Whenever we talk about income tax, there are various kind of compulsory tax
formalities that need to be followed by a person and that too within the specified
due dates prescribed, such as filing of income tax returns, paying advance tax on
time.
Here is the TAX CALENDAR for 2019.
Due Date
15th June
2019
31st
August 2019
15th
December
2019
15th March
2020
Tax Due
Due date for the First instalment of Advance Tax for the FY 2019-20
Due date for filing Income tax return for FY 2018-19 for all persons except:
i. Companies
ii. Non-Companies whose books are required to be audited
iil. Working partner of a firm whose accounts are required to be audited
Due date for the Second instalment of Advance Tax for the FY 2019-20
Due date for filing of Audit report/Income tax return for the FY 2018-19 for the
following:
i. companies
ii. Non-Companies Whose books are required to be audited
i. The due date for filing Audit report for the FY 2018-19 in case of a person
who is required to submit a report pertaining to international or specified

domestic transactions under section 92E
ii. The due date for the report to be furnished in Form 3CEB in respect of
international and specified domestic transactions
iii.The due date for filing of Income-tax Return for FY 2018-19 for the aforesaid
taxpayers
The Due date for the third instalment of Advance Tax for the FY 2019-20
i. The fourth instalment of Advance Tax due for the FY 2019-20
ii. The due date for the whole amount of Advance Tax for FY 2019-20 for
taxpayers covered under the presumptive scheme of Section 44AD and 44ADA
Read about how to calculate and pay Advance Tax.
65
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Indirect Tax
An indirect tax is a tax collected by an intermediary from the person

who bears the ultimate economic burden of the tax. The intermediary
later files a tax return and forwards the tax proceeds to government with
the return. GST is the most prominent example of Indirect tax levied in
India on the supply of goods & services. GST is levied at every step in
the production process, but is refunded to all parties in the chain of
production other than the final consumers. Goods & Services are
divided into five tax slabs for collection of tax — 0%, 5%, 12%, 18%
and 28%.
Petroleum products, alcoholic drinks, electricity, and real estate are

taxed separately by the individual state governments. India adopted a
dual GST model, meaning that taxation is administered by both the
Union & State governments. Transactions made within a single state
are levied with Central GST (CGST) by the Central government and
State GST (SGST) by the State governments. For inter-state
transactions and imported goods & services, an integrated GST
(IGST) is levied by the Central government.
The GSTN software is developed by Infosys Technologies and IT

network is maintained by the NIC. “Goods & Services Tax” Network
(GSTN) is a non-profit organization formed for creating sophisticated
network, accessible to stakeholders, government and taxpayers to
access information from on a single source (portal).
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CHAPTER 5
LEARNING, CONCLUSION
AND SUGGESTIONS
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Behavioral Learning from the Organization
>» COMMUNICATION
Good communication consists of many other different sub-skills, from

suitable patterns of body language and eye contact with the ability to
write clear and accurate reports. Accurate listening and the ability to
follow instructions are especially important but are often ignored or
taken for granted. Many people simply do not pay close attention to
what others say or write and do not ask follow-up questions to check
their understanding. As a result, individuals act on their own inaccurate
assumptions and create inefficiencies and frustrations at work.
Communication training will help them overcome these challenges.
> GOAL SETTING AND PLANNING
Anybody can wish for something to happen, but to accomplish anything

one must plan which surprisingly few people know how to do. Planning
requires setting concrete goals, identifying workable action steps, and
making a commitment to see the plan through.
Even setting the primary goal can be difficult when multiple issues are
competing for attention. Effective planning requires arranging
problems by importance and delegation. It is impossible to do
everything at once, but if one focuses on the most important tasks and
ask for help, then can accomplish a lot.
> SELF-IMPROVEMENT
Life in the workplace should not enforce stagnation; there should be a

constant need or desire for improvement. Satisfaction leads to a
perception of repetition, which is the essential of a job perceived as
unchallenging. Employees should improve to avoid both the frustration
of inexperience and contentment with their work.
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People always have room to grow, and advance behavioral skills are
always welcomed. At the upper end, one can give your workers the
tools and mindset to aim for improvement by observing their behavior,
work habits, and production. Self-improvement training will help
provide feedback and criticisms that they can use to benefit their next
assignments. An essential part of promoting improvement is to
communicate to the employees that failure.
> EMPATHY
Being an empathetic individual comes naturally to some, but is less

natural to others. Behaving with empathy means more than feeling bad
for someone who’s sad or sharing in someone else’s joy. It means being
able to step into someone else’s world to understand not just what their
point of view is, but also why they have that point of view.
Empathy is a behavioral skill that can help one not only keep their own
peace of mind but can also help one to grow in your career because
empathetic people tend to put others at ease.
» CONFLICT RESOLUTION
At points of imbalance and friction, the employees must be able to
confront the tension between them and resolve whatever disagreement

arises. This is a twig of communication, though it is a distinct skill that
can be hard to develop due to hesitation and the intimate nature of the
workplace.
The bad habit to breed is ignoring these conflicts to the point that they
grow and spread like wild-fire, damaging relationships and the
productivity of both individuals and the team. Instead, employers
should remain aware of potential conflicts and be active in entering and
facilitating these more emotional interactions, and over time, help their
workers see the bigger picture when they harbor uncertainties.
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5 BEST PRACTICES OBSERVED IN THE

ORGANIZATION
Y There is no racism on the basis of any caste, creed, color or gender.

Everyone is treated same thus making it easy to co-ordinate with each
other and to share views and ideas with each other. The mentors as well
as the colleagues are always ready to sort out any problem that the
interns could not resolve on their own.
¥ Everyone is disciplined and dedicated towards their job, thus provides

motivation to do our jobs perfectly and to learn and grab as much as we
can. The perfect competitive environment always motivates us to excel
in our job responsibility and to perform better than we are performing
¥ The working environment is lenient in the organization. Neither the

employees are overburdened by the work given. Neither they nor the
proprietor force them to work for extra time. All the work/targets are
completed by the employees in the provided time frame.
¥ The employees are always energetic and ready to do work; they don’t
waste their time. They always strive for excellence with effectiveness
and efficiency in their work. Even if the proprietor is not at the office
they don’t skip work hours.
¥ The proprietor is really good at customer handling, he is always too

humble towards the clients even though if the clients are in bad mood
or tempered, he never loses his temper and handles them greet fully. he
never abuses his employees even if they make silly mistakes, and
corrects their mistakes by smiling and sarcastically commenting on it
so the employees don’t feel down and eventually improve themselves.
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SUGGESTIONS AND RECOMMENDATIONS
Though the organization is really good at everything and everything is

well maintained and managed. But still there are some chances of
improvement whether it is a human being or any organization till there
are improvements and chances to develop and grow, the organization
must improve itself at its best. In my opinion some of the
suggestion/recommendations are:
¥ They have good opportunity to introduce the ISO standards training

program which no other firm is giving to customer.
¥ Try to adopt new technologies that their competitors are not using.
¥ Make a network that allows its customers to negotiate with them

easily.
¥ In comparison with their competitors, SHEKHAR CA & CO. has

an edge in making an accurate and error free report.
¥ The local economy continues to be strong and we believe our

typical clients will continue to flourish.
¥ The company has mostly professional educated human

resources, which are the biggest threat for their competitors.
¥ Shekhar CA & Co. strongly needs to improve its network firms so

as to be counted among one of the extensively know firms in UK.
The partner needs to make the best use of their goodwill to bring
more clientage and reputation to firm. They need to offer the audit
services at most economical cost with the assured quality services
to retain and expand clients.
v The infrastructure and working condition reviews can improve the

working efficiency of the trainees. Audit and Assurance is the
tough job. Some motivational meetings and mentoring exercises
would bring good feel among employees for their work. Time to
time financial bonuses or performance incentives will energize the
staff.
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v The trainees are not offered extra financial or any other incentive
for the extra work or over time. This causes some sort of
abstractions which immediately need to be overcome by the
management.
v The firm, to be more competitive in future, still has room for

improvement in Information Technology. As firm don’t have any
of its website to attract customer and their timely feedback as most
of the good firms have their own web and well organized.
¥ Firm also lacks in marketing perspective as it does not any

marketer to market and introduce their business, firm is getting
business only on personal relations of the partners and other firm
personnel. So if firm wants to improve its business volume it needs
a professional marketer as many other big firms adopted and have
complete marketing department.
¥ The employees are provided less salary than the government has
asked to provide in minimum wage act, therefore the employees
must be provided at least the minimum salary.
Y It is 6 days working in the organization; most of the organizations

are using 5 days working schedules so that employees don’t feel
exhausted and their efficiency increases. So the organization must
provide at least one-day leave to the employees to rest and freshen
up.
¥ Most of the computers and laptops in which the work was done
were old and because of that we were unable to carry out our tasks
properly. The organization must have proper systems so that the

work load can be handled efficiently.
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LIMITATIONS
¥ They have a small staff with limited skill set in many areas.
¥ Less number of staff members.
¥ Developments in technology are changing this market. Shekhar CA &

Co. needs to adopt new technology and adapt to the changed market
realities.
¥ Change in government policies and procedures may act as threat for

company.
¥ A small change in focus of large competitor might wipe out any market
position achieved.
¥ Shekhar CA & Co. has many competitors. Under certain

circumstances stiff competition can threaten the margins and hence the
survival of the firm.
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CONCLUSION
¥ Shekhar CA & Co. is overall one of the profit making and reputed firm
of Earth. The organization since its very first day is devoted to
providing quality services. The detailed and through review of work
and clients’ trust shows the perfection with which it is working.
¥ The firm has earned a distinction of being placed in the category 'A' in
the list of panel of auditors maintained by State Bank of India.
Moreover, only these “A” category firms can audit of listed
companies.
¥ The Institute of Chartered Accountants of India has also carried out

the Quality Control Review and has issued satisfactory QCR report
stating that the firm has conducted the audits of the clients in
accordance with International Standards on Auditing.
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CHAPTER 6
BIBLIOGRAPHY
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REFERENCES
~ https://cleartax.in/s/income-tax-slabs
¥ https://economictimes.indiatimes.com
v https://www.avalara.com
~ https:/Awww.business-standard.com
¥ https://www.google.co.in/imghp?hl=en&tab=wi&ogbl
v http://www.gstcouncil.gov.in/
¥ https:/Awww.myloancare.in/tax/income-tax-slabs-rates/
¥ https://www.wikipedia.org/
¥ www.google.com
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1. 1. SUMMER INTERNSHIP PROJECT REPORT ON “ACCOUNTS & FINANCE” AT SHEKHAR

CHANDRA & COMPANY (RISHIKESH) Summer Training Project Report Submitted in the
partial
fulfillment of B.;Com(Hons.) V SEMESTER SWAMI RAMA HIMALAYAN UNIVERSITY
HIMALAYAN SCHOOL OF MANAGEMENT STUDIES (Batch 2017-2020) MENTOR: -
SUBMITTED BY: - Mr. Sandeep Badoni HSMS, SRHU TANYA REKHI Reg. No: - DD1712302054
2, 2. CERTIFICATE This is to certify that the Summer Internship Report entitled

“Accounts & Finance,
Direct & Indirect Taxation” by “Tanya Rekhi” is her original work. She has worked
under my
guidance for the required period. This dissertation fulfils the requirement of the
ordinance relating to
Summer Internship Training. No part of this report has ever published by any other
university or
institution for any purpose whatsoever. Mr. Sandeep Badoni Assistant Professor
HSMS, SRHU
3, 3. Training Completion certificate from the organisation
4.4. DECLARATION BY THE STUDENT Dated: - 12-August-2019 This is to certify that the
present
Summer Internship Report entitled “Accounts & Finance, Direct & Indirect Taxation”
is my original
work. This Summer Internship Report fulfils the requirement of the “B.Com(Hons.)”
degree of this
University. It does not form the basis for the award of any degree or diploma from
any other university
or institution. Tanya Rekhi (B.Com(Hons.) V Sem) Reg. No: - DD1712302054 Enrollment
No: -
SRHU17000434
5.5. ACKNOWLEDGEMENT I would like to express my deepest appreciation to all those

who
provided me the possibility to complete this report. I have taken efforts in this
project. However, it
would not have been possible without the kind support and help of many individuals
and the
organization. A special gratitude I give to our project manager Mr. Shekhar Chandra
and my college
mentor Mr. Sandeep Badoni whose contribution in stimulating suggestions and
encouragement, helped
me to coordinate my project specially in writing this report. Furthermore, I would
also like to
acknowledge with much appreciation the crucial role of the staff, who gave the
permission to use all
required equipment and necessary materials throughout the period. Last but not
least, my thanks go to
the head of the project Mr. Shekhar Chandra who have invested his full effort in
guiding the team in
achieving the goal. I have to appreciate the guidance given by the other supervisor
as well as the
panels especially in our project presentation that has improved our presentation
skills thanks to their
comment and advices.
ca 99/117
6.
oe
10.
11.
6. Index 1. CHAPTER 1: Introduction... ccc eee

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1.1.1. About the Industry
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4 1.2.1. Organizational Structure 1.2.2. Top 11 CA Firms in India 1.3. Competition
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PLOFIC. cece cece ccccetecseeeseesseetessseeseetseenes 12-21 2.1. About the Company
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2.1.1. Departments of CA Company 2.2.
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aess 21 3. CHAPTER 3: Conceptual
DiSCUSSION 00.0... cece cceecsecseeeteesseeseetseeseeees 22-54 3.1. Objective of
the Study
beceaceescessecaecssecsesssessecssessecsessecessesscesseeseesseeseessesaess 23 3.2.
Job Description
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TDS Lecce ccecceceecces cece cee

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Deed... cece ceceeccec cee eeeeceesenecneeeeetseneeseeeees 31 3.7. Overview of VAT
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AS 26 Intangible
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3.11 Overview of
AUIS. ccc cccecteceeesececesecseceseesseeseeeseesseessesseae 47 3.12 Overview of
GST. occ ececcceceec ee ceeceeesececeecesensecaeesenseaeesensenaeeeeerenee 50 3.13
Overview of Taxation
eseeseeeeseeeeueeesceseucesessesesseseseesecsesecseseeseseeseseeseseeseas 54
. 7.4. CHAPTER 4: Work and Research. ......0..0ccccccccccceseesseeteesseesseees 55-

66 4.1. Description of
accomplished work in Organization .............0ccccccee 56 4.2. Description of
Research under the
SIN 01) 018) (0) | 58 4.2.1. Taxation 5. CHAPTER 5: Learning, Conclusion &
Suggestions... 67-74 5.1. Behavioral Learning From
Organization... ccc ccc eet cseeeteeteees 68 5.2. Suggestions and
Recommendations. ........0..ccceccecceeeeeeseeeeeeeeeeseteeeeees 71 5.3.
Limitations
beceeseeeeuececsesecsceecueessueesesseseseesecseseceesecsesecsessesessesessesessese
seeaees 73 5.4.
COMCIUSIONL 0... eee
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CHAPTER 6: Bibliography
eceeseeeeueeeeseeecuceseusesesseseseesesseseeseseeseseesenees 75-76 6.1
References... ec
ccececeeceesceeceeeseesceseseeesessesecaeeeesecsecaeesensecaeeeeesetatens 76
. 8.1 CHAPTER | INTRODUCTION

. 9.2 INTRODUCTION OF THE ORGANIZATION’S BUSINESS SECTORS About The Industry
Organization is working as Chartered Accountants firm under the rules and

regulations and code of
ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of
India). The Institute
of Chartered Accountants of India (CAI or the Institute) was established as
statutory body on July 1,
1961 under Chartered Accountants Ordinance, 1961 to regulate the profession of
accountancy in the
country. 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. These kinds of firms provide
different kinds of
professional services like audit, taxation and management consultancy to its
clients. The Chartered
Accountancy course is conducted by the Institute of Chartered Accountants of India,
which has its
headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai
and New Delhi)
and 81 branches under these regional centers.
10.3 MISSION & VISION Mission of ICAI Is to achieve excellence in professional
competence, add
value to businesses and economy, safeguard public interest; ensure ethical
practices and good
corporate governance while recognizing the needs of globalization. Vision of ICAI
The profession of
Chartered Accountants in India should be the benchmark of professional excellence
upholding the
principles of integrity, transparency and accountability.
i. 4 ORGANISATIONAL STRUCTURE A hierarchy is an arrangement of items (objects,
names,
values, categories, etc.) in which the items are represented as being "above,"
"below," or "at the same
level as" one another and with only one "neighbour" above and below cach level.
These classifications
are made with regard to rank, importance, seniority, power status, or authority. A
hierarchy of power is
called a power structure. Following is the organizational hierarchy of the firm:-
Partners Directors
Senior Managers Managers Supervisors Senior Trainee Students Junior Trainees
Various
levels of the firm have different functions. Partners are often the founders of the
firms. Most of the
firms’ names are associated with the names of partners. They are basically the main
parties who issue
ca 100/117
and sign any report (specifically audit report) on behalf of the firm. Partners
mostly communicate 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. Managers are
inquired of by Senior Managers and mostly manager manage audit field works etc. and
after field work
managers with cooperation of senior managers makes and finalize any audit report to
be issued. Senior
Manager is a qualified Chartered accountant having more than 10 year working
experience. Field work
and information collection and implementation of policies by adopting changes in
rules & regulations
is the main responsibility of supervisors and trainees. They use different kind of
techniques for error
and fraud detection.
12. 12.5 Top 11 CA firms in India 1. Deloitte: - Deloitte, in terms of Revenue, is

the largest professional
services network in the world. Also on the basis of a number of professionals, it
is the largest
professional services network in the world. Deloitte is known for providing audit,
tax, consulting,
enterprise risk and financial advisory services to more than 200,000 professionals
in over 150
countries. They are the Advisors to many of the World’s most admired Brands. The
Consulting
services of industries work on the theory of “Providing practical perspectives and
solutions to queries.’
Deloitte believes in “Good to make it great!’ They believe in “helping clients to
become Leaders’. 2.
PWC: - Price Waterhouse Coopers has been the world’s second largest professional
services network
in terms of Revenue as surveyed in 2014 and is one of the Big Four Auditors and
stands neck to neck
with Deloitte, EY and KPMG. The Firm believes in helping resolve complex issues and
identifies
opportunities. People from all backgrounds such as arts, business, economics,
engineering, finance,
health, information technology, law and more are entertained.
13. 13. 6 3. KPMG: - Having its global headquarters in Amstelveen, Netherlands,

KPMG has been
considered as one of the largest professional services companies in the world. It
is amongst the Big
Four auditors, standing along with PWC, Deloitte and EY. The professionals employed
with this firm,
KPMG is 162,000 people and performs three services, viz. audit, tax, and advisory.
The tax and
advisory services provided by the firm are further divided into various service
groups. 4. Ernst &
Young: - Ernst & Young abbreviated as EY is a multinational professional services
firm having its
headquarters in London, United Kingdom. In terms of Revenue, it has been ranked as
the world’s third
largest professional services firm surveyed in 2012 and is one of the four biggest
audit firms.
14. 14.7 5. BDO International: - BDO International stands at the fifth rank for
providing the largest
accountancy network in the world. It is a worldwide professional services network
and one of the best
public accountancy firms. It has its competency is in serving national and
international clients.
Following a survey conducted in 2014, September, BDO has its Member Firms in 151
countries and
takes pride in employing around 60,000 Partners and staff in 1,328 offices
throughout the world. 6.
Grant Thornton International: - Grant Thornton is a UK based firm which has its
branches in almost
125 countries. This firm is known for generating very high revenue which is more
than 4.5 billion
dollars. It is providing services in assurance, tax and advisory firms. Grant
Thornton is also known for
providing services in Assurance and Taxation and other consultancy services
relating the financial
matters. It has been operating for 100 years. Grant Thornton has provided valued
service to
organizations with the potential to grow and to operate internationally. It makes
the professionals adapt
to market conditions and deal with complex events or transactions. The member
office of Grant
Thornton is situated in Connaught Place in New Delhi.
15, 15.8 7. RSM International: - RSM ranks the 7th largest among the professional
services network for
audit, tax and advisory firms. It takes pride in holding the 6th rank as the
largest global provider of tax
services in the world. It has its fully independent member firms and correspondents
in 111 countries
surveyed, September 2014. The member firms of RSM International have a combined
total of 35,396
staff which includes 3,221 partners in 718 offices. Three of the original member
firms of the
organization are Robson Rhodes (UK), Salustro Reydel (France) and RSM
McGladrey/McGladrey &
Pullen (USA). 8. SS Kothari , Mehta & Co.: - The best thing about this Firm is that
it has over 55 years
in existence. SS Kothari has been one of the highly reputed firms in Delhi and has
its branches in 100
other countries. It has created a strong National presence through a network
creation of 6 offices and
20 associates which covers almost all the regions of the Country. With a
combination of Partners and
Associates, it has covered almost all the parts of the country. It offers services
in BPO, Tax Advisory
Services, Merger and Acquisition, Statutory Audit Services, Corporate Laws and
other different areas.
16. 16.9 9. Lodha & Co.: - This is also a vintage firm set up in 1941 and has its
offices all over India.
They operate in locations like Kolkata (Calcutta), Chennai (Madras), Hyderabad,
Mumbai (Bombay),
New Delhi and Jaipur. Lodha & Co. has proficiency in providing professional
services to a large
number of corporate clients, central banks, banks, insurance companies, public
sector corporations etc.
ca 101/117
They operate both in India and Internationally. 10. Sahni Natrajan & Bahl (SNB): -
SNB is a national
Indian firm which is based in Delhi and provides its services in the field of
audit, consulting,
accounting and allied areas. It was established in 1981 and is one of the leading
Firms in India having
its Headquarters in New Delhi and branch offices in Bangalore and Mumbai. The Firm
has kept its
Aim for providing services of the highest quality, resulting in the addition of
value to each of its clients
in a totally professional, independent and ethical manner. It is known for
providing services in various
areas like Taxation, Auditing and Internal Audit, Corporate Laws and several other
services relating to
services.
17. 17.10 11. Luthra & Luthra: - Luthra & Luthra is a Delhi-based firm having six
other partners. The
Firm was established in 1979. It has been one of the most leading firms in India
and has been
providing its services in audit, advisory, tax and corporate law matters. It is
bound to provide high-end
services to its clients. The success of Firms depends on its professionals, thus
the Firm focuses on
training its employees such that they could find solutions to the various needs and
queries of its clients
and thus, achieving the Organizational goals. It has its branches in Delhi, Mumbai,
Bangalore, Chennai
and Noida. This firm is known for providing its service in different fields like
Taxation, Corporate
Laws, Foreign Exchange Compliance and SEBI related services in cooperation with 18
highly
qualified personnel.
18. 18.11 COMPETITION OVERVIEW OF CA FIRMS BY REVENUE (30 FIRMS)
19. 19.12 CHAPTER 2 COMPANY PROFILE
20, 20.13 ABOUT THE COMPANY Shekhar CA & Co. is a leading chartered accountancy
firm. It is
rendering comprehensive professional services which include audit, management
consultancy, tax
consultancy, accounting services, manpower management, secretarial services etc. It
is a professionally
managed firm. The team consists of distinguished chartered accountants, corporate
financial advisors
and tax 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. Shekhar CA & Co.
has a clear vision
for the future growth and development of financial markets and services and
researches to stay ahead
of these trends and developments. Shekhar CA & Co. moulds its operations and areas
of competencies
and introduces services so as to assist clients in their business operations and
growth.
21.21. 14 DEPARTMENTS OF CA COMPANY Shekhar CA & Co. is having its head office in
Rishikesh. Almost all the controls and regulations are dealt at head office in
Rishikesh. All the offices
constitute different number of departments who basically handle their respective
functions. The major
departments include: Audit and Assurance Department: - Firm provides audit and
assurance services
to wide range of clients which include performing audits of financial statements of
limited companies,
NGOs and partnerships. Firm also performs special assignments which include
management audits,
internal audits and investigations. Audit focuses on business issues and the
matters that can impact on
the financial statements, whilst also retaining the basic audit procedures that
test the information
contained in the financial statements. Services are aimed to comply with the legal
requirements as
defined under the various laws and regulations in Pakistan. In doing so firm not
only identify the non-
compliances but also assists clients in its rectification, designing remedial
measures and provides
guidance to adhere with the laws and regulations. Firm always endeavor to meet
reporting deadlines as
set out by the laws and regulations or as mutually agreed with clients, without
compromising the
professional, legal and ethical requirements. Firm’s emphasis is on delivering high
quality services to
clients, adding value to their business through identification of existing and
potential control risks and
suggesting best possible measures in the given circumstances. Firm always places
priority to deploying
audit teams to clients who are well equipped with the specific industry knowledge,
experience and are
professionally sound.
22.22.15 Tax and 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 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 Shekhar CA & Co.
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. Computer
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23.
24.
25.
26.
27.
Department: - Department handles the computer related matters and assists other
departments in
working properly and efficiently. Department deals with online filing of returns of
income for tax
department and finalize audit reports in proper format in a presentable manner. It
deals with
networking of computers in office and all other problems which may be faced by
computer users time
to time.
23.16 Correspondence Department: - It handles with all the correspondence of the
firm by sending
the solicited and unsolicited information from time to time. Effectively and
efficiently manage the day-
to-day operations of the Correspondence. Interact with clients to resolve policy
and customer issues.
Identify trends and remove obstacles in Statement production and delivery by
properly maintaining
record of all communication for future reference. HR Department: - This department
is mainly
concerned with the recruitment, hiring/firing of the firm and this department
presents the timely
reports on effective utilization of the resources by the firm. A purpose of the
human resource is to keep
the trained employees and recruit new energetic staff to work. Another purpose of
this department is to
provide a good working environment for staff and try to make by facilitating them
and arranging some
recreational activities for them. HR knows the real worth of its employees so cares
for them and
motivate them to work more efficiently and diligently. The hierarchy adopted by
Shekhar CA & Co. 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 hierarchy.
24.17 CORPORATE SERVICES Incorporationof company Consultancy on Company Law
matters. Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate re-
organizations.
Filing of annual returns and various forms, documents. Clause 49 review for
compliance with
fiscal, corporate and tax laws Secretarial Matters including share transfers |
Maintenance of
Statutory records Consultancy Services on Public/Rights/Bonus Issue of shares.
Change of Name,
Objects, Registered Office, etc.
25.18 SERVICES OFFERING Company Registration: - The most common business
composition is
to register a Pvt. Ltd. Company. Company registration will enable limiting the
person liability of
promoters to the extent of paid up capital. Promoters have to get DIN & check
availability of the
company name. One Person Company: - Register one-person company (u/s 2 (62) of
Companies
Act 2013) for quick start of your business within reasonable fees by experienced CA
firms. LLP
Registration: - Limited Liability Partnership (LLP) has benefit of the company
registration & easiness
of partnership. It is apt for small businesses. Experienced CA firms can ease out
the process within
reasonable fees. GST Registration: - GST registration of business is to enable
selling of goods with
turnover value beyond a certain limit. Limit may differ from state to state. It is
necessary to get GST
Input Tax Credit. Experienced CA firms can ease out the process within reasonable
fees. Project
Financing: - Companies need funds to grow their business. Experienced CA can
prepare project report
for loan financing to ensure that you get best eligible amount in the shortest
time. Generally, fees are
charged as percentage of financed amount.
26.19 ROC Filing: - Periodic returns/forms need to be submitted to Registrar of
Companies (ROC)
for company’s act compliance. Experienced CA firms can file timely & correct ROC
filing in
reasonable overall cost. GST Return: - GST returns to be filed on periodic basis by
business to
provide information about value of turnover & total GST liability & mode of
payment. Frequency may
differ from state to state. Delays will attract penalty. Experienced CA firms can
ensure compliance
with reasonable fees. TDS Return: - Income tax act requires TDS (Tax Deducted at
Source)
deduction file the TDS return on periodic basis by mentioning TAN No. Income Tax
(Salaried): -
Income tax return of salaried employee can be filed with help of Form 16 & Form
16A. Form 26 AS
will help you in getting information about TDS on salary. Experienced CA firm can
help you for better
tax planning and reduce the TDS. Income Tax (Business): - Income Tax returns filing
is requirement
of Income Tax Act for companies/businesses. Tax Audit Report helps in compliance of
income tax
laws. Experienced CA firms can help in reducing non- compliance of income tax laws.
27.20 Tally Accounting: - Tally is most used accounting software. Small and medium
sized
business can take services from CA firms who can allocate accountants to handle
accounting for your
business. Statutory Audit: - Get the statutory audit of your company under
Companies Act from
experienced CA firms. Statutory Audit is compulsory for any type of company. Tax
Audit: - Tax
Audit is requirement of Income Tax Act for companies/large businesses. Tax Audit
Report helps in
compliance of income tax laws & highlights key tax related information. Experienced
CA firms can
help in reducing non-compliance of income tax laws. Internal Audit: - Internal
Audit & Internal
Financial Control Testing is needed as per Companies Act. Internal Audit is not as
compulsory as
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Statutory Audit. Internal auditor can add value to your business to arrest leakage
& improve control
and efficiency.
28.21 AUDIT Broadly, Audit involves the following: In-depth study of existing
systems,
procedures and controls for proper understanding. Suggestions for improvement and
strengthening.
Ensuring compliance with policies, procedures and statutes. Comprehensive review to
ensure that
the accounts are prepared in accordance with Generally Accepted Accounting Policies
and applicable
Accounting Standards/IFRS. Checking the genuineness of the expenses booked in
accounts.
Reporting inefficiencies at any operational level. Detection and prevention of
leakages of income
and suggesting corrective measures to prevent recurrence. Certification of the
books of account
being in agreement with the Balance Sheet and Profit and Loss Account. Issue of
Audit Reports
under various laws. Types of Audits conducted: - Statutory Audit of Companies. 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-JA, etc. Concurrent Audits. Revenue Audit of Banks. Branch Audits
of
Banks. Audit of PF Trusts, Charitable Trusts, Schools, etc. Audit of Co-operative
Societies.
Information System Audit. Internal Audits.
. 29.22 CHAPTER 3 CONCEPTUAL DISCUSSION

30.
30.23 OBJECTIVES OF STUDY I choose to work with Shekhar CA & Co. During this
internship I
have learnt many new skills. Before internship I have only theoretical knowledge
about work in
organization but now I have practical some practical experience of working in
organization. Now I
have knowledge about the organization’s working environment and how organizations
work and
achieve their goals and objectives. This internship has to gives me the
understanding of business and
also about the elements of strategic thinking, planning and implementation, and how
these things are
applied in a real world organization environment. Following are the objectives that
I have in my mind
before working as aninternee. To improve communication skills. To analyze the
business
situation. To establish high standard in professionalism. To learn more than the
theoretical
knowledge. To learn book keeping practices of different companies. To apply the
theoretical
knowledge in actual organization. To compare practical aspects with theoretical
aspects. To make
quick decision in real situations. To learn how to promote and to conduct research
in business areas.
To enhance my personal knowledge and professional preparation for future. To
properly integrate
my theoretical knowledge and practical work. To plan for the future of oneself and
learn how to
adjust in an organization. To know how to present your recommendations in front of
your boss.
To get knowledge of opportunities and threats while entering into an organization.
To get exposure
to do a work in an organization and also known about organizational behavior,
ethical rules and
regulations. Assist the student development of employer-valued skills such as
teamwork, strong
communication and attention in details.
31.24 Expose student to the environment & expectations of performance on part of
accountants in
professional accounting practices. Enhance & expand the student’s knowledge of
particular areas of
accounting. Expose the students to professional role models or mentors who will
provide the student
with support in the early stages of the internship & provide an example of
behaviour expected in the
internship workplace. Expand networks of professionals’ relationship & contacts.
Develop a solid
work ethic & professional demeanour as well as commitment to ethical conduct &
social
responsibility. Develop time management skills and the ability to be responsible
for more than one
project atatime. Develop organizational skills to complete the project in a timely
manner.
32.25 JOB DESCRIPTION I have tried my best to enhance my abilities and apply the
knowledge that
I gained during the studies. On my first day at firm, company in- charge Mr.
Shekhar Chandra gave me
training session about TDS returns and computerized accounting in tally software
and also shared his
practical experience with me and gave me some techniques of this process. He also
guided me that
how to prepare VAT/GST return and filing data in income tax return preparation
software. Different
task that I performed during my internship: Vouching Preparing books of accounts in
tally
Voucher Entry Preparing Data in Excel Sheet Preparing Partnership Deed Intangible
Assets
Prepare Projected and other Balance Sheet Auditing Taxation Theoretical learning of
different
type of Taxation and GST Maintenance of accounts/ book keeping. TDS return
preparation.
Software used during internship: MS office Tally software
33.26 Overview of TDS Tax deducted at source (TDS) is a tax that is deducted from
income that a
company in India pays to a recipient or supplier if the income amount exceeds a
specific statutory limit
in a financial year. The types of income that are subject to TDS include: Salary
Interest and
dividends. Winnings from the lottery. Insurance commission. Rent. Fees from
professional
and technical services. Payments to contractors and subcontractors. The withholding
amounts for
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TDS can be deducted from an invoice submitted by a supplier or from the payment
that is issued to the
recipient or supplier. Examples of recipients and suppliers include contractors,
providers of
professional services, employees, and real estate landlords. Companies submit a TDS
certificate to
each supplier on a monthly or yearly basis. The certificate includes the payments,
as well as
information about the company and supplier. Companies must also submit an annual
return to the
government for each recipient or supplier for the financial year. TDS certificate
can be either Form 16
(R75I10A) or Form 26Q-P2P-IND (R751122EQ). Form 16 is the TDS certificate which an
individual
submits and Form 26Q is the TDS certificate which a company submits to the tax
authorities. TDS
must also be deducted from payments issued to third parties by both corporate and
no corporate
entities. The entity must deposit the amount owed for withholding at any of the
designated branches of
banks that are authorized to collect taxes on behalf of the government of India.
The entity must also
submit the TDS returns, which contain details about the payments and the challan
for the tax deposited
to the Income Tax Department (ITD).
34.27 TDS RETURNS: - TDS is a system whereby the income tax is deducted at the time
of
making some payments like rent, interest, commission etc. The person making such
specified
payments is responsible for deducting the TDS and paying the balance amount to the
person entitled to
receive such payment. The TDS amount deducted must be deposited to the government
within the due
dates specified by the person deducting TDS. While it is commonly assumed that the
TDS is
applicable only on salary income, but it is also applicable in many other cases
suchas: Income from
interest on securities and debentures. Income from interest other than those on
securities. Income
from dividends. Income from withdrawal of EPF (Before expiry of a certain period or
if amount
withdrawn is beyond the limit specified) | Payment to
contractors/subcontractors/freelancers.
Winnings from horse races, lottery, crossword puzzles or any game related wins.
Income from
rendering technical or professional services. Income from royalty, etc. All income
is taxable only at
the end of the financial year, hence the government has instituted the concept of
TDS, in order to
ensure: Prevention of tax evasion: This mechanism ensures that the government
collects a portion of
the income itself, chances of hiding income or tax defaults are minimized
significantly. Timely
collection of tax. Ease in filing tax returns: As the tax is automatically
collected and deposited with
the concerned authorities by the deductor, it becomes easier for individuals to
file their returns. If there
are no other sources of income for a person, once TDS has been appropriately
deducted, they need not
pay any additional tax during return filing.
35.28 PROCESS FLOW OF TDS: - This process flow shows the steps to charge and remit
TDS: -
Create vouchers for suppliers with pay status % and applicable tax type Calculate
TDS on vouchers
Issue payments to suppliers with TDS amounts deducted Submit monthly payment for
TDS to tax
authority Update Challan Generate monthly statements and submit quarterly and
annual returns
36.29 Overview of VOUCHING Vouching is a technical term which refers to the

inspection of
documentary evidence supporting and substantiating a transaction, by an auditor. It
is the practice
followed in an audit, with the objective of establishing the authenticity of the
transactions recorded in
the primary books of account. It essentially consists of verifying a transaction
recorded in the books of
account with the relevant documentary and the authority on the basis of which the
entry has been
made; also confirming that the authority on the basis of which the entry has been
made; also
confirming that the amount mentioned in the voucher has been posted to an
appropriate account which
would disclose the nature of the transaction on its inclusion in the final
statements in account.
Vouching do not include valuation. Vouching can be described as the essence or
backbone of auditing.
37,30 PREPARATION ON BOOKS ON TALLY Following are the books that were made in
tally:
VOUCHER ENTRY: - Tally provides flexibility to use predefined voucher types,
comprising of
accounting and inventory voucher types to record various business transactions. It
also allows you to
use Keyboard Shortcut Keys as well as mouse operations during voucher entry. To
create a new
Voucher Type, Go to Gateway of Tally > Accounts Info. > Voucher Type > Create Enter
the Voucher
name Specify the Type of voucher Specify the Method of numbering Activate or
deactivate the
other functions as required. BOOKS AND REGISTERS: - Tally provides you capability
to generate
various books and registers for any specific period viz., month, date, and year and
as on date. In Tally,
once voucher entry is made, the transactions are automatically & immediately in the
Day Book and
other Books of Accounts without any additional effort. Tally allows you to maintain
and generate all
primary books of accounts and registers like: CashBook Bank Book Purchase Register
Sales Register Journal Register Debit Note Register Credit Note Register General
Ledger
38.31 PREPARATION OF PARTNERSHIP DEED In this, we prepare the partnership deed of
different persons, in which different rules and regulations we mentioned according
to the law. A
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partnership deed also known as partnership agreement, is a document that outlines

in detail the rights
and responsibilities of all parties to a business operation. It has the force of
law and is designed to
guide the partners in the conduct of the business. It is helpful in preventing
disputes and disagreements
over the role of each partner in the business and the benefits which are due to
them. The partnership
deed normally carries the name of the business, the address of its principal place
of business and a
short summary of the business the partners intend to operate. Q.How to prepare a
partnership deed in
India? When registering a partnership firm in India for startups, there are some
basics that need to be
covered. Partnership and proprietorship are the two most popular forms of business
organisations in
India. The reason why these two forms of organisations are so popular is because
they are relatively
easy to set-up and the number of statutory compliance requirements needing to be
followed by these
forms of organisations is relatively less than the statutory compliance
requirements applicable to LLP’s
and companies. As such, this article focuses on the registration process for the
partnership firm.
Choose a partnership name: - The partners are free to choose any name as they
desire for their
partnership firm subject to the following rules: 1. The names must not be too
identical or similar to the
name of another existing firm doing similar business, so as to avoid confusion. The
reason for this rule
being that the reputation or goodwill of a firm may be injured, if a new firm could
adopt an allied
name.
39,32 2. The name must not contain words like Crown, Emperor, Empress, Empire or
words
expressing or implying the sanction, approval or patronage of the Government,
except when the State
Government signifies its consent (in writing) to the use of such words as part of
the firm name.
Create a Partnership Deed: - The document in which the respective rights and
obligations of the
members of a partnership is written is called the Partnership Deed. A partnership
deed agreement may
be written or oral. However, practically an oral agreement does not have any value
for tax purposes
and therefore the partnership agreement should be written. The following are the
essential
characteristics of a partnership deed: | Name and address of the firm as well as
all the partners.
Nature of business to be carried on. Date of commencement of business. Duration of
partnership
(whether for a fixed period/project). | Capital contribution by cach partner.
Profit sharing ratio
among the partners. The above are the minimum essentials which are required in all
partnership
deeds. Consider whether additional clauses are needed: - The partners may also
mention any
additional clauses. Some of the examples of additional clauses which may be
mentioned in the
partnership deed are mentioned below: _ Interest on the partner’s capital,
partners’ loan, and interest,
if any, to be charged on drawings. Salaries, commissions etc., if any, payable to
partners. | Method
of preparing accounts and arrangement for audit. Division of task and
responsibility, namely, the
duties, powers and obligations of all the partners. The rules to be followed in
case of retirement,
death and admission of a partner.
40.33 Do the partnership deed in the appropriate form: - The deed so created by the
partners should
be on a stamp paper in accordance with the Indian Stamp Act. Each partner should
have a copy of the
partnership deed. A Copy of the Partnership Deed should also be filed with the
Registrar of Firms in
case the firm is being registered. | Decide whether or not to register the
partnership firm: -
Partnerships in India are governed by the Indian Partnership Act, 1932.As per the
Partnership Act,
registration of partnership firms is optional and is entirely at the discretion of
the partners. The
Partners may or may not register their Partnership Agreement. However, in the case
where the
partnership deed is not registered, the partners may not be able to enjoy the
benefits which a registered
partnership firm enjoys. Registration of a partnership firm may be done before
starting the business
or anytime during the continuance of partnership. However, where the firm intends
to file a case in the
court to enforce rights arising from the contract, the registration should be done
before filing the case.
Register: - The procedure for registration of a partnership firm in India is fairly
simple/An
application and the prescribed fees are required to be submitted to the Registrar
of Firms of the State in
which the firm is situated. The following documents are also required to be
submitted along with the
application: 1. Application for Registration of Partnership in Form No. 1. 2. Duly
filled specimen of
Affidavit. 3. Certified True Copy of the Partnership Deed. 4. Ownership proof of
the principal place of
business or rental/lease agreement thereof.
41.34 Sign the application: - The application or statement must be signed by all
the partners, or by
their agents especially authorised in this behalf. Expect the registration process
to proceed formally:
- When the registrar is satisfied with the points stated in the partnership deed,
he or she shall record an
entry of the statement in a register called the Register of Firms and issue a
Certificate of Registration.
The Register of Firms maintained at the office of the Registrar contains complete
and up-to-date
information about each registered firm. This Register of Firms is open to
inspection by any person
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on payment of the prescribed fees; any person interested in viewing the details of
any firm can request
the Registrar of Firms for the same and on payment of the prescribed fees, a copy
of all details of the
firm registered with the Registrar will be given to the applicant. Be registered
for tax: - It should be
noted that registration with the Registrar of Firms is different from registration
with the Income
Taxation Department. It is mandatory for all firms to apply for registration with
the Income Tax
Department and have a PAN Card. After obtaining a PAN Card, the partnership firm is
required to
open a Current Account in the name of the partnership firm and to operate all its
operations through
this bank account.
42,35 Overview of VAT Preparation of VAT returns At the end of the month or each
quarter, you file a
VAT return with the tax office, and remit the VAT due. Prerequisites You have
carried out the
activities described in closing for VAT. Process 1. You prepare a copy of the sales
ledger and the
purchase ledger. The ledgers show the invoices that have been paid and on which VAT
is thus due. The
ledgers are for your own reference in the event of a check-up by the tax office. 2.
You prepare the VAT
return. This consists of two steps. 1. You calculate the total amounts of VAT for
each tax code. 2. You
print the VAT return. The system fills out the fields in the VAT return using the
totals that you
calculated in the first step. 3. For information about preparing VAT returns for
VAT withheld from
vendors. 4. You file the VAT return with the tax office and remit the taxes.
43.36 Computer online software Tax Solution for professionals is to provide end to
end
management of every stage of the tax life cycle - from provision to estimates and
extensions, returns,
audit, amendment and planning. A SolutionFor Income TaxReturn TDSreturn Service tax
return Balance sheet & audit report VAT returns Checking of assessment orders ROC
form
and filling CMA AlIRreturn Document Management Challan All other required forms
Standard letters to clients Standard formats of departmental letters Office
assistance works &
mechanism. Various types of reporting.
44.37 Features Single switch board for all software. Common client information for
all
software. Searching of records by Code No., Name PAN, etc. Online auto-update of
software.
Defining user rights with grouping facility. | Password protection for individual
clients.
Activation/De-activation of individual party from particular/all software. Single
window/screen to
input, edit, view and print. Front-view buttons for easy understanding. User
friendly similar
layout of all software. LAN compatible. Various data input validation checks to
eliminate errors.
Easy auto backup of your precious data. Option to access from anywhere in the
world. Q. What is
VAT? Every commodity passes through different stages of production and distribution
before finally
reaching the consumer. Some value is added at each stage of the production and
distribution chain: for
instance, a forged metal tool is more valuable than metal, which was itself more
valuable than the ore
that was originally mined. Value Added Tax (VAT) is a tax on this value addition at
each stage. Under
a VAT system, a dealer collects tax on his sales, retains the tax paid on his
purchase and pays the
balance to the government. It is a consumption tax, because it is borne ultimately
by the final
consumer. The tax paid by the dealer is passed on to the buyer. It is not a charge
on the dealer. VAT is
instead a multipoint tax system with provision for collection of tax paid on
purchases at each point of
sale.
45, 38 Q. What is Output Tax? Output tax is VAT charged to the customer by a dealer
making taxable
sales. A dealer is an individual, partnership, or business that is registered under
VAT. Any person or
business making sales above the prescribed limit are required to register. When a
dealer is registered,
VAT becomes chargeable on all taxable sales made by that dealer. Q. What is Input
Tax? The tax a
dealer pays for purchases is input tax. Many purchases will carry a VAT charge, but
when a dealer is
registered under VAT, they can normally claim a credit for VAT charges on most
business purchases.
Input tax includes not only the VAT on your purchases of raw materials or on goods
purchased for
resale but also VAT on capital goods, such as machinery or equipment. VAT
Computation A dealer
pays VAT by deducting the tax paid on purchases (input tax) from his tax collected
on sales (output
tax). In other words, VAT = Output Tax — Input Tax. For example: A dealer pays
Rs.10.00 @ 10% on
his purchase price of goods valued Rs.100.00. He sells the goods at Rs.150.00 and
collects tax
amounting to Rs.15.00 (@ 10%). He will pay Rs.5.00 (Rs.15.00- Rs.10.00) as he has
already paid
Rs.10.00 to his seller while purchasing those goods. Q.How is VAT different from
Sale Tax? VAT has
fewer rates, as opposed to the high number of rates for Sales Tax, and allows
offsets of tax on inputs
against those on outputs. VAT also does away with the tax on tax.
46.39 Q.Who will be covered by VAT? All business transactions involving the sales
of
goods/commodities carried on within a state by individuals, partnerships, or
companies will be covered
by VAT. VAT will not cover small businesses with sales below a certain limit. In
Maharashtra, the limit
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is 10 lakhs or below. Q.What are the tax rates under VAT? Since every state has its
own VAT
legislation, VAT rates, taxable base and list of taxable goods, VAT rates will
differ from state to state.
As an example, here are Maharashtra’s tax rates as of June 2016: Schedule ‘A’ —
Essential
Commodities (Tax-free) — Nil Schedule “B’ — Gold, Silver, Precious Stones, Pearls
etc. — 1%
Schedule “C’ — Declared Goods and other specified goods — 5% (Rates for items other
than declared
goods changed to 5.5%) Schedule ‘D’ — Foreign Liquor, Country Liquor, Motor
Spirits, etc. — 20%
and above Schedule ‘E’ — All other goods (not covered by A to D) — 12.5% starting
April 1, 2016.
Q. How does VAT help trade, consumers, and government? Trade Uniform rates of VAT
will boost
trade; 100% self-assessment will reduce the need for taxpayers to visit a tax
department officer.
Customers Removing tax on tax reduces prices of goods that the end consumer pays.
Government
Since dealers will conduct self-assessment, the resources required for this process
will be fewer, and
the revenue department can focus more on collection than administrative processes.
47. 40 Overview of Tally ERP 9 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, Go to Gateway of Tally > Accounting Vouchers - Click on F7:
Journal on the
Button Bar or press F7. For example, there may be entries made for interest accrued
or interest due. If
you have to receive Interest from a party, the same can be entered using Journal
Voucher. 1. Debit the
Party 2. Credit the Interest Receivable Account the Journal entry is displayed as
shown:
48. 41 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. Allowing Cash
Accounts in Journals: Journals are adjustment entries, which do not involve Cash
account and Bank
account. However, in exceptional cases where the user would like to account Journal
entries involving
Cash/Bank Account, Tally. ERP 9 has the flexibility of passing such entries by
enabling the option
under F12 configuration. To enable Cash Accounts in Journal voucher, Set Allow Cash
Accounts in
Journals to Yes in F12: Configure (Voucher Entry Configuration).
49.42 To pass a Journal voucher with Cash/Bank Ledger, 1. Go to Gateway of Tally >
Accounting
Vouchers > Select F7: Journal 2. Press the spacebar at the Debit or Credit field.
The Journal Voucher
Screen with Cash/Bank Ledger selection will appear as shown:
50.43 Debit Note Entry Debit Note is a document issued to a party stating that you
are debiting
their Account in your Books of Accounts for the stated reason or vice versa. It is
commonly used in
case of Purchase Returns, Escalation/De- escalation in price, any other expenses
incurred by you on
behalf of the party etc. Debit Note can be entered in voucher or Invoice mode. You
need to enable the
feature in F11: Accounting or Inventory features. - To use it in Voucher mode you
need to enable the
feature in F11: Accounting Features - Use Debit / Credit Notes. - To make the entry
in Invoice mode
enable the option F11: Accounting Features - Use invoice mode for Debit Notes. To
go to Debit Note
Entry Screen, Go to Gateway of Tally > Accounting Vouchers - Click on Ctrl+F9:
Debit Note on the
Button Bar or press Ctrl+F9. You can toggle between voucher and Invoice mode by
clicking Ctrl+V.
Pass an entry for the goods purchased returned to Supplier A:
51. 44 SPECIAL KEYS FOR VOUCHER NARRATION FIELD: 1. ALT+R: Recalls the Last
type. 2. CTRL+R:
ledger. Credit Note
Entry Credit Note is a document issued to a party stating that you are crediting
their Account in your
Books of Accounts for the stated reason or vice versa. It is commonly used in case
of Sales Returns. A
Credit Note can be entered in voucher or Invoice mode. You need to enable the
feature in F11:
Accounting or Inventory features. - To use it in Voucher mode you need to enable
the feature in F11:
Accounting Features - Use Debit / Credit Notes. - To make the entry in Invoice mode
enable the option
F11: Accounting Features - Use invoice mode for Debit Notes. To go to Credit Note
Entry Screen: Go
to Gateway of Tally > Accounting Vouchers 1. Click on Ctrl+F8: Credit Note on the
Button Bar or
press Ctrl+F8. You can toggle between voucher and Invoice mode by clicking Ctrl+V.
Pass an entry
for goods sold returned from Customer A:
52. 45 SPECIAL KEYS FOR VOUCHER NARRATION FIELD: - 1. ALT+R: Recalls the Last
type. - - 2. CTRL+R:
ledger. -
53.46 AS-26 INTANGIBLE ASSETS Intangible asset is a non-physical non-monetary asset

which is
held for use in the production or supply of goods and services, or for rental for
others, etc. As 26
should be applied by all enterprises in accounting of intangible assets, except: *
Intangible assets that
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are within the scope of another standard financial assets. * Rights and expenditure
on the exploration
for or development of minerals, oil natural gas and similar non-generative
resources. « Intangible
assets arising in insurance enterprise from contracts with policyholders.
Recognition and Initial
Measurement of an Intangible Assets It applies when an item meets the criteria of
an Intangible asset
and it is probable that the future economic benefits will flow to the enterprise
and the cost of the asset
can be measured reliably. These recognition criteria are applicable to cost of
acquiring and generating
an intangible asset internally. Note: If an intangible asset is acquired
separately, that should be
measured initially at cost, which includes purchase price that includes import
duty, non-refundable
purchase taxes, after deducting trade discount and related direct cost. If an asset
is acquired in a
business combination, the cost of that asset should be its fair value at the
acquisition date which
depends on market expectations. When the asset is acquired free of charge or for a
normal
consideration, by way of government grant, then it is recognized at a nominal value
or at the
acquisition cost.
54.47 OVERVIEW ON AUDITING An auditor is someone who prepares and examines

financial
records. They ensure that financial records are accurate and that taxes are paid
properly and on time.
They assess financial operations and work to help ensure that an organization runs
efficiently. In this
area, we were done different type of work such as matches the balances of
transactions from software
information with our tally voucher entries information. We check different
financial records of
companies any analyze that and identify the mistakes then give some suggestions to
them. An audit is
a systematic and independent examination of books, accounts, statutory records,
documents and
vouchers of an organization to ascertain how far the financial statements as well
as non-financial
disclosures present a true and fair view of the concern. It also attempts to ensure
that the books of
accounts are properly maintained by the concern as required by law. Auditing has
become such a
ubiquitous phenomenon in the corporate and the public sector that academics started
identifying an
Audit Society. The auditor perceives and recognizes the prepositions before them
for examination,
obtains evidence, evaluates the same and formulates an opinion on the basis of his
judgement which is
communicated through their audit report. Any subject matter may be audited.
Auditing is a safeguard
measure since ancient times. Audits provide third party assurance to various
stakeholders that the
subject matter is free from material that the subject matter is free from material
misstatement. The term
is most frequently applied to a legal person. Other areas which are commonly
audited include:
secretarial and compliance audit, internal controls, quality management, project
management, water
management and energy conversion.
55.48 Auditing Standards The Public Company Accounting Oversight Board (PCAOB)
maintains
external auditing standards for public companies (issuers) registered with the
Securities and Exchange
Commission (SEC). As of 2012, PCAOB has 15 permanent standards approved by the SEC
and a
number of interim standards that reflect generally accepted auditing standards, as
described in
standards issued by the Auditing Standards Board (ASB), which is part of the
American Institute of
CPAs (AICPA). The ASB also issues Statements on Auditing Standards (SASs) that
apply to preparing
and releasing audit reports for non-issuers (companies not required to register
with the SEC). AICPA
members who audit a non-issuer are required by the AICPA Code of Professional
Conduct to comply
with these standards. As of 2012, there are more than 60 active standards. For
internal auditing, the
Institute of Internal Auditors provides a conceptual framework called the
International Professional
Practices Framework (IPPF) that provides guidance for internal audits. Some of the
guidance is
mandatory, while others are considered strongly recommended, but not required by
law. There are four
main steps in the auditing process. The first one is to define the auditor’s role
and the terms of
engagement which is usually in the form of a letter which is duly signed by the
client. The second step
is to plan the audit which would include details of deadlines and the departments
the auditor would
cover.
56. 49 The next important step is compiling the information from the audit. When an
auditor audits the
accounts or inspects key financial statements of a company, the findings are
usually put out in a report
or compiled in a systematic manner. The last and most important element of an audit
is reporting the
result. The results are documented in the auditor’s report. Audit Planning Audit
planning includes
deciding on the overall audit strategy and developing an audit plan. Auditing
Standard No. 9 from the
PCAOB describes an external auditor's responsibility and the requirements for
planning an audit.
According to standard No. 9, an audit plan is expected to describe the planned
nature, extent, and
timing of the procedures for risk assessment and the tests to be done on the
controls and substantive
procedures, along with a description of other audit procedures planned to ensure
the audit meets
PCAOB standards. For internal auditing, the Institute of Internal Auditors provides
guidance for audit
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57.
58.
59.
60.
ol.
62
planning. Planning starts with determining the scope and objectives of the audit.
Internal auditors need
to understand the business, operations, and unique characteristics of the
department/unit being audited
and to develop an audit plan that defines the procedures needed to do an efficient
and effective audit.
57.50 OVERVIEW ON GST What is GST? GST is an Indirect Tax which has replaced many
Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament
on 29th March
2017. The Act came into effect on Ist July 2017; Goods & Services Tax Law in India
is a
comprehensive, multi-stage, destination- based tax that is levied on every value
addition. In simple
words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods
and services.
This law has replaced many indirect tax laws that previously existed in India. GST
is one indirect tax
for the entire country. So, before Goods and Service Tax, the pattern of tax levy
was as follows:
58.51 Under the GST regime, the tax is levied at every point of sale. In the case
of intra-state sales,
Central GST and State GST are charged. Inter- state sales are chargeable to
Integrated GST. Now let us
try to understand the definition of Goods and Service Tax — “GST is a
comprehensive, multi-stage,
destination-based tax that is levied on every value addition.” Multi-stage There
are multiple change-of-
hands an item goes through along its supply chain: from manufacture to final sale
to the consumer. Let
us consider the following case: + Purchase of raw materials * Production or
manufacture * Warehousing
of finished goods * Sale to wholesaler * Sale of the product to the retailer * Sale
to the end consumer
59.52 Value Addition The manufacturer who makes biscuits buys flour, sugar and
other material. The
value of the inputs increases when the sugar and flour are mixed and baked into
biscuits. The
manufacturer then sells the biscuits to the warehousing agent who packs large
quantities of biscuits
and labels it. That is another addition of value after which the warehouse sells it
to the retailer. The
retailer packages the biscuits in smaller quantities and invests in the marketing
of the biscuits thus
increasing its value. GST is levied on these value additions i.e. the monetary
value added at each stage
to achieve the final sale to the end customer. Destination Based Consider goods
manufactured in
Maharashtra and are sold to the final consumer in Karnataka. Since Goods & Service
Tax is levied at
the point of consumption. So, the entire tax revenue will go to Karnataka and not
Maharashtra.
60.53 Advantages of GST GST has mainly removed the Cascading effect on the sale of
goods and
services. Removal of cascading effect has impacted the cost of goods. Since the GST
regime
eliminates the tax on tax, the cost of goods decreases. GST is also mainly
technologically driven. All
activities like registration, return filing, application for refund and response to
notice needs to be done
online on the GST Portal; this accelerates the processes. Components of GST There
are 3 taxes
applicable under this system: CGST, SGST & IGST. * CGST: Collected by the Central
Government on
an intra-state sale (Eg: transaction happening within Maharashtra) * SGST:
Collected by the State
Government on an intra-state sale (Eg: transaction happening within Maharashtra) *
IGST: Collected
by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)
61.54 OVERVIEW ON Taxation A tax is a mandatory financial charge or some other type
of levy
imposed upon a taxpayer by a governmental organizational in order to fund various
public
expenditures. A failure to pay, along with evasion of or resistance to taxation, is
punishable by law. In
this we learned about the Direct & Indirect taxes. We filled most of the income tax
returns of different
clients. In this we learned about different heads of income, calculation of taxes &
different deduction
with sections. As well in Indirect taxes we file returns of GST in which different
forms are involved
for Regular scheme & Composition scheme. For regular scheme we filled GSTR-1 &
GSTR-3B
(online) and for composition scheme we filled GSTR-4 (offline) Purposes & Effects
The levying of
taxes aims to raise revenue to fund governing and to alter prices in order to
affect demand. States and
their functional equivalents throughout history have used money provided by
taxation to carry out
many functions. Some of these include expenditures on economic infrastructure,
military, scientific
research, culture and the arts, public works, distribution, data collection and
dissemination, public
insurance, and the operation of government itself. A government’s ability to raise
taxes is called its
fiscal capacity. Types of Taxes Taxes are of two distinct types, Direct and
Indirect taxes. The
difference comes in the way these taxes are implemented. Some are paid directly by
you, such as the
dreaded income tax, wealth tax, corporate tax etc. while others are indirect taxes,
such as GST.
. 62.55 CHAPTER 4 WORK & RESEARCH
63.
63. 56 Description of process followed to accomplished the assigned task in the

organization Tally
Entries Following process are followed for accomplishment this task: + Firstly, we
review all records
of vouchers carefully, that no any vouchers had any queries related to adjustments.
* Then, we make a
separate folder for that work. * Then, we create a company in Tally software by
that company name
and started doing entries. * Receipts & Payment entries are posted carefully as it
carries some contra
entries also. * Then after completing entries posting recheck the data by Balance
sheet, Trial balances
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64.
65.
66.
67.
68.
69.
70
72.
73.
& Day book. « Any queries related to this work communicated to our external mentor.
Auditing
These steps were followed by us in auditing: * Build an audit strategy. * Verify
that all outgoing checks
were properly signed, accounted for and posted to the correct accounts. * Ensure
that all deposits were
properly posted. * Review all financial statements. * Ensure compliance with all
state and federal
requirements. « Review all treasurers’ reports. * Complete the financial review
worksheet. + Suggest
improvements to internal controls. * Determine your audit opinion. + Submit all
documents to
companies.
64.57 Taxation Following steps are followed by us —* All of the first, we study
about the taxation
and mainly headed Income Tax. * Then, we started to prepare ITR’S statement in
excel sheet according
to the format given to us. « After that, we prepare the offline utilities of ITR’S
according to the income
status in statement. * Then, we login to the income tax site and upload that
utility online, if user not
registered then first we registered them.
65. 58 Detailed description of any specific study/research conducted by you under

the supervision of
your mentor(faculty), the study should co-related with internship functional area
66. 59 TOPIC — TAXATION What is TAX? A tax is a mandatory financial charge or some
other type
of levy imposed upon a taxpayer (an individual or other legal entity) by a
governmental organization in
order to fund various public expenditures. A failure to pay, along with evasion of
or resistance to
taxation, is punishable by law. Taxes consist of Direct and Indirect taxes and may
be paid in money or
as its labor equivalent. Purposes and Effects - The levying of taxes aims to raise
revenue to fund
governing and to alter prices in order to affect demand. States and their
functional equivalents
throughout history have used money provided by taxation to carry out many
functions. Some of these
include expenditures on economic infrastructure, military, scientific research,
culture and the arts,
public works, distribution, data collection and dissemination, public insurance,
and the operation of
government itself. A government’s ability to raise taxes is called its fiscal
capacity. Types of Taxes —
Taxes are of two distinct types, Direct and Indirect taxes. The difference comes in
the way these taxes
are implemented. Some are paid directly by you, such as the dreaded income tax,
wealth tax, corporate
tax etc. while others are indirect taxes, such as GST. a. Direct Taxes b. Indirect
Taxes Direct Tax An
Income tax is a tax that government impose on financial income generated by all
entities within their
jurisdiction. By law, businesses and individual must file an income tax return
every year to determine
whether they owe any taxes or are eligible for a tax refund.
67.60 Financial year — A year as reckoned for taxing or accounting purposes.

Assessment year —
Assessment year is the year immediately following the financial year wherein the
income of the
financial year is assessed. There are some examples of Direct Taxes like: 1. Income
Tax 2. Corporate
Tax 3. Wealth Tax 4. Gift Tax 5. Estate Duty 6. Expenditure Tax 7. Fringe Benefit
Tax Income Tax
is a tax imposed on individuals or entities that varies with respective income or
profits. Income tax
generally is computed as the product of a tax rate time’s taxable income. There are
5 different heads of
income sources for tax: 1. Salary 2. House Property 3. Profit & Gains from Business
& Profession 4.
Capital Gains 5. Other Sources We calculate tax on financial year income in
assessment year in which
year we are calculating the income tax. These are filing ITR necessarily: 1.
Individual/Proprietors 2.
Firms 3. Trust/ NGO’s/Societies/Association Of Persons/Body Of Individuals. 4.
Companies 5. Local
authorities/Municipality
68. 61 There are different tax rate slabs for different age groups, different work
& different status:
Income Tax slabs for Individual Tax Payer & HUF (less than 60 years old) for F.Y.
2019-20
69.62 Income Tax Slabs for Senior Citizens (60 years old or more but less than 80
years old) for
FY. 2019-20
. 10.63 Income Tax Slabs for Senior Citizens (80 years old or more) for F.Y. 2019-
20
71.
71.64 Income Tax Slabs for Domestic Companies for F.-Y. 2019-20 Due Dates of Filing
Return
earned from April Ist,
2018 to March 31st, 2019). Important Due Dates of Income tax return filing for the
year 2019
72.65 Whenever we talk about income tax, there are various kind of compulsory tax
formalities that
need to be followed by a person and that too within the specified due dates
prescribed, such as filing of
income tax returns, paying advance tax on time. Here is the TAX CALENDAR for 2019.
73. 66 Indirect Tax An indirect tax is a tax collected by an intermediary from the
person who bears the
ultimate economic burden of the tax. The intermediary later files a tax return and
forwards the tax
proceeds to government with the return. GST is the most prominent example of
Indirect tax levied in
India on the supply of goods & services. GST is levied at every step in the
production process, but is
refunded to all parties in the chain of production other than the final consumers.
Goods & Services are
divided into five tax slabs for collection of tax — 0%, 5%, 12%, 18% and 28%.
Petroleum products,
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74.
75
76.
77.
alcoholic drinks, electricity, and real estate are taxed separately by the
individual state governments.
India adopted a dual GST model, meaning that taxation is administered by both the
Union & State
governments. Transactions made within a single state are levied with Central GST
(CGST) by the
Central government and State GST (SGST) by the State governments. For inter-state
transactions and
imported goods & services, an integrated GST (IGST) is levied by the Central
government. The GSTN
software is developed by Infosys Technologies and IT network is maintained by the
NIC. “Goods &
Services Tax” Network (GSTN) is a non-profit organization formed for creating
sophisticated network,
accessible to stakeholders, government and taxpayers to access information from on
a single source
(portal).
74.67 CHAPTER 5 LEARNING, CONCLUSION AND SUGGESTIONS
. 75.68 Behavioral Learning from the Organization COMMUNICATION Good communication
consists of many other different sub-skills, from suitable patterns of body

language and eye contact
with the ability to write clear and accurate reports. Accurate listening and the
ability to follow
instructions are especially important but are often ignored or taken for granted.
Many people simply do
not pay close attention to what others say or write and do not ask follow-up
questions to check their
understanding. As a result, individuals act on their own inaccurate assumptions and
create
inefficiencies and frustrations at work. Communication training will help them
overcome these
challenges. GOAL SETTING AND PLANNING Anybody can wish for something to happen, but
to
accomplish anything one must plan which surprisingly few people know how to do.
Planning requires
setting concrete goals, identifying workable action steps, and making a commitment
to see the plan
through. Even setting the primary goal can be difficult when multiple issues are
competing for
attention. Effective planning requires arranging problems by importance and
delegation. It is
impossible to do everything at once, but if one focuses on the most important tasks
and ask for help,
then can accomplish a lot. SELF-IMPROVEMENT Life in the workplace should not
enforce
stagnation; there should be a constant need or desire for improvement. Satisfaction
leads to a
perception of repetition, which is the essential of a job perceived as
unchallenging. Employees should
improve to avoid both the frustration of inexperience and contentment with their
work.
76. 69 People always have room to grow, and advance behavioral skills are always
welcomed. At the
upper end, one can give your workers the tools and mindset to aim for improvement
by observing their
behavior, work habits, and production. Self-improvement training will help provide
feedback and
criticisms that they can use to benefit their next assignments. An essential part
of promoting
improvement is to communicate to the employees that failure. EMPATHY Being an
empathetic
individual comes naturally to some, but is less natural to others. Behaving with
empathy means more
than feeling bad for someone who’s sad or sharing in someone else’s joy. It means
being able to step
into someone else’s world to understand not just what their point of view is, but
also why they have
that point of view. Empathy is a behavioral skill that can help one not only keep
their own peace of
mind but can also help one to grow in your career because empathetic people tend to
put others at ease.
CONFLICT RESOLUTION At points of imbalance and friction, the employees must be able
to
confront the tension between them and resolve whatever disagreement arises. This is
a twig of
communication, though it is a distinct skill that can be hard to develop due to
hesitation and the
intimate nature of the workplace. The bad habit to breed is ignoring these
conflicts to the point that
they grow and spread like wild-fire, damaging relationships and the productivity of
both individuals
and the team. Instead, employers should remain aware of potential conflicts and be
active in entering
and facilitating these more emotional interactions, and over time, help their
workers see the bigger
picture when they harbor uncertainties.
77_70 5 BEST PRACTICES OBSERVED IN THE ORGANIZATION __ There is no racism on the
basis of any caste, creed, color or gender. Everyone is treated same thus making it
easy to co-ordinate
with each other and to share views and ideas with each other. The mentors as well
as the colleagues are
always ready to sort out any problem that the interns could not resolve on their
own. Everyone is
disciplined and dedicated towards their job, thus provides motivation to do our
jobs perfectly and to
learn and grab as much as we can. The perfect competitive environment always
motivates us to excel
in our job responsibility and to perform better than we are performing The working
environment is
lenient in the organization. Neither the employees are overburdened by the work
given. Neither they
nor the proprietor force them to work for extra time. All the work/targets are
completed by the
employees in the provided time frame. The employees are always energetic and ready
to do work;
they don’t waste their time. They always strive for excellence with effectiveness
and efficiency in their
work. Even if the proprictor is not at the office they don’t skip work hours. The
proprietor is really
good at customer handling, he is always too humble towards the clients even though
if the clients are
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78.
79.
80.
81.
82
in bad mood or tempered, he never loses his temper and handles them greet fully. he
never abuses his
employees even if they make silly mistakes, and corrects their mistakes by smiling
and sarcastically
commenting on it so the employees don’t feel down and eventually improve
themselves.
78.71 SUGGESTIONS AND RECOMMENDATIONS Though the organization is really good at

everything and everything is well maintained and managed. But still there are some
chances of
improvement whether it is a human being or any organization till there are
improvements and chances
to develop and grow, the organization must improve itself at its best. In my
opinion some of the
suggestion/recommendations are: They have good opportunity to introduce the ISO
standards
training program which no other firm is giving to customer. Try to adopt new
technologies that their
competitors are not using. Make a network that allows its customers to negotiate
with them easily.
In comparison with their competitors, SHEKHAR CA & CO. has an edge in making an
accurate and
error free report. The local economy continues to be strong and we believe our
typical clients will
continue to flourish. The company has mostly professional educated human resources,
which are the
biggest threat for their competitors. Shekhar CA & Co. strongly needs to improve
its network firms
so as to be counted among one of the extensively know firms in UK. The partner
needs to make the
best use of their goodwill to bring more clientage and reputation to firm. They
need to offer the audit
services at most economical cost with the assured quality services to retain and
expand clients. The
infrastructure and working condition reviews can improve the working efficiency of
the trainees. Audit
and Assurance is the tough job. Some motivational meetings and mentoring exercises
would bring
good feel among employees for their work. Time to time financial bonuses or
performance incentives
will energize the staff.
79.72 The trainees are not offered extra financial or any other incentive for the
extra work or over
time. This causes some sort of abstractions which immediately need to be overcome
by the
management. The firm, to be more competitive in future, still has room for
improvement in
Information Technology. As firm don’t have any of its website to attract customer
and their timely
feedback as most of the good firms have their own web and well organized. Firm also
lacks in
marketing perspective as it does not any marketer to market and introduce their
business, firm is
getting business only on personal relations of the partners and other firm
personnel. So if firm wants to
improve its business volume it needs a professional marketer as many other big
firms adopted and
have complete marketing department. |The employees are provided less salary than
the government
has asked to provide in minimum wage act, therefore the employees must be provided
at least the
minimum salary. It is 6 days working in the organization; most of the organizations
are using 5 days
working schedules so that employees don’t feel exhausted and their efficiency
increases. So the
organization must provide at least one-day leave to the employees to rest and
freshen up. Most of
the computers and laptops in which the work was done were old and because of that
we were unable to
carry out our tasks properly. The organization must have proper systems so that the
work load can be
handled efficiently.
80.73 LIMITATIONS | They have a small staff with limited skill set in many areas.
Less number
of staff members. Developments in technology are changing this market. Shekhar CA &
Co. needs
to adopt new technology and adapt to the changed market realities. | Change in
government policies
and procedures may act as threat for company. A small change in focus of large
competitor might
wipe out any market position achieved. Shekhar CA & Co. has many competitors. Under
certain
circumstances stiff competition can threaten the margins and hence the survival of
the firm.
81.74 CONCLUSION — Shekhar CA & Co. is overall one of the profit making and reputed
firm of
Earth. The organization since its very first day is devoted to providing quality
services. The detailed
and through review of work and clients’ trust shows the perfection with which it is
working. The
firm has earned a distinction of being placed in the category 'A' in the list of
panel of auditors
maintained by State Bank of India. Moreover, only these “A” category firms can
audit of listed
companies. The Institute of Chartered Accountants of India has also carried out the
Quality Control
Review and has issued satisfactory QCR report stating that the firm has conducted
the audits of the
clients in accordance with International Standards on Auditing.
. 82.75 CHAPTER 6 BIBLIOGRAPHY

83.
83.76 REFERENCES __https://cleartax.in/s/income-tax-slabs
https://economictimes.indiatimes.com _https:/Avww.avalara.com
__https://www.business-
standard.com __https:/Avww.google.co.in/imghp?hl=en&tab=wi&ogbl
http:/Avww.gstcouncil.gov.in/ —_ https:/Avww.myloancare.in/tax/income-tax-slabs-
rates/
https://www.wikipedia.org/ www.google.com
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