SUMMER INTERNSHIP PROJECT

REPORT ON
TAXATION AND
ACCOUNTING AT
T. S. RAWAL & CO.

Submitted to:
Dr. Ambedkar Institute of Management Studies &
Research, Deeksha Bhoomi, Nagpur

Submitted by:

Company Guide:

Faculty Guide:

2021-2022

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 CERTIFICATE

This is to certify that the investigation described in this report titled “SIP Topic” has been
carried out by Your Name during the summer internship project. The study was done in the
organisation, Name of SIP Organization., in partial fulfillment of the requirement for the
degree of Master of Business Administration of R. T. M. Nagpur University, Nagpur.
This work is the own work of the candidate, complete in all respects and is of sufficiently high
standard to warrant its submission to the said degree. The assistance and resources used for this
work are duly acknowledged.

Dr. Sudhir S. Fulzele

(Director)

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3
 ACKNOWLEDGEMENT

This is a matter of pleasure for me to acknowledge my deep sense of gratitude to R. T. M.

Nagpur University, Nagpur, and Dr. Ambedkar Institute of Management Studies &
Research,Deeksha Bhoomi, Nagpur for giving me an opportunity to explore my abilities via this
internship program. I would like to express my sincere gratitude to my internship supervisor CA
Jagjeet Singh Bhatti, for his valuable guidance and encouragement in completing this project.
I am also thankful to all the faculty members of Dr. Ambedkar Institute of Management Studies
& Research and particularly my mentor “Name of your DAIMSR Mentor” for helping me
during the project.
I would like to record my sincere appreciation towards all the officials and employees of T. S.
Rawal & Co., without whose kind assistance, my internship program would not have succeeded.
The facts and other vital information provided by them have contributed towards making this
project as comprehensive as possible. I am indeed thankful to them.
Finally, I am grateful to my family, friends and well- wishers for their unending support and best
wishes throughout the internship duration and the preparation of this report.

(Signature)

(Name)

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 INDEX

Sr. No Content Page no.

PART 1-
1.
A) COMPANY PROFILE-
Brief history.
Management structure.
Achievements, awards, and latest developments. 6 - 21
Products & Services offered.
Performance & Market share.
SWOT analysis.

B) SECTOR OVERVIEW-
2 Sector size and major players.
Regulations and regulatory bodies.
Sector’s contribution to economy. 22-31
Problems faced by the sector in general and the Company in
particular.

PART 2-
3.
A) ACTUAL WORK DONE
Week wise details of the work done including the details of
any specific tasks or projects assigned by the company.
31-32
Key learning week wise.
4. B) FINDINGS AND SUGGESTIONS 33

5. C) CONCLUSION 34

6. D) BIBLIOGRAPHY 35

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1. COMPANY PROFILE

Brief History

Partners-CA Dr. Tejinder Singh Rawal

CA Jagjeet Singh Bhatti
Established- 1987
Office-Mankapur, Nagpur, Maharashtra

T. S. Rawal & Co. is a leading firm of Chartered Accountants located in Nagpur, Maharashtra,
India. The firm was established in 1987 and has been instrumental in providing comprehensive
professional services to the clients in Central India on various facets of finance and taxation.
The firm was located in Sadar, Nagpur, and a few years back decided to move to its own
spacious state of the art office at Mankapur, Nagpur.
The firm is headed by CA Dr. Tejinder Singh Rawal who is considered as a well-known
authority in India and abroad. The day-to-day work is managed under the able guidance of CA
Jagjeet Singh Bhatti.

The firm is poised to deliver value added prompt professional services to their valued
clientelewith strong professional team lead by its Partners and professional staff. It is a
professionally managed firm rendering comprehensive professional services which include audit,
management consultancy, tax consultancy, accounting services, etc. The team consists of
distinguished Chartered Accountants, Financial Advisors and Tax Consultants.
The firm represents a combination of specialized skills, which are geared to offer sound financial
advice and personalized services. Those associated with the firm have regular interaction with

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industry and other professionals which enables the firm to keep pace with the developments in
the industry and to meet the needs of their clients.

T. S. Rawal & Co. has a clear vision for growth in future and development of financial markets
and services. They conduct research to stay updated of the trends and development in the
industry. T S Rawal & Co. molds its operations and its areas of competencies and introduces
services to assist their clients for growth and development.
The list ofclients to whomprofessional services are being provided currently or in the past
includes Financial Institutions,Non-Banking Financial Institutions, Manufacturing and Servicing
Companies.

T. S. Rawal & Co.provides industry-focused services for public and private clients to build
public trust and enhance values. Ourservice culture combined with our cumulative
knowledgeculminates into innovative solutions tohelp promote the growth of our client’s
business. Beforerendering innovative advice, weminutely ensurethat all thelegal and ethical
obligations arerespected.

Management Structure

The firm has around 15 staffs which includes 2Partners who areChartered Accountants. Firm has
full time employees, and other staff which includes managers, CA Finalists, and article trainees.
The firm’s organizational structure is more of a functional organization structure and simple.
Hierarchy of the organizational structure is as follows.

• Thetwo senior partners are in the topmost level, who also the owners of the firm. CA Dr.
Tejinder Singh Rawal is the main authority in the firm, who takes the final decisions. The
reports are finalized after acquiring his signature.

• CA Jagjeet Singh Bhatti is the second key person in the firm. He manages all the
taxation, audit, and day today activities of the firm.

• There aremanagers who fall just below the senior partners. Theycommand the staff and
articleship trainees. The different senior managers are assigned various functions/services
offered to the clients, e.g., Taxation, Legal, Audit, Accounting, Finance.

• Below the managers there are supervisors and clerical staff and the trainee students
whoperform different tasks assigned to them by the manager. There are seniors as well as
juniorstudent trainees.

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The whole organization can be viewed as a single department and the work processes are done
through creation of teams/unit for particular work and service. The orders, command,
anddecision flows from top to bottom while the flow of reporting is from bottom to top.
Departments-
The managers create a team comprising of junior managers and articles/trainees. The size and
duration of team depends upon the nature of service offered and the requirement of the clients.
The major departments include-

• Audit and Assurance department-

Firm provides audit and assurance services to a wide range of clients which include
performing audits of financial statements of limited companies, NGOs, Business units,
and Partnership firms. Firm also performs special assignments which include
management audits, internal audits, and investigations.

Audit focuses on the 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. In doing so not only the firm identifies the non-
compliances but also assists clients in its rectification and provides guidance to adhere
with the laws and regulations.

They prioritize deploying audit teams to clients who are well equipped with specific
industry knowledge, experience, and are professionally sound. The firm’s emphasis is on
delivering high quality services to clients, adding value to their business through

8
 identification of existing and potential risks and suggesting best possible measures in the
given circumstances.

• Tax & Corporate Department-

Firm delivers taxation services to clients andassists them in obtaining optimal tax benefits
available under the laws. Firm also assists clients to comply with the tax rules and
regulations and always keep them updated with thelatest developments andamendments.
Tax personnel are qualified professionals,experienced and knowledgeable. We maintain a
comprehensive tax library which alwaysprovides ready references and timely solutionin
complex situations. Firm provides acomprehensive range of tax services whichincludes-

• Preparation and submission of annual tax returns

• Compliance services
• Tax advisory service
• Representation and litigation with tax authorities

• Correspondence Department-

It handles with all the correspondence of the firmby sending the solicited and unsolicited
information from time to time. Effectively andefficiently managing the day-to-day
operations of the Correspondence. Interaction with clients toresolve customer issues.
Identify trends and remove obstacles in Statementproduction and delivery by properly
maintaining records of all communications for futurereference.

• HR Department-

This department is mainly concerned with the recruitment of the firm andthis department
presents the timely reports on effectiveutilization of the resources by the firm. A purpose
of the human resource is to keep thetrained employees and recruit newenergetic staff to
work. Another purpose of thisdepartment is to provide a good working environment for
the staffbyfacilitating them and arranging some recreational activities for them.

HR knows the realworth of its employees. They care for them and motivate them to work
more efficiently anddiligently. The hierarchy adopted by T. S. Rawal & Co. is in
accordance with the legal structure a CA firmshall have.

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 Achievements, awards and Developments

CA DR. TEJINDER SINGH RAWAL

M. Com, MA(Economics), MA(Public Administration), MA(Urdu), LLB, FCA, ISA,

CISA, CISM, PhD is a leading Chartered Accountant, Economist, Author and public
speaker.

Dr. Tejinder Singh Rawal, is M.Com. M.A. (Economics), M.A. (PublicAdministration),

M.A. (Urdu), LL.B., FCA, DISA (ICA), CISA, CISM, PhD (Tax).He has been a
university topper in all the exams. He became one of theyoungest CAs in India at the age
of 21 securing an all-India merit rank. Hesecured a merit rank in Information Systems
Auditors exams of Institute of Chartered Accountants of India, and also became the first
person in centralIndia to pass the prestigious CISA (Certified Information Systems
Auditor)exam conducted by Information Systems and Control Association, USA.

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Heholds the distinction of being one of the handfuls of CISM’s in the country. Heis PhD
in taxation, having done his doctoral research on a critical study of direct taxes in
India.He is the senior partner in T. S. Rawal & Co., Chartered Accountants, theleading
firm in Central India specializing in taxation, corporate consultancyand IS Audits. He has
been practicing in these areas for last 30years.

He is an authority on Income Tax, Cyber laws, Investment Strategy andInformation

systems control and audit.He is a guest faculty on Company Law, Income Tax, Cyber
laws, and FinancialManagement in various institutions, colleges, and
GovernmentOrganizations.

He is a Faculty on Income Tax at Nagpur University, LawCollege, for LLB and LLM
students. He is a sought-after speaker inConferences and Seminars in India and
abroad.Dr. Rawal has contributed more than 200 articles in various journals,magazines
and newspapers.His blog on investments is followed by many.

In addition to being a practicing CA, he is a writer, speaker, social-activist, academic,

golfer and a serious photographer and birder.

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Caspian Plover in Koonthalulam sanctuary, India, by Dr. Tejinder Singh Rawal

He is the Founder President of Central India Kidney Foundation. He is the Vice President
of the Punjab Association Nagpur.He is an active Freemason.

He has served Lions International in various capacities, such as President, Lions Club of
Nagpur, Zone Chairman, Region Chairman, District PRO, Chairman Youth Exchange,
Chairman Infotech etc. He is an MJF.

He has served as Vice President, Secretary and Treasurer of Nagpur Branch of WIRC of
Institute of Chartered Accountants of India. He is the Treasurer of Tiger Research and
Conservation Trust, India.

He was bestowed with the Certificate of Apostolic Blessings by the Pope, the Holy
Father Benedict XVI. He was honored by the President of Turkey for his social
achievements.

He was conferred with “Pride of Nagpur” award by Qidwai Foundation. He is the

recipient of the Jaycees Outstanding Young Person Award. He was awarded Yogi
Manohar Navratna Award by Sunrise Peace Mission for his contribution to the fields of
Economics and Accountancy.

He is the Founder President of St. John's Old Boys Association, which the association of
alumni of his alma mater. He has served on the Executive Committees of various bodies
like All India Management Association, New Delhi, Federation of Indian Chamber of
Commerce and Industry, New Delhi etc., Nag-Vidarbha Chamber of Commerce,
Vidarbha Industries Association.

Dr. Rawal is a voracious reader, trekker, an avid golfer, bird-watcher and a serious
photographer. He has many rare bird sightings to his credit. His bird photographs have
appeared in various magazines and journals, and Govt educational publications. A large
number of his pictures has been published in Oriental Bird Images Data Base.

Dr. Rawal is a marathon runner and has run 50 races so far and is a randonneur cyclist
and participates in long distance cycling events.

Dr. Tejinder Singh Rawal is also a Udemy instructor with educational courses available
for enrollment.

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He is the author of many books, some of them are- Loads of Money: Guide to Intelligent
Stock Market Investing: Common Sense Strategies for Wealth Creation, which was well
received by the readers, Dr. Rawal's Definitive Guide to Financial Independence - Retire
Early, Retire Rich, How to invest in shares, Direct Taxation Policies.His recent book
Loads of Money: Guide to Intelligent Stock Market Investing: Common Sense Strategies
for Wealth Creation has received great supportfrom the readers.

Dr. Tejinder Singh Rawal is skilled in the art of simplifying the complex concepts and
presenting them in a manner that makes them very interesting and easy to understand. He
will explain the fundamental concepts in finance and provide techniques of understanding
the financial statements.

CA JAGJEET SINGH BHATTI

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B. COM, ACA, Grad CWA, DFM, Chartered Accountant.

CA Jagjeet Singh Bhatti is a well-known Chartered Accountant with many years of post-
qualification experience in various facets of taxation and accounting.

He manages the day-to-dayactivities of the firm. Provides counselling to the clients

regarding financial markets and investments. He has years of experience in the field of
accounting and taxation. He interacts with the taxation authorities and handles audits of
companies.

T. S. Rawal & Co. was established in the year 1987 and has been providing
comprehensive professional services to the clients in Central India on various facets of
finance, taxation and audits. It is recognized as one of the best CA firms in Central India.

Products and Services

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 INCOME TAX-

• The firm has an experience of more than 30 years in Income Tax consultancy. Their
clients include individuals, partnership firms, HUF’s, Co-operative Societies, LLP’s and
Companies. The services provided by them include tax advice, tax planning, filing of the
returns, representation before the tax authorities including appellate authorities.

GST- Theyprovide services related to GST to manufacturers, distributors, retailers, and

service providers.

The services include-

• GST Registration-

GST Registration enables selling of goods with turnover value beyond a certain limit.
The limit differs from state to state. It is mandatory to avail ITC (Input Tax Credit).

• GST Returns-

GST returns are to be filed on periodic basis to provide information on the value of
turnover, GST Liability, and mode of payment.

AUDITS-

• The firm handles tax-audits, statutory audits, internal audits, stock audits, concurrent
audits, revenue audits, bank audits, forensic audits. The firm has special skills in
Information Systems Control and Audits.

• 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.
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• Audit of PF Trusts, Charitable Trusts, Schools, etc.
• Audit of Co-operative Societies.
• Information Systems Control and Audits.
• Internal Audits.
• Forensic Audits.

COMPANY LAW-

• The services include incorporation of companies,OPC and LLPs, companies not-for-

profit under section 8, filing of returns, ROC filing and other matters relating to the
company law.

• Other corporate services-

• Consultancy on Company Law matters.

• Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.
• Filing of various forms, documents.
• Clause 49 review for compliance with fiscal, corporate and tax laws.
• Secretarial Matters including share transfers.
• Maintenance of Statutory records.
• Consultancy on Public/Rights/Bonus Issue of shares.
• Change of Name, Objects, Registered Office, etc.

PROJECT FINANCING-

• They advise clients on various aspects of project appraisal and management, and conduct
financial and technical feasibility for the new projects, assist clients in M&A, and prepare
the project reports.

GENERAL COUNSEL-

• General Advice to clients on various issues pertaining to commercial laws, corporate and
labor laws, taxes, finance and investments.

Performance

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Observation-

The customers mostly give priority tothe quick delivery of the required services and reporting
rather than the quality ofwork and reports. I must say that the delivery performance of the
organization is good as they do not cross the estimated time period and most often the
necessarywork and reporting is completed before the prescheduled deadline.
I feel that the quality of the work is satisfactory from the perspective of number of times
thereport gets checked and verified before the final report is handed over to the client.
Moreover, the quality of work not only depends upon the employees’ workperformance but also
depends upon the role played by the clients. Due to delivery of quality work, process and period,
and the degree of customizationprovided as per the need of the clients, I found high degree of
customer retention.
Based on the customer retention rate and the delivery performance, the customers are fairly
satisfied with the services they acquire.

Internal business processes-

Since the organization provides auditing and consulting services, it requires highdegree of
customer interaction and customization, internal business processes cannotbe automated and the
mass production cannot be achieved.
The quality and speed ofwork not only depends upon the employees’ work performance but also
depends uponthe role played by the customers. Since there are no different departments, there is
noduplication of activities across departments and there arises no questioning on
processalignment.
Overall, the performance of the firm has been great and they have a good market share in Central
India.

SWOT Analysis

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Strengths of T. S. Rawal & Co.-

• As one of the leading firms in its industry, T. S. Rawal & Co. has numerous strengths
that enable it to thrive in the market place. These strengths helpthem to protect the market
share in existing markets and penetrate new markets. Some of the strengths of T. S.
Rawal & Co. are-

• Strong Brand Portfolio- Over the yearsT. S. Rawal & Co. has invested in building a
strong brand portfolio. This brand portfolio can be extremely useful if the
organization wants to expand into new product categories and penetrate new markets.

• Highly skilled workforce- T. S. Rawal & Co. is investing huge resources in training and
development of its employees resulting in a workforce that is not only highly skilled but
also motivated to achieve more.

• Experts in auditing and taxation- The management is highly skilled in audits, taxation,
accounting and financial markets with years of experience.

• Loyal customers- The customer retention rate is very high in the firm. The clients are
satisfied with the quality and efficient work delivered to them. The clients have been
loyal for years and satisfied.

• Software- The type of tax or bookkeeping software used can be a strength, particularly if
the software is proprietary and has features your competitors do not have. T. S. Rawal
uses Taxbase for filing returns, which is simple and convenient to use as compared to
other software’s.

Weaknesses of T. S. Rawal & Co.-

• Weak IT Department- The firm has a weak IT department as there no full time
professional to resolve the technical issues in case of emergency.

• High fees- Being a top consulting firm, the fees charged for certain issues is a bit high
due to their expertise in the field of finance, taxation and audit. However, no fees are
charged for consultation.

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 • Competition- The firm faces tough competition from industry experts as well as other
consulting agencies.

• Training procedure- The training procedure in the firm is slow and time consuming.

Opportunities for T. S. Rawal & Co.-

• Growing indirect tax practice- Since the government implemented GST in India, many
businesses have looked to CA firms for financial advice and compliance related to GST.

• Quality of audit- The emergence of technology such as big data and analytics provides
opportunities for CA firms to improve audit quality by reducing errors and improving the
risk assessment process.

• Expand to new markets- The report by Institute of Chartered Accountants of India states
that CAs in the country are near about 3.2 lakh. Thus, it’s a perfect platform for those in
business to expand to newer markets

Threats to T. S. Rawal & Co.-

• Technology- Easy Internet-based programs simplify the process for the user and remove
the need for many people to seek out specialized tax or bookkeeping services.

• Competition by large industries- The larger industry giants represent significant

competition, providing incentives that smaller companies simply do not have the means
to offer, such as advance refunds.

• Safeguarding information- Clients must trust the company with their most important
financial information, failing to recognize the company name or associate the brand as a
trusted provider that will safeguard the information can mean the loss of potential busines

2. Sector Overview
Sector Size
In a country of 8.83 crore taxpayers in 2021, close to 3 lakh Chartered Accountants serve as the
finance guides. As of 2021, there are only 3.2 lakh Chartered Accountants in India, and out of

19
which only 1.4 lakh members are in full-time practice that makes approx. 44% of the total
strength.

The CA’s support in tax compliance thereby liaisingwith government authorities, representing
companies in court, ensuring smooth business operations by taking over the complex tax
compliance section. Their job ranges from auditing, financial planning, tax planning, wealth
management, formulating taxation strategies, income statements and more. From corporates to
small business CAs are hired to be assist in transaction from old tax laws to the newer ones.

The demand for Chartered Accountant in India has been on a rise. This is because more
businesses are being established and the government has been making policies and regulations to
monitor the market. As of March 2018, over 1.03 crore taxpayers have registered in GST
regime. However, there are not many professionals to guide these taxpayers.

There is an immediate need to tap the talentand skill them in advanced tax calculations.Training
in Artificial Intelligence to participate in the growing automation of auditing process is needed.

The demand is not just because of the change in the economy, but also because of the crucial job
roles that CAs have been catering to, for instance, Internal Audit, Tax Audit, Tax Planning, Cost
Planning, Due Diligence, Audit under various State and Central Legislatures, Government Audit,
Management Audit, etc. Around 98 lakh businesses were registered under the GST registered
under the GST regime, and every business requires a professional to manage the accounts related
matters.
Major Players
Top Chartered Accountant firms in India in 2021-

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’.

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PWC-

• Price Waterhouse Coopers has been the world’s second largest professional services
network in terms of Revenue as surveyed and is one of the Big Four Auditors and stands
neck to neck with Deloitte, EY and KPMG.

• It has been as a multinational professional services network.

• 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.

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 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.

Ernst & Young (EY)-

• Ernst & Young abbreviated as EY is a multinational professional services firm having it

headquarter 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.

BDO International-

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 • 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.

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.

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).

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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.

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.

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.

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 Regulations and Regulatory Bodies

Organization is working as a Chartered Accountants firm under the rules and regulations
andcode of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants
ofIndia).The Institute of Chartered Accountants of India (ICAI or the Institute) was established
asstatutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate
theprofession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members. Fifteen

members areelected from amongst the members for a period of four years. The
remaining four of theCouncil members are nominated by the Government of India.

Vision of ICAI is:

The profession of Chartered Accountants in India should be the benchmark of
professionalexcellence upholding the principles of integrity, transparency and accountability.
Mission of ICAI:
Is to achieve excellence in professional competence, add value to businesses and
economy,safeguard public interest; ensure ethical practicesand good corporate
governancewhilerecognizing the needs of globalization.

The firms provide different kinds of professional services like audit, taxation andmanagement
consultancy to its clients.TheChartered Accountancy course is conducted by the Institute of
CharteredAccountants of India, which has its headquartersin New Delhi, 5 regional
offices(Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these
regionalcenters.

Sector’s contribution to the economy

24
CAs are foundation base of the economy and utilizing the financial expertise, the nation gets
right direction in various financial and economy related measures to enhance the decaying Indian
economy and enhance the economy along with industrial growth.
Chartered Accountant contributes in fields of Tax planning, capital budgeting, budget
forecasting, financing or any other activity, preparation of books of accounts, and in every field
as well. In the current scenario, after GST implementation, the role of Chartered Accountants has
become very important. From the drafting rules to provisions to implementation of GST, the role
and expertise of CAs were utilized to the fullest.
Some of the practical roles which are played by the Chartered Accountant is here:
1. Accountability
2. Social Accounting
3. Taxation
4. Capital Formation
5. Economic Planning

Chartered Accountants play eminent role in various fields. The knowledgeable advises of
Chartered Accountants are pre requisite in formation of any law relating to commerce, taxation
or legal fields. While forming a law or any act Chartered Accountants are one of the most
important committee members. They have comprehensive knowledge of various important
aspects which is important in formation of any law.

Chartered Accountants role in taxation field is commendable. They are the masters of taxation.
Due to their discernment, they help in tax planning. They provide requisite knowledge to
business entities which helps in smooth functioning of business.

Conducting business on international level involves inflows and outflow of foreign currencies. A
Chartered Accountant helps a business entity to deal with all these matters. A Chartered
Accountant has expertise in these laws and they guide a business in all these matters.

They provide required knowledge to investors as well as companies. They even have a role in
framing policies regarding laws of investment. We all know that e-commerce sector is also
growing at an increasing rate. Google tax Equalization Levy, Various provisions of TDS, TCS
attracts the e-commerce industry. A Chartered Accountant helps this sector by providing
sufficient guidance and by handling their taxation matters.

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Next important area in which Chartered Accountants role is important in nation building is
preventing Corruption, malfunctioning, window dressing, detecting frauds in companies etc. A
nation will grow only after the end of corruption. Chartered Accountants helps to minimize the
corruption by following rules and regulations and by creating awareness in people about wrong
practices and its penal consequences.

An auditor tries to search about wrong practices done by management or staff and it is his duty to
express his opinion on it. As per orders of Comptroller and Auditor General (CAG) of India,
Chartered Accountant also express his opinion on financial statements of a government
company. Auditor’s opinion increases the trust of investors as well as it helps in restricting any
malfunction.

A Chartered Accountant is an important pillar in economic growth of nation. The View of

Chartered Accountant to solve the financial problem is different from others due to their
knowledge and expertise in field of finance taxation, stock market, and company law matters,
FOREX, etc.

Problems faced by the sector in general and the company in particular

Problems faced by the sector in general

Lack of professionals-

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 • Even after having a long-term scope of professional security, the accounting sector faces
a crunch of trained professionals.
• The struggle during the exams and low stipends at the entry level job, limited job
opportunities are some of the reasons that have put students away from pursuing the
professional field of Chartered Accountancy.

Curriculum-

• The problem also lies in the curriculum which largely istheoretical and not in sync with
the industry requirement.
• The rigorous practical exposure during the course of study is missing which makes most
of the CA feel that they are not ready for the corporate world.

Low pass percentage-

• While there is no glamour associated with CA as a career andlow pass percentage is yet
another reason that the number of professionals is low.
• Due to the challenging nature of CA industry, vast syllabus and absence of strong
formal setup of classes, there is high dropout rate which leads to low pass percentage in
calculations.
• ICAI has a uniform level of scaling as per the demand. The number of students passing
the CA exams depends on the demands on the demand calculating through ICAI's survey.
• There is no formal setup for CA education, and students are dependent on coaching
centers. Aspirants from tier II and tier III cities have limited chances to qualify the CA
entrance exams because quality coaching is not available.

Economic challenges-

• Rapidly increasing costs, growing competition, and decreased client acquisition and
retention are some of CA firms’ economic challenges today.

Data security-

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 • CA firms need to protect critical client data as theft can lead to loss of reputation, trust,
and even clientele. Use of genuine software, invest in firewall and anti-virus solutions,
and implement robust cyber-security solutions within the organization can cost as high as
5 lakh or more.

Technology-

• To retain a competitive edge in the market and curb frauds, CA firms must learn
special functions and courses encompassing Oracle, SAP, international taxation,
forensic accounting, fraud detection and anti-money laundering laws.
• They must adapt to complex technology like computing, audit technology, data analytics
to stay ahead of the curve and effectively deal with complex issues affecting business
operations.

Problems faced by the company

• Less number of staff members

• High level of competition

• Difficulty in market penetration due to high competition

• Developing a client base is not so easy in new markets

• Tight deadlines

• Changes in government policies

Future potential of the sector

The current economic environment presents many opportunities for CAs to grow their business.
In India, business entities and common people depend on a CAs advice to undertake financial
decisions. While CAs dissect complex numbers with their intelligence, Chartered Accountant
loan helps overcome financial hurdles in achieving dreams.

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 The future growth for a chartered accountant is huge as compared to other jobs. The rapid
growth of the money market is increasing the demand for chartered accountants. Each and every
company or even individuals in the service sector, seek assistance of a CA when it comes to the
management of money. CA basically helps businesses to keep track of all the recent changes in
the law and keep the finance matters on track with the same.

3. Actual work done

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 • Introduction with the staff
• Interacting with the managers, mentor CA Jagjeet Singh
Bhatti and Dr. T. S. Rawal regarding the internship and duties
to be
Week 1 performed.
• Learning about the Income tax site.
• Learning about the software used for filing taxes.
• Extraction of Form 26AS- TDS
• Filing of Income Tax Returns
• Verifying the work done with the mentor.

• Filing of ITR 2 for HUF

• Filing of ITR 2 for Individuals
Week 2 • Learning about the GST site
• Study of composition scheme under GST
• Learning the deductions under Chapter VI
• Verification of ITR filed

• Filing of ITR 1
• Learning about ITR 4 Sugam
• Filing GST returns- GSTR 1 and 3B for composition scheme
Week 3 • Assisting the staff in Accounting
• Learning Excel shortcuts for preparation of Financial
Statements
• Reporting to the mentor and verifying the work done

• Filing of ITR 4 Sugam

• Study of Form 26AS
• Filing of GST returns
Week 4 • Learning to generate TRN number
• Study of presumptive income and taxation – under section
44AD, 44AE, 44ADA
• Verifying the returns filed.
• Extraction of Computation of returns filed.

• Filing of ITR 1, 2, 3 and 4

• Responding to mails and sending information regarding Returns
filed and acknowledgement.
• Generation of GST challan
Week 5 • Learning about DSC (Digital Signature Certificate) and EVC
(Electronic Verification Code)
• Assissting the staff in solving client queries regarding GST

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 returns.
• Extraction of Computation of returns filed.
• Keeping a track of work to be completed and Reporting to
the mentor

• Filing of ITR 2, 3, and 4

• Filing with DSC (Digital Signature Certificate)
• Learning about LUT (Letter of Undertaking)
Week 6 • Working on Excel to prepare financial statements
• Interacting with clients and solving queries regarding GST
• Verifying the returns filed with the mentor
• Creation of profile of assesses in the Taxbase software for the
purpose of filing returns.

• Filing of ITR 1 and 4

• Generating GST challan
• Filing of GST return for LUT (Letter of Undertaking)
Week 7 • Study of previous year Financial Statements to prepare current
year Statements for a Super Bazaar under composition scheme.
• Consulting with the mentor regarding the preparation of
financial statements.
• Generation of TRN number.

• Filing of ITR 1 and 4

• Filing of GST returns
• Interacting with a client for preparation of Valuation certificate.
• Preparation of Financial statements for a Super Bazaar under
Week 8 composition scheme on Excel.
• Verifying the Financial Statements with the mentor.
• Interacting with clients to collect information for filing Income
tax returns and solving queries.
• Extraction of Computation of returns filed.

• Filing of ITR 2, 4, and 3

• Filing of GST returns
• Collecting information from the client for the purpose of
valuation certificate.
• Preparation of Financial Statements for a hospital and an
individual.
Week 9 • Filing of ROC and preparing statements for the purpose of
filing.
• Preparing documents to be filed with the Income Tax

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 authorities.
• Generation of TRN number
• Creation of profile of assessed in the Taxbase software for the
purpose of filing returns.
• Reporting and verifying the work done with the mentor.

4. Findings

• There is no racism and everyone is disciplined and dedicated towards their jobs. This
gives motivation to do our jobs. The working environment is lenient in the organization.

• The employees are never overburdened by the work given. The staff is never forced to
work for extra time.

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 • I learned to implement the theoretical concepts practically and learned to interact with the
clients.

• I learned to interact with the higher authorities and my fellow colleagues. It was
interesting to interact with the clients and to solve their queries. This helped me to
improve my communication skills along with my knowledge.

• I learned to file income tax returns along with deductions, filing of TDS, computation of
returns, calculation of long term and short-term gains (Investments in shares, mutual
funds, SIP). I learned to file tax returns for business units, individuals (salaried, pension,
and professionals), and HUF.

• I learned to file GST returns, computation of taxable GST, ITC (Input Tax Credit),
interacting with the GST authorities, accounting, ROC filing, documentation, and other
compliances.

• I learned to work in teams and coordinating with the staff and higher authorities.

• As the work in a CA firm is highly sensitive, I had to verify all the work with the
manager and my mentor. They guided me and helped me correct my mistakes.

• Exposure to do a work in an organization and also known about

organizationalbehaviour, ethical rules and regulations.

Suggestions

The organization is really good at everything, disciplined and well managed. But still there are
some chances of improvement. In my opinion some of the suggestions are-

• Improvement in technical department is a must as there is no particular department or

professional for resolving technical issues in case of emergency.

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 • Try to adopt new technologies to stay updated.

• The partner needs to make the best use of their goodwill to bring more clientage and
reputation to firm.

• The infrastructure and working condition reviews can improve the working
efficiency of the trainees. Some motivationalmeetings and mentoring exercises would
bring good feel among employees for their work. Time to time financial bonuses or
performance incentives will energize thestaff.

• Firm also lacks in marketing perspective as it does not have any marketer to marketand
introduce their business. So, if the firm wants to improve its business volume, it needs a
professional marketer as many other big firms have adopted andhavecompletemarketing
department.

5. Conclusion

T. S. Rawal & Co. is overall one of the profits making and reputed firm in Central India. 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.

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 In conclusion, this internship has been a very useful experience for me. I can say that my
understanding of the job environment has increased greatly. I felt like I was able to contribute to
the firm by assisting and working on projects.
However, I do think that there are some aspects of the job that I could have done better and that I
need to work on.The two main things that I learned after my experience in this firm are the
importance of time management and being self-motivated.

6. Bibliography

• www.cleartax.in

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• www.commons.wikipedia.org

• www.investopedia.com

• www.orientalbirdsimages.org

• www.strava.com

• www.taxguru.in

• www.tsrawal.com

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