AN

INTERNSHIP

ON

(ACCOUNTING & TAXATION)

A Case Study of (KAMAL SANGTANI & Co)

In partial fulfillment of requirement for the

Award of Degree of Bachelor of Management Studies

Submitted By:

MOHAMMAD TARIQ CHOUDHARY

(THIRD YEAR BMS)

Under the Guidance of

C.A Amritesh Mishra

BUNTS SANGHA’S
S.M. SHETTY COLLEGE OF SCIENCE, COMMERCE AND MANAGEMENT STUDIES
POWAI - 400076

UNIVERSITY OF MUMBAI
2017-18

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 CERTIFICATE

This is to certify that student MOHAMMAD TARIQ CHOUDHARY has

submitted the Internship work on “ON (ACCOUNTING & TAXATION ) A Case Study
of "KAMAL SANGTANI & CO" in the partial fulfillment of degree of
BACHELOR OF MANAGEMENT STUDIES under the guidance of C.A
Amritesh Mishra.

_______________________ ________________________ ___________________

C.A Amritesh Mishra External Examiner Dr. Sridhara Shetty
(PROJECT GUIDE) (PRINCIPAL)

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 DECLARATION

Address: Next to Hiranandani Gardens, opposite JalvayuVihar Mumbai,-78, Maharashtra.

Website: www.smshettyinstitute .org Tel no: 022-61327352

Email: college@smshettyinstitute.in Fax no: 022-61327304

I, MOHAMMAD TARIQ CHOUDHARY of S.M.Shetty College, Bachelors of

Management Studies Semester V, hereby declare that I have completed the internship on
(ACCOUNTING & TAXATION ) A Case Study of ("KAMAL SANGTANI & Co")

The information submitted is true and original to the best of my knowledge.

____________________________

SIGNATURE OF THE STUDENT

MOHAMMAD TARIQ CHOUDHARY

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 ACKNOWLEDGEMENT

Working on this project has been a good experience. I would like to thank a number of people
who helped me directly or indirectly for this project.

I want to express my gratitude towards my college, BUNTS SANGHA’S S.M. SHETTY

COLLEGE OF SCIENCE, COMMERCE AND MANAGEMENT STUDIES, the Principal of
my college Dr.Sridhara Shetty and the Vice Principal Dr.Liji Santosh.

I am grateful to my C.A. Amritesh Mishra who guided me throughout the procedure in

preparing this project report.

I would like to thank my classmates, friends and family members who supported me in collecting
information and making my project better.

---------------------

SIGNATURE OF STUDENT

MOHAMMAD TARIQ CHOUDHARY

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 TABLE OF CONTENT

SR. NO TOPIC PAGE. NO

1 INTRODUCTION OF INDUSTRY 6-11

2 KEY COMPETITIORS & COMPARISION 12-13

3 REASON FOR SELECTING ORGANIZATION & 14-16

LEARNING OBJECTIVE

4 INTRODUCTION TO "KAMAL SANGTANI & CO." 17-19

5 ORGANIZATION STRUCTURE & TYPE OF 20-23

OWNERSHIP

6 WORK CULTURE OF "KAMAL SANGTANI & 24-27

CO"

7 PRODUCT PORTFOLIO 28-49

8 JOB DESCRIPTION 50-56

9 OTHER DETAILS 57-66

10 BILBIOGRAPHY 67

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 INTRODUCTION OF INDUSTRY

Accounting as a career can be quite interesting if you like analytical work. If your goal is to have
a steady career with job security, and where you will be a valuable asset to someone else's
business, accounting is a good choice. There are great job opportunities, impressive salaries and
a strong demand for accounting skills. Accountants work with individuals or organizations,
handling monetary transactions by recording financial information. Their job may also include
financial analyzing and reporting, preparing tax returns, auditing accounts, and/or acting as
consultants on a wide variety of financial matters.

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.

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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Industry I selected is working in a reputed Chartered Accountant's firm followed by the rules
and regulations and code of conduct designed for C.A firms by ICAI (The Institute of Chartered
Accountants of India). It has vast experience in the field of both Domestic and
International Taxation. The firm assists its clients at various phases of their business.
Varying from structuring their investment into India, complying with regulations of
Reserve Bank of India, Registrar of Companies, Income Tax Authorities, Service Tax
Authorities, Value Added Tax Authorities, G.S.T permissions from Foreign
Investment Promotion Board.

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 ICAI VISION 2030

ICAI had released its Vision 2030 document which set outs its Vision for 2030,Mission ,
Strategic Priorities and Action Plan for the coming three years to achieve its Vision during the
62nd Annual Function held on 11th February 2012 by the august hands of Dr. M. Veerappa
Moily, Minister of Corporate Affairs. ICAI aims at harnessing the opportunities and addressing
the challenges presented by the rapidly changing environment so that, by 2030, ICAI becomes:

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ICAI is governed by the Council which consists of nineteen members. Fifteen members are
elected from amongst the members for a period of four years. The remaining four of the Council
members are nominated by the Government of India.

The 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 centres.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act
of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for
regulating the profession of Chartered Accountancy in the country. The Institute, functions under
the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI
is the second largest professional body of Chartered Accountants in the world, with a strong
tradition of service to the Indian economy in public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the
Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council
constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining
8 are nominated by the Central Government generally representing the Comptroller and Auditor
General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs,
Ministry of Finance and other stakeholders.

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 ACCOUNTING RESEARCH FOUNDATION

As a part of its continued pursuit to promote research in the fields of accounting, auditing,
monetary policies and other related disciplines, the ICAI Accounting Research Foundation (ICAI
ARF) has undertaken and completed various basic and applied research projects. It also provides
financial assistance to researchers / scholars for undertaking basic research projects of
contemporary national/ international significance in the aforesaid areas.

ICAI AWARDS FOR EXCELLENCE IN FINANCIAL REPORTING

The Institute has been holding an annual competition “ICAI Awards for Excellence in Financial
Reporting” with the objective to recognize and encourage excellence in the preparation and
presentation of financial information with the mission of greater accountability and well-
informed decision-making. Entries received for the annual competition are sent to the panel of
Technical Reviewers for being reviewed and the review reports are being received as a part of
first tier of evaluation. The shortlisted entries are evaluated by Shield Panel and then by the Jury
as the second tier and third tier of evaluation process. The Shield Panel and the Jury is being
constituted for the purpose. The award function to honor the awardees is organised every year by
the Institute.

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 KEY COMPETITORS

KAMAL SANGTANI & CO. is one of the well reputed and experienced firm in the C.A
industry. Since it has been providing services since a long time, they have a list of competitors.

Some of the key competitors are :-

Mahendra Tiwari & Co

Mahendra Tiwari & Co. was established in the year 2004. It is a chartered accountancy firm
rendering comprehensive professional services which include audit, management consultancy,
tax consultancy, accounting services, manpower management, secretarial services etc.

Z.S. Khan & Co

CA for commercial taxation and providing various tax related services and consultancy services

VD Business Solutions
VD Business Solutions is one among the leading service providers of Chartered Accountant
since 2012.

Bajaj & Goyanka

Bajaj & Goyanka Chartered accountants work in all fields of business and finance, including
audit, Company Formation Advisers, Company registration consultants and general
management.

A V PARMAR & ASSOCIATES

A firm of specialized experts with a unique focus on meeting specific accounting and business
needs

Avdhut Consultancy Services

Avdhut Consultancy Services is a chartered accountant based in Mumbai, India. They provide
ESI/PF, Payroll, ESIC and professional tax consultation services for clients from different
sectors.

Hemant Shah & Associates L.L.P

The partnership firm of Hemant Shah & Associates provides various tax related consultancy
services

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KAMAL SANGTANI & CO
It was established in the year
2000
It is a chartered accountancy
firm rendering comprehensive
services includes various
services such as audit,
management consultancy, tax
consultancy, accounting
manpower management,
secretarial services etc.
Here the work culture is very
friendly and educating and
professional also at the same
time
Since its one of the oldest
accounting firm it has a good
and a better market image
Here the work is done with
complete accuracy and under
complete supervision with
qualitative aspect in mind
It is a private ownership and
has a proprietary based
structure
COMPARISON
BASIS OF COMAPRISION MAHENDRA TIWARI &
CO
Year of Commencement It was established in the year
2004
Services Provided It is a chartered accountancy
firm rendering comprehensive
services includes various
services such as audit,
management consultancy, tax
consultancy, accounting
manpower management,
secretarial services etc.
Work Culture Here the work culture is
complete professionalism and
only task oriented work is
given
Market Image Since it is operating since
many years it also has good
market image but not better
than Kamal Sangtani & Co.
Quality of work Here the work done is based
on quantitative basis rather
than qualitative basis
Type of ownership It is also a private ownership
and has also a proprietary
based structure
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 REASON FOR SELECTING THE ORGANIZATION

I choose to work with KAMAL SANGTANI AND CO because I always wanted to work in
such reputed C.A firm. 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 an internee.

Student’s end:

 The objective of this project were mainly to study the functional activities of accounts
department

 In an organization, you can make a bigger impact, so you can see the effect of your work
relatively quickly

 Early responsibility and your initiative will be tested and you’ll be able to develop your
leadership, team working, time management and organizational skills.

 To understand the planning and management activities of accounts department

 Your contribution will be highly valued, we can dedicate our time to one of these areas
and offer enterprising ideas to improve the business

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 Industrial end

 Consistency
A good recruitment and selection policy will also require that hiring managers use pre-
determined criteria at all stages of the recruitment process, thereby reducing the risk
of bias or discrimination.

It should be noted that treating everyone consistently does not always imply fairness. If a
candidate is at a disadvantage for any reason (i.e. has a disability), you may need to take
their individual circumstances into account, so they are given an equal opportunity to
present their case.

 Legality
Privacy and equal opportunity legislation require that the recruitment process is
conducted in a fair and transparent manner.
A candidate may have recourse to legal action if they feel they have been discriminated
against, so impartiality is not only the right thing to do.
Privacy laws also require that a candidate’s application is treated confidentially. Penalties
apply if breaches occur, so here as well, a good recruitment and selection policy helps to
protect the organization’s best interests.

 Credibility
Some are placed by organizations wishing to build up a ‘talent pool’ or to simply to test
the waters and see what’s out there.

 Transparency
By requiring transparent procedures at every step, the recruitment and selection policy
ensures that all stakeholders in the recruitment process (HR, department head, line
manager etc.) are able to follow the process and be confident of the outcome.

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 LEARNING OBJECTIVE

 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 organisation.

 To compare practical aspects with theoretical aspects.

 To make quick decision in real situation.

 To learn how to promote and to conduct research in business area.

 To promote 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 organisation.

 To know how to present your recommendations in front of your boss.

 To get knowledge of opportunities and threats while entering into an organisation.

 To get exposure to do a work in an organisation and also known about organisational

behaviour, ethical rules and regulations.

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 INTRODUCTION OF "KAMAL SANGTANI & CO"

KAMAL SANGTANI & Co was established in the year 2000. It is a leading chartered
Accountancy firm rendering comprehensive professional services which include audit,
management consultancy, tax consultancy, accounting services, manpower management,
secretarial services etc.

Kamal Sangtani & Co 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.
It is a sole proprietary firm established in 2000 A.D. The firm provides auditing, due diligence,
account outsourcing, project management and consulting services. The firm specializes in
consulting services in areas of: Country Strategic Papers, Restructuring policies and Internal
Control System Development, Mergers/Demergers, Financial Controller/ Due Diligence
Review/Special Review of various Infrastructure projects on behalf of commercial banks;
Forensic Audits, etc.

The firm is situated at Fifth Floor, North Wing, Neptune Arcade, Mulund west (Station),
Mumbai that occupies around 1600 sq ft of office premise.

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 MISSION, VISION, VALUES

Mission - KAMAL SANGTANI & Co. exists to provide complete, reliable and high quality
accounting, auditing and consulting services to individuals and institutions, be it manufacturing,
trading, tourism, financial, governmental, non- governmental, medical, hydro power, hotels, and
any other sectors.

Vision - The firm's vision is to be the premier auditing, accounting, tax and business consulting
firm by every measure that matters.

Values-The values of the organization are as follows:

Valuing People

We believe that our success depends first and foremost on people. By respecting people in
everything we do, we will develop and maintain high quality, mutually beneficial relationships
with our clients, professional colleagues, referral sources, vendors, community members and
each other.

Building Client Relationships

We seek to earn long-term client loyalty by developing a deep understanding of each client's
business and personal goals, by demonstrating unwavering reliability and integrity in our work
and by acting as an independent and objective advisor to our clients.

Upholding Quality and Integrity

We will maintain an environment where a commitment to quality, honesty, respect, fairness and
professional ethics governs the actions and decisions of everyone within our firm.

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 KEYS TO SUCCESS

The keys to success for KAMAL SANGTANI & Co. Are:

Developing visibility to generate new business leads.

Relationships with clients (developing loyal, respectful, and intensive contact with both clients
and potential clients).

Marketing/strategy and networking with other professionals.

Responsiveness to clients (fast response time for special problems).

Quality (especially in reporting information).

Excellence in fulfilling the promise.

Openness: languages and willpower for creating interregional and international

contacts.

Objectives:

The objectives KAMAL SANGTANI & Co. are:

The overall objective is to focus the activities towards its specialized services (auditing,
accounting, tax and business consulting) and to become a leader in this niche in the country.

Growth - To expand the business at a rate that is both challenging and manageable, serving the
market with innovation and adaptability.

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 ORGANIZATIONAL STRUCTURE

Kamal Sangtani & Co. is a sole proprietary firm owned and managed by C.A" Kamal Sangtani".
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 "neighbor" 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.

 Proprietor
 Senior Managers
 Managers
 Supervisors
 Senior Trainee Students
 Junior Trainees

Supervisors

Senior Managers

Senior Trainee Students

Proprietor

Managers Junior Trainees

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 Proprietors are often the founders of the firms. Most of the firms’ names are associated with
the names of Proprietor. They are basically the main authorized personal who issue and sign
any report (specifically audit report) on behalf of the firm. Proprietor mostly communicates
with the Senior Managers. In other words, the progress of any report and any inquiry is made
from the Senior Managers and hierarchal structure is strictly followed to avoid any disruption.

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 and they do the tax filing related work.

Kamal Sangtani & Co. Is having its office in Mulund west. Almost all the controls and
regulations are dealt at office in Mulund west. The office 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 India. 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 Endeavour 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.

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 Firm emphasis 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 place priority in deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.

 Tax & Corporate Department: Firm delivers taxation services to clients and assists them in
obtaining optimal tax benefits available under the laws. Firm also assist clients to comply with
the tax rules and regulations and always keep them updated with the latest developments and
amendments. Tax personnel are qualified professionals, experienced and knowledgeable. We
maintain a comprehensive tax library which always provides ready references 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 KAMAL SANGTANI & 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.
 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.

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 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 KAMAL SANGTANI & 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 hierarch

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 Work Culture of The Organization

Since KAMAL SANGTANI & Co.is an accountant's firm, the culture here is very formal and
people here are very hardworking and they work with their complete dedication. The
environment is very friendly and for a "fresh internee" like me it's the best place to learn and
understand in depth about our country's taxation systems and various new reforms and
amendments.

 Formal Communication:

Such a communication is that which is associated with the formal organization structure and the
official status or the position of the communicator and the receiver. It travels through the formal
channels officially recognized positions in the organization chart. Formal communication is
mostly in black and white

Thus, it is a deliberate attempt to regulate the flow of communication so as to ensure that

information flows smoothly, accurately and timely. Formal communication is a deliberate
attempt to regulate the flow of communication so as to ensure that information flows smoothly,
accurately and timely. We frequently come across the phrase ‘through proper channel’. It
emphasizes the essence of formal channel of communication. For example, when the General
Manager issues instructions (because of his senior position in the organization), it is formal
communication.

 Informal Communication:

Informal communication is also known as ‘Grapevine’. It is free from all sorts of formalities
because it is used on informal relationships between the parties, such as friendship, membership
in the same club or association Persons at the executive levels also use informal communication
when they find it difficult to collect information from the workers. Such communication includes
comments, suggestions etc. It may be conveyed by a simple glance, gesture, smile or mere
silence. Managers and executives also favor the growth and development of informal network of
communication off

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 Here Punctuality and Sincerity is appreciated and everything here is done according to a fixed
routine schedule. Good work life balance where you get plenty of time to learn new
technologies and also Good Benefits and package compared to other companies

 Dress Code:

A step down from business formal, business professional clothing is still neat,
conservative, and traditional, if a little more loose when it comes to color or pattern.
Business professional is also sometimes called “traditional business.” Expect to present a
professional appearance every day, injecting personality into your outfits with your
accessories and color choices.

TOP LEVEL MANAGEMENT

For Men For Women

• A one- or two-button suit. Suit colours should • A suit or skirt, top, and jacket in a conservative
still be conservative, but you have more neutral colour, such as black, brown, or navy.
leeway with pattern – a conservative stripe or
check, for instance. • Collared button-up shirts that may be any solid colour.

• Pressed, lighter-collared dress pants worn with • Dark or nude-coloured hosiery.

a sports jacket.
• Conservative ties, but feel free to introduce
colours and patterns. For example, you can feel
free to wear a blue-striped, professional tie, but
no novelty ties.
• High-end accessories, such as watches
(preferably silver, gold, or white gold) and cuff
links, if necessary.
• Closed-toe pumps in a neutral colour such as black or
brown.
• Larger, more noticeable jewellery – as long as it’s not
distracting. Think along the lines of one statement
necklace or a chunky watch. High quality is preferred.
• Skirts never more than two finger-widths above the
knees.

• Shirts should be collared button-ups, but can be • Well-groomed, neutral nails. May be clear coat or
collared, as long as the colour is fairly beige.
conservative. Blue, burgundy, or grey all work
Employee
well. • Hair should be neat and groomed, but check with HR
on acceptable cuts and colours.
• Shoes should be conservatively colour oxfords 25 | P a g e
or polished loafers in black or brown.
 EMPLOYEE'S

For Men For Women

• Casual pants and slacks, but never • Nicely fitted tops and blouses,
jeans unless stipulated as acceptable by although shirts should never be tight
HR., dark-wash, straight-cut only. or revealing.

• Collared polo’s or crew-neck sweaters • Slacks or skirts in more casual

and pullovers. The majority of colours fabrics, such as cotton. If denim is
and patterns are okay as long as permitted, dark-wash only. Avoid
they’re not a novelty pattern, such as a overly casual denim cuts, like cut-
sports team logo. offs or flare jeans.

• Casual accessories, such as brightly • Skirts should remain at knee-length.

colour watches
. • Open-toed shoes are permitted.
• Shoes that is clean. Sneakers are Avoid casual shoes such as sneakers
usually acceptable, as are loafers. or flip-flops.

• Casual accessories, such as scarves.

• Hair and nails can be more casual. Larger rings, bracelets, earrings, and
Nails should remain short and clean, necklaces are fine, and may be of any
and casual offices generally allow for quality.
longer hairstyles and ponytails
• More leeway with hair length, style,
and colour. More adventurous styles
and colours are typically fine.

• Nails can be painted in brighter

colours, or with any type of pattern.
Avoid novelty characters or designs,
or limit “louder” designs to one nail
only.

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 TIMING'S

9.am- The office opens and reporting starts

10.20am- Tea Break for 10 minutes

10.30am to 2.30pm- Working hours

2.30pm to 3.00pm - Lunch break (where everyone sits together in conference room and shares
their lunch together)

3.00pm to 5.30pm- Working hours

5.30pm-5.45pm-Tea & Snacks Time

5.45pm-7.45pm- Working Hours

7.45pm-8.00pm-Tea & Snacks Time

8.00pm-9.30pm-Working Hours

9.30pm-Office Closing Time

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 PRODUCT PORTFOLIO

An accountant is one of the main players in any business that he or she works for, whether it is
a large corporation or a small business. The accountant monitors and records the flow of
money through a business or organization. It is the responsibility of the accountant to verify
the accuracy of all money transactions and to make sure that all these transactions are legal and
follow current guidelines. It may be that the accountant works for a company on a contractual
basis to do the books or tax returns. They may also choose to work for private individuals and
help them with their financial decisions, tax returns, or other money-related issues.

The firm assists its clients in:

Dire ct Taxe s : (PRODUCTS)

 Assessments & Appeals

 Withhold ing taxes on payments other than salaries
 Advising on Income Tax Planning of Corporate & Personal Advisory.
 Verification of all payments to vendors for the purposes of determination of
correct application of rates and category for deduction of withhold ing taxes.
 Computation of monthly TDS on the basis of above.
 Monthly tax reconciliation of the TDS due and deducted.
 Preparation and deposit of Monthly challans on or before the statutory due
dates.
 Filing of quarterly E- TDS Returns.
 Filing annual Income Tax return.

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Indire ct Taxe s : (PRODUCTS)

 Service Tax
o Compiling and calculating the net service tax on output services after
taking benefit of Convert Credits.
o Compiling the data of Cenvat Credits for service tax.
o Preparing & Filing of Service tax Returns.
o Advising on the issues relating to Service tax.
o Consultancy on the maintena nce of prescribed records.
o Tax Planning as regards the minimizatio n of Service Tax Liability
 Value Added Tax
o Rendering assistance in registration under VAT
o Assistance in claiming input tax credit
o Assistance in furnishing tax returns and claiming refunds
o Advice on the legal aspects of VAT
o Rendering advice on the wide range of issues in relation to tax invoices
and retails invoices
o Internal Audit and Compliance Reviews
o Helping with audit of accounts necessary for a registered dealer

G.S.T

o Rendering assistance in registration under G.S.T

o Assistance in claiming input tax credit
o Assistance in furnishing tax returns and claiming refunds
o Advice on the legal aspects of G.S.T
o Rendering advice on the wide range of issues in relation to tax invoices
and retails invoices
o Internal Audit and Compliance Reviews
o Helping with audit of accounts necessary for a registered deals

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 TALLY SOLUTIONS (ACCOUNTING PRODUCT)
Tally Solutions Pvt. Ltd., is an Indian multinational company that provides enterprise
resource planning software. It is headquartered in Bangalore, Karnataka India. The
company reports that its software is used by more than 1 Million customers.
Tally opening screen will look like as follows
TALLY IS ONE OF THE MOST POPULAR ACCOUNTING SOFWARE USED IN
INDIA
KNOWLEGDE OF TALLY IS ONE OF THE BASIC REQUIREMENT FOR MANY
ACCOUNTS JOB
Features and Uses of Tally
It is used for :
Daily accounting
Balance Sheet Finalization
Inventory Maintenance
Generating different reports for tax filing etc.

Why businesses and accountants prefer Tally rather than Manual Accounting ?
MANUAL ACCOUNTING Accounting in Tally
(As Done in Schools/College books) (as done practically)
We first We only
1.Pass Entries 1.Make Ledger Name
2.Make Ledgers 2.Pass Entries
3.Make Trail Balance (Automatically Ledgers, Trail balance and
Balance Sheet updated)
4.Make Profit and Loss
5.Make Balance Sheet
More Chances of error and very time Less Chances of error and less time taking
consuming (However, Accounting entry should be
correct, otherwise there will be errors)
Balance Sheet Asset and liability rarely Balance Sheet automatically tallied with
tallies each other

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Tally opening screen will look like as follows

From here press Alt + F1 (to shut company)

Then select the option create company.

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Insert the following details. Directory: C:\ Tally .ERP9 \ Data (this is the default
directory and folder. if necessary you can change this at the time of tally software
installation or you can directly change from the creation window. (d:\ Tally\Data) i.e.,
you only type the path or drive where you want to store your data)

Name: M/s Arjun Ltd.(i.e. company name )

Address
Select the country and state
Give Pin code, telephone no, mobile no and e-mail address
If you want auto back up then, Enable auto backup Yes
Currency symbol
Maintain- Accounts only or accounts with inventory. (Specify whether you want to
maintain only financial books of accounts or both accounts and inventory)

If you want to give inventory details, then you should select Accounts with inventory
Then give Financial Year and Books beginning
Financial year from (Tally considers 12 months from the date you give here as the
Financial year 01/01/2010)
Books beginning ( in this case, it is 01/10/2010)
Tally Vault Password: here you can give a password
Use Security Control: If you want to control over accessing tally data, give Yes

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Your company is created. Then you can see the Gateway of Tally. The button panel
of this shows:-
F1- Select Company (Here you can open your company from the list of companies).
F1 (Press Alt + F1)- Shut Company ( To close a company)
F2- Change Date (Here you can change the current date)
F2 (Press Alt + F2) (To change current period of Company)

Ledger Creation
From Gateway of Tally go to Accounts info - Ledger- Create

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Here Type Capital A/c

Then select Capital Account from the List of Group

There is a list of groups in the Tally software. While creating new ledger accounts
we have to also select the appropriate group according to the type of account i.e.
sundry debtors , sundry creditors ,loans liability, loans (advances),current assets
current liability etc.

Following below are the few examples of the ledgers and the account to which they
belong to :

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Ledgers Group
Loan HDFC A/c Loans Liability
Bank SBT A/c Bank Account
Furniture A/c Fixed asset
Furniture Mart A/c Sundry Creditors
Advertisement A/c Indirect Expense
Media Advertiser A/c Sundry Creditors
Printing charge A/c Indirect Expense
Machinery A/c Fixed asset
Purchase A/c Purchase Accounts
Aroma traders A/c Sundry Creditors
Telephone charge A/c Indirect Expense
Sales A/c Sales Account
Purchase Return A/c Purchase Accounts
Kishore A/c Sundry Debtor
Sales Return A/c Sales Account

After creating new ledger Press Esc key for Quit Ledger Creation window
Then from Gateway of Tally Select Accounting Vouchers

Then you will get:-

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This is called Vouchers. . On the Button Panel you can see the different type of
vouchers.
F4 – Contra (To record transaction between Cash and Bank. i.e. Cash deposited
into Bank and Cash withdrawn from Bank for office use.)
F5 – Payment (To record Cash and Bank Payments)
F6 – Receipt (To record Cash and Bank receipts)
F7 – Journal (To record non cash transactions)
F8 – Sales (To record Cash Sales and Credit Sales)
F9 – Purchase (To record Cash and Credit Purchase)
For Sales Return and Purchase Return
Press F11 for features
Then you will get :-

Here select Use Debit/Credit Notes ? Yes

Then Press
Ctrl + F8 – Credit Note (To record sales return)
Ctrl + F9 – Debit Note (To record Purchase return
Journal entry

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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:

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

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 Spectrum software:- (specially designed for accounting related works)
Spectrum is a combination of Zen Income Tax Auditor Edition, Zen e- TDS, Zen Service
Tax, Zen Document Manager, Zen Project Report / CMA, Zen Form Manager & Zen e-
AIR. Direct E-filing Facility Has Been Provided through Software. User Can Directly Upload
The Xml File On The Income Tax Department's Site Through Software. Further A Facility Of
"Change Password" And "Create User" Has Been Provided Through Software. User Need Not
Log On To Department’s Site Manually.
Features
• Computation of Income and tax thereon taking care of statutory deductions, Set off of losses,
Clubbing of Minor's income, Rebates etc.
• Computation of Foreign Company and Non Residents and Trust has been provided with
detailed provisions.
• Automatic as well as manual calculation of interest u/s 234A, 234B & 234C.
• Preparation of Return Forms viz. ITR 1 to ITR 7.
• Preparation of Trading, P&L Account, Balance Sheet, Multiple Capital Account, and Statement
of Affairs.
• MIS Reports viz. assesses register, Filed Return List, Pending Return List, Returns to be
Prepared, Refund
• Cases List, Advance Tax Register, Advance Tax Estimation Report, and Assesses without PAN
etc.
• Client-wise backup and restore facility.
• Online e-Payment of Tax Chillan’s through software directly, no require filling master
information.
• Facility to Import Data Directly from Tally 4.5/ 5.4/ 6.3/7.2/8.1/9.0, BUSY and from MS-
Excel.
• Specimen of Qualification in Auditor Report Notes on Accounts and Accounting Policies.
•Facility to calculate Defer Tax Liability ⁄ Assets as per AS-22.
• Statutory Compliance (Income Tax)
» Enables Auto filing of Income Tax Return Form 1, 2, 2A, 3, 4, 4S, 5, 6 and 7 in Hard Copy
and Electronic Format as per the requirement of Income Tax Department for Individuals, HUF,
Firms, Companies, AOP, BOI,LLP and Trusts.

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» Form 49A (PAN Application New-Indian Citizen), Form 49AA (PAN Application New-
Foreign Citizen) & Form 49A Correction (Modification in PAN Data) are generated from the
master database in the software in the hard copy and online.
» Declaration form for Non deduction of TDS - Facilitates Generation of Form 15H (senior
citizens) and Form 15G (Other Citizens).
» Relief Calculator - Calculation of Relief u/s 89(1). Minimum Alternate Tax (MAT) report -
Furnishing of Form 29B enabled.
»Advance Tax Calculator for computation of Advance Tax installments.
• Billing
» Facility to generate bills, receipts and bill cum receipts.
»Pending fee list and Pending bill list.
»Client Ledger and Outstanding.
• Various Online Activities (On Income Tax Website)
» Navigating widget for logging on to Income Tax India website to directly upload the required
XML files.
»e-Filing for 10B, 10BB, 29B, 3CEB, 35.
» Downloading widget facilitates update from email box i.e., downloading of intimation and
ITR-V receipt status.
» e-payment of Challan obviates need to fill master information, Import TDS entries from Form
26AS.
» Facility to know Outstanding Tax Demand, Tax Credit Mismatch, Rectification Request,
Filing of Defective Return, Generation & Verification of ITR through EVC.
• Statutory Compliance - Financial Statement
» Generates Balance Sheet, Profit and Loss Statement in the Revised Schedule VI Format and
Horizontal format.
» Tax Audit Reports - Generates Forms 3CA, 3CB, 3CD and Annexure of Form 3CD.
» Company Reports - Generates Auditor's Report, Director's Report &CARO Report.
» Notes to Account & Significant Accounting Policies - Enables inputs for notes and accounting
policies.
» Comparative summary of current year's and previous year's computation enabled in a single
click.

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» Tax Planning Tool facilitates adjustment of sequence of current year losses and unabsorbed
depreciation.
E-TDS
Features
• Preparation and Validation of e-TDS return file.
• User can Generate Forms 24G, 24Q, 26Q, 26QA, 26QAA, 27A, 27B, 27Q, 27EQ, 15G/H, 16,
16A, 27D, 49B by giving Single Input (with correction statement).
• Facilitates record keeping and error tracking of returns through preparation of Multiple
correction statement.
• Identification of wrong PAN - This helps to identify a wrong PAN report and correct it
accordingly.
• File Viewer Facility to view FVU files as per the format prescribed by the NSDL.
•Salary display computation of total income and tax calculation thereon.
• Challans wise Details, Certificate Issue Register, List of Clients not having PAN and address.
• Salary Summary Annual Gross (Display the Gross Amount and Exempted Amount separately),
Annual Net (Display the Final Taxable Amount) and Monthly Salary Summary (Display the
Monthly Salary Paid).
• Online TAN Registration.
• e-Filing of Return (Auto downloads of CSI File from the NSDL Site, Error Locator - efile error
locator redirects you to the point of initiation of error, Auto Generation of Form No. 27A with
control report.
• List of All India Bank Branches Codes Available.
• Facility to calculate amount of Monthly TDS to be deducted.
• Real Time Validation Facility - A tripwire in the software to identify errors and notify the user
during the e-Filing process.
• Challan Verification - This facility verifies the authenticity and correctness of the challan from
the CSI File.
• Import/Export Facility
» Import Facility - Zen TDS facilitates importing data of deductee and employee master and
deductee entries from Excel Sheets / FVU / NSDL-TDS File.

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» Facilitates importing deductee entries from Text files generated by all major banking software
e.g.Finacle etc.
» Export Facility - Zen TDS facilitates exporting of data and grid into Excel templates.
• MIS Reports
» Various Master Reports - Deductor Master / Deductee Master / Employee Master Reports.
» Salary Report - Reports on Monthly TDS Deducted, Monthly TDS to be Deducted, Gross
Salary Summary, and Net Salary Summary.
» Challan Report - Reports on Challan Status, Deductee wise Challan report.
» Return Status Report - User is facilitated by status report of Filed and Pending Returns.
» Statement Analysis Report - Identification of all the possible defaults on a excel sheet for a
Particular quarter on a single click.
• Online Features
» New Deductor Registration on Income Tax Website.
» Facility to upload TDS statements.
» Online TAN/AIN Registration - Information automatically filled up in the online registration
form on Traces website using the software's master database.
» Online Verification Single / Multiple Challan - This facility checks the correctness of the
challan from the NSDL Website.
» Online PAN Verification - This facility checks the correctness of the PAN from the Traces
Website.
Service Tax
Features
• Preparation of Form ST-1, 3, 3A, 4, 5, 6, 7.
• Preparation of Form ASTR-1, ASTR-2 & AAR.
• Report of Pending or Filled ST-3 Return.
• Online e-Payment of Tax Challan through software directly, no requirements to fill master
information.
• Preparation of Additional Information to be submitted with Service Tax Return.
• Takes into account the effect of abatements.
• Software directly navigate to the e-filing websites (aces.gov.in) and logs in directly. Software
memorizing the password.

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Document Manager
Features
• Enable client wise Document management for easy listing, storing.
• Classification of Documents on the basis of subject, financial year.
• Creates Centralized storage of documents.
• Quick addition of document, modification possible.
• Facility to tag documents.
• Smooth searching of documents & retrieval, supported for different criteria.
Project Report / CMA
Features
• Preparation of project report.
• Depreciation Chart as per New Companies Act, 2013.
• Preparation of complete projected financial statements of specified projected years.
• Facility to enter complete quantitative details and auto calculation of various figures at the
option of the user.
• Preparation of CMA Data & Calculation of MPBF as per Tandon and Nayar Committee.
• Preparation of Cash Flow & Fund Flow statement.
• Auto Interest calculation, EMI calculation, rate of interest calculation, present value & maturity
value calculation.
• Facility of preparation of multiple repayment schedules of the term loan.
• Auto preparation of depreciation chart and term loan interest for estimated and projected years.
Form Manager
Features
• Facility of Automatic Picking of Master Data in Forms (It works like Mail Merge Facility of
MS Word).
• Facility to add additional categories in forms and storage at a central location.
• Forms provided by the software can be edited and saved.
• Forms available from the assessment year 2007-2008 in the Form Manager enabling
compilation of all ITR forms in a single location.

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• About 1000 Forms including
» Affidavits, Bonds, Agreements
» Arbitration
» Company Law
» Compromise and Settlements
» Foreign Collaboration
» Gift, Hire Purchase
» Income Tax
» Indemnity
» Lease and License, Mortgage and Pledge
» Notices
» FEMA
» Partition, Partnership Deed
» Power of Attorney
» Sale Deed
» Service Tax, Wealth Tax, Central Excise
» Income Tax Circulars and Notification (Approx. 9000

About the "Spectrum" software

The spectrum software is very useful for jobs related to tax filing. It is software
specially designed to prepare workouts for tax filing. It increases efficiency and reduces
the time required to prepare tax returns. In the software once you have added all the
information of the client, it automatically auto feeds the data next time when need it
somewhere and also this software also helps to manage and control the login information
and helps in storing large amount of clients data and it is very easy those data. This
software is a little complicated in the beginning for the beginners but once you start using
it, You understand the controls and keys to control the software. This software was very
up-to-date and so technologically advanced, that it almost reduced half of the work load

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 Various other Services offered

Tax accountant

Tax matters arise in every aspect of running a business, from day-to-day VAT to share schemes.
Tax accountants prepare corporate and personal income tax statements and formulate tax
strategies involving issues such as financial choice, how to best treat a merger or acquisition,
deferral of taxes, when to expense items and the like.

Management Accountant's

Historically, many management accountants have been derided as "bean counters". This
mentality has undergone major change as management accountants now often work side by side
with marketing and finance personnel to develop new business. Management accountants work
in companies and participate in decisions about capital budgeting and line of business analysis.

Financial Accountant's

The work of a financial accountant can be varied - one day they could be participating in
important financial decisions involving mergers and acquisitions, the next they may be visiting a
customer or supplier to set up a new account and discuss business. This work requires a good
understanding of both accounting and finance.

Auditor

Working in audit involves checking accounting ledgers and financial statements within
corporations and is the basis of much accountancy practice. Auditing work is becoming
increasingly computerized and can rely on sophisticated random sampling methods. Auditing
may involve a lot of travel and allows Chartered Accountants work in a wide array of sectors.

Budget Analyst

Budget analysts are responsible for developing and managing an organization's financial plans.
There are plenty of jobs in this area in government and private industry. Besides quantitative
skills, many budget analyst positions require superior people skills because of negotiations

44 | P a g e
involved in the work. The Chartered Accountancy qualification gives you the tools you need to
excel in this area.

G.S.T (Goods and Service Tax) (registration and filing)

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017
and was applicable throughout India which replaced multiple cascading taxes levied by
the central and state governments.

It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following
the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and
its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the
following rates, 0%, 5%, 12%, 18% and 28%. [2]There is a special rate of 0.25% on rough
precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on
top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. GST
was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set
to dramatically reshape the country's 2 trillion dollar economy.

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HSN code in GST

HSN (Harmonized System of Nomenclature) is a 6-digit code for identifying the applicable rate
of GST on different products as per CGST rules. If a company has turnover up to RS. 1.5 Crore
in preceding financial year then they need not to mention HSN code while supplying goods on
invoices, if a company has turnover more than 1.5 Cr but up to 5 Cr then they need to mention 2
digit HSN code while supplying goods on invoices and if turnover cross 5 Cr then they shall
mention 4 digit HSN code on invoices.

Goods and Services Tax Network (GSTN)

As per the government website on GST, "Goods and Services Tax" Network (GSTN) is a
nonprofit organization proposed to be formed for creating a website / platform for all the
concerned parties related to the GST, namely stakeholders, government and taxpayers to
collaborate on a single portal. When up and running, the portal is supposed to be accessible to
the central government which allows it to track down every transaction on its end while
taxpayers are advertised to have the ability of connecting this to their tax returns. However its
efficacy and efficiency is yet to be tested. The IT network was touted to be developed by
unnamed private firms. The known authorized capital of GSTN is 10 crore (US$1.6 million) in
which Central Government holds 24.5 percent of shares while the state government holds 24.5
percent and rest with private banking firms for smooth running of the transactions.

So for registration for G.S.T is mandatory for every business (if they are taxable under G.S.T)
and migrating for VAT to G.S.T is a quite difficult and requires lot of information which is not
possible for ordinary businessman to understand. So most of the businesses hand over this
process from migration to registration to filing to G.S.T returns to Chartered Accountant's which
a new service product in this Industry is. There are also various options for filing your GST
return according to your business-turnover and your convenience. So Accountants also do the
work of filing those returns and they charge a fee for filing those returns.

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 Maintenance of accounts/ book keeping.

This is one of the basic services which are provided by every Chartered Accountant's firm. The
first and the most basic thing which an accountant does after their clients hand over them their
Bank statements are "preparing a bank summary". This summary helps the accountant in
understanding the withdrawal's and deposit's done in a particular year through which he can
further compute his tax liability, Further they pass the journal entries to find the amount of
debtors and creditors.

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 SERVICES RENDERED BY THE C.A FIRM

Chartered Accountant firms render various types of services to their clients. According to the
types and nature of the clients. The nature of service also differs from firm to firm, which
includes corporate services, feasibility report, professional consultancy etc. Firm has now been
widened individuals, corporations, association of persons, nonprofit making organizations and
Non-Governmental Organizations

CA firms audit the accounts of their and check all the major books along with subsidiary books
and vouchers with supporting evidence. After this process then they express their opinion upon
the accuracy or inaccuracy of the accounts. They write an audit report and also mention the
various transactions, which are not duly verified. They also write audit report to the management
in which they express any weakness of the management how to control these weaknesses. They
are rendering for such services charges some fee.

Entrepreneurs and small-business owners wear a lot of hats, but hiring an accounting firm can
ease some of the load and allow more time to focus on core business strategies. Firms offer a
wide range of services, from basic bookkeeping to more complex issues, such as tax returns and
audits. An advantage of using an accounting firm is that the cost of services is often less than
hiring an employee.

Some of the services offered by "KAMAL SANGTANI & CO" :

Taxation

They provide tax services to their clients. Some firms are specially deals in tax. The client who
needs the services regarding to tax pay fee for such services and the auditor gives him a very
useful service by the tax returns.

Management Consultancy

They provide management consultancy to their clients. In management consultancy include

development and implementation for accounting system, manuals and management information
system. In order to make their management efficient they appoint staff may or may not have a

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professional auditor's qualification. Sometimes the company independent auditors to conduct the
internal audit of their accounts. The auditor checks the system and the policies of the
management along with the books of accounts. The auditor has to report to the management
whether the policy and plans of activities prescribed by them have been implemented, whether
the internal check and internal control established are adequate, whether the actual result are
obtained and varying form the estimates, and to enable the management to achieve the objective
of the company in a planned manner.

Professional Consultancy

They also provide the professional consultancy services to their clients. When appointed as
consultants, they valuate sick units for the purpose of privatization. Evaluate the reports and bid
documents in respect of the sick projects prepared for the Privatization Commission Government
of India. CA firm s also provides the professional assistance in the establishment or the
organization.

Corporate Services

The Chartered Accountant firms are also providing the corporate services in the connection with
the corporate law authority.

Book keeping

Many accounting firms employ full-charge bookkeepers or junior accountants to handle basic
bookkeeping services for clients. These include accounts payable and receivable, billing, payroll,
monthly and quarterly taxes, bank reconciliations, general ledger entries, and monthly trial
balances. The bookkeepers might also generate financial statements, but the statements are
typically reviewed by a CPA in the firm before being presented to a client.

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 Job Description

I joined as a "Junior intern" at the "Kamal Sangtani & Co". Since being a Finance Student I had a
good knowledge of book keeping and accountancy so i started to work on preparing Bank
Summary.

At beginning it was difficult to interpretate the data provided in the bank statement but my
Reporting Officer C.A .Nitin Seth and my fellow senior colleagues guided me wherever i needed
their help.

I used to work with all of my dedications and after working for about a week on preparing
various bank summary for many clients of that firm ,I completely got the knowledge on how to
prepare bank summary.

After one week I was handed over the work for passing entries in the books of accounts in tally
erp.9. It was a task which required a lot of dedication and hard work. At the start it was quite
difficult but later I started to understand "how to use the tally erp software" and after working on
Tally for about a week I got a good practice and I learnt the basics.

After That for the rest of the period of my internship I was working on Bank summary, passing
different entries in Tally, Creating income tax user id, Checking 26AS, Computing Tax liability,
Payment of G.S.T,Payment of Advance Tax, Payment of Self-assessment tax, Form
280,Preparing Balance sheet,P&L A/c,E-verify ITR,Link aadhar with Pan Card etc

Preparation of Preliminary Trial Balance and various other Financial Statements:

I was assigned to prepare the preliminary trial balance and various other financial statements of
different companies during the period of my internship as to get more and more exposure to the
actual economic environment and to get a better knowledge related to the whole tax filing
mechanism.

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 Preliminary Trial Balance

is a summary of the balance of all accounts in the chart of accounts to, firstly, make sure the
books are balanced. Then, these account balances are used to prepare financial statements such
as Profit and Loss Account, Balance Sheet and Cash Flows Statement. The trial balance is
a worksheet on which all the general ledger accounts with their debit or credit balance are listed.
It is a tool that issued to alert errors in the books of account. The total debits must equal the total
credits. If they don't equal, there is an error that must be tracked down. As the name indicates the

Profit and loss statement

(also known as a statement of financial performance or an income statement) measures the profit
or loss of a business over a specified period. A profit and loss statement summarizes the income
for a period and subtracts the expenses incurred for the same period to calculate the profit or loss
for the business. It reflects the past performance of the business and is the report most often used
by small business owners to track how their business is performing.

Balance sheet

is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity
at a specific point in time. The balance sheet gives investors an idea of what the company owns
and owes as well as the amount invested by the shareholders. The balance sheet follows the
formula assets = liabilities + shareholders 'equity. Each of the three segments of the balance
sheet has many accounts within it, documenting the value of each one. Accounts such as cash,
inventory, and property are on the asset side of the balance sheet, and accounts such as accounts
payable and long-term debt fall on the liability side. Accounts on a balance sheet differ by
company and by industry, as there is no set template that accurately accommodates the
differences between different types of businesses.

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Verify Tax returns

Verifying tax returns is a one of the important and crucial part of post filing of ITR.Without
verifying the ITR, the return will not be processed and will be termed as invalid if not verified
within 120 days after uploading the ITR.There are various six different ways of verifying the
ITR i.e. :

As per the existing tax laws, a return filed by the taxpayer is not valid until it is verified as filed
by the concerned assesse. A taxpayer can verify his/her return either electronically using E-
Verification Code (EVC) using any one of multiple options or physically.
In case of e-filing taxpayers have the option to e-verify their respective returns at the time of
uploading or after uploading. In case of an already-uploaded return, taxpayers can e-verify the
same by clicking on the "e-Verify Return" option under the 'My Account' tab after logging into
the e-filing website. Physical verification method can be used only after filing the return.

Under the 'e-verify return' option, a taxpayer will be shown three alternatives to verify their
returns.

1.I already have an EVC to e-verify my return.

2.I do not have an EVC and I would like to generate EVC to verify my return.

3. To verify your returns using Aadhaar OTP

If you're using Aadhaar OTP method, your mobile number must be linked to your Aadhaar. In
this process a, OTP is generated and sent to your registered mobile number. Enter the OTP in the
text box provided and click on submit. Success page will be displayed. It is important to
remember that Aadhaar OTP is valid for 30 minutes only.

If you do not have EVC or your mobile number is not linked to aadhaar, then you can choose
option 2 mentioned above. EVC can be generated by clicking on 'Generate EVC' option under
'My Account Tab'. Four options to verify your ITR will appear. An Individual can choose any of
the following method to verify it.

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 Using Electronic methods

You can use any one of the following four methods to verify your ITR electronically apart from
Aadhaar OTP. Once you have verify your ITR electronically apart from Aadhaar OTP. Once you
have verified it electronically you are not required to send the physical ITR-V copy to
Bengaluru.

(a) Using One Time Password (OTP): You can verify your ITR by receiving an OTP on your
registered mobile number and e-mail ID. OTP is a 10 digit alphanumeric code which can be
generated through the income tax department's e-Filing portal and is valid for 72 hours.
This OTP can be used only if your gross Income minus deduction is less than or equal to
Rs 5 lakh. And/or, refund/demand is less than or equal to 100. This is first option to that appears
under the 'Generate EVC' option. Click on 'Generate e-filing OTP'. The OTP will be you're your
email id.

b) Generating EVC using net-banking: You can also verify your return by using the net-
banking facility of your bank account. Log-in to your net banking account and click on tab
related to income tax filing. Select the e-verify option and you will be redirected to e-filing
website.
Once logged in to the income tax e-filing website, click on the 'My Account' to generate the
EVC. A 10-digit alpha-numeric code will be sent to your email and mobile number which is
valid for 72 hours. Now, click on 'e-verify' option in 'My Account' tab to verify your returns
using option 1 'I have EVC already'.

(c) Receiving EVC by using bank account based validation system: To use this method you
must first pre-validate your bank account. You can pre-validate your bank account through the
profile settings menu in your e-filing account. You will be required to enter details such as bank
name, account number, IFSC and mobile number.

Pre-validation will be successfully completed only if your PAN and name match with bank
account records. You must enter the mobile number which is linked to that bank account. Once
these details are confirmed and validated by the bank then only you can generate EVC using this
option. You will receive the code on the mobile number mentioned by you. Currently, only 12
banks are providing this facility. You must ensure that your bank is in the list before using this

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option. Note: No change of mobile number or email as mentioned above will be permissible
without revalidation of the bank.

(d) Verifying returns through Demat Account Number: This method is similar to bank
account based validation. This method was launched earlier but has become functionally usable
starting from this assessment year. To use this method for verifying your tax returns, your must
also first validate your Demat account in the profile settings menu.

You will be required to select your depository and enter both mobile number and email id. Once
the details (PAN, mobile number and email id) mentioned by you is confirmed and validated by
the depository then you can use this option to generate the code. Here too, no change of mobile
number or email id will be permitted without revalidation with the depository.

Using Physical Method (by sending ITR-V/Acknowledge ment receipt)

If the taxpayer is not able to e-verify his return because of any reason or is not comfortable in
using the electronic verification mode, then he/she can download the ITR-V also known as
acknowledgement receipt. He needs to sign it and send it to CPC through post. This ITR-V
should reach CPC within 120 days from the date of upload of the return for the return to be
treated as valid.

1. ITR-V is a one-page document which you need to sign in blue ink and send via ordinary post
or speed post. You cannot courier the ITR-V.

2. ITR-V is a password protected document which can be downloaded from your account on the
e-filing website under the 'View Returns/Form' on the 'Dashboard'. This ITR-V is auto-generated
after you successfully upload/e-file your income tax return. Password to open ITR-V is your
PAN number in lower letters along with your date of birth (DOB). If your PAN is "AAAPA1
111F" and DOB is 01/01/1975, then your password will be "aaapa1111f01011975".

3. You are not required to send any supporting document along with the ITR-V. Just send the
one page signed ITR-V.

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4. When your duly signed ITR-V is received and entered in the records at CPC, you will receive
an email on your registered email ID that the ITR-V has been received and your return has been
verified. Processing of your return will only start after verifica tion

5. Address of CPC Bangalore for speed post: 'CPC, Post Box No - 1, Electronic City Post Office,
Bangalore - 560100, Karnataka, India'.

Filing Estimated Income Tax:

Taxpayers who derive or expect to derive any assessable income from a business or investment
shall pay tax for the year by three installments. Therefore, they are called installment payers.
Taxpayers with income solely from employment are not obliged to pay tax in installments
because their tax from employment income is collected by withholding. Similarly, presumptive
taxpayers are also not obliged to pay tax in installments. Payment of tax by installments
is fundamentally different from payment of tax by withholding. Withholding requires a person’s
tax to be paid by a third party, whereas under an installment system the person pays his or her
own tax. Every installment payer has to submit for the income year ahead an estimate of his
tax payable. For that the estimated tax returns are to be utilized. The submission is due to be
made by the date for payment of the first installment, i.e. it shall be filed together with the first
installment. Since the first estimate has to be submitted after the income year is half,the estimate
should include the actual taxpayer’s facts of the first half of the income year so that there is some
thorough basis for the estimation of the possible profit of the second half of the income year. In
this estimate the following amounts are to be specified: the assessable income to be derived for
the income year from employment, business, and investment the source of this income the
taxable income to be derived for the income year the tax to become payable calculated without
reduction for any medical tax credit The installments have to be paid as follows:40 % of the tax
as estimated for the current income year less paid tax, i.e. less amounts that have already been
paid by the end of the month Poush70 % of the tax as estimated for the current income year less
paid tax, i.e. less amounts that have already been paid by the end of the month 100 % of the tax
as estimated for the current income year less paid tax, i.e. less amounts that have already been
paid by the end of the month As If the amount of an installment calculated as above is less than
Rs. 2000, the installment is not required to be paid. If at the end of the year a final tax liability

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remains to be paid, as, for example, a result of the income tax return filed at the end of the year
the income tax paid by installments is credited against this liability.

Filing of Returns of Income: In addition to the estimate (during) an income year every taxpayer
has to file a return of income not later than 3 months after the end of each income year. The
taxpayer should scrutinize and adjust this estimate on the occasion of the payments of the first,
second and third installment, at the end of the income year the taxpayer has to file a tax return
based upon the facts of the previous year. That leads to an adjustment of the estimates and to a
final tax liability. For the income tax return the respective forms provided by the tax authorities
are to be utilized. The income tax return needs to be signed by the taxpayer or the manager.
Furthermore, to be included is a statement that the return is complete, true and accurate

Computing the Tax Liability

1. Calculating your taxable income and tax liability can be a bit challenging.
2. Determine your gross income and apply the appropriate tax rate to your income, based on
the amount of taxable income you have and the method you are using for filing
(Individual, Corporates, HUF, partnership firm etc.)

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 OTHER DETAILS

VARIOUS OTHER SERVICES RENDERED BY THE FIRM

CORPORATE SERVICES

 Incorporation of company

 Consultancy on Company Law matters.

 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 on Public/Rights/Bonus Issue of shares.

 Change of Name, Objects, Registered Office, etc.

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.

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 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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 REPORTING OFFICER AND HIS PROFILE

C.A NITIN SETH

Senior Manager

KAMAL SANGTANI & CO, MULUND WEST

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60 | P a g e
 SUMMARY OF WORK DONE AT "KAMAL SANGTANI & CO.

DAY 1: Started analyzing & working on "bank summary" of "Akshay Traders" for the financial
year 2015-2016

DAY 2: Continued working on bank summary for "Shakti textiles" but for the financial year
2016-2017

DAY 3: Prepared bank summary for "" for Financial year 2015-2016 & 2016-2017

DAY 4: Prepared bank summary for "Ramesh Enterprises" for Financial year 2016-2017

DAY 5: Prepared bank summary for "Choudhary Machine Tools" for Financial year 2014-2015
& 2015-2016 & 2016-2017

DAY 6: Prepared bank summary for "Pallavi Chadda" for financial year 2016-2017

DAY 7: Prepared bank summary for "Hardik Jetwa" for financial year 2016-2017

DAY 8: Started working on Tally erp software and started posting purchase/sale vouchers for
"J.P GRAPHICS"

DAY 9:Prepared bank summary for "Laiba Fashions" for financ ial year 2015-2016

DAY 10:Prepared bank summary for "Laiba Fashions" for financial year 2016-2017 and also
posted receipts and payment vouchers in Tally

DAY 11 : Posted Receipt’s and payment vouchers for “ALKA ENTERPRISES” for financial
year 2014-2015 & 2015-2016

DAY 12: Posted journal entries for “sunil jambhare” for financial year 2015-2016

DAY 13 : Created login email id and password for first time income tax payers

DAY 14 : Posted Receipt’s and Payment vouchers for “Sunil Jambhare” for financial year 2016-
2017

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DAY 15: Learnt basics of e-tax login website i.e ( how to check 26AS,E-verify ITR, account
recovery, notices ,orders, status of ITR and also paid advance tax for clients by filling Form 280
from e-tax login website

DAY 16: learnt how to edit and fill various pre prepared formats of Computation of p&l, balance
sheet, statement of income

DAY 17: Computation of income statement, and tax liability for “Sunil Jambhare” for financial
year 2015-2016

DAY 18: Computation of income statement and tax liability for “Sunil Jambhare” for financial
year 2016-2017

DAY 19: Computation of income statement and tax liability for “Shakti enterprises” for financial
year 2016-2017

DAY 20: Computation of income statement and tax liability for “Choudhary Machine Tools” for
financial year 2015-2016

DAY 21: Computation of income statement and tax liability for “Choudhary Machine Tools”
for financial year 2016-2017

DAY 22: Prepared bank summary for “Pooja thakkar” for financial year 2016-2017 and
computation of income statement and tax liability for financial year 2016-2017

DAY 23: Posting purchase sale entries with creating new provisions for CSGT and SGST in
Tally software for “Khanna Graphics”

DAY 24: Posting purchase sale entries with creating new provisions for CSGST, SGST and
IGST in Tally software for “Choudhary Machine Tools”

DAY 25: Posting purchase sale entries with creating new provision for CGST, SGST and IGST
in Tally software for “A-1 general stores”

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DAY 26: Filed a letter to IT Department for sending notice for pending tax liability even after
paying the tax long ago and also called and talked on IT department customer care helpline , also
handled a case of “ITR termed as Invalid” as the taxpayer did not do the verification of ITR
online or offline

DAY 27: Linked aadhar card with pan card online for many clients and also prepared bank
summary

DAY 28: Paid a pending Sales Tax for “Choudhary Machine Tools” and “Choudhary
Enterprises”

DAY 29: Prepared bank summary for “Modi textiles” for financial year 2016-2017.

DAY 30: Posted purchase , sale entries for “Modi Textiles” along with creating provisions for
CGST , SGST and IGST.

DAY 31: Handed over the files and documents of clients to the reporting officer and also there
was a special farewell organized for me by my co-workers.

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 LOG BOOK

31 Day’s Internship Period i.e. 1st July -31st July, Reporting officer Nitin Sheth

DATE WORK DESCRIPTION WORKING HOURS REPORTING

OFFICER SIGN

1 July Prepared bank summary 2.30pm-7.30pm

2 July Prepared bank summary 2.30pm-7.30pm

3 July Prepared bank summary 2.30pm-7.30pm

4 July Prepared bank summary 2.30pm-7.30pm

5 July Prepared bank summary 2.30pm-7.30pm

6 July Prepared bank summary 2.30pm-7.30pm

7 July Prepared bank summary 2.30pm-7.30pm

8 July Tally Purchase/Sale entries 2.30pm-7.30pm

9 July Prepared bank summary 2.30pm-7.30pm

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10 July Prepared bank summary 2.30pm-7.30pm

11 July Tally Receipt/Payment entries 2.30pm-7.30pm

12 July Tally Journal Entries 2.30pm-7.30pm

13 July Login-id creation IT website 2.30pm-7.30pm

14 July Tally Receipt/Payment entries 2.30pm-7.30pm

Form280,26AS,verifyITR,check
pending-actions,account
15 July 2.30pm-7.30pm
recovery,advance tax payment
Learnt basics on how to edit and
fill-pre-prepared-p&l,balance
16 July 2.30pm-7.30pm
sheet,total income format's

17 July Computation of income statemnt 2.30pm-7.30pm

18 July Computation of income statemnt 2.30pm-7.30pm

19 July Computation of income statemnt 2.30pm-7.30pm

20 July Computation of income statemnt 2.30pm-7.30pm

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21 July Computation of income statemnt 2.30pm-7.30pm

22 July Prepared bank summary 2.30pm-7.30pm

23 July Tally Purchase/Sale entries 2.30pm-7.30pm

24 July Tally Purchase/Sale entries 2.30pm-7.30pm

25 July Tally Purchase/Sale entries 2.30pm-7.30pm

letter to IT Department, handled
case of “ITR termed as Invalid”
26 July 2.30pm-7.30pm
Link Aadhar with Pan, Prepared
bank summary
27 July 2.30pm-7.30pm

28 July Prepared bank summary 2.30pm-7.30pm

29 July Tally Purchase/Sale entries 2.30pm-7.30pm

30 July Tally Purchase/Sale entries 2.30pm-7.30pm

Handed over work completed
and farewell by colleagues
31 July 2.30pm-7.30pm

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 BIBLIOGRAPHY

https://www.sokanu.com/careers/accountant/

http://economictimes.indiatimes.com/articleshow/52985020.cms?utm_source=contentofinterest
&utm_medium=text&utm_campaign=cppst

http://www.kdksoftware.com/

http://accounting-tally.blogspot.in/2013/01/learning-tally-exa

https://www.icai.org/new_post.html?post_id=183&c_id=197

https://www.careers360.com/news/4162-Chartered-Accountancy-CA

https://www.quora.com/What-is-the-role-of-a-chartered-accountant-in-improving-the-economy-
of-the-country

https://en.wikipedia.org/wiki/Institute_of_Cost_Accountants_of_India

https://www.teachoo.com/721/227/What-is-Tally---Features-and-Uses/category/Basics-of-Tally/

http://economictimes.indiatimes.com/wealth/tax/5-ways-to-verify-your-income-tax-return-now-
e-verify-without-aadhaar-net-banking/articleshow/52985020.cms

https://cleartax.in/s/income-tax-e-verification-evc

https://in.linkedin.com/in/kamal-sangtani-1a319315

http://legaladda.myonlineca.in/important-points-gst- india/

https://cleartax.in/s/gst- law-goods-and-services-tax

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