Internship Report On Audit Firm

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SUMMER INTERNSHIP PROJECT

REPORT ON
“ACCOUNTS & FINANCE”

AT
BIZCON CORPORTAE CONSULTANTS/ASIF
JAVED ASSOCIATES CHARTERED
ACCOUNTANTS
Summer Training Project Report

Submitted in the partial fulfillment of BBA-2YEARS V SEMESTER
PUNJAB UNIVERSITY
HAILEY COLLEGE OF BANKING AND FINANCE
(Batch 2021-2023)
SUBMITTED BY
MUHAMMAD SUFYAN M21BBA002
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CERTIFICATE
This is to certify that the Summer Internship Report entitled “Accounts& Finance, Direct &
Indirect Taxation” by “Muhammad Sufyan” is his original work. He has worked under my
guidance for the required period. This dissertation fulfils the requirement of the ordinance
relating to Summer Internship Training.
No part of this report has ever published by any other university or institution for any purpose
whatsoever.
Mr. Muzamil Yasin

Manager
Bizcon Corporate
consultants
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Training Completion
certificate from the organisation
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DECLARATION BY THE STUDENT
Dated: - 15-Sempter-2023
This is to certify that the present Summer Internship Report entitled “Audit Tax and
Consultancy,” is my original work. This Summer Internship Report fulfils the requirement of the
“BBA-2 years.)” degree of this University. It does not form the basis for the award of anydegree
or diploma from any other university or institution.
Muhammad Sufyan (BBA-2 years)

Enrollment No: - M21BBA002
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ACKNOWLEDGEMENT
I would like to express my deepest appreciation to all those who provided me the possibility to
complete this report. I have taken efforts in this project. However, it would not have been
possible without the kind support and help of many individuals and the organization
Furthermore, I would also like to acknowledge with much appreciationthe crucial role of the
staff, who gave the permission to use all requiredequipment and necessary materials throughout
the period. Finally yet importantly, my thanks go to the manager of the firm Mr. Muzamil Yasin
who have invested his full effort in guiding me to complete the internship.
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Index
1. CHAPTER 1: Introduction ..................................................................... 8-12
1.1. Introduction of Organization Business Sector ............................................................... 9
1.1.1. About the Industry
1.1.2. Mission and Vision
1.2. Organizational Structure.............................................................................................. 11
1.2.1. Organizational Structure
1.2.2. TOP 7 CA Firms in Pakistan
1.3. Competition Overview (07 Firms) ............................................................................. 12
2. CHAPTER 2: Company Profile ............................................................. 17-27

2.1. About the Company.....................................................................................................18
2.1.1. Departments of CA Company
2.2. Services Offering ......................................................................................................... 24
2.3. Audit ............................................................................................................................ 27
3. CHAPTER 3: Conceptual Discussion .................................................. 28-54

3.1. Objective of the Study ................................................................................................ 29
3.2. Job Description ........................................................................................................... 31
3.3. Overview of TDS ....................................................................................................... 32
3.3.1. TDS Returns
3.3.2. Process Flow of TDS
3.4. Overview of Vouching ............................................................................................... 35
3.5. Preparation of books on Tally .................................................................................... 36
3.6. Preparation of Partnership Deed ................................................................................. 37
3.7. Overview of VAT ....................................................................................................... 41
3.8. LCCI And IPO Pakistan ............................................................................................. 40
3.10 IAS-38 Intangible Assets ......................................................................................... 60
3.11 Overview of Auditing .............................................................................................. 61
3.12 Overview of GST ..................................................................................................... 64
3.13 Overview of Taxation ............................................................................................... 68
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4. CHAPTER 4: Work and Research ...................................................69-84

4.1. Description of accomplished work in Organization ............................................. 56
4.2. Description of Research under the supervision .................................................... 58
4.2.1. Taxation
5. CHAPTER 5 &6: SWOT-Analysis & Conclusion...........................85-98

5.1. SWOT ANALYSIS ......................................................................................... 86-89
6.1. Executive Summary ............................................................................................. 91
6.2. Limitations(Weaknesses) ..................................................................................... 96
6.3. Conclusion ............................................................................................................ 97
7. CHAPTER 6: Bibliography............................................................ 99-101

7.1. References .......................................................................................................... 100
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CHAPTER 1
INTRODUCTION
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INTRODUCTION OF THE
ORGANIZATION’S BUSINESS SECTORS
About The Industry
Organization is working as Chartered Accountants firm under the rulesand regulations and code
of ethics designed for CA firms by ICAP (TheInstitute of Chartered Accountants of Pakistan).
The Institute of Chartered Accountants of Pakistan (ICAP 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.
These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of

Pakistan, which has its headquarters Karachi.
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MISSION & VISION
Mission of ICAP
Is to achieve excellence in professional competence, add value tobusinesses and economy,

safeguard public interest; ensure ethical practices and good corporate governance while
recognizing the needs of globalization.
Vision of ICAP
The profession of Chartered Accountants in Pakistan should be the benchmark of professional

excellence upholding the principles of integrity, transparency and accountability.
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ORGANISATIONAL STRUCTURE
A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being "above,""below," or "at the same level as" one another and
with only one "neighbour" above and below each level. These classifications are made with
regard to rank, importance, seniority, power status, or authority. A hierarchy of power is
called a power structure. Following is the organizational hierarchy of the firm:-
 Partners
 Directors
 Senior Managers
 Managers
 Supervisors
 Senior Trainee Students
 Junior Trainees
Various levels of the firm have different functions. Partners are often the founders of the
firms. Most of the firms’ names are associated with the names of partners. They are basically
the main parties who issue and sign any report (specifically audit report) on behalf of the
firm. Partners mostly communicate with the Senior Managers. In other words, the progress
of any report and any inquiry is made fromthe 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 policiesby adopting changes in
rules & regulations is the main responsibilityof supervisors and trainees.
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TOP 7 CA firms in PAKISTAN
1. Deloitte: -
Deloitte, in terms of Revenue, is the largest professional services network in the world. Also
on the basis of a number of professionals,it is the largest professional services network in the
world.
Deloitte is known for providing audit, tax, consulting, enterprise riskand financial advisory
services to more than 200,000 professionals inover 150 countries. They are the Advisors to
many of the World’s most admired Brands.
The Consulting services of industries work on the theory of ‘Providing practical perspectives
and solutions to queries.’ Deloitte believes in ‘Good to make it great!’ They believe in
‘helping clients to become Leaders’.
2. PWC: -
Price Waterhouse Coopers has been the world’s second largest professional services network
in terms of Revenue as surveyed in 2014and is one of the Big Four Auditors and stands neck to
neck with Deloitte, EY and KPMG.
The Firm believes in helping resolve complex issues and identifies opportunities. People from
all backgrounds such as arts, business, economics, engineering, finance, health, information
technology, law and more are entertained.
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3. KPMG: -
Having its global headquarters in Amstelveen, Netherlands, KPMG hasbeen considered as one
of the largest professional services companies in the world.
It is amongst the Big Four auditors, standing along with PWC, Deloitte and EY. The
professionals employed with this firm, KPMG is 162,000people and performs three services,
viz. audit, tax, and advisory. The tax and advisory services provided by the firm are further
divided into various service groups.
4. Ernst & Young: -
Ernst & Young abbreviated as EY is a multinational professional services firm having its
headquarters in London, United Kingdom. In terms of Revenue, it has been ranked as the
world’s third largestprofessional services firm surveyed in 2012 and is one of the four biggest
audit firms.
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5. BDO International: -
BDO International stands at the fifth rank for providing the largest accountancy network in the
world.
It is a worldwide professional services network and one of the best public accountancy firms. It
has its competency is in serving national and international clients.
Following a survey conducted in 2014, September, BDO has its Member Firms in 151 countries
and takes pride in employing around 60,000 Partners and staff in 1,328 offices throughout the
world.
6. Grant Thornton International: -
Grant Thornton is a UK based firm which has its branches in almost 125 countries. This firm
is known for generating very high revenue which is more than 4.5 billion dollars.
It is providing services in assurance, tax and advisory firms. Grant Thornton is also known for
providing services in Assurance and Taxation and other consultancy services relating the
financial matters.
It has been operating for 100 years. Grant Thornton has provided valuedservice 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.
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7. RSM International: -
RSM ranks the 7th largest among the professional services network foraudit, 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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FINANCIAL ANALYSIS OF CA FIRMS
BY REVENUE (30 FIRMS)

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CHAPTER 2
COMPANY PROFILE
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ABOUT THE COMPANY
Asif javed Associates and Bizcon corporate consultants. is a mediocre chartered accountancy
firm. It is rendering comprehensive professional services which include audit, management
consultancy, tax consultancy, accounting services, manpower management, etc.
It is a professionally managed firm. The team consists of distinguishedchartered accountant,

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.
Asif Javed Associates and Bizcon corporate consultants. has a clear vision for the future growth
and development of financial markets and services and researches to stay ahead of these trends
and developments.Asif Javed Associates moulds itsoperations and areas of competencies and
introduces services so as to assist clients in their business operations and growth.Bizcon
corporate consultants is a member of PBS group which includes Taxing times,Asif javed
associates Chartered Accountants and Bizcon Corportae Consultants.The members are
Muhammad Faizan Bin Asif (Tax lawyerand Litigations expert).Masood Akhtar ACA(UK) who
is a tax corporate consultant and Mr. Muhammad Asif (FCA).
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DEPARTMENTS OF CA COMPANY
Bizocon corporate consultants is located in Lahore.The majordepartments 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 canimpact 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 asdefined under the various
laws and regulations in Pakistan. In doingso firm not only identify the non-compliances but also
assists clients inits rectification, designing remedial measures and provides guidance to adhere
with the laws and regulations. Firm always endeavor to meet reporting deadlines as set out by
the laws and regulations or as mutually agreed with clients, without compromising the
professional, legal and ethical requirements.
Firm’s emphasis is on delivering high quality services to clients, addingvalue to their business
through identification of existing and potential control risks and suggesting best possible
measures in the given circumstances. Firm always places priority to deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.
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 Tax and Corporate Department: -
Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits
available under the laws. Firm also assist clients tocomply with the tax rules and regulations and
always keep themupdated 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.
At Bizcon Corporate consultants same staff is handling with tax matters as well ascorporate
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 befaced by computer users
time to time.
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 Correspondence Department: -
It handles with all the correspondence of the firm by sending the solicited and unsolicited
information from time to time. Effectively andefficiently manage the day-to-day operations of
the Correspondence. Interact with clients to resolve policy and customer issues. Identify trends
and remove obstacles in Statement production and delivery by properly maintaining record of
all communication for future reference.
 HR Department: -
This department is mainly concerned with the recruitment, hiring/firing of the firm and this
department presents the timely reports on effectiveutilization of the resources by the firm. A
purpose of the humanresourceis to keep the trained employees and recruit new energetic staffto
work.Another purpose of this department is to provide a good working environment for staff
and try to make by facilitating them andarrangingsome 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.
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CORPORATE SERVICES
 Incorporation of company
 Consultancy on Company Law matters.
 Advisory Planning for Mergers, Acquisitions, De-mergers, andCorporate re-

organizations.
 Filing of annual returns and various forms, documents.
 Secretarial Matters including share transfers
 Maintenance of Statutory records
 Consultancy Services on Public/Rights/Bonus Issue of shares.
 Change of Name, Objects, Registered Office, etc.

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SERVICES OFFERING
 Company Registration: -
The most common business composition is to register a Pvt. Ltd. Company. Company
registration will enable limiting the person liability of promoters to the extent of paid up capital.
Promoters have toget DIN & check availability of the company name.
 One Person Company: -
Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your
business within reasonable fees by experienced CA firms.
 LLP Registration: -
Limited Liability Partnership (LLP) has benefit of the company registration & easiness of
partnership. It is apt for small businesses. Experienced CA firms can ease out the process within
reasonable fees.
 GST Registration: -
GST registration of business is to enable selling of goods with turnovervalue beyond a certain
limit. Limit may differ from province to province. It is necessary to get GST Input Tax Credit.
Experienced CAfirms can easeout the process within reasonable fees.
 Project Financing: -
Companies need funds to grow their business. Experienced CA can prepare project report for
loan financing to ensure that you get best eligible amount in the shortest time. Generally, fees
are charged as percentage of financed amount.
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 ROC Filing: -
Periodic returns/forms need to be submitted to Registrar of Companies(ROC) for company’s

act compliance. Experienced CA firms can file timely & correct ROC filing in reasonable
overall cost.
 GST Return: -
GST returns to be filed on periodic basis by business to provideinformation about value of

turnover & total GST liability & mode of payment. Frequency may differ from state to state.
Delays will attract penalty. Experienced CA firms can ensure compliance with reasonablefees.
 TDS Return: -
Income tax act requires TDS (Tax Deducted at Source) deduction filethe TDS return on
periodic basis by mentioning TAN No.
 Income Tax (Salaried): -
Income tax return of salaried employee is normally simple because for salaries individuals Tax
is already deducted at source. Experienced CAfirm can help you for better taxplanning and
reduce the TDS.
 Income Tax (Business): -
Income Tax returns filing is requirement of Income Tax Ordinance for companies/businesses.
Tax Audit Report helps in compliance of incometax laws. Experienced CA firms can help in
reducing non- compliance of income tax laws.
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 Tally Accounting: -
Tally is most used accounting software. Small and medium sizedbusiness can take services from
CA firms who can allocate accountantsto handle accounting for your business.
 Statutory Audit: -
Get the statutory audit of your company under Companies Act from experienced CA firms.
Statutory Audit is compulsory for any type of company.
 Tax Audit: -
Tax Audit is requirement of Income Tax Act for companies/largebusinesses. Tax Audit Report
helps in compliance of income tax laws & highlights key tax related information. Experienced
CA firms can help in reducing non-compliance of income tax laws.
 Internal Audit: -
Internal Audit & Internal Financial Control Testing is needed as per Companies Act. Internal
Audit is not as compulsory as Statutory Audit.Internal auditor can add value to your business to
arrest leakage & improve control and efficiency.
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AUDIT
Broadly, Audit involves the following:
 In-depth study of existing systems, procedures and controls for proper understanding.
Suggestions for improvement and strengthening.
 Ensuring compliance with policies, procedures and statutes.
 Comprehensive review to ensure that the accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
 Checking the genuineness of the expenses booked in accounts.
 Reporting inefficiencies at any operational level.
 Detection and prevention of leakages of income and suggestingcorrective measures
to prevent recurrence.
 Certification of the books of account being in agreement with theBalance 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 Ordinance, 2001.
 Audit under other sections of the Income Tax Ordinance, 2001
 Concurrent Audits.
 Revenue Audit of Banks.
 Branch Audits of Banks.
 Audit of PF Trusts, Charitable Trusts, Schools, etc.
 Audit of Co-operative Societies.
 Information System Audit.
 Internal Audits
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CHAPTER 3
CONCEPTUAL DISCUSSION
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OBJECTIVES OF STUDY
I choose to work with Bizcon corporate consultants. During this internship I havelearnt many
new skills. Before internship I have only theoretical knowledge about work in organization but
now I have practical some practical experience of working in organization. Now I have
knowledge about the organization’s working environment and how organizations work and
achieve their goals and objectives.
This internship has to gives me the understanding of business and also about the elements of
strategic thinking, planning and implementation,and how these things are applied in a real world
organization environment. Following are the objectives that I have in my mind before working as
an internee.
 To improve communication skills.

 To analyze the business situation.
 To establish high standard in professionalism.
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies.
 To apply the theoretical knowledge in actual organization.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situations.
 To learn how to promote and to conduct research in business areas.
 To enhance my personal knowledge and professional preparation for future.
 To properly integrate my theoretical knowledge and practical work.
 To plan for the future of oneself and learn how to adjust in anorganization.
 To know how to present your recommendations in front of your boss.
 To get knowledge of opportunities and threats while entering into anorganization.
 To get exposure to do a work in an organization and also known about organizational
behavior, ethical rules and regulations.
 Assist the student development of employer-valued skills. 
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 Expose student to the environment & expectations of performance onpart of accountants in

professional accounting practices.
 Enhance & expand the student’s knowledge of particular areas of accounting.
 Expose the students to professional role models or mentors who willprovide the student with
support in the early stages of the internship & provide an example of behaviour expected in
the internship workplace.
 Expand networks of professionals’ relationship & contacts.
 Develop a solid work ethic & professional demeanour as well ascommitment to
ethical conduct & social responsibility.
 Develop time management skills and the ability to be responsible formore than one project
at a time.
 Develop organizational skills to complete the project in a timelymanner.
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JOB DESCRIPTION
I have tried my best to enhance my abilities and apply the knowledge that I gained during the
studies. On my first day at firm, Manager Mr. Muzamil Yasin gave me training session about
TDS returns and computerized accounting in tally software and also shared his practical
experience with me and gave me some techniques of this process. He also guided me that how
to prepare VAT/GST return and filing data in income tax return preparation software.
Different task that I performed during my internship:
 Vouching
 Preparing books of accounts in tally
 Voucher Entry
 Preparing Data in Excel Sheet
 Preparing Partnership Deed
 Intangible Assets
 Prepare Projected and other Balance Sheet
 Auditing
 Taxation
 Theoretical learning of different type of Taxation and GST
 Maintenance of accounts/ book keeping.
 TDS return preparation.
Software used during internship:
 MS office
 Tally software
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Overview of TDS
Tax deducted at source (TDS) is a tax that is deducted from income thata company in Pakistan
pays to a recipient or supplier if the income amountexceeds a specific statutory limit in a
financial year. The types of income that are subject to TDS include:
 Salary
 Interest and dividends.
 Winnings from the lottery.
 Insurance commission.
 Rent.
 Fees from professional and technical services.
 Payments to contractors and subcontractors.
The withholding amounts for TDS can be deducted from an invoice submitted by a supplier or
from the payment that is issued to the recipient or supplier. Examples of recipients and suppliers
include contractors, providers of professional services, employees, and real estate landlords.
Companies submit a TDS certificate to each supplier on a monthly or yearly basis. The
certificate includes the payments, as well as information about the company and supplier.
Companies must also submit an annual return to the government for each recipient or supplier
for the financial year.
TDS must also be deducted from payments issued to third parties by both corporate and no
corporate entities. The entity must deposit the amount owed for withholding at any of the
designated branches of banks that are authorized to collect taxes on behalf of the government
of Pakistan. The entity must also submit the TDS returns, which contain details about the
payments and the challan for the tax deposited to the Income Tax Department (ITD).
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 TDS RETURNS: -
TDS is a system whereby the income tax is deducted at the time of making some payments like
rent, interest, commission etc. The person making such specified payments is responsible for
deducting the TDS and paying the balance amount to the person entitled to receive such
payment. The TDS amount deducted must be deposited to the government within the due dates
specified by the person deducting TDS. While it is commonly assumed that the TDS is applicable
only onsalary income, but it is also applicable in many other cases such as:
 Income from interest on securities and debentures.

 Income from interest other than those on securities.
 Income from dividends.
 Income from withdrawal of EPF (Before expiry of a certain periodor if amount
withdrawn is beyond the limit specified)
 Payment to contractors/subcontractors/freelancers.
 Winnings from horse races, lottery, crossword puzzles or anygame related wins.
 Income from rendering technical or professional services.
 Income from royalty, etc.
All income is taxable only at the end of the financial year, hence the government has instituted
the concept of TDS, in order to ensure:
 Prevention of tax evasion: This mechanism ensures that the government collects a
portion of the income itself, chances of hiding income or tax defaults are minimized
significantly.
 Timely collection of tax.
 Ease in filing tax returns: As the tax is automatically collected and deposited with the
concerned authorities by the deductor, it becomes easier for individuals to file their
returns. If there are no other sources of income for a person, once TDS has been
appropriately deducted, they need not pay any additional taxduring return filing.
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 PROCESS FLOW OF TDS: -
This process flow shows the steps to charge and remit TDS: -
Create vouchers for suppliers with pay status

% and applicable tax type
Calculate TDS on vouchers
Issue payments to suppliers with TDSamounts

deducted
Submit monthly payment for TDS totax authority
Update Challan
Generate monthly statements and submit

quarterly and annual returns
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Overview of VOUCHING
Vouching is a technical term which refers to the inspection of documentary evidence supporting
and substantiating a transaction, by an auditor. It is the practice followed in an audit, with the
objective of establishing the authenticity of the transactions recorded in the primarybooks of
account. It essentially consists of verifying a transactionrecorded in the books of account with
the relevant documentary and theauthority on the basis of which the entry has been made; also
confirming that the authority on the basis of which the entry has been made; also confirming that
the amount mentioned in the voucher has been posted to an appropriate account which would
disclose the nature of the transaction on its inclusion in the final statements in account. Vouching
do not include valuation. Vouching can be described as the essence or backbone of auditing.
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PREPARATION ON BOOKS ON TALLY
Following are the books that were made in tally:
 VOUCHER ENTRY: -
Tally provides flexibility to use predefined voucher types, comprising of accounting and
inventory voucher types to record various business transactions. It also allows you to use
Keyboard Shortcut Keys as well as mouse operations during voucher entry.
To create a new Voucher Type,
Go to Gateway of Tally > Accounts Info. > Voucher Type > Create
 Enter the Voucher name
 Specify the Type of voucher
 Specify the Method of numbering
 Activate or deactivate the other functions as required.
 BOOKS AND REGISTERS: -
Tally provides you capability to generate various books and registers for any specific period
viz., month, date, and year and as on date. In Tally, once voucher entry is made, the transactions
are automatically & immediately in the Day Book and other Books of Accounts without any
additional effort. Tally allows you to maintain and generate all primarybooks of accounts and
registers like:
 Cash Book  Debit Note Register

 Bank Book  Credit Note Register
 Purchase Register  General Ledger
 Sales Register
 Journal Register
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PREPARATION OF PARTNERSHIP DEED
In this, we prepare the partnership deed of different persons, in which different rules and
regulations we mentioned according to the law. A partnership deed also known as partnership
agreement, is a document that outlines in detail the rights and responsibilities of all parties to a
business operation. It has the force of law and is designed to guide the partners in the conduct
of the business. It is helpful in preventing disputes and disagreements over the role of each
partner in the businessand the benefits which are due to them. The partnership deed normally
carries the name of the business, the address of its principal place of business and a short
summary of the business the partners intend to operate.
Q.How to prepare a partnership deed in Pakistan?
When registering a partnership firm in Pakistan for startups, there are somebasics that need to
be covered. Partnership and proprietorship are the two most popular forms of business
organizations in Pakistan. The reasonwhy these two forms of organisations are so popular is
because they arerelatively easy to set-up and the number of statutory compliance requirements
needing to be followed by these forms of organisations is relatively less than the statutory
compliance requirements applicable toLLP’s and companies. As such, this article focuses on
the registration process for the partnership firm.
 Choose a partnership name: - The partners are free to choose any name as they desire
for their partnership firm subject to the following rules:
1. The names must not be too identical or similar to the name of another existing firm doing
similar business, so as to avoid confusion. The reason for this rule being that the
reputation or goodwill of a firm may be injured, if a new firm could adopt allied
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2. The name must not contain words like Crown, Emperor, Empress, Empire or words
expressing or implying the sanction, approval orpatronage of the Government, except
when the State Governmentsignifies its consent (in writing) to the use of such words as
part ofthe firm name.
 Create a Partnership Deed: - The document in which the respective rights and
obligations of the members of a partnership is written is called the Partnership Deed. A
partnership deed agreementmay be written or oral. However, practically an oral agreement
does not have any value for tax purposes and therefore the partnership agreement should be
written. The following are the essential characteristics of a partnership deed:
 Name and address of the firm as well as all the partners.
 Nature of business to be carried on.
 Date of commencement of business.
 Duration of partnership (whether for a fixed period/project).
 Capital contribution by each partner.
 Profit sharing ratio among the partners.
 The above are the minimum essentials which are required inall partnership
deeds.
 Consider whether additional clauses are needed: - The partners may also mention
any additional clauses. Some of the examples of additional clauses which may be mentioned
in the partnership deed are mentioned below:
 Interest on the partner’s capital, partners’ loan, and interest, if any,to be charged on
drawings.
 Salaries, commissions etc., if any, payable to partners.
 Method of preparing accounts and arrangement for audit.
 Division of task and responsibility, namely, the duties, powersand obligations of all
the partners.
 The rules to be followed in case of retirement, death etc.
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 Do the partnership deed in the appropriate form: - The deed so created by the
partners should be on a stamp paper of1000Rs.available at the Bank of Punjab. Each partner
should have a copy of the partnership deed. A Copy of the Partnership Deed should also be
filed with the Registrar of Firms in case the firm is being registered.
 Decide whether or not to register the partnership firm: - Partnerships in

Pakistan are governed by the Partnership Act, 1932.As per the Partnership Act, registration
of partnership firms is optional and is entirely at the discretion of the partners. The Partners
may or may not register their Partnership Agreement. However, in the case where the partnership
deed is not registered, the partners maynotbe able to enjoy the benefits which a registered
partnership firm enjoys.
 Registration of a partnership firm may be done before starting the business or anytime
during the continuance ofpartnership. However, where the firm intends to file a case
in the court to enforce rights arising from the contract, the registration should be done
before filing the case.
 Register: - The procedure for registration of a partnership firm in Pakistan is fairly

simple/An application and the prescribed fees are required to be submitted to the Registrar
of Firms of the Province in which the firm is situated. The following documents are also
requiredto be submitted along with the application:
1. Application for Registration of Partnership in Form A.
2. Duly filled specimen of Affidavit.
3. Certified True Copy of the Partnership Deed.
4. Ownership proof of the principal place of business or rental/leaseagreement thereof.

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 Sign the application: - The application or statement must be signed by all the partners,
or by their agents especially authorised in this behalf.
 Expect the registration process to proceed formally: - When the registrar is
satisfied with the points stated in the partnershipdeed, he or she shall record an entry of the
statement in a register called the Register of Firms and issue a Certificate of Registration.
The Register of Firms maintained at the office of the Registrarcontains complete and up-to-
date information about each registered firm.
 This Register of Firms is open to inspection by any person on payment of the
prescribed fees; any person interested in viewing the details of any firm can request
the Registrar of Firms for the same and on payment of the prescribed fees, a copy
of all details of the firm registered with the Registrar willbe given to the applicant.
 Be registered for tax: - It should be noted that registration with the Registrar of Firms
is different from registration with the Income Taxation Department. It is mandatory for all
firms to apply forregistration with the Income Tax Department at the RTO. The partnership
firm is required to open Current Account in the name ofthe partnership firm and to operate
all its operations through this bankaccount.
\
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Overview of VAT
Preparation of VAT returns
At the end of the month or each quarter, you file a VAT return with thetax office, and remit the
VAT due.
 Prerequisites
You have carried out the activities described in closing for VAT.
 Process
1. You prepare a copy of the sales ledger and the purchase ledger.
The ledgers show the invoices that have been paid and on which VAT is thus due. The
ledgers are for your own reference in the event of a check-up by the tax office.
2. You prepare the VAT return. This consists of two steps.
1. You calculate the total amounts of ST for each tax code.
2. You print the VAT return. The system fills out the fields in theST return using the
totals that you calculated in the first step.
3. For information about preparing VAT returns for VAT

withheld from vendors.
4. You file the VAT return with the tax office and remit the taxes.
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 Computer online software
Tax Solution for professionals is to provide end to end management ofevery stage of the tax life
cycle - from provision to estimates and extensions, returns, audit, amendment and planning.
 A Solution For
 Income Tax Return

 TDS return
 Service tax return
 Balance sheet & audit report
 VAT returns
 Checking of assessment orders
 ROC form and filling
 CMA
 AIR return
 Document Management
 Challan
 All other required forms
 Standard letters to clients
 Standard formats of departmental letters
 Office assistance works & mechanism.
 Various types of reporting.
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 Features
 Single switch board for all software.
 Common client information for all software.
 Searching of records by Code No., Name PAN, etc.
 Online auto-update of software.
 Defining user rights with grouping facility.
 Password protection for individual clients.
 Activation/De-activation of individual party fromparticular/all

software.
 Single window/screen to input, edit, view and print.
 Front-view buttons for easy understanding.
 User friendly similar layout of all software.
 LAN compatible.
 Various data input validation checks to eliminate errors.
 Easy auto backup of your precious data.
 Option to access from anywhere in the world.
Q.What is VAT?
Every commodity passes through different stages of production and distribution before finally
reaching the consumer. Some value is addedat each stage of the production and distribution
chain: for instance, a forged metal tool is more valuable than metal, which was itself more
valuable than the ore that was originally mined. Value Added Tax (VAT) is a tax on this value
addition at each stage.
Under a VAT system, a dealer collects tax on his sales, retains the tax paid on his purchase and
pays the balance to the government. It is a consumption tax, because it is borne ultimately by
the final consumer. The tax paid by the dealer is passed on to the buyer. It is not a charge on the
dealer. VAT is instead a multipoint tax system with provision for collection of tax paid on
purchases at each point of sale.
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Q.What is Output Tax?
Output tax is VAT charged to the customer by a dealer making taxablesales. A dealer is an
individual, partnership, or business that is registered under VAT. Any person or business
making sales above the prescribed limit are required to register. When a dealer is registered,
VAT becomes chargeable on all taxable sales made by that dealer.
Q.What is Input Tax?
The tax a dealer pays for purchases is input tax. Many purchases will carry a VAT charge, but
when a dealer is registered under VAT, they can normally claim a credit for VAT charges on
most business purchases. Input tax includes not only the VAT on your purchases of raw
materials or on goods purchased for resale but also VAT on capitalgoods, such as machinery or
equipment.
VAT Computation
A dealer pays VAT by deducting the tax paid on purchases (input tax) from his tax collected on
sales (output tax).
In other words, VAT = Output Tax – Input Tax.
For example: A dealer pays Rs.10.00 @ 10% on his purchase price of goods valued Rs.100.00.
He sells the goods at Rs.150.00 and collects tax amounting to Rs.15.00 (@ 10%). He will pay
Rs.5.00 (Rs.15.00- Rs.10.00) as he has already paid Rs.10.00 to his seller while purchasingthose
goods.
Q.How is VAT different from Sale Tax?
VAT has fewer rates, as opposed to the high number of rates for Sales Tax, and allows offsets
of tax on inputs against those on outputs. VATalso does away with the tax on tax.
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Q.Who will be covered by VAT?
All business transactions involving the sales of goods/commodities carried on within a state by
individuals, partnerships, or companies willbe covered by VAT.
VAT will not cover small businesses with sales below a certain limit. In Maharashtra, the limit
is 10 lakhs or below.
Q.What are the tax rates under VAT?
Since every state has its own VAT legislation, VAT rates, taxable baseand list of taxable goods,
VAT rates will differ from state to state. As an example, here are Maharashtra’s tax rates as of
June 2016:
 Schedule ‘A’ – Essential Commodities (Tax-free) – Nil
 Schedule ‘B’ – Gold, Silver, Precious Stones, Pearls etc. – 1%
 Schedule ‘C’ – Declared Goods and other specified goods – 5%(Rates for items
other than declared goods changed to 5.5%)
 Schedule ‘D’ – Motor Spirits,etc. – 20% and above
 Schedule ‘E’ – All other goods (not covered by A to D) – 12.5%starting April 1,

2016.
Q. How does VAT help trade, consumers, and government?
 Trade
Uniform rates of VAT will boost trade; 100% self-assessment willreduce the need for
taxpayers to visit a tax department officer.
 Customers
Removing tax on tax reduces prices of goods that the end consumer pays.
 Government
Since dealers will conduct self-assessment, the resources requiredfor this process will be
fewer, and the revenue department can focus more on collection than administrative
processes.
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Obtaining Membership in the Lahore Chamber of Commerce and

Industry (LCCI)
Introduction:
Membership in the Lahore Chamber of Commerce and Industry (LCCI)is highly sought after by
businesses and entrepreneurs in Lahore, Pakistan. Becoming an LCCI member provides
numerous benefits, including access to valuable resources, networking opportunities, and
advocacy for business interests. This essay outlines the steps and requirements for obtaining
LCCI membership, highlighting thesignificance of joining this esteemed organization.
Why Join LCCI?
Before delving into the membership process, it's essential to understandwhy becoming an LCCI
member is a valuable step for businesses and entrepreneurs:
 Advocacy and Representation:

LCCI actively represents the interests of the business community,advocating for policies and
regulations that support economic growth. As a member, your voice is heard, and your concerns
are addressed.
 Networking and Collaboration:

LCCI provides a platform for businesses to connect, collaborate, and build relationships within
the local and national business community. Networking opportunities can lead to valuable
partnerships and business growth.
 Access to Information:
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Members gain access to valuable research, economic data, and market insights that can inform
strategic decisions and enhance business competitiveness.
 Training and Capacity Building:

LCCI offers training programs and workshops that help businesses andprofessionals acquire
essential skills and knowledge.
 International Trade Promotion:

The chamber actively promotes international trade, helping members explore export
opportunities and navigate global markets.
Steps to Obtain LCCI Membership:
Obtaining LCCI membership involves a series of steps that ensure thatbusinesses meet certain
criteria and can fully benefit from the services offered by the chamber:
Eligibility Check:
Before applying for membership, businesses must ensure that they meetthe eligibility criteria set
by LCCI. Generally, these criteria include having a valid business registration and adhering to
legal and regulatoryrequirements.
Membership Application:
To initiate the membership process, interested businesses should obtainan LCCI membership
application form. This form is typically availableon the LCCI website or at the chamber's office.
Completing the Application:

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The application form should be thoroughly completed with accurate and up-to-date information
about the business. It usually requires details such as the company's name, registration number,
contact information,business activities, and the names of authorized representatives.
Required Documents:
Along with the completed application form, businesses typically needto submit a set of
documents, which may include:
- A copy of the business's registration certificate.
- Valid tax registration documents.
- A bank statement or financial statement demonstrating the financialstability of the

business.
- Any other documents specified by LCCI as per their membershipcriteria.
Application Submission:
Once the application form and required documents are ready, businesses should submit them to
the LCCI office. The application mayrequire a nominal processing fee, which varies depending
on the type and size of the business.
Review and Approval:
LCCI reviews the application and verifies the provided information anddocuments. The review
process typically involves assessing the business's compliance with legal and regulatory
requirements. After successful review, LCCI grants membership.
Payment of Membership Fees:

49
Upon approval, the business is required to pay the LCCI membership fee, which also varies
based on the type and size of the business. This fee helps support the chamber's activities and
services.
Welcome and Orientation:
Newly approved members are often invited to attend an orientation session conducted by LCCI.
This session provides an overview of the chamber's services and how to maximize the benefits
of membership.
Conclusion:
Obtaining membership in the Lahore Chamber of Commerce and Industry (LCCI) is a strategic
step for businesses and entrepreneurs looking to thrive in Lahore's dynamic business
environment. It offers access to advocacy, networking, information, training, and international
trade promotion, all of which contribute to business growth and success. While the membership
process may involve specific eligibility criteria, documentation, and fees, the investment in
LCCI membership pays offin terms of enhanced opportunities, improved business visibility,
and astronger voice in shaping economic policies. Joining LCCI is not just amembership; it's a
strategic partnership for business excellence and growth.
IPO Pakistan: Fostering Intellectual Property
Rights and Business Growth
Introduction:
The Intellectual Property Organization (IPO) Pakistan plays a pivotal role in the protection and
promotion of intellectual property rights within the country.
Intellectual property (IP) encompasses a wide range of creations,

50
including trademarks, copyrights, patents, and industrial designs. This essay explores IPO
Pakistan's services, with a focus on trademark registration and copyright protection,
highlighting their significance infostering innovation, creativity, and business growth.
IPO Pakistan's Services:
IPO Pakistan offers a suite of services that aim to protect, promote, and enforce intellectual
property rights. Two critical services provided by IPO Pakistan are:
 Trademark Registration:
Trademark registration is a vital aspect of intellectual property protection, especially for

businesses seeking to protect their brand identity and ensure consumer confidence. IPO
Pakistan's trademark registration services include:
 Application Processing:
Businesses and individuals can apply to register their trademarks through IPO Pakistan. The
process involves submitting a trademark application, which includes details about the mark, its
usage, and the goods or services it represents.
 Examination:
IPO Pakistan conducts a thorough examination of trademark applications to ensure they meet
the required legal standards, includingdistinctiveness and non-confusion with existing marks.
 Registration:
Once the trademark application is approved, IPO Pakistan registers the
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mark, granting the owner exclusive rights to use and protect it. This registration is crucial in
safeguarding the brand's reputation and value.
 Enforcement:
In cases of trademark infringement, IPO Pakistan offers enforcement mechanisms to protect

trademark owners' rights, including legal actionagainst infringing parties.
Copyright Protection:
Copyright protection is essential for creators in various fields, includingliterature, art, music, and
software. IPO Pakistan's copyright services encompass:
 Registration:
Creators can register their copyrighted works with IPO Pakistan to establish legal ownership
and protect against unauthorized use or reproduction.
 Copyright Licensing:
IPO Pakistan facilitates the licensing of copyrighted works, enabling creators to grant
permission for specific uses while retaining control over their intellectual property.
 Enforcement:
In cases of copyright infringement, IPO Pakistan offers legal remedies to protect creators' rights,
such as initiating legal action against infringing parties.
Significance of Trademark Registration and

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Trademark registration and copyright protection play pivotal roles in fostering innovation,
creativity, and business growth in Pakistan:
 Brand Protection:
Trademark registration safeguards a company's brand identity and prevents others from using
similar marks. This protection is critical forestablishing consumer trust and maintaining brand
reputation.
 Incentive for Innovation:

Copyright protection encourages creators to produce new works, knowing that their intellectual
property will be safeguarded. This incentivizes innovation in various creative industries.
 Economic Growth:
Intellectual property protection fosters economic growth by attracting investments, fostering
entrepreneurship, and promoting the growth of the creative and technology sectors.
 Global Trade:
Trademarks and copyrights are essential for businesses looking toexpand globally. Registered
trademarks help businesses establish international recognition and trust, while copyright
protection ensures the preservation of intellectual property rights when engaging in international
trade.
 Cultural Preservation:
Copyright protection preserves cultural heritage by encouraging thedocumentation and protection
of traditional works of art, music,literature and folklore.
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How to Avail IPO Pakistan's Services:
To avail of IPO Pakistan's services, individuals and businesses canfollow these steps:
Trademark Registration:
1. Visit the IPO Pakistan website to access the trademark applicationform.

2. Fill out the application form with accurate details about the mark, itsusage, and the goods
or services it represents.
3. Pay the required application fee.
4. Submit the completed application and fee to IPO Pakistan.
5. IPO Pakistan will process the application, conduct an examination,and, if approved,
register the trademark.
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Visit the IPO Pakistan website to access the copyright registrationform.
1. Fill out the copyright registration form, providing details about thecopyrighted work and
the owner's information.
2. Pay the copyright registration fee.
3. Submit the completed registration form and fee to IPO Pakistan.
4. IPO Pakistan will process the registration, granting legal protectionto the copyrighted
work.
Conclusion:
IPO Pakistan's services for trademark registration and copyright protection are integral to
promoting innovation, creativity, and business growth in Pakistan. These services empower
creators and businesses to protect their intellectual property rights, fostering a favorable
environment for investment, entrepreneurship, and cultural preservation. By availing these
services, individuals and organizations contribute to the growth and prosperity of Pakistan's
economy while safeguarding their valuable intellectual assets. In a world increasingly driven by
knowledge and innovation, IPO Pakistan plays a pivotal role in ensuring that intellectual
property rights are respected and upheld.
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IAS-38 INTANGIBLE ASSETS
Intangible asset is a non-physical non-monetary asset which is held foruse in the production or
supply of goods and services, or for rental for others, etc.
IAS 38 should be applied by all enterprises in accounting of intangibleassets, except:
 Intangible assets that are within the scope of another standardfinancial assets.
 Rights and expenditure on the exploration for or development ofminerals, oil natural
gas and similar non-generative resources.
 Intangible assets arising in insurance enterprise from contracts withpolicyholders.
Recognition and Initial Measurement of an Intangible Assets
It applies when an item meets the criteria of an Intangible asset and it isprobable that the future
economic benefits will flow to the enterprise and the cost of the asset can be measured reliably.
These recognition criteria are applicable to cost of acquiring and generating an intangibleasset
internally.
Note: If an intangible asset is acquired separately, that should bemeasured initially at cost, which
includes purchase price that includes import duty, non-refundable purchase taxes, after
deducting trade discount and related direct cost.
If an asset is acquired in a business combination, the cost of that asset should be its fair value at
the acquisition date which depends on marketexpectations. When the asset is acquired free of
charge or for a normalconsideration, by way of government grant, then it is recognized at a
nominal value or at the acquisition cost.
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OVERVIEW ON AUDITING
An auditor is someone who prepares and examines financial records. They ensure that financial
records are accurate and that taxes are paid properly and on time. They assess financial
operations and work to helpensure that an organization runs efficiently.
In this area, we were done different type of work such as matches the balances of transactions
from software information with our tally voucher entries information. We check different
financial records of companies any analyze that and identify the mistakes then give some
suggestions to them.
An audit is a systematic and independent examination of books, accounts, statutory records,

documents and vouchers of an organizationto ascertain how far the financial statements as well
as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure
that the books of accounts are properly maintained by the concern as required by law. Auditing
has become such a ubiquitous phenomenon in the corporate and the public sector that academics
started identifying an Audit Society. The auditor perceives and recognizes the prepositions
before them for examination, obtains evidence, evaluates the same and formulates an opinion
on the basis ofhis judgement which is communicated through their audit report.
Any subject matter may be audited. Auditing is a safeguard measure since ancient times. Audits
provide third party assurance to various stakeholders that the subject matter is free from material
that the subjectmatter is free from material misstatement. The term is most frequently applied to
a legal person. Other areas which are commonly audited include: secretarial and compliance
audit, internal controls, quality management, project management, water management and
energy conversion.
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 Auditing Standards
The Institue of Chartered Accountants of Pakistan maintains external auditing standards for
public companies (issuers) registered with the Securities and Exchange Commission of
Pakistan (SECP).
As of 2012, ICAP has 15 permanent standards approved by the SECPand a number of interim
standards that reflect generally accepted auditing standards, as described in standards issued
by the Auditing Standards Board (ASB), which is part of the American Institute of CPAs
(AICPA).
The ASB also issues Statements on Auditing Standards (SASs) that apply to preparing and
releasing audit reports for non-issuers (companies not required to register with the SECP).
For internal auditing, the Institute of Chartered Accountants provides a conceptual framework
that provides guidance for internal audits. Some of the guidance is mandatory, while others
are consideredstrongly recommended, but not required by law.
There are four main steps in the auditing process. The first one is to define the auditor’s role
and the terms of engagement which is usuallyin the form of a letter which is duly signed
by the client.
The second step is to plan the audit which would include details of deadlines and the
departments the auditor would cover.
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The next important step is compiling the information from the audit.When an auditor
audits the accounts or inspects key financial statements of a company, the findings are
usually put out in a reportor compiled in a systematic manner.
The last and most important element of an audit is reporting theresult. The results
are documented in the auditor’s report.
 Audit Planning
Audit planning includes deciding on the overall audit strategy and developing an audit plan.
Auditing Standard from the ISA describes an externalauditor's responsibility and the
requirements for planning an audit. According to standard No. 9, an audit plan is expected to
describe theplanned nature, extent, and timing of the procedures for risk assessment and thetests
to be done on the controls and substantive procedures, along witha description of other audit
procedures plannedto ensure the auditmeets IAS standards.
For internal auditing, the Institute of Chartered Accountants of Pakistan provides guidance for
audit planning. Planning starts with determining the scope and objectives of the audit.
Internal auditors need to understand the business, operations, and unique characteristics of the
department/unit being audited and to develop an audit plan that defines the procedures needed
to do an efficient and effective audit.
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OVERVIEW ON GST
 What is GST?
GST is an Indirect Tax which has replaced many Indirect Taxes in Pakistan. The Goods and
Service Tax Act was passed in the Parliamenton29th March 2017. The Act came into effect on
1st July 2017; Goods & Services Tax Law in Pakistan is a comprehensive, multi-stage,
destination-based tax that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax leviedon the supply of goods
and services. This law has replaced many indirect tax laws that previously existed in Pakistan.
GST is one indirect tax for the entire country.
So, before Goods and Service Tax, the pattern of tax levy was as follows:
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Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales,
Central GST and State GST are charged. Inter-state sales are chargeable to Integrated GST.
Now let us try to understand the definition of Goods and Service Tax –“GST is a comprehensive,
multi-stage, destination-based tax that is levied on every value addition.”
Multi-stage
There are multiple change-of-hands an item goes through along its supply chain: from
manufacture to final sale to the consumer.
Let us consider the following case:
 Purchase of raw materials
 Production or manufacture
 Warehousing of finished goods
 Sale to wholesaler
 Sale of the product to the retailer
 Sale to the end consumer

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Value Addition
The manufacturer who makes biscuits buys flour, sugar and other material. The value of the
inputs increases when the sugar and flour aremixed and baked into biscuits.
The manufacturer then sells the biscuits to the warehousing agent who packs large quantities of
biscuits and labels it. That is another addition of value after which the warehouse sells it to the
retailer.
The retailer packages the biscuits in smaller quantities and invests in themarketing of the biscuits
thus increasing its value.
GST is levied on these value additions i.e. the monetary value added ateach stage to achieve the
final sale to the end customer.
Destination Based
Consider goods manufactured in Maharashtra and are sold to the final consumer in Karnataka.
Since Goods & Service Tax is levied at the point of consumption. So, the entire tax revenue
will go to Karnataka and not Maharashtra.
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 Advantages of GST
GST has mainly removed the Cascading effect on the sale of goods and services. Removal of
cascading effect has impacted the cost of goods. Since the GST regime eliminates the tax on
tax, the cost of goods decreases. GST is also mainly technologically driven. All activities like
registration, return filing, application for refund and response to notice needs to be done online
on the GST Portal; this accelerates the processes.
 Components of GST
There are 3 taxes applicable under this system: CGST, SGST & IGST.
 CGST: Collected by the Central Government on an intra-state sale(Eg: transaction

happening within Maharashtra)
 SGST: Collected by the State Government on an intra-state
sale (Eg: transaction happening within Maharashtra)
 IGST: Collected by the Central Government for inter-states.
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OVERVIEW ON Taxation
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a
governmental organizational in order to fund various public expenditures. A failure to pay,
along with evasion of or resistance to taxation, is punishable by law.
In this we learned about the Direct & Indirect taxes. We filled most of the income tax returns
of different clients.
In this we learned about different heads of income, calculation of taxes& different deduction
with sections. As well in Indirect taxes we file returns of GST in which different forms are
involved for Regular scheme & Composition scheme. For regular scheme we filled GSTR-1&
GSTR-3B (online) and for composition scheme we filled GSTR-4 (offline)
 Purposes & Effects
The levying of taxes aims to raise revenue to fund governing and to alterprices in order to affect
demand. States and their functionalequivalentsthroughout history have used money provided by
taxation to carry out many functions. Some of these include expenditures on economic
infrastructure, military, scientific research, culture and the arts, public works, distribution, data
collection and dissemination, public insurance, and the operation of government itself. A
government’s ability to raisetaxes is called its fiscal capacity.
 Types of Taxes
Taxes are of two distinct types, Direct and Indirect taxes. The differencecomes in the way these
taxes are implemented. Some are paid directly by you, such as the dreaded income tax, wealth
tax, corporate tax etc. while others are indirect taxes, such as GST.
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CHAPTER 4
WORK & RESEARCH
70
Description of process followed to accomplished the assignedtask in the organization
 Tally Entries
Following process are followed for accomplishment this task:
 Firstly, we review all records of vouchers carefully, that no anyvouchers had any
queries related to adjustments.
 Then, we make a separate folder for that work.
 Then, we create a company in Tally software by that company nameand started doing
entries.
 Receipts & Payment entries are posted carefully as it carries somecontra entries also.
 Then after completing entries posting recheck the data by Balancesheet, Trial balances
& Day book.
 Any queries related to this work communicated to our externalmentor.
 Auditing
These steps were followed by us in auditing:
 Build an audit strategy.
 Verify that all outgoing checks were properly signed, accounted forand posted to the
correct accounts.
 Ensure that all deposits were properly posted.
 Review all financial statements.
 Ensure compliance with all state and federal requirements.
 Review all treasurers’ reports.
 Complete the financial review worksheet.
 Suggest improvements to internal controls.
 Determine your audit opinion.

 Submit all documents to companies.
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 Taxation
Following steps are followed by us –
 All of the first, we study about the taxation and mainly headedIncome Tax.
 Then, we started to prepare ITR’S statement in excel sheetaccording to the
format given to us.
 After that, we prepare the offline utilities of ITR’S according to theincome status in
statement.
 Then, we login to the income tax site and upload that utility online,if user not registered
then first we register.
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64
73
TOPIC – TAXATION
What is TAX?
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an
individual or other legal entity) by a governmental organization in order to fund various public
expenditures.A failure to pay, along with evasion of or resistance to taxation, is punishable by
law. Taxes consist of Direct and Indirect taxes and may be paid in money or as its labor
equivalent.
 Purposes and Effects -

The levying of taxes aims to raise revenue to fund governing and to alterprices in order to affect
demand. States and their functionalequivalentsthroughout history have used money provided by
taxation to carry out many functions. Some of these include expenditures on economic
infrastructure, military, scientific research, culture and the arts, public works, distribution, data
collection and dissemination, public insurance, and the operation of government itself. A
government’s ability to raisetaxes is called its fiscal capacity.
 Types of Taxes –
Taxes are of two distinct types, Direct and Indirect taxes. The differencecomes in the way these
taxes are implemented. Some are paid directly by you, such as the dreaded income tax, wealth
tax, corporate tax etc. while others are indirect taxes, such as GST.
a. Direct Taxes
b. Indirect Taxes
Direct Tax
An Income tax is a tax that government impose on financial income generated by all entities
within their jurisdiction. By law, businesses and individual must file an income tax return every
year .
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 Financial year – A year as reckoned for taxing or accounting purposes.

 Assessment year – Assessment year is the year immediately following the financial year
wherein the income of the financial yearis assessed.
There are some examples of Direct Taxes like:
1. Income Tax
2. Corporate Tax
3. Wealth Tax
4. Gift Tax
5. Estate Duty
6. Expenditure Tax
7. Fringe Benefit Tax
 Income Tax is a tax imposed on individuals or entities thatvaries with respective

income or profits. Income tax generallyiscomputed as the product of a tax rate time’s
taxable income. There are 5 different heads of income sources for tax:
1. Salary
2. House Property
3. Profit & Gains from Business & Profession
4. Capital Gains
5. Other Sources
We calculate tax on financial year income in assessment year in whichyear we are calculating
the income tax. These are filing ITR necessarily:
1. Individual/Proprietors
2. Firms
3. Trust/ NGO’s/Societies/Association Of Persons/Body Of
Individuals.
4. Companies
5. Local authorities/Municipality
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There are different tax rate slabs for different age groups, different work& different status:
 Different slabs and Tax rates F.Y. 2023-24
Previous Rate Current Rate of Tax

Description of Tax (for Tax Year 2023 and Onwards)
Where income does not exceed Rs. 150 million 0% 0%

Where income exceeds Rs. 150 million but does notexceed
1% 1%
Rs. 200 million
2% 2%
Rs. 250 million
3% 3%
Rs. 300 million
4% 4%
Rs. 350 million
4% 6%
Rs. 400 million
Where income exceeds Rs. 400 million but does not
4% 8%
exceed Rs. 500 million
Where income exceeds Rs. 500 million 4% 10%
Fog: Super tax for the year 2023-2024
Person Tax Year Type Year End

Companies, AOPs and
Normal Tax Year July 01 to June 30
Individuals
Sugar Special Tax Year October 01 to September 30
Banking and Insurance
Special Tax Year January 01 to December 31
Companies
Ginners, Rice Huskers, Oil Mills Special Tax Year September 01 to August 31
Shawl Manufacturers Special Tax Year April 01 to March 31
Fig: What year-end a tax payer can adopt?
Status Year End Date of Filing Tax Year

Salaried Individual & Non-corporate Taxpayer September 30,
June 30, 2023 2023
(falling under FTR) 2023
September 30,
Other Individuals & AOPs June 30, 2023 2023
2023
December 31,
Company (including falling under FTR) June 30, 2023 2023
2023
September 30,
Company September 30, 2023 2024
2024
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September 30,
Company December 31, 2023 2024
2024
Fig: When to file return of income
Period Quarter Payment Date

On or before the 25th of
1st July to 30th September September Quarter
September
1st October to 31st December December Quarter On or before the 25th of December
1st January to 31st March March Quarter On or before the 25th of March
1st April to 30th June June Quarter On or before the 15th of June
Fig: When to pay advance tax by AOP or company?
Income Brackets Rates

Taxable income not exceeding Rs. 600,000 NIL
Taxable income exceeding Rs. 600,000 but not
7.5% of the amount exceeding Rs. 600,000
exceeding Rs. 800,000
Taxable income exceeding Rs. 800,000 but not Rs. 15,000 + 15% of the amount exceeding Rs.
exceeding Rs. 1,200,000 800,000
Taxable income exceeding Rs. 1,200,000 but not Rs. 75,000 + 20% of the amount exceeding Rs.
exceeding Rs. 2,400,000 1,200,000
exceeding Rs. 3,000,000 2,400,000
exceeding Rs. 4,000,000 3,000,000
Rs. 765,000 + 35% of the amount exceeding Rs.
Taxable income exceeding Rs. 4,000,000
4,000,000
Fig: Rate of Tax for individual and AOP
Income Brackets Rates

Taxable income not exceeding Rs. 600,000 NIL
Taxable income exceeding Rs. 600,000 but not
2.5% of the amount exceeding Rs. 600,000
exceeding Rs. 1,200,000
Taxable income exceeding Rs. 1,200,000 but not Rs. 15,000 + 12.5% of the amount exceeding Rs.
exceeding Rs. 2,400,000 1,200,000
exceeding Rs. 3,600,000 2,400,000
exceeding Rs. 6,000,000 3,600,000
Rs. 1,095,000 + 35% of the amount exceeding Rs.
Taxable income exceeding Rs. 6,000,000
6,000,000
Fig: Rate of Tax for salaried AOP
Sr. No. Holding Period Tax Year 2023

1. Where the holding period does not exceed one year. 15%
2. Where holding period exceeds one year but does not exceed two years. 12.5%
3. Where holding period exceeds two years but does not exceed three years. 10%
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4. Where holding period exceeds three years but does not exceed four years. 7.5%
5. Where holding period exceeds four years but does not exceed five years. 5%
6. Where holding period exceeds five years but does not exceed six years. 2.5%
7. Where holding period exceeds six years. 0%
Future commodity contracts entered into by members of Pakistan Mercantile
8. 5%
Exchange
Securities acquired on or after July 1st , 2013 but on or before the 30th day of
9. 12.5%
June, 2022
Fig: Capital Gain on Disposal of Securities

Persons Threshold of Turnover Rate Application
Individual 100 million 1.25%
Association of Persons 100 million 1.25%
Companies N/A 1.25%
Fig: Rate of minimum Tax
Company Rate for the Tax Year

2023 2024
Small Company 20% 20%
Banking Company 39% 39%
Any other Company 29% 29%
Fig: Tax rate for companies
Income under section 4C Rate of Tax

Where income does not exceed Rs. 150 million 0% of the income
1% of the income
exceeds Rs. 200 million
Where income exceeds Rs. 200 million but does notexceeds Rs.
2% of the income
250 million
3% of the income
4% of the income
6% of the income
8% of the income
Where income exceeds Rs. 500 million 10% of the income
Fig: Tax rate on high earning persons for poverty alleviation
 With-holding Tax card rates for F.Y. 2019-20

Nature of Tax
Standard Tax Rate
Payment / Transaction Regime/Adjustable
Section 148 – Imports
Import of goods classified in Part 1 of the Twelfth
1% of import value
Schedule
Import of goods classified in Part II of the Twelfth MTR - Commercial
2% of import value
Schedule
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Import of goods classified in Part II of the Twelfth 3.5% of import value in case of Imports
Schedule commercial importer Adjustable - Industrial
Import of goods classified in Part III of the Twelfth - 5.5% of Import Value Undertaking Usage
Schedule - 6% for Commercial Importer
Manufacturer covered under SRO. 1125(i)/2011dated
21.12.2011 and importing items covered 1% MTR
under this SRO.
Persons importing finished pharmaceutical
products not manufactured in Pakistan as certified 4% MTR
by Drug Regularity Authority of Pakistan
Section 149 – Salary
Salary paid by Employer Average Rate of Tax NTR
Section 150 – Dividend
Dividend paid by independent power purchaser 7.5% FTR
Other Companies and Mutual funds 15% FTR
Dividend received by REIT scheme from SPV 0% FTR
Dividend received by others from SPV 35% FTR
Dividend paid by a company where no tax is
payable by such company due to exemption of 25% FTR
income etc.
Section 151 - Profit on Debt
FTR- up to Rs. 5M
Profit on debt 15% NTR- if exceeds Rs.
5M
Section 152 - Payment to Non-Resident
Royalty or Fee for technical services 15% FTR
In other case 10% FTR
Contract for construction, assembly, installation
projects, supervisory activities and advertisement 8% MTR
services by TV satellite channel
Payment of insurance or re-insurance premium 5% MTR
Payment for advertisement services to media
10% MTR
Person
Payment for foreign produced commercial for
advertisements on any television channel or any 20% FTR
other media
Other payments to non-resident except payments
20% FTR
covered under section 149, 150, 156 and 233.
Sale of goods to companies 5% MTR
Nature of Tax
Standard Tax Rate
Sale of goods to other persons 5.5% MTR

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Rendering of transport, freight forwarding, air cargo,

courier, manpower, hotel, security guard,software
development, IT, tracking, advertising (other than by
print or electronic media), share register, engineering,
car rental, building maintenance services and services
rendered byPakistan Stock Exchange Limited and 4% MTR
Pakistan Mercantile Exchange Limited inspection and
certification, testing and training services, Oilfield
Services
Rendering of Services:
 Company 9% MTR
 Other than company 11%
Execution of Contract (other than for supply of
goods & rendering of service):
10% MTR
 Sportsperson
 Other than sportsperson 8%
Profit on debt paid to Individual 10% FTR
Section 153 - Payments for Goods, Services and Contracts
Sale of Goods:
 Sale of rice, cotton seed or edible oil 1.5% MTR

 Sale by distributors, dealers, sub dealers, 0.25% MTR
wholesalers and retailers of FMCG goods,
fertilizers, electronics excluding mobile
phones, sugar, cement and edible oil
 Sale by distributors of cigarettes and 1% MTR
pharmaceutical products
 Sale of gold, silver and such articles 1% MTR
 Sale of any other goods including Toll
Manufacturing:
i. Company 5% NTR
ii. Other than company 5.5% MTR
Nature of Tax
Standard Tax Rate Regime/Adjusta
Payment / Transaction
ble
Rendering of Services:
Rendering of transport, freight forwarding, air cargo, 4% MTR
courier, manpower, hotel, security guard, software
development, IT, IT enabled services, tracking,
advertising (other than by print or electronic media),
share register, engineering including architectural,
warehousing, services rendered by asset
management company, data services,
telecommunication Infrastructure, car rental, building
maintenance services and services rendered by
Pakistan Stock Exchange Limited and Pakistan
Mercantile Exchange Limited inspection and
certification, testing and training services, Oilfield,
telecommunication, collateral management, travel
and tour, REIT management services, services
rendered by National Clearing Company of Pakistan
Limited.
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 Other services:
i. Company 9%
ii. Other than company 11%
 Payment to electric or printing media for 1.5%
advertisement service
Execution of Contract (other than supply of
goods & rendering of services):
 Sportsperson 10% MTR
 Company 7.5% NTR
 Other case 8% MTR
Exporter or export house for rendering of service of
stitching, dying, printing, embroidery, washing, sizing MTR
1%
and weaving
Nature of Tax
Standard Tax Rate
Section 154 – Exports
Export of goods 1% FTR
For sale proceeds of goods to exporter under Back
1% FTR
to Back LC or any other arrangement
Export processing zone 1% FTR
Direct exporter and registered export house 1% FTR
Collector of customs 1% FTR
Section 154A - Export of Services
Export of Computer software or IT services or IT
Enabled services by persons registered with 0.25% of proceeds FTR
Pakistan Software Export Board
Any other case 1% of proceeds FTR
Section 155 - Income from Property
 In case of Individual and AOP
i. Where the gross amount of rent does not Nil NTR

exceed Rs. 300,000
ii. Where the gross amount of rent exceeds Rs. 5% of the gross amount
300,000 but does not exceed Rs. 600,000 exceeding Rs. 300,000
iii. Where the gross amount of rent exceeds Rs. Rs. 15,000 + 10% of the gross
600,000 but does not exceed Rs. 2,000,000 amount exceeding Rs. 600,000
Rs. 155,000 + 25% of the gross

iv. Where the gross amount of rent exceeds Rs. amount exceeding Rs.
2,000,000 2,000,000
15%
 In case of Company
NTR
Section 156 - Prizes and Winnings
Prize on prize bonds or crossword puzzle 15% FTR
Prize on winning of the quiz, winning from raffle,
lottery & prize offered by companies for promotion 20% FTR
on sales
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Section 156A - Petroleum Products

Payment of commission to petrol pump operators 12% FTR
Nature of Tax
Standard Tax Rate Regime/Adjustable
Payment / Transaction
Section 231B - Advance Tax on Private Motor Vehicles

Purchase of motor vehicle having engine
capacity:
 Up to 850CC Rs. 10,000

 851CC to 1000CC Rs. 20,000
 1001CC to 1300CC Rs. 25,000
 1301CC to 1600CC Rs. 50,000 Adjustable
 1601CC to 1800CC Rs. 150,000
 1801CC to 2000CC Rs. 200,000
 2001CC to 2500CC 6% of value
 2501CC to 3000CC 8% of value
 Above 3000CC 10% of value
4% of the Value of Motor
Vehicle
Leased Motor Vehicles Adjustable
(Only in case of In-Active
Taxpayers)
Transfer of registration or ownership of a
private motor vehicle manufactured locally
having engine capacity:
 Up to 850CC Nil
 851CC to 1000CC Rs. 5,000
 1301CC to 1600CC Rs. 12,500
 1601CC to 1800CC Rs. 18,750
 1801CC to 2000CC Rs. 25,000
 2001CC to 2500CC Rs. 37,500
 2501CC to 3000CC Rs. 50,000
 Above 3000CC Rs. 62,500
Sale of locally manufactured motor vehicle
prior to registration having engine capacity:
Adjustable
 Up to 1000CC Rs. 100,000
 1001CC to 2000CC Rs. 200,000
 2001CC and Above Rs. 400,000
Section 233 - Brokerage and Commission
Advertising agents 10% MTR
All others 12% MTR
Life Insurance Agents where commission received
8% MTR
is less than Rs. 0.5 Million per annum
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Nature of Tax
Standard Tax Rate
Section 234 - Tax on Motor Vehicles
In case of Non Air Conditioned passenger
transport vehicle having seating capacity of:
Adjustable
 4 or more people but less than 10 person Rs. 500 per Seat
 10 or more people but less than 20 person Rs. 1,500 per SeatRs.
 20 or more people 2,500 per Seat
In case of Air Conditioned passenger transport
vehicle having seating capacity of:
Adjustable
 4 or more people but less than 10 person Rs. 1,000 per Seat
 10 or more people but less than 20 person Rs. 2,000 per SeatRs.
 20 or more people 4,000 per Seat
Other motor car having engine capacity of:
 Up to 1000CC Rs. 800

 1001CC to 1199CC Rs. 1,500
 1300CC to 1499CC Rs. 2,500
 1500CC to 1599CC Rs. 3,750
 1600CC to 1999CC Rs. 4,500
 2000CC and above Rs. 10,000
Where the motor vehicle tax is collected in lump
sum:
 Up to 1000CC Rs. 10,000

 1001CC to 1199CC Rs. 18,000
 1300CC to 1499CC Rs. 30,000
 1500CC to 1599CC Rs. 45,000
 1600CC to 1999CC Rs. 60,000
 2000CC and above Rs. 120,000
Section 235 - Electricity Consumption
Where the amount of bill:

Nil
 Does not exceed Rs. 500 Other than company
10% of Amount
 Exceeds Rs. 500 but does not exceed Rs.
20,000 MTR-up to bill amount
 Exceeds Rs. 20,000 Rs. 360,000 p/a
Adjustable-bill amount
o For Commercial Consumer Rs. 1,950 + 12% exceeding exceeding Rs.
Rs. 20,000 30,000/month
Rs. 1,950 + 5% exceeding

o For Industrial Consumer
Rs. 20,000
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Nature of Tax
Standard Tax Rate
Domestic Electricity Consumption:
Where the amount of bill
Adjustable
 Less than Rs. 25,000 Nil
 Rs. 25,000 or more 7.5%

Section 235(1A) - Electricity Consumption
Where the amount of bill:
 Does not exceed Rs. 30,000 Rs. 3,000

 Exceeds Rs. 30,000 but does not exceed Rs. Rs. 5,000
50,000
 Exceeds Rs. 50,000 but does not exceed Rs. Rs. 10,000
100,000
 Retailers and service providers as notified by Up to Rs. 200,000
the Board in the income tax general order
Section 236 - Telephone and Internet Users

Telephone subscriber where the monthly bill
10% Adjustable
exceeds Rs. 1,000
Subscriber of internet, mobile telephone and pre-
15% Adjustable
paid internet or telephone cards
Section 236A – Advance Tax at the Time of Sale by Auction
Sale of any property or goods by auction 10% Adjustable
Tax collected on the lease of the right to collect
10% Final
Tolls
Sale of immovable property by auction 5% Adjustable
Section 236C - Advance Tax on Sale or Transfer of Immovable Property
Sale or transfer of immovable property 3% NTR
Section 236CA – Advance Tax on TV plays and Advertisements
Foreign-produced TV drama serial or play Rs.1,000,000 per episodeRs.
Foreign-produced TV play (single episode) 3,000,000 MTR
Advertisement starring foreign actor Rs.100,000 per second
Section 236G - Advance Tax on Sales to Distributors, Dealers and Wholesalers
 Fertilizers (If Person appears in ATLs) 0.25%

 Fertilizers Other than above 0.7%
NTR
 Other than Fertilizers 0.1%
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Nature of Tax Regime/

Standard Tax Rate
Payment / Transaction Adjustable
Section-236H Advance Tax on Sales to Retailers
Sales to retailers 0.5% NTR
Section-236K Advance Tax on Purchase of Immovable Property
Fair market value of immovable property
 Active Taxpayer 3% Adjustable
 In-Active Taxpayer 10.5%
Section-236Y Advance Tax on Amount Remitted Abroad through Credit/ Debit/ Prepaid Cards
Tax on Amount Remitted Abroad through Credit/
5% of the gross amount Adjustable
Debit/ Prepaid Cards
Section-236Z Bonus Shares Issued by Companies
10% of the value of Bonus
Tax on Bonus Shares Issued by Companies Shares including Bonus FTR
Shares Withheld
Indirect Tax
An indirect tax is a tax collected by an intermediary from the person who bears the ultimate
economic burden of the tax. The intermediary later files a tax return and forwards the tax proceeds
to government with the return. GST is the most prominent example of Indirect tax levied in
Pakistan on the supply of goods & services. GST is levied at every stepinthe production process,
but is refunded to all parties in the chain of production other than the final consumers. Goods
& Services are divided into five tax slabs for collection of tax – 0%, 5%, 12%, 17% and 28%.
Petroleum products, alcoholic drinks, electricity, and real estate are taxed separately by the
individual state governments. Pakistan adopted a dual GST model, meaning that taxation is
administered by both the Central & Provincial governments. Transactions made within a single
state are controlled by FBR by the Central government and Provincial Revenue
Authority(PRA) by the State governments. For inter-state transactions and imported goods &
services, an integrated GST (IGST) is levied by the Central government.
85
CHAPTER 5
SWOT ANALYSIS
86
Strengths
 Expertise in Corporate Consulting: 

Bizcon Corporate Consultants has a team of highly skilled professionals with expertise in
corporate consulting, including legal and financial advisory services.
 Reputation and Trust: 

Over the years, Bizcon has built a strong reputation for providing reliable and effective corporate
consulting services. This reputation canlead to client loyalty and referrals.
 Diverse Client Portfolio: 
Bizcon serves a diverse client portfolio, including businesses of varioussizes and industries. This
diversity provides a stable income stream andreduces dependence on a specific sector.
 Regulatory Compliance: 
The firm excels in navigating complex corporate and financial regulations, ensuring that clients
remain compliant with the law and mitigate legal risks.
 Customized Solutions: 
Bizcon is known for its ability to provide tailored corporate solutions that meet the unique needs
of each client. This personalized approach can result in long-term client relationships and
satisfaction.
Weaknesses:
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 Dependence on Key Clients:
The firm may be dependent on a few major clients. Losing one of these key clients could
significantly impact the firm's revenue and stability.
 Human Resource Challenges: 
Attracting and retaining top talent in the competitive field of corporate consulting can be
challenging. High turnover can disrupt client relationships and affect the quality of service.
 Technology Adaptation: 
Resistance to adopting modern technology for corporate consulting andproject management may
lead to inefficiencies and hinder competitiveness.
 Fee Sensitivity: 
Clients in the corporate consulting industry may be price- sensitive, andincreasing fees can be
challenging. Bizcon must continually demonstrate the value it provides.
 Work-Life Balance: 
The demanding nature of the work can sometimes lead to long workinghours and high stress
among employees. Maintaining a healthy work- life balance for staff is essential.
Opportunities:
 Digital Transformation:
Embracing technology and software solutions can improve efficiency, project management, and
collaboration with clients. Bizcon can invest in cutting-edge software for corporate consulting.
 Expanding Service Offerings:

Diversifying into related services such as mergers and acquisitions,
88
business restructuring, or sustainability consulting can open up new revenue streams.
 International Expansion:
As businesses expand globally, there is an opportunity for Bizcon to offer corporate consulting
services to clients in other countries. Building international expertise can be lucrative.
 Niche Markets:
Specializing in a specific industry or service area, such as technology startups or green energy,
can differentiate Bizcon from competitors andattract specialized clients.
 Education and Training:

Offering training and workshops on corporate governance, compliance,and best practices can
position Bizcon as an industry leader and generate additional revenue.
Threats:
 Competitive Market:
The corporate consulting industry is highly competitive, with many firms offering similar
services. Intense competition can lead to price wars and reduced profitability.
 Regulatory Changes:
Frequent changes in corporate regulations can increase compliance costs and complexity.
Bizcon must stay updated on changing laws to remain compliant.
 Economic Downturn:
During economic recessions or downturns, businesses may reduce theirbudgets for corporate
consulting services. This can lead to decreased
89
demand for services.
 Cybersecurity Risks:
As the firm handles sensitive corporate data, it is vulnerable to cyberattacks and data breaches.
Maintaining robust cybersecurity measures is crucial.
 Client Attrition:
Losing key clients or failing to meet their expectations can significantly impact revenue and
reputation. Bizcon must actively work to retain andgrow its client base.
90
CHAPTER 6
LEARNING, CONCLUSION
AND SUGGESTIONS
91
(Executive Summary)
 COMMUNICATION
Good communication consists of many other different sub-skills, from suitable patterns of body
language and eye contact with the ability to write clear and accurate reports. Accurate listening
and the ability to follow instructions are especially important but are often ignored or taken for
granted. Many people simply do not pay close attention to what others say or write and do not
ask follow-up questions to check their understanding. As a result, individuals act on their own
inaccurate assumptions and create inefficiencies and frustrations at work. Communication
training will help them overcome these challenges.
 GOAL SETTING AND PLANNING
Anybody can wish for something to happen, but to accomplish anythingone must plan which
surprisingly few people know how to do. Planningrequires setting concrete goals, identifying
workable action steps, and making a commitment to see the plan through.
Even setting the primary goal can be difficult when multiple issues arecompeting for attention.
Effective planning requires arranging problemsby importance and delegation. It is impossible to
do everything at once,but if one focuses on the most important tasks and ask for help, then can
accomplish a lot.
 SELF-IMPROVEMENT
Life in the workplace should not enforce stagnation; there should be a constant need or desire
for improvement. Satisfaction leads to a perception of repetition, which are the essentials of a
job.
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People always have room to grow, and advance behavioral skills are always welcomed. At the
upper end, one can give your workers the tools and mindset to aim for improvement by observing
their behavior,work habits, and production. Self-improvement training will help provide
feedback and criticisms that they can use to benefit their next assignments. An essential part of
promoting improvement is to communicate to the employees that failure.
 EMPATHY
Being an empathetic individual comes naturally to some, but is less natural to others. Behaving
with empathy means more than feeling badfor someone who’s sad or sharing in someone else’s
joy. It means beingable to step into someone else’s world to understand not just what theirpoint
of view is, but also why they have that point of view.
Empathy is a behavioral skill that can help one not only keep their ownpeace of mind but can
also help one to grow in your career because empathetic people tend to put others at ease.
 CONFLICT RESOLUTION
At points of imbalance and friction, the employees must be able to confront the tension between
them and resolve whatever disagreement arises. This is a twig of communication, though it is a
distinct skill that can be hard to develop due to hesitation and the intimate nature of the
workplace.
The bad habit to breed is ignoring these conflicts to the point that they grow and spread like
wild-fire, damaging relationships and the productivity of both individuals and the team. Instead,
employers should remain aware of potential conflicts and be active in entering andfacilitating
these more emotional interactions, and over time, help theirworkers see the bigger picture when
they harbor uncertainties.
93
5 BEST PRACTICES OBSERVED IN THE

ORGANIZATION(Strenghts)
 There is no racism on the basis of any caste, creed, color or gender. Everyone is treated same
thus making it easy to co-ordinate with each other and to share views and ideas with each other.
The mentors as wellas the colleagues are always ready to sort out any problem that the interns
could not resolve on their own.
 Everyone is disciplined and dedicated towards their job, thus provides motivation to do our jobs
perfectly and to learn and grab as much as wecan. The perfect competitive environment always
motivates us to excelin our job responsibility and to perform better than we are performing
 The working environment is lenient in the organization. Neither the employees are
overburdened by the work given. Neither they nor the proprietor force them to work for extra
time. All the work/targets are completed by the employees in the provided time frame.
 The employees are always energetic and ready to do work; they don’t waste their time. They
always strive for excellence with effectiveness and efficiency in their work. Even if the
proprietor is not at the office they don’t skip work hours.
 The proprietor is really good at customer handling, he is always too humble towards the clients
even though if the clients are in bad mood or tempered, he never loses his temper and handles
them greet fully. henever abuses his employees even if they make silly mistakes, and corrects
their mistakes by smiling and sarcastically commenting on it.
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 SUGGESTIONS AND RECOMMENDATIONS
Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or any
organization till thereare improvements and chances to develop and grow, the organization must
improve itself at its best. In my opinion some of thesuggestion/recommendations are:
 They have good opportunity to introduce the ISO standards trainingprogram which no other
firm is giving to customer.
 Try to adopt new technologies that their competitors are not using.
 Make a network that allows its customers to negotiate with them easily.
 In comparison with their competitors, BIZCON CORPORATE CONSULTANTS & CO.

hasan edge in making an accurate and error free report.
 The local economy continues to be strong and we believe our typical clients will continue
to flourish.
 The company has mostly professional educated humanresources, which are the biggest
threat for their competitors.
 Bizcon Corporate Consultants & Co. strongly needs to improve itsnetwork firms soas to
be counted among one of the extensively know firms in UK. The partner needs to make
the best use of theirgoodwill to bring more clientage and reputation to firm. They needto
offer the audit services at most economical cost with the assuredquality services to retain
and expand clients.
 The infrastructure and working condition reviews can improve theworking efficiency of
the trainees. Audit and Assurance is the tough job. Some motivational meetings and
mentoring exercises would bring good feel among employees for their work. Time to time
financial bonuses or performance incentives will energize thestaff.
95
 The trainees are not offered extra financial or any other incentive for the extra work or
over time. This causes some sort of abstractions which immediately need to be overcome
by the management.
 The firm, to be more competitive in future, still has room for improvement in Information
Technology. As firm don’t have any of its website to attract customer and their timely
feedback as mostof the good firms have their own web and well organized.
 Firm also lacks in marketing perspective as it does not any marketer tomarket and introduce
their business, firm is gettingbusiness onlyonpersonal relations of the partners and other firm
personnel. So iffirm wants to improve its business volume it needsa professional marketer
as many other big firms adopted and have complete marketing department.
 The employees are provided less salary than the government has asked to provide in
minimum wage act, therefore the employees must be provided at least the minimum
salary.
 It is 6 days working in the organization; most of the organizations are using 5 days
working schedules so that employees don’t feel exhausted and their efficiency increases.
So the organization must provide at least one-day leave to the employees to rest and
freshenup.
 Most of the computers and laptops in which the work was done were old and because of
that we were unable to carry out our tasksproperly. The organization must have proper
systems so that the work load can be handled efficiently.
96
LIMITATIONS
 They have a small staff with limited skill set in many areas.
 Less number of staff members.
 Developments in technology are changing this market. Bizcon Corporate Consultants &Co.
needs to adopt new technology and adaptto the changed market realities.
 Change in government policies and procedures may act as threat for company.
 A small change in focus of large competitor might wipe out any market position achieved.
 Bizcon Corporate Consultants & Co. has many competitors. Under certain circumstances stiff
competition can threaten the margins and hence thesurvival of the firm.
97
Conclusions
 Bizcon Corporate Consultants & Co. is overall one of the profit making and reputed firmof Earth.
The organization since its very first day is devoted toproviding quality services. The detailed
and through reviewof work and clients’ trust shows the perfection with which it isworking.
 The firm has earned a distinction of being placed in the category 'A' inthe list of panel of
auditors maintained by State Bank of Pakistan. Moreover, only these “A” category firms can
audit of listed companies.
 The Institute of Chartered Accountants of Pakistan has also carried out the Quality Control
Review and has issued satisfactory QCR report stating that the firm has conducted the audits
of the clients in accordance with International Standards on Auditing.
98
99
CHAPTER 7
BIBLIOGRAPHY
10
REFERENCES
 https://www.avalara.com
 https://www.business-standard.com
 https://www.google.co.in/imghp?hl=en&tab=wi&ogbl
 https://www.crowe.com/pk/-/media/crowe/firms/asia-
pacific/pk/crowehorwathpk/1updates/finance-act-tax-handbook-
2023.pdf?rev=f52ec7c7eb8e46358fc7de7e88d4a655&h
ash=1F81231DFF6F85C8A6B87400E15D3B28
 https://www.wikipedia.org/
 www.google.com
10

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1

SUMMER INTERNSHIP PROJECT

“ACCOUNTS & FINANCE”

JAVED ASSOCIATES CHARTERED

Summer Training Project Report

Mr. Muzamil Yasin

DECLARATION BY THE STUDENT

Muhammad Sufyan (BBA-2 years)

2. CHAPTER 2: Company Profile ............................................................. 17-27

3. CHAPTER 3: Conceptual Discussion .................................................. 28-54

4. CHAPTER 4: Work and Research ...................................................69-84

5. CHAPTER 5 &6: SWOT-Analysis & Conclusion...........................85-98

7. CHAPTER 6: Bibliography............................................................ 99-101

About The Industry

The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of

MISSION & VISION

Is to achieve excellence in professional competence, add value tobusinesses and economy,

The profession of Chartered Accountants in Pakistan should be the benchmark of professional

divided into various service groups.

4. Ernst & Young: -

6. Grant Thornton International: -

FINANCIAL ANALYSIS OF CA FIRMS

BY REVENUE (30 FIRMS)

ABOUT THE COMPANY

It is a professionally managed firm. The team consists of distinguishedchartered accountant,

Bizocon corporate consultants is located in Lahore.The majordepartments include:

 Audit and Assurance Department: -

 Tax and Corporate Department: -

provides a comprehensive range of tax services which includes;

Preparation and submission of annual tax returns.

all communication for future reference.

 Consultancy on Company Law matters.

 Advisory Planning for Mergers, Acquisitions, De-mergers, andCorporate re-

 Filing of annual returns and various forms, documents.

 Secretarial Matters including share transfers

 Maintenance of Statutory records

 Consultancy Services on Public/Rights/Bonus Issue of shares.

 Change of Name, Objects, Registered Office, etc.

 One Person Company: -

Experienced CAfirms can easeout the process within reasonable fees.

Periodic returns/forms need to be submitted to Registrar of Companies(ROC) for company’s

GST returns to be filed on periodic basis by business to provideinformation about value of

 Income Tax (Salaried): -

 Income Tax (Business): -

Broadly, Audit involves the following:

Types of Audits conducted: -

 Statutory Audit of Companies.

 Audit under other sections of the Income Tax Ordinance, 2001

 Revenue Audit of Banks.

 Branch Audits of Banks.

 Audit of PF Trusts, Charitable Trusts, Schools, etc.

 Audit of Co-operative Societies.

 Information System Audit.

 To improve communication skills.

 Expose student to the environment & expectations of performance onpart of accountants in

Different task that I performed during my internship:

Software used during internship:

 Interest and dividends.

 Winnings from the lottery.

 Fees from professional and technical services.

 Payments to contractors and subcontractors.

 Income from interest on securities and debentures.

 PROCESS FLOW OF TDS: -