TAXATION •Presented by: Neeru Singh

AND •Student Id:22262033

AUDITING •MBA (Finance)

 Taxation

Types of Taxes

CONTENTS Process of filing salaried ITR

Registration of GST

Overview of Tax Audit

 Taxation is the process by which governments
collect money from individuals and businesses
TAXATION to fund public services and projects. Taxes can
take various forms, such as income tax, sales
tax, property tax, and more. The specific tax
system property tax, and more. The specific
tax system depends on the country's policies
and regulations.
TYPES OF Direct taxes
TAXES Indirect taxes
 Direct taxes are levied directly on
individuals or businesses and cannot
be shifted to someone else.
DIRECT
TAXES Examples of direct taxes are:

• Income tax
• Property tax
• Corporate tax
Corporate Tax:-corporate tax is a type of tax
imposed on the profits of corporations. The rate
and regulations vary by country, influencing
business decisions and economic activities.
Property Tax:- Property tax is a tax levied on
the value of real estate owned by individuals or
businesses. Local governments use these taxes
to fund public services such as schools, roads,
and public safety.
Income Tax:-Income Tax is a tax imposed by
governments on individuals or entities income.
The rate and structure vary, with progressive
systems taxing higher incomes at higher rates.
TAX SLAB IN
INDIA
 Indirect tax are levied on goods and services, unlike
direct taxes imposed on individuals or businesses.

INDIRECT Examples of Indirect tax

TAX • Sales tax
• Value added tax (VAT)
• Excise duty.

These taxes are indirectly passed on to the consumer

through the pricing of goods and services.
 Filing Income Tax Return (ITR)
for salaried individuals involves Select the appropriate ITR form.
several steps: Salaried individuals typically use 3. Register on the Income Tax e-
• Gather Documents: collect document like
form 16, salary slips, bank statements
ITR-1 or ITR-2, depending on Filing Portals
etc. their income sources.
• Choose the right ITR Form:

PROCESS OF
FILING 4. Complete Personal
Information.
[Link] details. [Link] and Exemptions.

SALARIED ITR

[Link] computation. [Link] and submit.

 Generate a TRN by
Go to the GST OTP Verification &
completing OTP TRN Generated
Portal TRN Generation
Validation

Submit Authorised
Registration Log in with TRN
Submit Business
information
Submit promoter
Information
signatory
information

of GST
Principal place of Additional place of Details of goods Details of bank
Business Business and services account

Verification of
ARN Generated
Application
 A tax audit is an examination of an individuals
organizations financial information to ensure accurate
reporting and compliance with tax laws. It can be conducted
by tax authorities to verify the correctness of income,
deductions, and other relevant financial data on tax returns.
Audits may be random or triggered by specific concerns.
OVERVIEW OF TAX AUDIT
They can be conducted in person, by mail, or through
electronic communications, and may result in adjustments
to the reported tax liability if discrepancies are found. Its's
essential to maintain accurate records and corporate with
tax authorities during the audit process.
 1. Statutory Audit:- A statutory audit is a legally required
examination of a company’s financial statement to ensure
accuracy and compliance with accounting standards and
regulations.
[Link] Audit:- Internal audit is an evaluation within an

Types of
organization to improve operations and risk management.
[Link] Audit:- A tax audit is an examination by tax authorities

Auditing to verify the accuracy of a taxpayer’s financial information and

compliance with tax laws.
[Link] Rotation:- Audit rotation involves periodically
changing the audit firm responsible for examining a
company’s financial statements to promote independence
and objectivity.
 M/S VIVEKANAND ASHISH PRANAY & Co.. was established in
the year 2014.

The firm is distinguished not only by the depth and scope of its
advisory services but also by the extensive experience in
Assurance and Tax Management services for all entities.

COMPANY M/S VIVEKANAND ASHISH PRANAY & Co. is a professionally

PROFILE managed firm. M/S VIVEKANAND ASHISH PRANAY & Co. has a
clear vision for the future growth and development of financial
market and service to stay ahead of these trends development.

M/S VIVEKANAND ASHISH PRANAY & Co. molds its operation

and areas of competencies and introduces services so as to assist
client in their business operation and growth.
 1. Process of Filing ITR:-
 Collecting Information:-The first and foremost step of filing
income tax return is to collect the information of various
sources of income of client such as salary, business profit,
investment, rental income etc.
 Verification and organizing – The collected information needs
to get reviewed to ensure the accuracy and compliance.

Role &  Preparing the ITR – Based on the documents, the income tax
return for their clients it require filling of different forms as per
Responsibilities tax laws.
 Calculating taxes – Based on total income of the client and
after deducting all the exemption and applying the applicable
tax rate.
 Review – In this stage the client reviews all the entries made at
the income tax portal. Any necessary adjustment is made at
this stage.
 Filing the return- After the approval of income, the tax return
is filed via income tax website
 Data Collection: The auditing team gathers relevant financial and
operational data from the client, including financial statements,
records, and other necessary document.
Audit Procedures: M/S VIVEKANAND ASHISH PRANAY & CO.
performs a series of audit procedures, including examination,
verification, and analysis of the client’s financial data.
Audit Process Reporting: After completing the audit procedures, M/S
VIVEKANAND ASHISH PRANAY & CO. prepares an audit report.
Presentation and Compliance: The audit report is presented to the
client, and the auditing team discusses the findings and
recommendations.
  During my 45 days internship as an intern in M/S VIVEKANAND
ASHISH PRANAY & Co., I learnt about direct and indirect taxation
along with bookkeeping. I learn the basic concepts of taxations,
residence status got intro with form 16.
 Apart from this I learned what is previous year, assessment year, five
heads of income, tax slabs, tax payable and refund scenarios and how
Learning income tax return is filled.
 Also, I was able to learn how to learn bank statements and how to
Outcomes pass the same entries in tally, this helped me in understanding the
financial transaction and the process of recording it in the accounting
software.
 During my 45 days of my internship I was also able to work on my soft
skills such as time management and communication skills.
 I would like to conclude this report by saying that this internship was
a valuable experience for me. I learned many new things in the field
of accounts / finance. Throughout my internship I gained practical
knowledge on complex topics such as taxation, financial
management. I also enhanced my technical skills by working on
software such as tally prime and MS excel.

Conclusion I would like to thank M/S VIVEKANAND ASHISH PRANAY & Co. and
specially Mr. Ashish Kumar sir for providing me this opportunity to
work under him and gain the industry experience.
I understood how income tax and GST portal works and how
important is it to co- ordinate with different level of management
which helps the company to achieve its goals.