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A summer training report

On
“Accounting & Taxation”
At

Raj Garg & Associates

In partial fulfillment of requirement for the Award of Degree of

Master of Business Administration

(MBA 2017-19)

Submitted By:- Arun Mishra

Enrollment number:-50618003917

Delhi Technical Campus

(Affiliated to Guru Gobind Singh Indraprastha University)

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Declaration

I, Arun Mishra of Delhi Technical Campus , Master of Business


Administration Studies in 3rd
Sem (2017-18), hereby declare that the project report titled “Accounting &
Taxation” is my
original work and has not been published or submitted for any degree, diploma
or other similar
titles elsewhere. This has been undertaken for the purpose of partial
fulfillment of requirement
for the award of the degree of Master of Business Administration(MBA).

Signature of the Student:- Arun Mishra

Place:- Noida

Date:-

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ACKNOWLEDGEMENT

It is a great opportunity & pleasure for me to express my profound gratitude to wards all
the individuals
who directly or indirectly contributed towards completion of this report.

Working on this report was a great fun, excitement, challenges and a new exposure in the
field of finance.
I am greatly in debated to under whose guidance and concern I am able to bring the report
into its real
shape.

I am thankful to Mrs. Anupama Sharma and all faculty members of Management


Department in providing me useful guidance for the completion of this report. I convey
my gratitude to all those who are directly or indirectly related in the completion of this
project report.

Arun Mishra

Enrollment No:- 50618003917

Course: MBA(2017-19)

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TABLE OF CONTENT

SR. TOPIC PAGE. NO


NO

1 INTRODUCTION OF INDUSTRY 7-12

2 KEY COMPETITIORS & COMPARISION 13-18

3 REASON FOR SELECTING ORGANIZATION & 19-21


LEARNING OBJECTIVE

INTRODUCTION TO "RAJ GARG & ASSOCIATES." 22-26


4

5 ORGANIZATION STRUCTURE & TYPE OF OWNERSHIP 27-30

6 WORK CULTURE OF “RAJ GARG & ASSOCIATES” 31-32

LITERATURE REVIEW
7 33-36

8 RESEARCH METHODOLOGY 37-41

9 PRODUCT PORTFOLIO 43-65

10 JOB DESCRIPTION 66-72

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11
73-74
OTHER DETAILS

12 CONCLUSION 75

13 BIBLIOGRAPHY 76

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INTRODUCTION OF INDUSTRY

Accounting as a career can be quite interesting if you like analytical work. If


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

The Institute of Chartered Accountants of India (ICAI or the Institute) was


established as statutory body on July 1, 1961 under Chartered Accountants
Ordinance, 1961 to regulate the profession of accountancy in the country.

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


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

The Chartered Accountancy course is conducted by the Institute of


Chartered Accountants of India, which has its headquarters in New Delhi,
5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and
81 branches under these regional centers.

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

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ICAI VISION 2030

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

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

The Chartered Accountancy course is conducted by the Institute of


Chartered Accountants of India, which has its headquarters in New Delhi,
5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and
81 branches under these regional centres.

The Institute of Chartered Accountants of India (ICAI) is a statutory body


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

The affairs of the ICAI are managed by a Council in accordance with the
provisions of the Chartered Accountants Act, 1949 and the Chartered
Accountants Regulations, 1988. The Council constitutes of 40 members of

whom 32 are elected by the Chartered Accountants and remaining 8 are


nominated by the Central Government generally representing the Comptroller

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and Auditor General of India, Securities and Exchange Board of India,
Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.

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ACCOUNTING RESEARCH FOUNDATION

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

ICAI AWARDS FOR EXCELLENCE IN FINANCIAL


REPORTING

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

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KEY COMPETITORS

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

Raj Garg & Associates, Chartered Accountant, was established in 1998 with
the view to provide dynamic professional services in the field of Chartered
Accountant Services.

Raj Garg & Associates is a leading chartered accountancy firm rendering


comprehensive professional services with the aim of providing a
comprehensive range of accounting, financial and legal consulting, tax
management, auditing and business process out-sourcing services, audit,
management consultancy, tax consultancy, accounting services, manpower
management, secretarial services, financial accounting consultants, payroll
management and other financial services etc. We also help our clients to
manage their Fixed Asset Management & Capitalization as an end-to-end
service provider covering the broad areas of capitalization, lifecycle
management and physical verification & tagging and process setup.

We also offer various consultancy services related to formation of a company,


corporate finance, NGO formation and many others.

The Firm‟s different verticals are headed by Senior Partners. Team RGA
consists of qualified, semi-qualified and others, who are technically
competent, well trained, strongly motivated and have in-depth knowledge and
rich experience

Our Team

Raj Garg & Associates is a professionally managed firm. The team consists of
distinguished chartered accountants, corporate financial advisors, tax
consultants and management 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

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keep pace with contemporary developments and to meet the needs of its
clients. The Firm‟s different verticals are headed by Senior Partners. Our team
consists of qualified, semi-qualified and others, who are technically
competent, well trained, strongly motivated and have in-depth knowledge and
rich experience.

Partners Details

Raj Kumar Garg

B. Sc, FCA

Raj Kumar Garg is the founder of Raj Garg & Associates. He is a member of
the Institute of Chartered Accountants of India (ICAI) since 1993. He has
experience of more than 24 years in the fields of taxation, auditing,
management consultancy, corporate setup, FDI. He has vast knowledge and
thorough understanding of Indian laws and regulations as well as the complex
corporate compliance.

Himanshu Gupta

B. Com, ACA

He is member of Institute of Chartered Accountants of India (ICAI). He has a


vast exposure in Accounting, Auditing, Income Tax, Service Tax, Financial
Services, GST, Accounting Standards, US GAAP, FDI.

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Some of the key competitors are :-

J C Bhalla & Co
JC Bhalla & Company was established in 1943 as a public accounting and
audit practice. It has since expanded to cover a wide array of tax litigation, tax
advisory, assurance and other financial advisory services

Manoj Mohan & Associates

Manoj Mohan & Associateswas established in the year 1999. It is a leading


chartered accountancy firm, rendering comprehensive professional services
which include audit, management consultancy, tax consultancy, accounting
services, manpower management, secretarial services etc. We are empanelled
with various regulatory bodies, Government concerns, and departments. We
provide services to various individuals and corporate clients. We expand our
area of services with changing environment and demands of clients.

M K Arora & Associates


This firm is promoted & supported by team of professionals having vast experience on
the subject. Clients are being assisted on case to case basis..depending upon specific
requirement and need.We assist professionally, Our Charges are according to assignment
and are reasonable in the category. We have satisfied range of clientele & have good
reputation in class.

Nangia & Co.

Nangia Advisors LLP, a group founded in 1984, a premier professional services


firm, with the Managing Partner in practice since 1981 strives to add value to the
business of its clients. With specialization in international tax and transfer
pricing, we carry experience of more than 36 years in advising Fortune 500
multinationals doing business in India and Indian business houses on a wide
range of matters relating to FDI policy, entry strategy, company formation,
business re-organizations, cross-border tax structuring, taxation consultancy
services, mergers & acquisitions, investment banking, tax litigation and

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regulatory policy across a range of sectors. Our growth is a byproduct of the
outstanding client service delivered by our people, the best in the industry.

Shiv Om & Co
Shiv Om & Co („SOC‟), Chartered Accountants is providing a vide gamut of
services since 1972.

Initially it started with traditional services like auditing and then it branched
out to few contemporary areas like International taxation and Accounts
Outsourcing.

The firm is presently managed by five dynamic Partners each having a


specialization in certain area and they are ably supported by a dedicated
professional team comprising Chartered Accountants, Semi Qualified and
Commerce Graduates.

SOC believes in providing common services uncommonly well with complete


focus on quality and timeliness.

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COMPARISON

RAJ GARG & ASSOCIATES BASIS OF MAHENDRA TIWARI &


COMAPRISION CO
It was established in the year Year of It was established in the year
1998 Commencement 2004
It is a chartered accountancy Services Provided It is a chartered accountancy
firm rendering comprehensive firm rendering comprehensive
services includes various services includes various
services such as audit, services such as audit,
management consultancy, tax management consultancy, tax
consultancy, accounting consultancy, accounting
manpower management, manpower management,
secretarial services etc. secretarial services etc.

Here the work culture is very Work Culture Here the work culture is
friendly and educating and complete professionalism and
professional also at the same time only task oriented work is given

Since its one of the oldest Market Image Since it is operating since many
accounting firm it has a good and years it also has good market
a better market image image but not better than RAJ
GARG & ASSOCIATES

Here the work is done with Quality of work Here the work done is based on
complete accuracy and under quantitative basis rather than
complete supervision with qualitative basis
qualitative aspect in mind

It is a private ownership and has a Type of ownership It is also a private ownership


proprietary based structure and has also a proprietary
based structure

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REASON FOR SELECTING THE ORGANIZATION

I choose to work with “RAJ GARG AND ASSOCIATES” because I


always wanted to work in such reputed C.A firm. During this internship I
have learnt many new skills. Before internship I have only theoretical
knowledge about work in organization but now I have practical some
practical experience of working in organization. Now I have knowledge
about the organization's working environment and how organizations work
and achieve their goals and objectives.

This internship has to gives me the understanding of business and also


about the elements of strategic thinking, planning and implementation, and
how these things are applied in a real world organization environment.
Following are the objectives that I have in my mind before working as
an internee.

Student’s end:

• The objective of this project were mainly to study the functional


activities of accounts department

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

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

• To understand the planning and management activities of accounts


department

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

Industrial end

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

It should be noted that treating everyone consistently does not always


imply fairness. If a candidate is at a disadvantage for any reason (i.e.
has a disability), you may need to take their individual circumstances
into account, so they are given an equal opportunity to present their
case.

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

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

• Transparency
By requiring transparent procedures at every step, the recruitment and
selection policy ensures that all stakeholders in the recruitment process

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(HR, department head, line manager etc.) are able to follow the
process and be confident of the outcome.

LEARNING OBJECTIVE

• To improve communication skills.

• To analyze the business situation.

• To establish high standard in professionalism.

• To learn more than the theoretical knowledge.

• To learn book keeping practices of different companies.

• To apply the theoretical knowledge in actual organisation.

• To compare practical aspects with theoretical aspects.

• To make quick decision in real situation.

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

• To promote my personal knowledge and professional preparation


for future. To properly integrate my theoretical knowledge and
practical work.

• To plan for the future of oneself and learn how to adjust in an


organisation.

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

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

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


organisational behaviour, ethical rules and regulations.

INTRODUCTION OF "RAJ GARG &


ASSOCIATES"

RAJ GARG & ASSOCIATES was established in the year 1998. It is a


leading chartered Accountancy firm rendering comprehensive professional
services which include audit, management consultancy, tax consultancy,
accounting services, manpower management, secretarial services etc.

RAJ GARG & ASSOCIATES is a professionally managed firm. The team


consists of distinguished chartered accountants, corporate financial advisors
and tax consultants. The firm represents a combination of specialized skills,
which are geared to offers sound financial advice and personalized proactive
services. Those associated with the firm have regular interaction with
industry and other professionals which enables the firm to keep pace with

contemporary developments and to meet the needs of its clients.

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Raj Garg & Associates, Chartered Accountant, was established in 1998 with
the view to provide dynamic professional services in the field of Chartered
Accountant Services.

It is a leading chartered accountancy firm rendering comprehensive


professional services with the aim of providing a comprehensive range of
accounting, financial and legal consulting, tax management, auditing and
business process out-sourcing services, audit, management consultancy, tax
consultancy, accounting services, manpower management, secretarial services,
financial accounting consultants, payroll management and other financial
services etc. We also help our clients to manage their Fixed Asset
Management & Capitalization as an end-to-end service provider covering the
broad areas of capitalization, lifecycle management and physical verification
& tagging and process setup.

We also offer various consultancy services related to formation of a company,


corporate finance, NGO formation and many others.

The Firm‟s different verticals are headed by Senior Partners. Team RGA
consists of qualified, semi-qualified and others, who are technically
competent, well trained, strongly motivated and have in-depth knowledge and
rich experience

Team

Raj Garg & Associates is a professionally managed firm. The team consists of
distinguished chartered accountants, corporate financial advisors, tax
consultants and management 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. The Firm‟s different verticals are headed by Senior Partners. Our team
consists of qualified, semi-qualified and others, who are technically

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competent, well trained, strongly motivated and have in-depth knowledge and
rich experience.

Partners Details

Raj Kumar Garg

B. Sc, FCA

Raj Kumar Garg is the founder of Raj Garg & Associates. He is a member of
the Institute of Chartered Accountants of India (ICAI) since 1993. He has
experience of more than 24 years in the fields of taxation, auditing,
management consultancy, corporate setup, FDI. He has vast knowledge and
thorough understanding of Indian laws and regulations as well as the complex
corporate compliance.

Himanshu Gupta

B. Com, ACA

He is member of Institute of Chartered Accountants of India (ICAI). He has a


vast exposure in Accounting, Auditing, Income Tax, Service Tax, Financial
Services, GST, Accounting Standards, US GAAP, FDI.MISSION, VISION,
VALUES

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Mission - Our mission is to provide One-Stop solution to our clients for their
business, financial and regulatory requirements.

We focus on timely, innovative, proactive and independent assurance,


financial and tax services to our client and optimize stakeholders' value.

Vision - We believe in offering top quality and timely services. “To be a


quality service provider, supporting global client base in their accounting,
transaction, legal and taxation requirements.”We are a company of promise
and possibilities. Each day represents a fresh opportunity to share Our Vision.

Values-The values of the organization are as follows:

Valuing People

We believe that our success depends first and foremost on people. By


respecting people in everything we do, we will develop and maintain high
quality, mutually beneficial relationships with our clients, professional
colleagues, referral sources, vendors, community members and each other.

Building Client Relationships

We seek to earn long-term client loyalty by developing a deep understanding


of each client's business and personal goals, by demonstrating unwavering
reliability and integrity in our work and by acting as an independent and
objective advisor to our clients.

Upholding Quality and Integrity

We will maintain an environment where a commitment to quality, honesty,


respect, fairness and professional ethics governs the actions and decisions of
everyone within our firm.

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KEYS TO SUCCESS

The keys to success for RAJ GARG & ASSOCIATES Are:


Developing visibility to generate new business leads.
Relationships with clients (developing loyal, respectful, and intensive contact
with both clients and potential clients).
Marketing/strategy and networking with other professionals.
Responsiveness to clients (fast response time for special problems).
Quality (especially in reporting information).
Excellence in fulfilling the promise.
Openness: languages and willpower for creating interregional and
international contacts.
Objectives:
The objectives RAJ GARG & ASSOCIATES are:
Our objective is to create and sustain long term relationship with our
clients and provide one stop solutions for their requirements.
Our employees ideas and inspiration create opportunities constantly, and
without limits.

Growth - To expand the business at a rate that is both challenging and


manageable, serving the market with innovation and adaptability.

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ORGANIZATIONAL STRUCTURE

RAJ GARG & ASSOCIATES is a partnership firm owned and managed by


C.A" Raj Kumar Garg" and C.A”Himanshu Gupta”. A hierarchy is an
arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being "above," "below," or "at the same level as" one
another and with only one "neighbor" above and below each level. These
classifications are made with regard to rank, importance, seniority, power
status, or authority. A hierarchy of power is called a power structure.

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

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Supervisors

SeniorManagers

SeniorTraineeStudents
Proprietor

Managers JuniorTrainees

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

Managers are inquired of by Senior Managers and mostly manager manage


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

Field work and information collection and implementation of policies by


adopting changes in rules & regulations is the main responsibility of
supervisors and trainees. They use different kind of techniques for error and
fraud detection and they do the tax filing related work.

RAJ GARG & ASSOCIATESIs having its office in Mulund west. Almost all
the controls and regulations are dealt at office in Mulund west. The office

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constitute different number of departments who basically handle their
respective functions. The major departments include

• Audit and Assurance Department:


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

Firm emphasis on delivering high quality services to clients, adding value to


their business through identification of existing and potential control risks
and suggesting best possible measures in the given circumstances. Firm
always place priority in deploying audit teams to clients who are well
equipped with the specific industry knowledge, experience and are
professionally sound.

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

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and timely solution in complex situations. Firm provides a comprehensive
range of tax services which includes;
• Preparation and submission of annual tax returns
• Compliance services
• Tax advisory services
• Representation and litigation with tax authorities
• Personal income tax services
In RAJ GARG & ASSOCIATES same staff is handling with tax matters as
well as corporate sector. While in corporate firm provides different kinds of
services relating to corporate sector from incorporation to winding up of a
Company.

• Computer Department: Department handles the computer related matters


and assists other departments in working properly and efficiently. Department
deals with online filing of returns of income for tax department and finalize
audit reports in proper format in a presentable manner. It deals with
networking of computers in office and all other problems which may be faced
by computer users time to time.
• Correspondence Department: It handles with all the correspondence of the
firm by sending the solicited and unsolicited information from time to time.
Effectively and efficiently manage the day-to-day operations of the
Correspondence. Interact with clients to resolve policy and customer issues.
Identify trends and remove obstacles in Statement production and delivery by
properly maintaining record of all communication for future reference.

• HR Department: This department is mainly concerned with the recruitment,


hiring/firing of the firm and this department presents the timely reports on
effective utilization of the resources by the firm. A purpose of the human
resource is to keep the trained employees and recruit new energetic staff to
work. Another purpose of this department is to provide a good working
environment for staff and try to make by facilitating them and arranging some
recreational activities for them. HR knows the real worth of its employees so

cares for them and motivate them to work more efficiently and diligently.

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The hierarchy adopted by RAJ GARG & ASSOCIATES.is in accordance
with the legal structure a CA firm shall have. Although the ICAI rules
permit of not having the supervisors and does not make it mandatory having
senior manager and manager, yet this goes as additional benefit for the firm
of having such an extensive hierarch

Work Culture of The Organization

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

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• Formal Communication:

Such a communication is that which is associated with the formal organization


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

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


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

• Informal Communication:

Informal communication is also known as „Grapevine‟. It is free from all sorts


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

Here Punctuality and Sincerity is appreciated and everything here is done


according to a fixed routine schedule. Good work life balance where you get
plenty of time to learn new technologies and also Good Benefits and
package compared to other companies

Dress Code:

A step down from business formal, business professional clothing is

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

TIMING'S

10:00am- The office opens and reporting starts

10.20am- Tea Break for 10 minutes

10.30am to 2.30pm- Working hours

2.30pm to 3.00pm - Lunch break (where everyone sits together in conference


room and shares their lunch together)

3.00pm to 5.30pm- Working hours

5.30pm-5.45pm-Tea & Snacks Time

5.45pm-7:00pm- Working Hours

7.00pm-Office Closing Time

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LITERATURE REVIEW

Author(s):
Gudrun Baldvinsdottir (Trondheim Business School, Trondheim, Norway)
Andreas Hagberg (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Inga‐Lill Johansson (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Kristina Jonäll (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)
Jan Marton (School of Business, Economics and Law, University of
Gothenburg, Gothenburg, Sweden)

Acknowledgements:
The authors gratefully acknowledge financial support from the Jan Wallanders
and Tom Hedelius Foundation, the Swedish Research Council, and from the
Torsten and Ragnar Söderbergs Foundation. The authors also thank the Editor,
Deryl Northcott, and two anonymous reviewers for their encouragement and
suggested improvements. Finally, thanks are also due to workshop participants
at the AAA Annual Meeting in New York 2009 and at the EAA Annual
Congress in Tampere, 2009.

Abstract:

Purpose
– The purpose of this paper is to provide a structured overview of literature in
the nexus of trust and accounting. This can serve as a basis for future research,
and thus provide a framework for asking more precise and focused research
questions.

Design/methodology/approach

35 | P a g e
– All papers published in prominent accounting journals during a 15‐year
period were examined. Papers pertaining to the field of trust and accounting
were categorized and analyzed in more detail, and qualitatively classified in
accordance with selected dimensions. The review focused on papers explicitly
exploring the link between accounting and trust.

Findings
– A large proportion of the papers is in the field of management accounting
(MAN). The majority of published papers in the field are based on
sociological theory, but there are some economics‐based papers.
Sociologically based analysis seems to provide more structure, but is also less
paradigmatic in nature than economic theory. Only a small number of papers
have an explicit definition of the concept of trust. The authors' conclusion is
that the state of research has been developing to become more paradigmatic in
recent years.

Originality/value
– This is the only literature review that provides a comprehensive overview of
research on trust and accounting. Thus, it is an aid to future research in the
area.

Keywords:
Trust, Accounting, Research work, Serials, Paradigmatic research, Trust
definition

36 | P a g e
Author(s):

Reuven Avi-Yonah and Yoram Margalioth

ABSTRACT
The general advice of international institutions such as the IMF and the World
Bank given to developing countries over the past few decades has been to replace
trade taxes with domestic consumption taxes, particularly value-added tax (VAT)
and to maintain relatively high corporate income tax rates. This paper reviews
recent literature that supports and challenges this conventional view.

INTRODUCTION
The seminal work on the subject of taxation and development was done by Burgess
and Stern (1993), who reviewed previous literature and presented what is still, 13
years later, regarded as conventional wisdom.

According to their view, developing countries should have an indirect tax system
based on the following elements:
(i) a VAT, with one or two rates and some exemptions;
(ii) excises on alcohol, tobacco, petroleum products and some luxury goods; and
(iii) direct support for certain groups, possibly through subsidized rations. Such a
system may be supplemented by temporary tariffs to maintain revenue, or to
protect infant industries when justifiable. They strongly support the common
move that has taken place, way from trade taxes to sales tax in general, and
to VAT in particular.

The role of direct taxation in developing countries is much more limited. In


contrast to developed countries where taxation on personal income and social
security contributions raise two thirds of the total tax revenue, a narrow tax base
and high enforcement costs render direct taxation impractical for developing
countries. The income tax base is mostly comprised of wages of employees in the
public sector, because all other taxpayers are self-employed or small businesses
who evade paying all, or most, of the income tax. In addition, taxation of personal
capital income is easily evaded.

Taxing the income of corporations, on the other hand, provides developing


countries with a large share of their total tax revenue (estimated in 1993 to be
close to a third), compared to only a small share, around 10%, in developed
countries. Taxing large corporations does not involve significant administrative
and compliance costs, because they are per force required to comply with
statutory accounting requirements.

Following this conventional wisdom, the general advice of international


institutions such as the IMF and the World Bank given to developing countries
over the past few decades has been to replace trade taxes with domestic

37 | P a g e
consumption taxes, particularly value-added tax (VAT) and to maintain relatively
high corporate income tax rates.
Some recent literature, in particular, Emran and Stiglitz (2005) and Gordon and Li
(2005) challenge the conventional view, arguing that the relatively large informal
sector in developing countries may justify a different tax policy design.
Margalioth (2003) suggests that maintaining high corporate income tax rates may
come at a high cost in terms of economic growth as corporate tax rates affect FDI
location, and FDI may have significant spillover effects.
This paper is structured as follows.
The first section provides some general background. Section 2 reviews some
recent papers that support the conventional wisdom. In section 3, some recent
criticisms of the conventional wisdom are reviewed, and in the last section we
raise a few questions and offer suggestions for future research.

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RESEARCH METHODOLOGY

What is Research…?
Research means search for facts in order to find answers to certain questions or to
find solutions to certain problems. It is often referred to as „scientific inquiry‟ or
„scientific investigation‟ into a specific problem or situation. This is because; the
search for facts should be made by scientific method rather than by arbitrary
method. The scientific method uses systematic rational approach to search for
facts, whereas, the arbitrary method attempts to find answers to questions on the
basis of imagination and one‟s own beliefs and judgment.

In simple words Research is the systematic process of finding out problems


between variables by investigating inside or outside of the company and giving
better solutions to it.

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TYPES OF RESEARCH

Types of research are very important to research something in the company or


somewhere else. There are many researches which suits for different areas to find
out the problems in an organization, for e.g. quantitative research at numerical
area. I have been used three types of researches for my project work that is
Descriptive Research, Historical Research and Quantitative Research.

Descriptive Research:

Descriptive research helped me to find out facts and details of the pts. I
have been enquired directly to senior executives and senior employees about what
has happened and what is happening in the company.

Historical Research:

Through historical research I have found past details which is affecting


current situation of pts. They sold their moulding manufacturing plant to Saint
Gobain ltd. Since that day they are spending a lot for raw materials and creditors
are more than debtors.

Quantitative Research:

This research has undertaken to measure the quantity or amount of the


company. I glanced at company‟s balance sheet. Company‟s expenses and current
liabilities and the profit and current assets respectively.

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OBJECTIVES OF THE STUDY

• To study the various components of E-filing of GST Return, Income Tax


Return and TDS Return.

• To analyze the liquidity trend of E-filing Services.

• To appraise the utilization e-filing and find out shortcomings if any.

• To suggest measure for effective management of e-filing.

• To measure and evaluate the liquidity and profitability position of


company.

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LIMITATIONS OF THE STDY

• Time factor is the most crucial one. The study was conducted within a
short period of two months.

• Pts executives were hesitating to provide information.

• I had to wait for a long time to make contact with the executives, because
they were busy with their work.

• Due to busy work schedule, detailed discussions were not possible

• It is also found that some of the executives lack interest, enthusiasm,


initiative and involvement, which was de-motivated me.

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RESEARCH DESIGN

Problem: In Pts, since 3 years there is positive and equal relationship between
current assets and current liabilities. Collection period is less than payment period
so cash conversion cycle is less.

Objective: The main objective of research is to appraise the utilization of current


asset and current liabilities and find out short-comings if any and to suggest
measure for effective management of working capital.

Sampling Design: I have been used judgement method in non-random sampling.


Because all will not be good respondents to answer my questions. I have selected
those who know about working capital, debtors, creditors, stock etc.

Data Collection: I have been collected data through secondary. Secondary data
from Observation and Personal interaction, executives and senior employees.
Secondary data from annual reports and company websites.

Time Frame: I have done this research activity in two months.

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DATA COLLECTION

The following sources have been sought for the preparation of this report:

• Secondary sources such as business magazines, current annual reports,


book on Financial Management by various authors and internet websites
the imp amongst them being: www.
http://pioneertoolingservices.tradeindia.com, www.indiamart.com,
www.studyfinance.com.

• Secondary sources like previous year's annual reports, reports on


working capital for research, analysis and comparison of the data
gathered.

• While doing this project, the data relating to working capital, cash
management, receivables management, inventory management and short
term financing was required.

• This data was gathered through the company’s websites, its corporate
intranet, and PTS’s annual reports of the last five years.

• A detailed study on the actual working processes of the company is also


done through direct interaction with the employees and by timely
studying the happenings at the company.

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DATA SAMPLING

There are following steps in my sampling design:

• Type of universe: The first step in developing any sample design is to


clearly define the set of objects, technically called the universe, to be
studied. The universe of the study is the power sector.

• Sampling unit decision has to be taken concerning a sampling unit before


selecting sample. Sampling unit is following:

Financial Department, Township Administration, Finance & Account, Civil/


Electrical Maintenance Department, Control & Instrumentation, Fuel
Management, Human Resources and Electrical Office.

Above are all the sampling units that are used by me for study.

RESEARCH INSTRUMENTS
While doing the research on working capital management, I use some documents
that are given below:

1- PTS Financial Reports.


2- News Magazine of PTS.
3- Journals of pts.
4- PTS annual Reports

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PRODUCT PORTFOLIO

An accountant is one of the main players in any business that he or she


works for, whether it is a large corporation or a small business. The
accountant monitors and records the flow of money through a business or
organization. It is the responsibility of the accountant to verify the accuracy
of all money transactions and to make sure that all these transactions are
legal and follow current guidelines. It may be that the accountant works for a
company on a contractual basis to do the books or tax returns. They may
also choose to work for private individuals and help them with their
financial decisions, tax returns, or other money-related issues.
The firm assists its clients in:
Direct Taxes: (PRODUCTS)
• Assessments & Appeals
• Withholding taxes on payments other than salaries
• Advising on Income Tax Planning of Corporate & Personal Advisory.
• Verification of all payments to vendors for the purposes of

determination of correct application of rates and category for


deduction of withholding taxes.
• Computation of monthly TDS on the basis of above.
• Monthly tax reconciliation of the TDS due and deducted.
• Preparation and deposit of Monthly challans on or before the statutory
due dates.
• Filing of quarterly E-TDS Returns.
• Filing annual Income Tax return.

46 | P a g e
Indirect Taxes: (PRODUCTS)

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

G.S.T

o Rendering assistance in registration under G.S.T o Assistance


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

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TALLY SOLUTIONS (ACCOUNTING PRODUCT)

Tally Solutions Pvt. Ltd., is an Indian multinational company that


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

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

Tally opening screen will look like as follows

From here press Alt + F1 (to

shut company) Then select


the option create company.

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

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


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

If you want to give inventory details, then you should select


Accounts with inventory
Then give Financial Year and Books beginning
Financial year from (Tally considers 12 months from the date you give
here as the

Financial year 01/01/2010)


Books beginning ( in this case, it is 01/10/2010)

50 | P a g e
Tally Vault Password: here you can give a password
Use Security Control: If you want to control over accessing tally
data, give Yes

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

51 | P a g e
Ledger Creation
From Gateway of Tally go to Accounts info - Ledger- Create

Here Type Capital A/c

Then select Capital Account from the List of Group

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

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

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

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

53 | P a g e
Then you will get:-

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

Then you will get :-

54 | P a g e
Here select Use Debit/Credit Notes ? Yes
Then Press
Ctrl + F8 – Credit Note (To record sales return)
Ctrl + F9 – Debit Note (To record Purchase return
Journal entry
Journal Vouchers are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence, they are referred
to as adjustment entries.
Creating a Journal Entry
Journal entries are usually used for finalization of accounts.
To pass a Journal Voucher,

Go to Gateway of Tally > Accounting Vouchers


Click on F7: Journal on the Button Bar or press F7.
For example, there may be entries made for interest accrued or
interest due. If you have to receive Interest from a party, the same can
be entered using Journal Voucher.
1. Debit the Party
2. Credit the Interest Receivable Account The
Journal entry is displayed as shown:

55 | P a g e
SPECIAL KEYS FOR VOUCHER NARRATION FIELD:
ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
CTRL+R: Recalls the Last narration saved for a specific voucher
type, irrespective of the ledger

Spectrum software:- (specially designed for accounting related


works)
Spectrum is a combination of Zen Income Tax Auditor Edition, Zen e- TDS, Zen
Service Tax, Zen Document Manager, Zen Project Report / CMA, Zen Form
Manager & Zen e-
AIR. Direct E-filing Facility Has Been Provided through Software. User Can
Directly Upload
The Xml File On The Income Tax Department's Site Through Software.
Further A Facility Of "Change Password" And "Create User" Has Been
Provided Through Software. User Need Not
Log On To Department‟s Site Manually.
Features
• Computation of Income and tax thereon taking care of statutory deductions,
Set off of losses, Clubbing of Minor's income, Rebates etc.
• Computation of Foreign Company and Non Residents and Trust has been
provided with detailed provisions.

• Automatic as well as manual calculation of interest u/s 234A, 234B & 234C.
• Preparation of Return Forms viz. ITR 1 to ITR 7.

56 | P a g e
• Preparation of Trading, P&L Account, Balance Sheet, Multiple Capital
Account, and Statement of Affairs.
• MIS Reports viz. assesses register, Filed Return List, Pending Return List,
Returns to be Prepared, Refund
• Cases List, Advance Tax Register, Advance Tax Estimation Report, and
Assesses without PAN etc.
• Client-wise backup and restore facility.
• Online e-Payment of Tax Chillan‟s through software directly, no require
filling master information.
• Facility to Import Data Directly from Tally 4.5/ 5.4/ 6.3/7.2/8.1/9.0, BUSY
and from MSExcel.
• Specimen of Qualification in Auditor Report Notes on Accounts and
Accounting Policies.
•Facility to calculate Defer Tax Liability ⁄ Assets as per AS-22.
• Statutory Compliance (Income Tax)
» Enables Auto filing of Income Tax Return Form 1, 2, 2A, 3, 4, 4S, 5, 6 and
7 in Hard Copy and Electronic Format as per the requirement of Income Tax
Department for Individuals, HUF, Firms, Companies, AOP, BOI,LLP and
Trusts.
» Form 49A (PAN Application New-Indian Citizen), Form 49AA (PAN
Application NewForeign Citizen) & Form 49A Correction (Modification in
PAN Data) are generated from the master database in the software in the hard
copy and online.
» Declaration form for Non deduction of TDS - Facilitates Generation of
Form 15H (senior citizens) and Form 15G (Other Citizens).
» Relief Calculator - Calculation of Relief u/s 89(1). Minimum Alternate Tax
(MAT) report - Furnishing of Form 29B enabled.
»Advance Tax Calculator for computation of Advance Tax installments.
• Billing
» Facility to generate bills, receipts and bill cum receipts.
»Pending fee list and Pending bill list.

»Client Ledger and Outstanding.


• Various Online Activities (On Income Tax Website)

57 | P a g e
» Navigating widget for logging on to Income Tax India website to directly
upload the required XML files.
»e-Filing for 10B, 10BB, 29B, 3CEB, 35.
» Downloading widget facilitates update from email box i.e., downloading of
intimation and ITR-V receipt status.
» e-payment of Challan obviates need to fill master information, Import TDS
entries from Form 26AS.
» Facility to know Outstanding Tax Demand, Tax Credit Mismatch,
Rectification Request, Filing of Defective Return, Generation & Verification
of ITR through EVC.
• Statutory Compliance - Financial Statement
» Generates Balance Sheet, Profit and Loss Statement in the Revised Schedule
VI Format and Horizontal format.
» Tax Audit Reports - Generates Forms 3CA, 3CB, 3CD and Annexure of
Form 3CD.
» Company Reports - Generates Auditor's Report, Director's Report &CARO
Report.
» Notes to Account & Significant Accounting Policies - Enables inputs for
notes and accounting policies.
» Comparative summary of current year's and previous year's computation
enabled in a single click.
» Tax Planning Tool facilitates adjustment of sequence of current year losses
and unabsorbed depreciation.
E-TDS
Features
• Preparation and Validation of e-TDS return file.
• User can Generate Forms 24G, 24Q, 26Q, 26QA, 26QAA, 27A, 27B, 27Q,
27EQ, 15G/H, 16, 16A, 27D, 49B by giving Single Input (with correction
statement).
• Facilitates record keeping and error tracking of returns through preparation
of Multiple correction statement.
• Identification of wrong PAN - This helps to identify a wrong PAN report

and correct it accordingly.

58 | P a g e
• File Viewer Facility to view FVU files as per the format prescribed by the
NSDL. •Salary display computation of total income and tax calculation
thereon.
• Challans wise Details, Certificate Issue Register, List of Clients not having
PAN and address.
• Salary Summary Annual Gross (Display the Gross Amount and Exempted
Amount separately), Annual Net (Display the Final Taxable Amount) and
Monthly Salary Summary (Display the Monthly Salary Paid).
• Online TAN Registration.
• e-Filing of Return (Auto downloads of CSI File from the NSDL Site, Error
Locator - efile error locator redirects you to the point of initiation of error,
Auto Generation of Form No. 27A with control report.
• List of All India Bank Branches Codes Available.
• Facility to calculate amount of Monthly TDS to be deducted.
• Real Time Validation Facility - A tripwire in the software to identify errors
and notify the user during the e-Filing process.
• Challan Verification - This facility verifies the authenticity and correctness
of the challan from the CSI File.
• Import/Export Facility
» Import Facility - Zen TDS facilitates importing data of deductee and
employee master and deductee entries from Excel Sheets / FVU / NSDL-TDS
File.
» Facilitates importing deductee entries from Text files generated by all major
banking software e.g.Finacle etc.
» Export Facility - Zen TDS facilitates exporting of data and grid into Excel
templates.
• MIS Reports
» Various Master Reports - Deductor Master / Deductee Master / Employee
Master Reports.
» Salary Report - Reports on Monthly TDS Deducted, Monthly TDS to be
Deducted, Gross Salary Summary, and Net Salary Summary.
» Challan Report - Reports on Challan Status, Deductee wise Challan report.
» Return Status Report - User is facilitated by status report of Filed and
Pending Returns. » Statement Analysis Report - Identification of all the

59 | P a g e
possible defaults on a excel sheet for a Particular quarter on a single
click.
• Online Features
» New Deductor Registration on Income Tax Website.
» Facility to upload TDS statements.
» Online TAN/AIN Registration - Information automatically filled up in the
online registration form on Traces website using the software's master
database.
» Online Verification Single / Multiple Challan - This facility checks the
correctness of the challan from the NSDL Website.
» Online PAN Verification - This facility checks the correctness of the PAN
from the Traces Website.
Good and Service Tax
Features
• Preparation of Form ST-1, 3, 3A, 4, 5, 6, 7.
• Preparation of Form GSTR-1, GSTR-2.
• Report of Pending or Filled GSTR-3B Return.
• Online e-Payment of Tax Challan through software directly, no
requirements to fill master information.
• Preparation of Additional Information to be submitted with Good and
Service Tax Return.
• Takes into account the effect of abatements.
• Software directly navigate to the e-filing websites (aces.gov.in) and logs in
directly. Software memorizing the password.

Document Manager
Features
• Enable client wise Document management for easy listing, storing.
• Classification of Documents on the basis of subject, financial year.
• Creates Centralized storage of documents.
• Quick addition of document, modification possible.

• Facility to tag documents.


• Smooth searching of documents & retrieval, supported for different criteria.

60 | P a g e
Project Report / CMA
Features
• Preparation of project report.
• Depreciation Chart as per New Companies Act, 2013.
• Preparation of complete projected financial statements of specified projected
years.
• Facility to enter complete quantitative details and auto calculation of various
figures at the option of the user.
• Preparation of CMA Data & Calculation of MPBF as per Tandon and Nayar
Committee.
• Preparation of Cash Flow & Fund Flow statement.
• Auto Interest calculation, EMI calculation, rate of interest calculation,
present value & maturity value calculation.
• Facility of preparation of multiple repayment schedules of the term loan.
• Auto preparation of depreciation chart and term loan interest for estimated
and projected years.
Form Manager
Features
• Facility of Automatic Picking of Master Data in Forms (It works like Mail
Merge Facility of MS Word).
• Facility to add additional categories in forms and storage at a central
location.
• Forms provided by the software can be edited and saved.
• Forms available from the assessment year 2007-2008 in the Form Manager
enabling compilation of all ITR forms in a single location.

• About 1000 Forms including


» Affidavits, Bonds, Agreements
» Arbitration
» Company Law

» Compromise and Settlements


» Foreign Collaboration

61 | P a g e
» Gift, Hire Purchase
» Income Tax
» Indemnity
» Lease and License, Mortgage and Pledge
» Notices
» FEMA
» Partition, Partnership Deed
» Power of Attorney
» Sale Deed
» Service Tax, Wealth Tax, Central Excise
» Income Tax Circulars and Notification (Approx. 9000

About the "Spectrum" software

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

Tax accountant

Tax matters arise in every aspect of running a business, from day-to-day GST

to share schemes. Tax accountants prepare corporate and personal income tax
statements and formulate tax strategies involving issues such as financial

62 | P a g e
choice, how to best treat a merger or acquisition, deferral of taxes, when to
expense items and the like.

Management Accountant's

Historically, many management accountants have been derided as "bean


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

Financial Accountant's

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

Auditor

Working in audit involves checking accounting ledgers and financial


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

Budget Analyst

Budget analysts are responsible for developing and managing an


organization's financial plans. There are plenty of jobs in this area in
government and private industry. Besides quantitative skills, many budget
analyst positions require superior people skills because of negotiations
involved in the work. The Chartered Accountancy qualification gives you the

tools you need to excel in this area.

63 | P a g e
G.S.T (Goods and Service Tax) (registration and filing)

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

It was introduced as The Constitution (One Hundred and First Amendment)


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

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HSN code in GST

HSN (Harmonized System of Nomenclature) is a 6-digit code for identifying


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

Goods and Services Tax Network (GSTN)

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

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

charge a fee for filing those returns.

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Maintenance of accounts/ book keeping.

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

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SERVICES RENDERED BY THE C.A FIRM

Chartered Accountant firms render various types of services to their clients.


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

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

Entrepreneurs and small-business owners wear a lot of hats, but hiring an


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

Some of the services offered by "RAJ GARG & ASSOCIATES" :

Taxation

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

Management Consultancy

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They provide management consultancy to their clients. In management
consultancy include development and implementation for accounting system,
manuals and management information system. In order to make their
management efficient they appoint staff may or may not have a professional
auditor's qualification. Sometimes the company independent auditors to
conduct the internal audit of their accounts. The auditor checks the system and
the policies of the management along with the books of accounts. The auditor
has to report to the management whether the policy and plans of activities
prescribed by them have been implemented, whether the internal check and
internal control established are adequate, whether the actual result are obtained
and varying form the estimates, and to enable the management to achieve the
objective of the company in a planned manner.

Professional Consultancy

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

Corporate Services

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

Book keeping

Many accounting firms employ full-charge bookkeepers or junior accountants


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

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Job Description

I joined as a "Junior intern" at the "RAJ GARG & ASSOCIATES". Since


being a Finance Student I had a good knowledge of book keeping and
accountancy so i started to work on preparing Bank Summary.

At beginning it was difficult to interpretate the data provided in the bank


statement but my Reporting Officer C.A Himanshu Gupta and my fellow
senior colleagues guided me wherever i needed their help.

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

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

After That for the rest of the period of my internship I was working on Bank

summary, passing different entries in Tally, Creating income tax user id,

Checking 26AS, Computing Tax liability, Payment of G.S.T,Payment of

Advance Tax, Payment of Self-assessment tax, Form 280,Preparing Balance

sheet, P&L A/c, E-verify ITR, Link aadhar with Pan Card etc. Preparation of

Preliminary Trial Balance and various other Financial Statements:

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

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Preliminary Trial Balance

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

(also known as a statement of financial performance or an income statement)


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

is a financial statement that summarizes a company's assets, liabilities, and


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

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Verify Tax returns

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

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

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

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

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

3. To verify your returns using Aadhaar OTP

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

If you do not have EVC or your mobile number is not linked to aadhaar, then

you can choose option 2 mentioned above. EVC can be generated by clicking

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on 'Generate EVC' option under 'My Account Tab'. Four options to verify your
ITR will appear. An Individual can choose any of

the following method to verify it.

Using Electronic methods

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

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

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

(c) Receiving EVC by using bank account based validation system: To use
this method you must first pre-validate your bank account. You can pre-

validate your bank account through the profile settings menu in your e-filing

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account. You will be required to enter details such as bank name, account
number, IFSC and mobile number.

Pre-validation will be successfully completed only if your PAN and name


match with bank account records. You must enter the mobile number which is
linked to that bank account. Once these details are confirmed and validated by
the bank then only you can generate EVC using this option. You will receive
the code on the mobile number mentioned by you. Currently, only 12 banks
are providing this facility. You must ensure that your bank is in the list before
using this option. Note: No change of mobile number or email as mentioned
above will be permissible without revalidation of the bank.

(d) Verifying returns through Demat Account Number: This method is


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

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

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

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

2. ITR-V is a password protected document which can be downloaded from


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

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

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

5. Address of CPC Bangalore for speed post: 'CPC, Post Box No - 1,


Electronic City Post Office, Bangalore - 560100, Karnataka, India'.

Filing Estimated Income Tax:

Taxpayers who derive or expect to derive any assessable income from a


business or investment shall pay tax for the year by three installments.
Therefore, they are called installment payers. Taxpayers with income solely
from employment are not obliged to pay tax in installments because their tax
from employment income is collected by withholding. Similarly, presumptive
taxpayers are also not obliged to pay tax in installments. Payment of tax by
installments is fundamentally different from payment of tax by withholding.
Withholding requires a person‟s tax to be paid by a third party, whereas under
an installment system the person pays his or her own tax. Every installment
payer has to submit for the income year ahead an estimate of his tax payable.

For that the estimated tax returns are to be utilized. The submission is due to
be made by the date for payment of the first installment, i.e. it shall be filed

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together with the first installment. Since the first estimate has to be submitted
after the income year is half,the estimate should include the actual taxpayer‟s
facts of the first half of the income year so that there is some thorough basis
for the estimation of the possible profit of the second half of the income year.
In this estimate the following amounts are to be specified: the assessable
income to be derived for the income year from employment, business, and
investment the source of this income the taxable income to be derived for the
income year the tax to become payable calculated without reduction for any
medical tax credit The installments have to be paid as follows:40 % of the tax
as estimated for the current income year less paid tax, i.e. less amounts that
have already been paid by the end of the month Poush70 % of the tax as
estimated for the current income year less paid tax, i.e. less amounts that have
already been paid by the end of the month 100 % of the tax as estimated for
the current income year less paid tax, i.e. less amounts that have already been
paid by the end of the month As If the amount of an installment calculated as
above is less than Rs. 2000, the installment is not required to be paid. If at the
end of the year a final tax liability remains to be paid, as, for example, a result
of the income tax return filed at the end of the year the income tax paid by
installments is credited against this liability.

Filing of Returns of Income: In addition to the estimate (during) an income


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

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Computing the Tax Liability

1. Calculating your taxable income and tax liability can be a bit


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

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OTHER DETAILS

VARIOUS OTHER SERVICES RENDERED BY THE FIRM

CORPORATE SERVICES

• Incorporation of company

• Consultancy on Company Law matters.

• Planning for Mergers, Acquisitions, De-mergers, and Corporate re-


organizations.

• Filing of annual returns and various forms, documents.

• Clause 49 review for compliance with fiscal, corporate and tax laws

• Secretarial Matters including share transfers

• Maintenance of Statutory records

• Consultancy on Public/Rights/Bonus Issue of shares.

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

AUDIT

Broadly, Audit involves the following:

• In-depth study of existing systems, procedures


and controls for proper understanding. Suggestions
for improvement and strengthening.

• Ensuring compliance with policies, procedures and statutes.

• Comprehensive review to ensure that the accounts are prepared in


accordance with Generally Accepted Accounting Policies and
applicable Accounting Standards/IFRS.

• Checking the genuineness of the expenses booked in accounts.

Reporting inefficiencies at any operational level.

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• Detection and prevention of leakages of income and suggesting
corrective measures to

prevent recurrence.

• Certification of the books of account being in agreement with the


Balance Sheet and Profit and Loss Account.

• Issue of Audit Reports under various laws.

Types of Audits conducted


• Statutory Audit of Companies

• Tax Audit under Section 44AB of the Income Tax Act, 1961.

• Audit under other sections of the Income Tax Act, 1961 such as
80HHC, 80-IA, etc.

• Concurrent Audits.

• Revenue Audit of Banks.

• Branch Audits of Banks.

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

• Audit of Co-operative Societies.

• Information System Audit .

• Internal Audits.

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CONCLUSIONS

The study on Accounting & Taxation management conducted in Raj Garg &
Associates to analyze the financial position of the company and instructed how to e-
file Return. The company‟s financial position is analyzed by using the tool of
accounting and taxation.

The financial status of Raj Garg and Associates is good. In the last year the inventory
turnover has increased, this is good sign for the company. The company‟s liquidity
position is very good With regard to the investments in current assets there are
adequate funds invested in it. Care should be taken by the company not to make
further investments in current assets, as it would block the funds, which could
otherwise be effectively utilized for some productive purpose. On the whole, the
company is moving forward with excellent management.

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BIBLIOGRAPHY

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

http://economictimes.indiatimes.com/articleshow/52985020.cms?utm_source=
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http://www.kdksoftware.com/

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

tally-exa

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

id=197 https://www.careers360.com/news/4162-

Chartered-Accountancy-CA

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

improving-the-economyof-the-country

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

https://www.teachoo.com/721/227/What-is-Tally---Features-and-

Uses/category/Basics-of-Tally/

http://economictimes.indiatimes.com/wealth/tax/5-ways-to-verify-your-income-

tax-return-nowe-verify-without-aadhaar-net-banking/articleshow/52985020.cms

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

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

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

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