Accouting, Tax Management & Audit Vouchering UNDER CA Report
Accouting, Tax Management & Audit Vouchering UNDER CA Report
ON
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DECLARATION BY THE STUDENT
Astha Pandey
Roll No: 818638
B.Voc (Banking & Finance)
5th Semester
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ACKNOWLEDGEMENT
Astha Pandey
Roll No: 818638
B.Voc (Banking & Finance)
5th Semester
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TABLE OF INDEX
1. CHAPTER 1: Introduction 07 – 17
Introduction of Organization Business Sector
About the Industry
Mission and Vision
Organizational Structure
Organizational Structure
Top 11 CA Firms in India
Services Offering
Audit
Overview of Vouching
Preparation of books on Tally
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Preparation of Partnership Deed
Overview of VAT
Overview of Tally ERP9
AS 26 Intangible Assets
Overview of Auditing
Overview of GST
Overview of Taxation
6. CHAPTER 6: Bibliography 93 – 94
References
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CHAPTER 1
INTRODUCTION
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INTRODUCTION OF THE ORGANIZATION’S
BUSINESS SECTORS
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MISSION & VISION
Mission of ICAI
Is to achieve excellence in professional competence, add value to
businesses and economy, safeguard public interest; ensure ethical practices
and good corporate governance while recognizing the needs of
globalization.
Vision of ICAI
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ORGANISATIONAL STRUCTURE
Partners
Directors
Senior Managers
Managers
Supervisors
Senior Trainee Students
Junior Trainees
Various levels of the firm have different functions. Partners are often the
founders of the firms. Most of the firms’ names are associated with the
names of partners. They are basically the main parties who issue and sign
any report (specifically audit report) on behalf of the firm. Partners mostly
communicate with the Senior Managers. In other words, the progress of any
report and any inquiry is made from the Senior Managers and hierarchal
structure is strictly followed to avoid any disruption.
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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.
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TOP 11 CA FIRMS IN INDIA
1. Deloitte: -
Deloitte is known for providing audit, tax, consulting, enterprise risk and
financial advisory services to more than 200,000 professionals in over 150
countries. They are the Advisors to many of the World’s most admired
Brands.
2. PWC: -
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The Firm believes in helping resolve complex issues and identifies
opportunities. People from all backgrounds such as arts, business,
economics, engineering, finance, health, information technology, law and
more are entertained.
3. KPMG: -
It is amongst the Big Four auditors, standing along with PWC, Deloitte and
EY. The professionals employed with this firm, KPMG is 162,000 people
and performs three services, viz. audit, tax, and advisory. The tax and
advisory services provided by the firm are further divided into various
service groups.
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5. BDO International: -
BDO International stands at the fifth rank for providing the largest
accountancy network in the world.
Grant Thornton is a UK based firm which has its branches in almost 125
countries. This firm is known for generating very high revenue which is
more than 4.5 billion dollars.
It has been operating for 100 years. Grant Thornton has provided valued
service to organizations with the potential to grow and to operate
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internationally. It makes the professionals adapt to market conditions and
deal with complex events or transactions.
7. RSM International: -
RSM ranks the 7th largest among the professional services network for
audit, tax and advisory firms. It takes pride in holding the 6th rank as the
largest global provider of tax services in the world.
Three of the original member firms of the organization are Robson Rhodes
(UK), Salustro Reydel (France) and RSM McGladrey/McGladrey & Pullen
(USA).
The best thing about this Firm is that it has over 55 years in existence. SS
Kothari has been one of the highly reputed firms in Delhi and has its
branches in 100 other countries.
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It has created a strong National presence through a network creation of 6
offices and 20 associates which covers almost all the regions of the
Country. With a combination of Partners and Associates, it has covered
almost all the parts of the country.
This is also a vintage firm set up in 1941 and has its offices all over India.
They operate in locations like Kolkata (Calcutta), Chennai (Madras),
Hyderabad, Mumbai (Bombay), New Delhi and Jaipur.
SNB is a national Indian firm which is based in Delhi and provides its
services in the field of audit, consulting, accounting and allied areas. It was
established in 1981 and is one of the leading Firms in India having its
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Headquarters in New Delhi and branch offices in Bangalore and Mumbai.
The Firm has kept its Aim for providing services of the highest quality,
resulting in the addition of value to each of its clients in a totally
professional, independent and ethical manner.
It has been one of the most leading firms in India and has been providing its
services in audit, advisory, tax and corporate law matters. It is bound to
provide high-end services to its clients.
The success of Firms depends on its professionals, thus the Firm focuses on
training its employees such that they could find solutions to the various
needs and queries of its clients and thus, achieving the Organizational
goals. It has its branches in Delhi, Mumbai, Bangalore, Chennai and Noida.
This firm is known for providing its service in different fields like
Taxation, Corporate Laws, Foreign Exchange Compliance and SEBI
related services in cooperation with 18 highly qualified personnel.
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CHAPTER 2
COMPANY PROFILE
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ABOUT THE COMPANY
Priyanka Shukla CA & Co. has a clear vision for the future growth and
development of financial markets and services and researches to stay
ahead of these trends and developments. Priyanka Shukla CA & Co.
moulds its operations and areas of competencies and introduces services
so as to assist clients in their business operations and growth.
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DEPARTMENTS OF CA COMPANY
Priyanka Shukla CA & Co. is having its head office in Lucknow. Almost
all the controls and regulations are dealt at head office in Lucknow. All
the offices constitute different number of departments who basically
handle their respective functions. The major departments include:
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 Pakistan. 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 endeavor to meet reporting deadlines as set out by the laws
and regulations or as mutually agreed with clients, without compromising
the professional, legal and ethical requirements.
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clients who are well equipped with the specific industry knowledge,
experience and are professionally sound.
Compliance services.
In Priyanka Shukla CA & Co. same staff is handling with tax matters as
well as corporate sector. While in corporate firm provides different kinds
of services relating to corporate sector from incorporation to winding up
of a Company.
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Computer Department: -
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: -
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employees so cares for them and motivate them to work more efficiently
and diligently.
CORPORATE SERVICES
Incorporation of company
Clause 49 review for compliance with fiscal, corporate and tax laws
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SERVICES OFFERING
Company Registration: -
LLP Registration: -
GST Registration: -
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necessary to get GST Input Tax Credit. Experienced CA firms can ease
out the process within reasonable fees.
Project Financing: -
ROC Filing: -
GST Return: -
TDS Return: -
Income tax act requires TDS (Tax Deducted at Source) deduction file the
TDS return on periodic basis by mentioning TAN No.
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Income Tax (Salaried): -
Income tax return of salaried employee can be filed with help of Form 16
& Form 16A. Form 26 AS will help you in getting information about TDS
on salary. Experienced CA firm can help you for better tax planning and
reduce the TDS.
Tally Accounting: -
Tally is most used accounting software. Small and medium sized business
can take services from CA firms who can allocate accountants to handle
accounting for your business.
Statutory Audit: -
Get the statutory audit of your company under Companies Act from
experienced CA firms. Statutory Audit is compulsory for any type of
company.
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Tax Audit: -
Internal Audit: -
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AUDIT
Tax Audit under Section 44AB of the Income Tax Act, 1961.
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Audit under other sections of the Income Tax Act, 1961 such as 80HHC,
80-IA, etc.
Concurrent Audits.
Internal Audits.
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CHAPTER 3
CONCEPTUAL DISCUSSION
OBJECTIVES OF STUDY
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I choose to work with Priyanka Shukla CA & Co. 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.
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To enhance my personal knowledge and professional preparation
for future.
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JOB DESCRIPTION
I have tried my best to enhance my abilities and apply the knowledge that I
gained during the studies. On my first day at firm, company in-
charge Mr. Priyanka Shukla Chandra gave me training session about
TDS returns and computerized accounting in tally software and also
shared his practical experience with me and gave me some
techniques of this process. He also guided me that how to prepare
VAT/GST return and filing data in income tax return preparation
software.
Vouching
Voucher Entry
Intangible Assets
Auditing
Taxation
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Maintenance of accounts/ book keeping.
MS office
Tally software
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Overview of TDS
Tax deducted at source (TDS) is a tax that is deducted from income that a
company in India pays to a recipient or supplier if the income
amount exceeds a specific statutory limit in a financial year. The
types of income that are subject to TDS include:
Salary
Insurance commission.
Rent.
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Form 16 is the TDS certificate which an individual submits and
Form 26Q is the TDS certificate which a company submits to the tax
authorities.
TDS RETURNS: -
TDS is a system whereby the income tax is deducted at the time of making
some payments like rent, interest, commission etc. The person
making such specified payments is responsible for deducting the
TDS and paying the balance amount to the person entitled to receive
such payment. The TDS amount deducted must be deposited to the
government within the due dates specified by the person deducting
TDS. While it is commonly assumed that the TDS is applicable only
on salary income, but it is also applicable in many other cases such
as:
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Income from dividends.
Payment to contractors/subcontractors/freelancers.
All income is taxable only at the end of the financial year, hence the
government has instituted the concept of TDS, in order to ensure:
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PROCESS FLOW OF TDS: -
This process flow shows the steps to charge and remit TDS: -
Create vouchers for suppliers with pay status % and applicable tax type
Update Challan
Overview of VOUCHING
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documentary evidence supporting and substantiating a transaction, by an
auditor. It is the practice followed in an audit, with the objective of
establishing the authenticity of the transactions recorded in the primary
books of account. It essentially consists of verifying a transaction
recorded in the books of account with the relevant documentary and the
authority on the basis of which the entry has been made; also confirming
that the authority on the basis of which the entry has been made; also
confirming that the amount mentioned in the voucher has been posted to
an appropriate account which would disclose the nature of the transaction
on its inclusion in the final statements in account. Vouching do not
include valuation. Vouching can be described as the essence or backbone
of auditing.
VOUCHER ENTRY: -
Go to Gateway of Tally > Accounts Info. > Voucher Type > Create
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Enter the Voucher name
Tally provides you capability to generate various books and registers for
any specific period viz., month, date, and year and as on date. In Tally,
once voucher entry is made, the transactions are automatically &
immediately in the Day Book and other Books of Accounts without any
additional effort. Tally allows you to maintain and generate all primary
books of accounts and registers like:
Cash Book
Debit Note Register
Bank Book
Credit Note Register
Purchase
General Ledger
Register
Sales Register
Journal
Register
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PREPARATION OF PARTNERSHIP DEED
When registering a partnership firm in India for startups, there are some
basics that need to be covered. Partnership and proprietorship are the two
most popular forms of business organisations in India. The reason why
these two forms of organisations are so popular is because they are
relatively easy to set-up and the number of statutory compliance
requirements needing to be followed by these forms of organisations is
relatively less than the statutory compliance requirements applicable to
LLP’s and companies. As such, this article focuses on the registration
process for the partnership firm.
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1. The names must not be too identical or similar to the name of another
existing firm doing similar business, so as to avoid confusion. The reason
for this rule being that the reputation or goodwill of a firm may be injured,
if a new firm could adopt an allied name.
2. The name must not contain words like Crown, Emperor, Empress, Empire
or words expressing or implying the sanction, approval or patronage of the
Government, except when the State Government signifies its consent (in
writing) to the use of such words as part of the firm name.
The above are the minimum essentials which are required in all
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partnership deeds.
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register their Partnership Agreement. However, in the case where the
partnership deed is not registered, the partners may not be able to enjoy the
benefits which a registered partnership firm enjoys.
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Firms and issue a Certificate of Registration. The Register of Firms
maintained at the office of the Registrar contains complete and up-to-date
information about each registered firm.
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Overview of VAT
At the end of the month or each quarter, you file a VAT return with the
tax office, and remit the VAT due.
Prerequisites
You have carried out the activities described in closing for VAT.
Process
1. You prepare a copy of the sales ledger and the purchase ledger.
The ledgers show the invoices that have been paid and on which
VAT is thus due. The ledgers are for your own reference in the
event of a check-up by the tax office.
1. You calculate the total amounts of VAT for each tax code.
2. You print the VAT return. The system fills out the fields in
the VAT return using the totals that you calculated in the
first step.
4. You file the VAT return with the tax office and remit the taxes.
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Computer online software
A Solution For
TDS return
VAT returns
CMA
AIR return
Document Management
Challan
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Standard letters to clients
Features
Activation/De-activation of
individual party from particular/all
software.
LAN compatible.
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Various data input validation checks to eliminate errors.
Q.What is VAT?
Under a VAT system, a dealer collects tax on his sales, retains the tax paid
on his purchase and pays the balance to the government. It is a
consumption tax, because it is borne ultimately by the final consumer. The
tax paid by the dealer is passed on to the buyer. It is not a charge on the
dealer. VAT is instead a multipoint tax system with provision for
collection of tax paid on purchases at each point of sale.
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Q.What is Input Tax?
The tax a dealer pays for purchases is input tax. Many purchases will carry
a VAT charge, but when a dealer is registered under VAT, they can
normally claim a credit for VAT charges on most business purchases.
Input tax includes not only the VAT on your purchases of raw materials or
on goods purchased for resale but also VAT on capital goods, such as
machinery or equipment.
VAT Computation
A dealer pays VAT by deducting the tax paid on purchases (input tax)
from his tax collected on sales (output tax).
VAT has fewer rates, as opposed to the high number of rates for Sales Tax,
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and allows offsets of tax on inputs against those on outputs. VAT also
does away with the tax on tax.
VAT will not cover small businesses with sales below a certain limit. In
Maharashtra, the limit is 10 lakhs or below.
Since every state has its own VAT legislation, VAT rates, taxable base and
list of taxable goods, VAT rates will differ from state to state. As an
example, here are Maharashtra’s tax rates as of June 2016:
Schedule ‘C’ – Declared Goods and other specified goods – 5% (Rates for
items other than declared goods changed to 5.5%)
Schedule ‘D’ – Foreign Liquor, Country Liquor, Motor Spirits, etc. – 20%
and above
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Q. How does VAT help trade, consumers, and government?
Trade
Uniform rates of VAT will boost trade; 100% self-assessment will reduce
the need for taxpayers to visit a tax department officer.
Customers
Removing tax on tax reduces prices of goods that the end consumer pays.
Government
Since dealers will conduct self-assessment, the resources required for this
process will be fewer, and the revenue department can focus more on
collection than administrative processes.
Journal Entry
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Journal Vouchers are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence, they are referred
to as adjustment entries.
ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
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CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.
Journals are adjustment entries, which do not involve Cash account and
Bank account. However, in exceptional cases where the user would like to
account Journal entries involving Cash/Bank Account, Tally.ERP 9 has the
flexibility of passing such entries by enabling the option under F12
configuration.
To enable Cash Accounts in Journal voucher,
Set Allow Cash Accounts in Journals to Yes in F12: Configure (Voucher
Entry Configuration).
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The Journal Voucher Screen with Cash/Bank Ledger selection will appear
as shown:
Debit Note is a document issued to a party stating that you are debiting
their Account in your Books of Accounts for the stated reason or vice
versa. It is commonly used in case of Purchase Returns, Escalation/De-
escalation in price, any other expenses incurred by you on behalf of the
party etc.
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You need to enable the feature in F11: Accounting or Inventory features.
· To make the entry in Invoice mode enable the option F11: Accounting
Features - Use invoice mode for Debit Notes.
· Click on Ctrl+F9: Debit Note on the Button Bar or press Ctrl+F9. You can
toggle between voucher and Invoice mode by clicking Ctrl+V. Pass an
entry for the goods purchased returned to Supplier A:
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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:
1. ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
2. CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.
Credit Note is a document issued to a party stating that you are crediting
their Account in your Books of Accounts for the stated reason or vice
versa. It is commonly used in case of Sales Returns.
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Ctrl+F8. You can toggle between voucher and Invoice mode by clicking
Ctrl+V. Pass an entry for goods sold returned from Customer A:
1. ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
·
2. CTRL+R: Recalls the Last n a r r a t i o n saved for a specific voucher
type, irrespective of the ledger.
·
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AS-26 INTANGIBLE ASSETS
Intangible assets that are within the scope of another standard financial
assets.
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direct cost.
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OVERVIEW ON AUDITING
In this area, we were done different type of work such as matches the
balances of transactions from software information with our tally voucher
entries information. We check different financial records of companies any
analyze that and identify the mistakes then give some suggestions to them.
Auditing Standards
The ASB also issues Statements on Auditing Standards (SASs) that apply
to preparing and releasing audit reports for non-issuers (companies not
required to register with the SEC). AICPA members who audit a non-
issuer are required by the AICPA Code of Professional Conduct to comply
with these standards. As of 2012, there are more than 60 active standards.
There are four main steps in the auditing process. The first one is to define
the auditor’s role and the terms of engagement which is usually in the
form of a letter which is duly signed by the client.
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The second step is to plan the audit which would include details of
deadlines and the departments the auditor would cover.
The next important step is compiling the information from the audit. When
an auditor audits the accounts or inspects key financial statements of a
company, the findings are usually put out in a report or compiled in a
systematic manner.
The last and most important element of an audit is reporting the result. The
results are documented in the auditor’s report.
Audit Planning
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Internal auditors need to understand the business, operations, and unique
characteristics of the department/unit being audited and to develop an audit
plan that defines the procedures needed to do an efficient and effective
audit.
OVERVIEW ON GST
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What is GST?
GST is an Indirect Tax which has replaced many Indirect Taxes in India.
The Goods and Service Tax Act was passed in the Parliament on 29th
March 2017. The Act came into effect on 1st July 2017; Goods & Services
Tax Law in India is a comprehensive, multi-stage, destination- based tax
that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax levied on
the supply of goods and services. This law has replaced many indirect tax
laws that previously existed in India.
So, before Goods and Service Tax, the pattern of tax levy was as follows:
Under the GST regime, the tax is levied at every point of sale. In the case
of intra-state sales, Central GST and State GST are charged. Inter- state
sales are chargeable to Integrated GST.
Now let us try to understand the definition of Goods and Service Tax –
“GST is a comprehensive, multi-stage, destination-based tax that is
levied on every value addition.”
Multi-stage
There are multiple change-of-hands an item goes through along its supply
chain: from manufacture to final sale to the consumer.
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Purchase of raw materials
Production or manufacture
Sale to wholesaler
Value Addition
The manufacturer who makes biscuits buys flour, sugar and other material.
The value of the inputs increases when the sugar and flour are mixed and
baked into biscuits.
The manufacturer then sells the biscuits to the warehousing agent who
packs large quantities of biscuits and labels it. That is another addition of
value after which the warehouse sells it to the retailer.
The retailer packages the biscuits in smaller quantities and invests in the
marketing of the biscuits thus increasing its value.
GST is levied on these value additions i.e. the monetary value added at
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each stage to achieve the final sale to the end customer.
Destination Based
Advantages of GST
GST has mainly removed the Cascading effect on the sale of goods and
services. Removal of cascading effect has impacted the cost of goods.
Since the GST regime eliminates the tax on tax, the cost of goods
decreases. GST is also mainly technologically driven. All activities like
registration, return filing, application for refund and response to notice
needs to be done online on the GST Portal; this accelerates the processes.
Components of GST
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There are 3 taxes applicable under this system: CGST, SGST & IGST.
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OVERVIEW ON Taxation
In this we learned about the Direct & Indirect taxes. We filled most of the
income tax returns of different clients.
The levying of taxes aims to raise revenue to fund governing and to alter
prices in order to affect demand. States and their functional equivalents
throughout history have used money provided by taxation to carry out
many functions. Some of these include expenditures on economic
infrastructure, military, scientific research, culture and the arts, public
works, distribution, data collection and dissemination, public insurance,
and the operation of government itself. A government’s ability to raise
taxes is called its fiscal capacity.
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Types of Taxes
Taxes are of two distinct types, Direct and Indirect taxes. The difference
comes in the way these taxes are implemented. Some are paid directly by
you, such as the dreaded income tax, wealth tax, corporate tax etc. while
others are indirect taxes, such as GST.
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CHAPTER 4
WORK & RESEARCH
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Description of process followed to accomplished the
assigned task in the organization
Tally Entries
Receipts & Payment entries are posted carefully as it carries some contra
entries also.
Then after completing entries posting recheck the data by Balance sheet,
Trial balances & Day book.
Auditing
Verify that all outgoing checks were properly signed, accounted for and
posted to the correct accounts.
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Ensure that all deposits were properly posted.
Taxation
All of the first, we study about the taxation and mainly headed Income
Tax.
Then, we login to the income tax site and upload that utility online, if user
not registered then first we registered them.
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TAXATION
What is TAX?
The levying of taxes aims to raise revenue to fund governing and to alter
prices in order to affect demand. States and their functional equivalents
throughout history have used money provided by taxation to carry out
many functions. Some of these include expenditures on economic
infrastructure, military, scientific research, culture and the arts, public
works, distribution, data collection and dissemination, public insurance,
and the operation of government itself. A government’s ability to raise
taxes is called its fiscal capacity.
Types of Taxes –
Taxes are of two distinct types, Direct and Indirect taxes. The difference
comes in the way these taxes are implemented. Some are paid directly by
you, such as the dreaded income tax, wealth tax, corporate tax etc. while
others are indirect taxes, such as GST.
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a. Direct Taxes
b. Indirect Taxes
Direct Tax
1. Income Tax
2. Corporate Tax
3. Wealth Tax
4. Gift Tax
5. Estate Duty
6. Expenditure Tax
1. Salary
2. House Property
4. Capital Gains
5. Other Sources
1. Individual/Proprietors
2. Firms
4. Companies
5. Local authorities/Municipality
There are different tax rate slabs for different age groups, different work &
different status:
Income Tax slabs for Individual Tax Payer & HUF (less
than 60 years old) for F.Y. 2019-20
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Income Tax Slabs for Senior Citizens (60 years old or
more but less than 80 years old) for F.Y. 2019-20
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Income Tax Slabs for Senior Citizens (80 years old or
more) for F.Y. 2019-20
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Due Dates of Filing Return
(This is income tax return for the financial year 2018-19. Applicable for
income earned from April 1st, 2018 to March 31st, 2019).
Important Due Dates of Income tax return filing for the year 2019.
Whenever we talk about income tax, there are various kind of compulsory
tax formalities that need to be followed by a person and that too within the
specified due dates prescribed, such as filing of income tax returns, paying
advance tax on time.
Indirect Tax
An indirect tax is a tax collected by an intermediary from the person who
bears the ultimate economic burden of the tax. The intermediary later files
a tax return and forwards the tax proceeds to government with the return.
GST is the most prominent example of Indirect tax levied in India on the
supply of goods & services. GST is levied at every step in the production
process, but is refunded to all parties in the chain of production other than
the final consumers. Goods & Services are divided into five tax slabs for
collection of tax – 0%, 5%, 12%, 18% and 28%.
Petroleum products, alcoholic drinks, electricity, and real estate are taxed
separately by the individual state governments. India adopted a dual GST
model, meaning that taxation is administered by both the Union & State
governments. Transactions made within a single state are levied with
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Central GST (CGST) by the Central government and State GST (SGST)
by the State governments. For inter-state ransactions and imported goods
& services, an integrated GST (IGST) is levied by the Central
government.
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CHAPTER 5
LEARNING, CONCLUSION AND
SUGGESTIONS
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Behavioral Learning from the Organization
COMMUNICATION
Even setting the primary goal can be difficult when multiple issues are
competing for attention. Effective planning requires arranging problems by
importance and delegation. It is impossible to do everything at once, but if
one focuses on the most important tasks and ask for help, then can
accomplish a lot.
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SELF-IMPROVEMENT
People always have room to grow, and advance behavioral skills are
always welcomed. At the upper end, one can give your workers the tools
and mindset to aim for improvement by observing their behavior, work
habits, and production. Self-improvement training will help provide
feedback and criticisms that they can use to benefit their next assignments.
An essential part of promoting improvement is to communicate to the
employees that failure.
EMPATHY
Empathy is a behavioral skill that can help one not only keep their own
peace of mind but can also help one to grow in your career because
empathetic people tend to put others at ease.
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CONFLICT RESOLUTION
The bad habit to breed is ignoring these conflicts to the point that they
grow and spread like wild-fire, damaging relationships and the
productivity of both individuals and the team. Instead, employers should
remain aware of potential conflicts and be active in entering and
facilitating these more emotional interactions, and over time, help their
workers see the bigger picture when they harbor uncertainties.
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The working environment is lenient in the organization. Neither the
employees are overburdened by the work given. Neither they nor the
proprietor force them to work for extra time. All the work/targets are
completed by the employees in the provided time frame.
The employees are always energetic and ready to do work; they don’t
waste their time. They always strive for excellence with effectiveness and
efficiency in their work. Even if the proprietor is not at the office they
don’t skip work hours.
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SUGGESTIONS AND RECOMMENDATIONS
Try to adopt new technologies that their competitors are not using.
Make a network that allows its customers to negotiate with them easily.
Priyanka Shukla CA & Co. strongly needs to improve its network firms so
as to be counted among one of the extensively know firms in UK. The
partner needs to make the best use of their goodwill to bring more
clientage and reputation to firm. They need to offer the audit services at
most economical cost with the assured quality services to retain and
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expand clients.
The trainees are not offered extra financial or any other incentive for the
extra work or over time. This causes some sort of abstractions which
immediately need to be overcome by the management.
The firm, to be more competitive in future, still has room for improvement
in Information Technology. As firm don’t have any of its website to attract
customer and their timely feedback as most of the good firms have their
own web and well organized.
The employees are provided less salary than the government has asked to
provide in minimum wage act, therefore the employees must be provided
at least the minimum salary.
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one-day leave to the employees to rest and freshen up.
Most of the computers and laptops in which the work was done were old
and because of that we were unable to carry out our tasks properly. The
organization must have proper systems so that the work load can be
handled efficiently.
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LIMITATIONS
They have a small staff with limited skill set in many areas.
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CONCLUSION
Priyanka Shukla CA & Co. is overall one of the profit making and
reputed firm of Earth. The organization since its very first day is
devoted to providing quality services. The detailed and through review
of work and clients’ trust shows the perfection with which it is
working.
The firm has earned a distinction of being placed in the category 'A' in
the list of panel of auditors maintained by State Bank of India.
Moreover, only these “A” category firms can audit of listed companies.
The Institute of Chartered Accountants of India has also carried out the
Quality Control Review and has issued satisfactory QCR report stating
that the firm has conducted the audits of the clients in accordance with
International Standards on Auditing.
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CHAPTER 6
BIBLIOGRAPHY
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REFERENCES
https://cleartax.in/s/income-tax-slabs
https://economictimes.indiatimes.com
https://www.avalara.com
https://www.business-standard.com
https://www.google.co.in/imghp?hl=en&tab=wi&ogbl
http://www.gstcouncil.gov.in/
https://www.myloancare.in/tax/income-tax-slabs-rates/
https://www.wikipedia.org/
www.google.com
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