A Research Report Submitted In Partial Fulfillment Of The

Requirements Of The Degree Of

MBA ( FINANCE & CONTROL )
BY
MOHD FAIZ
ROLL NO 200012135043 ( 3rd SEM)

TO THE

INSTITUTE OF MANAGEMENT SCIENCES

UNIVERSITY OF LUCKNOW

(2021-2022)

UNDER THE SUPERVISION OF SUBMITTED TO

DR NIMISHA KAPOOR DR . PRIYA SRIVASTAVA

ASSISTANT PROFESSOR ASSISTANT PROFESSOR

 ACKNOWLEDGEMENT

I take this opportunity to express my deep sense of gratitude, thanks and

regards towards all of those who have directly or indirectly helped me in the

successful completion of this project.

I present my sincere thanks to Prof. M.K.Agrawal (OSD, IMS) who allowed

me to take this research

I also thank Dr Nimisha Kapoor(Assistant Professor), IMS who has sincerely

supported me with the valuable insights into the completion of this project.

I am grateful to all faculty and staff members of IMS and my friends who

have helped me in the successful completion of this project.

Last but not the least I am indebted to my PARENTS who provided me their

time. . support and inspiration needed to prepare this report.

Date:-01/12/2021

Place: -Lucknow

Signature
 DECLARATION

This is to certify that the present summer internship report entitled “Accounts & Finance,

Direct & Indirect Taxation, audit ,tally & vouching is my original work. This Summer

Internship Report fulfils the requirement of the "MBA (F&C)" degree of this University.

NAME -MOHD FAIZ

ROLL NO – 200012135043
 CERTIFICATE

This is to certify that the Summer Internship Report entitled "Accounts & Finance, Direct &

Indirect Taxation,audit , tally , vouching " by "Mohd Faiz" is her original work. She has worked

under my guidance for the required period. This dissertation fulfils the requirement of the

ordinance relating to Summer Internship Training.No part of this report has ever published by

any other university or institution for any purpose whatsoever.

DR NIMISHA KAPOOR

ASSISTANT PROFESSOR

LUCKNOW UNIVERSITY
TRAINING COMPLETION CERTIFICATE
 INDEX
1 INTRODUCTION TO ICAI
2 MISSION AND VISION
2.1 TOP 10 CA FIRMS IN INDIA
3 ABOUT THE COMPANY
3.1 DEPARTMENT OF C.A FIRMS
3.2 CORPORATE SERVICES
3.3 SRVICE OFFERED
4 AUDIT
4.1 TYPES OF AUDIT
5 OBJECTIVES OF STUDY
5.1 INTERNSHIP DESCRIPTION
6 OVERVIEW OF TDS
6.1 TDS RETURNS
6.2 PROCESS FLOW OF T.D.S
7 OVERVIEW OF VOUCHING
8 PREPRATION ON BOOKS OF TALLY
9 PREPRATION OF PARTNERSHIP DEED
10 AS 26 INTANGIBLE ASSETS
11 OVERVIEW OF AUDITING
11.1 AUDITING STANDARDS
11.2 AUDIT PLANNING
12 OVERVIEW ON G.S.T
12.1 ADVANTAGES OF G.S.T
12.2 CRITICISM
12.3 TYPES OF G.S.T
13 OVERVIEW ON TAXATION
14 DESCRIPTION OF TASK ASSINGED IN ORGANISATION
15 SUGGESTION
16 CONCLUSION
17 REFERENCES
 INSTITUTE OF CHARTERED ACCOUNTANTS
OF INDIA (I.C.A.I)

The Institute of Chartered Accountants of India (ICAI) is the World's second

largest professional accounting body and largest professional accounting body of India under
the ownership of Ministry of Corporate Affairs, Government of India . It was established on 1
July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by
the Parliament for regulating the profession of Chartered Accountancy in India.

The Institute of Chartered Accountants of India was established under the Chartered Accountants
Act, 1949 passed by the Parliament of India with the objective of regulating the accountancy
profession in India. ICAI is the second largest professional accounting body in the world in terms
of number of membership and number of students after the AICPA. It prescribes the
qualifications for a Chartered Accountant, conducts the requisite examinations and
grants Certificate of Practice.

Abbreviation – ICAI

Formation – 1 JULY 1949

Legal status – Established under CA ACT 1949

Head quarters – ICAI Bhawan , post box No 7100 indraprastha marg, New Delhi 110002, India

Membership – 327081 (1 april 2021 )

President – CA Nihar Niranjan Jambusaria

Vice President – CA Debashis Mishra

Secretary – CA Jai Kumar Batra

Website- www.icai.org
 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
The profession of Chartered Accountants in India should be the benchmark of professional

excellence upholding the principles of integrity, transparency and accountability.

 TOP TEN C.A FIRMS IN INDIA

1. KLYNVELD PEAT MARWICK GOERDELER (K.P.M.G)

KPMG International Limited (or simply KPMG) is a British-Dutch multinational professional

services network, and one of the Big Four accounting organizations.

Headquartered in Amstelveen, Netherlands, although incorporated in the United Kingdom,

KPMG is a network of firms in 147 countries, with over 227,000 employees and has three lines

of services: financial audit, tax, and advisory. Its tax and advisory services are further divided

into various service groups.

The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler’. The acronym was chosen

when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987.

KPMG is organised into the following three service lines (the 2020 revenue shares are listed in
parentheses)

 Audit (38%)
 Advisory (40%)
 Tax (22%)
Tax arrangements relating to tax avoidance and multinational corporations and Luxembourg
which were negotiated by KPMG became public in 2014 in the so-called Luxembourg Leaks.
 S.S KOTHARI . MEHTA & COMPANY

SSKM is a chatered accountant firm established in india in 1977 with offices in new delhi ,

Kolkata & Mumbai with its head office in new delhi , the firm currently has a diversified and

experience tean led by talented partners and directors having professionals experience ranging

from 20 to 50 years in their respective field .

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.

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.

It offers services in BPO, Tax Advisory Services, Merger and Acquisition, Statutory Audit

Services, Corporate Laws and other different areas.

 GRANT THORNTON INTERNATIONAL

Grant Thornton is the world's seventh-largest by revenue and sixth-largest by number of

employees professional services network[2] of independent accounting and consulting member

firms which provide assurance, tax and advisory services to privately held businesses, public

interest entities, and public sector entities. Grant Thornton International Ltd. is a not-for-profit,

non-practising, international umbrella membership entity organised as a private company limited

by guarantee. Grant Thornton International Ltd. is incorporated in London, England, and has no

share capital.

According to Grant Thornton International Ltd., member firms within the global organisation

operate in over 130 countries employing over 56,000 personnel for a combined global revenue of

US$5.76 billion.
 DEWAN P.N. CHOPRA & CO.

Dewan P. N. Chopra & Co. is a reputed Chartered Accountants firm in India, actively engaged in
a full service, multi-disciplinary practice under six core services verticals –
Direct Taxation, Goods and Service Tax, Regulatory, Transaction Advisory, Risk Advisory
and Audit & Assurance. The Firm has immense experience rendering diverse professional
services to an extensive base of national & international clients.
Our endeavor is to provide qualitative, expert professional services rendered efficaciously,
sagaciously and with keen attention to details to match clients’ requirements. We provide
services pragmatically, innovatively along with due care & diligence.
We have an extensive team of professionals with sound regulatory & professional knowledge
and strong business acumen. Our resource pool consists of Chartered Accountants, MBA’s,
Company Secretaries, Lawyers and Financial Management experts having in-depth experience in
providing multi-disciplinary services in a wide range of areas including Valuations, Mergers &
Acquisitions, Business set up and Corporate Finance.
Our sector focus gives us a distinctive ability to implement tailored solutions that suit our clients’
unique business needs. Our strategy involves implementing internal knowledge management
systems to deliver performance-based, industry-tailored and technology-enabled business
advisory services to our clients.
 R.S.M. INTERNATIONAL

RSM is a powerful network of audit, tax and consulting experts with offices all over the world.
As an integrated team, we share skills, insight and resources, as well as a client-centric approach
that’s based on a deep understanding of your business. This is how we empower you to move
forward with confidence and realise your full potential. This is The Power of Being Understood.

Our firms are here to advise you on a wide range of issues from audit and assurance, consulting,
tax, risk advisory, IFRS, restructuring, transaction and business and financial advisory solutions.
As well as these core services, our member firms also offer a wide range of specialist services,
such as wealth management, IT consulting, legal advisory, forensic accounting and human
resource consulting.

We put ourselves at the heart of your business where we can be most effective. As your long-
term adviser, we gain a deep understanding of every aspect of your business so we can respond
with the right expertise and insights at the right time. Wherever you are in the world, you will
enjoy the same seamless service, combining astute local knowledge with the global expertise of
our most senior professionals. We’re passionate about your success and about empowering you
so you can face the future with confidence.

Our clients range from growth-focused entrepreneurial businesses through to leading multi-
national organisations across many sectors and operating nationally and across borders.
 SAHNI NATRAJAN & BAHL (S.N.B)

SNB Associates, Chartered Accountants, Head quartered at Chennai, was established in 1999.

In a short span, the firm has made huge strides in the professional arena and has provided, and
is providing, variety of services to many of the top Indian Corporates. The firm has a
committed team of professionals. Internal and external training programs are a part of the work
culture to ensure constant updation of knowledge and skills.

Member of the Institute of Chartered Accountants of India

 Headquartered in Chennai, India.

 Offices in Key places in India.
 Key personnel have over 60 man years of experience in professional practice.
 Indian and International work experience.
 Servicing group companies of major Corporates all over India and abroad.
 Staff strength - over 70.
 Programs for continuous up gradation of knowledge and skills to be.
 Abreast with latest laws and technologies.
 CAAT (Computer Aided Auditing Techniques) applied in all areas of audit.
 BDO INTERNATIONAL

BDO is an international network of public accounting, tax and advisory firms which perform
professional services under the name of BDO. For the year ended 30 September 2020 BDO
(Including BDO's exclusive Alliances) announced a total combined fee income of US$ 10.3
billion / € 9.2 billion, representing a year on year growth of 7.8% at constant exchange rates
(+7.5% in euro; +6.7% in US$). BDO public accounting, tax and advisory firms provide
professional services in 167 countries, with 91,054 people working out of 1,658 offices
worldwide.

This is the very essence of BDO, because people’s dreams matter to us.
Our motivation is to help people get to where they want to be – whether that’s our colleagues,
our clients or in the communities we are part of.
BDO has a clearly stated purpose - our WHY - which makes BDO unique. It puts into words
why BDO exists and is our global organisation’s fundamental reason for being, what defines us.
As BDO continues to grow in reach, headcount and revenue, our WHY shapes how we work
with our clients, support our colleagues and help our communities succeed. It helps us make
better decisions for ourselves and for all our stakeholders, individually and as a global
organisation.
What can you do to bring our WHY to life?

 Be proud of our WHY ! It’s why BDO exists and it defines how we are different
 Think about how you can demonstrate our WHY in how you behave
 Look around you: celebrate and support your colleagues in living the WHY
 LODHA & CO.

The firm was set up in 1941 and has offices all over India, their locations being Kolkata

(Calcutta), Chennai (Madras), Hyderabad, Mumbai (Bombay), New Delhi and Jaipur

(see: Locations ).

Lodha & Co. provides professional services to a large number of corporate clients, central banks,

banks, insurance companies, public sector corporations etc. both in India and Internationally.

The firm has 16 partners and is supported by a well experienced team which include Chartered

Accountants, Management Graduates, Company Secretaries, Cost Accountants etc. A strong

team of professionals from various fields support the Partners. Each team has developed

specialized knowledge in their respective area of functioning.

 PRICE WATERHOUSE COOPERS (P.W.C)

PricewaterhouseCoopers is a multinational professional services network of firms, operating as

partnerships under the PwC brand. PwC ranks as the second-largest professional services

network in the world and is considered one of the Big Four accounting firms, along with

Deloitte, EY and KPMG.

Revenue: 4,510 crores USD (2021)

Headquarters: London, United Kingdom

Founded: 1998

Number of employees: 2,95,000 (2021)

Type of business: Members have different legal structures; both UK and US firms are actually

limited liability partnerships

Subsidiaries: PricewaterhouseCoopers Private Limited, MORE

Video games: PwC AR Blockchain Experience Game, PWC Click&Play

CEO - Bob Moritz is Global Chairman of PwC, which spans 156 countries and includes more

than 295,000 people.

 DELOITTE

Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a multinational

professional services network with offices in over 150 countries and territories around the world.

CEO: Punit Renjen (1 Jun 2015–)

Revenue: 5,020 crores USD (2021)

Founder: William Welch Deloitte

Founded: 1845, London, United Kingdom

Number of employees: 3,34,800 (2020)

Type of business: UK private company limited by guarantee

Subsidiaries: Deloitte UK, Monitor Deloitte, Deloitte Deutschland, MORE

Deloitte member firms offer services in the following functions, with country-specific variations

on their legal implementation (i.e., all operating within a single company or through separate

legal entities operating as subsidiaries of an umbrella legal entity for the country).
 ABOUT THE COMPANY

M Pooja & Associates. is a leading chartered accountancy firm. It is rendering comprehensive

professional services which include audit, management consultancy, tax consultancy, accounting

services. manpower management, secretarial services etc.

It 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.

M Pooja & Associates. 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. M POOJA

& ASSOCIATES. moulds its operations and areas of competencies and introduces services so as

to assist clients in their business operations and growth.

 DEPARTMENTS OF C.A. COMPANY

1. AUDIT AND ASSURANCE DEPARTMENT - Audit and assurance

are processes used for the evaluation of the financial record of the company. They are hand

in hand process. Audit and assurance is the process of verifying the records available in the

company’s accounting record are as per accounting standard and principle, and it also

confirms that accounting record is accurate or not. The audit is the process of evaluating the

accounting entries present in the financial statement of the company. Assurance is the

process of analyzing and used in the assessment of accounting entries and financial records.

An audit usually follows assurance.

The audit is the process of evaluating the accounting entries present in the financial statement

of the company. The audit checks the accuracy of financial reports. Auditing includes

making sure ethically presentation, fairly presented, accurate, and it also checks whether

financial reports are as per accounting standard and accounting principle. The audit tells

about any misrepresentation done in financial records, any misuse of funds, any fraud, and

any fraudulent activities done in a company or done by the company. Internal auditors and

external auditors conduct the audits, who are independent auditors.

Assurance is the process of analyzing and used in the assessment of accounting entries and

financial records. Assurance is the process of verifying the records available in the

company’s accounting record is as per accounting standard and principle, and it also

confirms that accounting record is accurate or not. Assurance is the assessing process,

operations, procedure, etc

2. TAX AND CORPORATE DEPARTMENT - In M Pooja & 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.

Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits

available under the laws. Firm also assist clients to comply with the tax rules and regulations

and always keep them updated with the latest developments and amendments. Tax personnel

are qualified professionals, experienced and knowledgeable. We maintain a comprehensive

tax library which always provides ready. references and timely solution in complex

situations. Firm provides a comprehensive range of tax services which includes;

Preparation and submission of annual tax returns.

. Compliance services. Tax advisory services.

Representation and litigation with tax authorities.

Personal income tax services.

3. 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.

4. 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.

5. HR DEPARTMENT - This department is mainly concerned with the recruitment,

hiring/firing of the firm and this department presents the timely reports on effective

utilization of the resources by the firm. A purpose of the human resource is to keep the

trained employees and recruit new energetic staff to work. Another purpose of this

department is to provide a good working environment for staff and try to make by facilitating

them and arranging some recreational activities for them. HR knows the real worth of its

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

The hierarchy adopted by M Pooja & 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 hierarchy.

 CORPORATE SERVICES

1. Incorporation of company

2. Consultancy on Company Law matters.

3. Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate re-

organizations.

4. Filing of annual returns and various forms, documents.

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

6. Secretarial Matters including share transfers

7. Maintenance of Statutory records

8. Consultancy Services on Public/Rights/Bonus Issue of shares.

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

 SERVICES OFFERED
COMPANY REGISTRATION –

The most common business composition is to register a Pvt. Ltd. Company. Company

registration will enable limiting the person liability of promoters to the extent of paid up capital.

Promoters have to get DIN & check availability of the company name.

ONE PERSON COMPANY-

Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your

business within reasonable fees by experienced CA firms.

LLP REGISTRATION-

Limited Liability Partnership (LLP) has benefit of the company registration & easiness of

partnership. It is apt for small businesses. Experienced CA firms can ease out the process within

reasonable fees.

GST REGISTRATION -

GST registration of business is to enable selling of goods with turnover value beyond a certain

limit. Limit may differ from state to state. It is necessary to get GST Input Tax Credit.

Experienced CA firms can ease out the process within reasonable fees.

PROJECT FINANCING -
Companies need funds to grow their business. Experienced CA can prepare project report for

loan financing to ensure that you get best eligible amount in the shortest time. Generally, fees are

charged as percentage of financed amount.

ROC FILING: -

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

compliance. Experienced CA firms can file timely & correct ROC filing in reasonable overall

cost.

GST RETURN -

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

turnover & total GST liability & mode of payment. Frequency may differ from state to state.

Delays will attract penalty. Experienced CA firms can ensure compliance with reasonable fees.

TDS RETURN -

Income tax act requires TDS (Tax Deducted at Source) deduction file the TDS return on periodic

basis by mentioning TAN No.

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.

INCOME TAX (BUSINESS) -

Income Tax returns filing is requirement of Income Tax Act for companies/businesses. Tax

Audit Report helps in compliance of income tax laws. Experienced CA firms can help in

reducing non compliance of income tax laws.

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.

TAX AUDIT -

Tax Audit is requirement of Income Tax Act for companies/large businesses. Tax Audit Report

helps in compliance of income tax laws & highlights key tax related information. Experienced

CA firms can help in reducing non-compliance of income tax laws.

INTERNAL AUDIT-

Internal Audit & Internal Financial Control Testing is needed as per Companies Act. Internal

Audit is not as compulsory as Statutory Audit. Internal auditor can add value to your business to

arrest leakage & improve control and efficiency.

 AUDIT

An audit is an "independent examination of financial information of any entity, whether profit

oriented or not, irrespective of its size or legal form when such an examination is conducted with

a view to express an opinion thereon.” Auditing also attempts to ensure that the books of

accounts are properly maintained by the concern as required by law. Auditors consider the

propositions before them, obtain evidence, and evaluate the propositions in their auditing report.

Audits provide third-party assurance to various stakeholders that the subject matter is free

from material misstatement. The term is most frequently applied to audits of the financial

information relating to a legal person. Other commonly audited areas include: secretarial and

compliance, internal controls, quality management, project management, water management, and

energy conservation. As a result of an audit, stakeholders may evaluate and improve the

effectiveness of risk management, control, and governance over the subject matter.

Auditing has been a safeguard measure since ancient times, and has since expanded to

encompass so many areas in the public and corporate sectors that academics have started

identifying an "Audit Society".

 TYPES OF AUDIT

1. Statutory Audit of Companies.

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

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

4. Revenue Audit of Banks.

5. Branch Audits of Banks.

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

7. Audit of Co-operative Societies. Information System Audit.

8. Internal Audits.
 OBJECTIVES OF STUDY
I choose to work with M Pooja & Associates. 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.

 To improve communication skills.

 To analyze the business situation.

 To establish high standard in professionalism.

 To learn more than the theoretical knowledge.

 To learn book keeping practices of different companies.

 To apply the theoretical knowledge in actual organization.

 To compare practical aspects with theoretical aspects.

 To make quick decision in real situations.

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

 To enhance my personal knowledge and professional preparation for future.

 To properly integrate my theoretical knowledge and practical work.

 INTERNSHIP DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained during the

studies. Different task that I performed during my internship:

 Vouching

 Preparing books of accounts in tally

 Voucher Entry

 Preparing Data in Excel Sheet Preparing Partnership Deed

 Intangible Assets Prepare Projected and other Balance Sheet

 Auditing

 Taxation

 Theoretical learning of different type of Taxation and GST Maintenance of accounts/

book keeping.

 TDS return preparation.

 MS office

 Tally software
 OVERVIEW OF TDS (TAX DEDUCTED AT

SOURCE)

Tax deduction at source (TDS) in India is a means of collecting tax on income, dividends, or

asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the

balance to the payee (and the tax to the revenue authority).

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

 Interest and dividends.

 Winnings from the lottery.

 Insurance commission.

 Rent.

 Fees from professional and technical services. Payments to contractors and

subcontractors.

Companies must also submit an annual return to the government for each recipient or supplier

for the financial year. TDS certificate can be either Form 16 (R75110A) or Form 26Q-P2P-IND

(R751122EQ). 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 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:
 Income from interest on securities and debentures.
 Income from interest other than those on securities.
 Income from dividends. Income from withdrawal of EPF (Before expiry of a certain
period
 or if amount withdrawn is beyond the limit specified)
 Payment to contractors/subcontractors/freelancers.
 Winnings from horse races, lottery, crossword puzzles or any game related wins.
 Income from rendering technical or professional services.
 Income from royalty, etc.
All income is taxable only at the end of the financial year, hence the government has instituted

the concept of TDS, in order to ensure:

Prevention of tax evasion: This mechanism ensures that the government collects a portion of

the income itself, chances of hiding income or tax defaults are minimized significantly. Timely

collection of tax.

Ease in filing tax returns: As the tax is automatically collected and deposited with the

concerned authorities by the deductor, it becomes easier for individuals to file their returns. If

there are no other sources of income for a person, once TDS has been appropriately deducted,

they need not pay any additional tax during return filing.
PROCESS FLOW OF TDS
 OVERVIEW OF VOUCHING
Vouching is a technical term that refers to the inspection of documentary evidence supporting

and substantiating a financial transaction, by an auditor. It is the essence of auditing

Vouching 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 evidence and 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 of account. Vouching does not

include valuation.

Vouching can be described as the essence or backbone of auditing. The success of an audit

depends on the thoroughness with which vouching is done. After entering in all vouchers, only

then can auditing start. Vouching is defined as the "verification of entries in the books of account

by examination of documentary evidence or vouchers, such as invoices, debit and credit notes,

statements, receipts, etc.

The object of vouching is to establish that the transactions recorded in the books of accounts are

In order and have been properly authorized . are correctly recorded. “Simple routine checking

cannot establish the same accuracy that vouching can.

In routine checking, entries recorded in the books only show what information

the bookkeeper chooses to disclose, however these entries can be fictitious without any vouching

or vouchers. By using a vouching or a voucher system a company will have concrete and solid

documentation and evidence of expenses, capital, and written proof in audits.

 PREPRATION ON BOOKS OF TALLY

You can generate different types of Books of Accounts, which are needed daily for reporting
purpose. The most common books of accounts are:

1. Cash Book

2. Petty Cash Book

3. Bank Book

4. Journal Book

5. Ledger

6. Purchase Register (including return) 7. Sales Register (including return)

8. Stock Summary

9. Stock Flow

10. Stock Item

11. Balance Sheet

12. Profit & Loss Account

13. Trial Balance

14. Day Book

 PREPRATION OF PARTNERSHIP DEED

The Partnership Deed created by the partners should be on a stamp paper in accordance with
the Indian Stamp Act and each partner should have a copy of the partnership deed. A Copy
of the Partnership Deed should also be filed with the Registrar of Firms in case the firm is
being registered.Partnership and Proprietorship are the 2 most popular forms of business
organisations in India. The reason why these 2 forms of organisations are so popular is
because they are relatively easy to set-up and the no. of statutory compliance required to be
done by these forms of organisations is relatively less than the statutory compliance
applicable to LLP’s and Companies.

CHOOSE A PARTNERSHIP NAME -

1. The names must not be too identical or similar to the name of another existing firm doing

similar business so as to lead to 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 Govt except when the State

Govt signifies its consent in writing to the use of such words as part of the firm name

[Section 58(3)]

HOW TO CREATE PARTNERSHIP DEED –

The document in which the respective rights and obligations of the members of a partnership
is written is called the Partnership Deed.

A partnership deed agreement may be written or oral. However, practically oral agreement
does not have any value for tax purposes and therefore the partnership agreement should
be written. The following are the essential characteristics of a partnership deed:-

 Name and Address of the firm as well as all the partners

 Nature of business to be carried on

 Date of Commencement of business

 Duration of Partnership (whether for a fixed period/project)

 Capital contribution by each partner

 Profit sharing ratio among the partners

The above are the minimum essentials which are required in all partnership deeds. The
partners may also mention any additional clauses. Some of the examples of additional
clauses which may be mentioned in the partnership deed are mentioned below:-

 Interest on Partner’s Capital, Partners’ Loan, and Interest, if any, to be charged on drawings.

 Salaries, Commissions etc, if any, payable to partners

 Method of preparing accounts and arrangement for audit

 Division of task and responsibility i.e. the duties, powers and obligations of all the partners.

 Rules to be followed in case of retirement, death and admission of a partner.

HOW TO REGISTER A PARTNERSHIP FIRM IN INDIA –

Partnerships in India are governed by the Indian Partnership Act, 1932. As per the
Partnership Act, Registration of Partnership Firms is optional and is entirely at the
discretion of the partners. The Partners may or may not register their Partnership Agreement.

However, in case the partnership deed is not registered, they may not be able to enjoy the
benefits which a registered partnership firm enjoys.

 Recommended Read: Benefits of Registration of a Partnership Firm

Registration of Partnership Firm may be done before starting the business or anytime during
the continuance of partnership. However, where the firm intends to file a case in the court to
enforce rights arising from the contract, the registration should be done before filing the case.
 The procedure for Registration of Partnership Firms in India is fairly simple. An application
and the prescribed fees are required to be submitted to the Registrar of Firms of the State in
which the firm is situated. The following documents are also required to be submitted along
with the application:-

1. Application for Registration of Partnership in Form No. 1

2. Duly filled specimen of Affidavit

3. Certified True Copy of the Partnership Deed

4. Ownership proof of the principal place of business or rental/lease agreement thereof.

The application or statement must be signed by all the partners, or by their agents especially
authorised in this behalf. When the registrar is satisfied with the points stated in the
partnership deed, he shall record an entry of the statement in a register called the Regist er of
Firms and issue a Certificate of Registration (Sec 59).

The Register of Firms maintained at the office of the Registrar contains comp lete and up-to-
date information about each registered firm. This Register of Firms is open to inspection by
any person on payment of the prescribed fees (Sec 66).

Any person interested in viewing the details of any firm can request the Registrar of Firms
for the same and on payment of the prescribed fees, a copy of all details of with Firm
registered with the Registrar would be given to the applicant

It should however be noted that registration with the Registrar of Firms is different from
Registration with the Income Tax Deptt. It is mandatory for all firms to apply for
Registration with the Income Tax Department and have a PAN Card.

After obtaining a PAN Card, the Partnership Firm would be required to open a Current
Account in the name of the Partnership Firm and operate all its operations through this Bank
Account.
 AS-26 INTANGIBLE ASSETS

(This Accounting Standard includes paragraphs set in bold italic type and plain type, which have

equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting

Standard should be read in the context of its objective and the General Instructions contained in

part A of the Annexure to the Notification.)

OBJECTIVE

The objective of this Standard is to prescribe the accounting treatment for intangible assets that

are not dealt with specifically in another Accounting Standard. This Standard requires an

enterprise to recognise an intangible asset if, and only if, certain criteria are met. The Standard

also specifies how to measure the carrying amount of intangible assets and requires certain

disclosures about intangible assets.

SCOPE

1. This Standard should be applied by all enterprises in accounting for intangible assets, except:

(a) intangible assets that are covered by another Accounting Standard;

(b) financial assets1;

(c) mineral rights and expenditure on the exploration for, or development and extraction of,

minerals, oil, natural gas and similar non-regenerative resources; and

(d) intangible assets arising in insurance enterprisesfrom contracts with policyholders.

 OVERVIEW ON AUDITING

An auditor is someone who prepares and examines financial records. They ensure that financial
records are accurate and that taxes are paid properly and on time. They assess financial
operations and work to help ensure that an organization runs efficiently.

In this area, we were done different type of work such as matches the balances of transactions
from software information with our tally voucher entries information. We check different
financial records of companies any analyze that and identify the mistakes then give some
suggestions to them.

An audit is a systematic and independent examination of books, accounts, statutory records,

documents and vouchers of an organization to ascertain how far the financial statements as well
as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure
that the books of accounts are properly maintained by the concern as required by law. Auditing
has become such a ubiquitous phenomenon in the corporate and the public sector that academics
started identifying an Audit Society. The auditor perceives and recognizes the prepositions
before them for examination, obtains evidence, evaluates the same and formulates an opinion on
the basis of his judgement which is communicated through their audit report.

Any subject matter may be audited. Auditing is a safeguard measure since ancient times. Audits
provide third party assurance to various stakeholders that the subject matter is free from material
that the subject matter is free from material misstatement. The term is most frequently applied to
a legal person. Other areas which are commonly audited include: secretarial and compliance
audit, internal controls, quality management, project management, water management and
energy conversion.
 AUDITING STANDARS
The Public Company Accounting Oversight Board (PCAOB) maintains external auditing

standards for public companies (issuers) registered with the Securities and Exchange

Commission (SEC).

As of 2012, PCAOB has 15 permanent standards approved by the SEC and a number of interim

standards that reflect generally accepted auditing standards, as described in standards issued by

the Auditing Standards Board (ASB), which is part of the American Institute of CPAS (AICPA).

The ASB also issues Statements on Auditing Standards (SASS) that apply to preparing and

releasing audit reports for non-issuers (companies not required to register with the 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.

For internal auditing, the Institute of Internal Auditors provides a conceptual framework called

the International Professional Practices Framework (IPPF) that provides guidance for internal

audits. Some of the guidance is mandatory, while others are considered strongly recommended,

but not required by law.

There are four main steps in the auditing process. The first one is to define the auditor's role and

the terms of engagement which is usually in the form of a letter which is duly signed by the

client.

The second step is to plan the audit which would include details of deadlines and the departments

the auditor would cover.

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

Audit planning includes deciding on the overall audit strategy and developing an audit plan.

Auditing Standard No. 9 from the PCAOB describes an external auditor's responsibility and the

requirements for planning an audit.According to standard No. 9, an audit plan is expected to

describe the planned nature, extent, and timing of the procedures for risk assessment and the tests

to be done on the controls and substantive procedures, along with a description of other audit

procedures planned to ensure the audit meets PCAOB standards. For internal auditing, the

Institute of Internal Auditors provides guidance for audit planning. Planning starts with

determining the scope and objectives of the audit.

Internal auditors need to understand the business, operations, and unique characteristics of the

department/unit being audited and to develop an audit plan that defines the procedures needed to

do an efficient and effective audit.

 OVERVIEW ON GST

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the

supply of goods and services. It is a comprehensive, multistage, destination-based tax:

comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to

be refunded to all parties in the various stages of production other than the final consumer and as

a destination-based tax, it is collected from point of consumption and not point of origin like

previous taxes.

Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%,

18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed

under GST and instead are taxed separately by the individual state governments, as per the

previous tax system.There is a special rate of 0.25% on rough precious and semi-precious stones

and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items

like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most

goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.

The tax came into effect from 1 July 2017 through the implementation of the One Hundred and

First Amendment of the Constitution of India by the Indian government. The GST replaced

existing multiple taxes levied by the central and state governments.

The tax rates, rules and regulations are governed by the GST Council which consists of the

finance ministers of the central government and all the states. The GST is meant to replace a

slew of indirect taxes with a federated tax and is therefore expected to reshape the country's $2.4

trillion economy, but its implementation has received criticism. Positive outcomes of the GST

includes the travel time in interstate movement, which dropped by 20%, because of disbanding

of interstate check posts

 ADVANTAGES OF GST

 GST eliminates the cascading effect of tax. ...

 Higher threshold for registration. ...

 Composition scheme for small businesses. ...

 Simple and easy online procedure. ...

 The number of compliances is lesser. ...

 Defined treatment for E-commerce operators. ...

 Improved efficiency of logistics. ...

 Unorganized sector is regulated under GST.

 CRITICISIM

Technicalities of GST implementation in India have been criticized by global financial

institutions/industries, sections of Indian media and opposition political parties in India. World

Bank's 2018 version of India Development Update described India's version of GST as too

complex, noticing various flaws compared to GST systems prevalent in other countries; most

significantly, the second-highest tax rate among a sample of 115 countries at 28%.

GST's implementation in India has been further criticized by Indian businessmen for problems

including tax refund delays and too much documentation and administrative effort

needed. According to a partner at PwC India, when the first GST returns were filed in August

2017, the system crashed under the weight of filings.

The opposition Indian National Congress has consistently been among the most vocal opponents

of GST implementation in India with party President, and leader of the opposition, Rahul

Gandhi, slamming BJP for allegedly "destroying small businessmen and industries" in the

country. He went on to pejoratively dub GST as "Gabbar Singh Tax" after an ill-famed, fictional

dacoit in Bollywood.Claiming the implementation of GST as a "way of removing money from

the pockets of the poor", Rahul has called it as a "big failure’ while declaring that if the Congress

party is elected to power, it will implement a single slab GST instead of different slabs. In the

run-up to the elections in various states of India, Rahul has intensified his "Gabbar Singh"

criticisms on Modi's administration.

 TYPES OF G.S.T.

The 4 types of GST in India are:

 SGST (State Goods and Services Tax)

 CGST (Central Goods and Services Tax)

 IGST (Integrated Goods and Services Tax)

 UGST (Union Territory Goods and Services Tax)

 OVERVIEW ON TAXATION
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a
governmental organizational in order to fund various public expenditures. A failure to pay, along
with evasion of or resistance to taxation, is punishable by law.

In this we learned about the Direct & Indirect taxes. We filled most of the income tax returns of
different clients.

In this we learned about different heads of income, calculation of taxes & different deduction
with sections. As well in Indirect taxes we file returns of GST in which different forms are
involved for Regular scheme & Composition scheme. For regular scheme we filled GSTR-1 &
GSTR-3B (online) and for composition scheme we filled GSTR-4 (offline)

PURPOSES & EFFECTS

The levying of taxes aims to raise revenue to fund governing and to 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.
 DESCRIPTION OF TASK ASSINGED IN
ORGANISATION
TALLY ENTRIES

Following process are followed for accomplishment this task:

1. Firstly, we review all records of vouchers carefully, that no any vouchers had any queries

related to adjustments.

2. Then, we make a separate folder for that work.

3. Then, we create a company in Tally software by that company nameand started doing

entries.

4. Receipts & Payment entries are posted carefully as it carries somecontra entries also.

5. Then after completing entries posting recheck the data by Balancesheet, Trial balances &

Day book.

6. Any queries related to this work communicated to our external mentor.

 AUDITING

These steps were followed by us in auditing:

1. Build an audit strategy.

2. Verify that all outgoing checks were properly signed, accounted for and posted to the

correct accounts.

3. Ensure that all deposits were properly posted.

4. Review all financial statements.

5. Ensure compliance with all state and federal requirements.

6. Review all treasurers' reports.

7. Complete the financial review worksheet.

8. Suggest improvements to internal controls.

9. Determine your audit opinion

10. .Submit all documents to companies.

 TAXATION

Following steps are followed by us -

1. All of the first, we study about the taxation and mainly headed Income Tax.

2. Then, we started to prepare ITR'S statement in excel sheet according to the format given

to us.

3. After that, we prepare the offline utilities of ITR'S according to the income status in

statement.

4. Then, we login to the income tax site and upload that utility online, if user not registered

then first we registered them.

 ANALYSIS AND FINDINGS

 What is Tax ?

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer
(an individual or legal entity) by a governmental organization in order to
fund government spending and various public expenditures. A failure to pay, along with
evasion of or resistance to taxation, is punishable by law. Taxes consist
of direct or indirect taxes and may be paid in money or as its labour equivalent. The first
known taxation took place in Ancient Egypt around 3000–2800 BC.

Most countries have a tax system in place, in order to pay for public, common, or agreed
national needs and for the functions of government. Some levy a flat percentage rate of
taxation on personal annual income, but most scale taxes are progressive based on
brackets of annual income amounts. Most countries charge a tax on an
individual's income as well as on corporate income. Countries or subunits often also
impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales
taxes, use taxes, payroll taxes, duties and/or tariffs.

 Purposes and effects -

The levying of taxes aims to raise revenue to fund governing or to alter prices in order to
affect demand. States and their functional equivalents throughout history have used the
money provided by taxation to carry out many functions. Some of these include
expenditures on economic infrastructure (roads, public transportation, sanitation, legal
systems, public education,public healthsystems), military, scientific research &
development, 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.
 Financial year-

The financial year is the calendar year in which you received your money. It begins on
April 1st of each calendar year and ends on March 31st of the next calendar year. ... The
income earned in the present Financial Year (FY) 2020-21 is the income earned from
April 1, 2020, to March 31, 2021.

 ASSESSMENT YEAR-
The assessment year (AY) is the year that comes after the FY. This is the time in which
the income earned during FY is assessed and taxed. Both FY and AY start on 1 April and
end on 31 March.

INCOME TAX

An income tax is a tax imposed on individuals or entities in respect of the income or profits

earned by them. Income tax generally is computed as the product of a tax rate times the taxable

income. Taxation rates may vary by type or characteristics of the taxpayer and the type of

income.
INCOMR TAX SLAB FOR INDIVIDUALS

2021-2022
 DUE DATES OF FILING RETURN

The last date of filing income tax returns for the assessment year 2020-21 is December 31. The

Central Board of Direct Taxes (CBDT) Income Tax Department had extended the deadlinefor

filing of ITRs from September 30, 2021, to December 31, 2021, on September 9, 2021.
 INDIRECT TAX

An indirect tax is a tax that is levied upon goods and services before
they reach the customer who ultimately pays the indirect tax as a
part of market price of the good or service purchased.
 FEATURES OF INDIRECT TAX

 Tax liability: The service provider or seller pays indirect taxes to the government,

and the liability is transferred to the consumer.

 Payment of tax: The seller pays indirect taxes to the government and the same is

transferred to the consumer.

 Nature: Indirect taxes were initially regressive in nature, but thanks to the

implementation of the Goods and Services Tax, they are now pretty progressive.

 Saving and investment: Indirect taxes are generally growth-oriented considering

the fact that they encourage consumers to save and invest.

 Evasion: It is difficult to evade indirect taxes because they are now implemented

directly through products and services.

 Why GST is Indirect Tax?

The Goods and Services Tax, or GST as it is commonly known, was implemented on July 1st,

2017 to subsume the various indirect taxes in the country. The taxes that were once compulsory

are now done away with due to the introduction of the new tax regime. One of the main benefits

of GST is that it has eliminated the cascading effect of tax, thereby ensuring that they do not end

up paying for every value addition.

The taxes subsumed under GST on the state level include service tax, state excise duty,

countervailing duty, additional excise duty, and special additional custom duties. The taxes

subsumed under GST at the central level include sales tax, central sales tax, purchase tax,

entertainment tax, luxury tax, octroi and entry tax, and taxes on betting and lottery gambling.
 SUGGESTIONS

Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or any
organization till there are improvements and chances to develop and grow, the organization must
improve itself at its best. In my opinion some of the suggestion/recommendations are:

 They have good opportunity to introduce the ISO standards training program which no

other firm is giving to customer.

 Try to adopt new technologies that their competitors are not using.

 Make a network that allows its customers to negotiate with them easily.

 In comparison with their competitors, M POOJA & ASSOCIATES has an edge in

making an accurate and error free report.

 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.

 Firm also lacks. in marketing perspective as it does not any marketer to market and

introduce their business, firm is getting business only on personal relations of the partners

and other firm personnel. So if firm wants to improve its business volume it needs a

professional marketer as many other big firms adopted and have complete marketing

department.

 The employees are provided less salary than the government has asked to provide in

minimum wage act, therefore the employees must be provided at least the minimum

salary.
 CONCLUSION

 M Pooja & Associates 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.
 REFERENCES

 WIKIPEDIA

 GOOGLE

 N.C.E.R.T

 ECONOMIC TIMES

 BANKBAZAAR.COM

 CLEAR TAX