EXECUTIVE SUMMARY

This project is based on “Financial Accounting & Taxation” its study on financial chartered
accounted, ITR, Tax & Vat theory. The Finance Act, 2014 has brought significant change in
the service tax laws. With effect from 5th may, 2016 to 25th June, 2016 we have an
altogether a new system of service tax. It is considered to be based on the international
standard and a way towards GST. In the previous system of taxation of services, only
specified services as mentioned in the finance act, by the government were taxed. Under the
new system, the services will be taxed comprehensively, except the few ones which have
been specified under the negative list. The previous system is called as taxation by positive
list approach and the new system is known as Negative list approach of taxation of services.
The government by introduction of Negative list regime has enlarged the scope of taxation of
services. Even those services which are not existing today and it seems that they can be there
in future will now also be covered under the service tax net unless and until the government
will not put them in the negative list of services or exempt them from payment of service tax.
The 'positive list' included 115 services whereas the 'negative list' has 17 items. Another 38
would also be outside the service tax net as part of a separate exemption list. Services such as
transport of goods or passengers, electricity transmission or distribution, metered taxis, auto
rickshaws, betting, gambling, lottery and entry to amusement parks have been introduced.
Conversely, services such as coaching classes and training institutions will come under the
tax net, though it will not be levied on school, university education and approved vocational
courses. From the past few year income tax department has provided the people with the
provision of filling their income tax forms online. This project will further facilitate the
people to fill their income tax forms in accordance with the proper income tax rules. This
leads to less mistakes and provides the easiness to fill the forms so the layman can easily and
without reluctance file their tax returns. The output provided by our project would be a
website providing the user with the information, return calculations and interactive guidance
to fill a particular form. The forms filled by a user on the website can then submit the data
through our website to the Indian income tax department. The input of the website would be
handled thoroughly by the help of server side and the client server; the form would then be
submitted to the database server. The operational submission would be handled by unlimited
no. of terminals by unlimited number of users. The response time would be tentative in
accordance with the user authenticity and criterion of the user.
 TABLE OF CONTENTS
1. Cover page
2. Inner pages
a. Acknowledgements
3. Table of Contents
4. List of table
5. List of Figure
6. List of Symbol
7. List of Abbreviation
8. Executive summary

CHAPTER -1: INTRODUCTION

1.1 Overview of Industry as a Whole
1.2 Profile of the Desh Raj & Co.
1.3 Statistical fact and Information
1.4 Competition Information
1.5 Swot Analysis of the organization

CHAPTER-2: JOB DESCRIPTION

2.1 Overview of Industry as a Whole
2.3 Profile of the Desh Raj & Co.
2.4 Statistical fact and Information
2.4 Competition Information
2.5 Swot Analysis of the organization

CHAPTER-3: ANALYSIS OF JOB DONE

CHAPTER-4: LEARNING OUTCOMES

CHAPTER-5: SUGGESTIONS
REFERENCES/ BIBLIOGRAPHY--------------------------------------------
 LISTABLE OF SYMBOLS
S No Symbol Nomenclature & Meaning

1  Sigma (Summation)

2 @ At the rate

3 % Percentage

LISTABLE OF ABBREVIATIONS

S No Abbreviated Name Full Name

1. ITR Income Tax Return

2. VAT Value Added Taxation

3. CA Chartered Accountants

4. ITO Income Tax Officer

5. TRO Tax Recovery Officer

6. GDP Gross Domestic Product

7. PE Private Equity

8. NBFCs Non-Banking Financial Companies

9. NCR National Capital Region

10. ECBs External Credit Borrowings

11. TDAN Tax Deduction Account Number

12. OBS Objective of the study

13. ICAI The Institute of Chartered Accountants of India

14. CBEC The Central Board of Excise and Customs

15. CPA Certified Public Accountant

 CHAPTER 1
INTRODUCTION

The Chartered Accountants are entrusted with substantial responsibility under various
legislations such as compulsory audit of the all companies, banks, stock brokers, big income-
tax assesses, large bank borrowers, etc. This shows the confidence and trust reposed by the
Government and society in the profession. Chartered Accountancy is a profession which
comes in the top options in India because of the huge growing demand and practical exposure
it needs. The areas which are dealt in this profession are taxation, corporate finance, project
evaluation, business & corporate low, auditing, accounting practice. “Chartered Accountancy
[CA]" course is the BEST professional course in India. In other courses, people ask "Are you
Civil or Electronics or Mechanical or IT etc?" or "Delhi or Mumbai etc?" But no question is
asked if you are a qualified CA, regardless of wherefrom you qualify CA course. The amount
of investment in this professional course is not at all costly when compared to other
professional courses. The only investment aspect in this course is the time; it takes only 4
years + from start to finish all in the first attempt.

1.1 Overview of Industry as a Whole

Chartered accountants were the first accountants to form a professional accounting body,
initially established in Scotland in 1854. The Edinburgh Society of Accountants (formed
1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society
of Accountants (1867) were each granted a royal charter almost from their inception. The title
is an internationally recognised professional designation, and is generally equivalent to the
American certified public accountant designation.

Chartered accountants' institutes require members to undertake a minimum level of

continuing professional development to stay professionally competitive. They facilitate
special interest groups (for instance, entertainment and media, or insolvency and
restructuring) which lead in their fields. They provide support to members by offering
advisory services, technical helplines and technical libraries. They also offer opportunities for
professional networking, career and business development.

The Central Government has been empowered by Entry 82 of the Union List of Schedule VII
of the Constitution of India to levy tax on all income other than agricultural income (subject
to Section 10(1). The Income Tax Law comprises The Income Tax Act 1961, Income Tax
Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT),
Annual Finance Acts and Judicial pronouncements by Supreme Court and High Courts.

The government of on taxable income of all persons including individuals, Hindu Undivided
Families (HUFs), companies, firms, association of persons, body of individuals, local
authority and any other artificial judicial person. Levy of tax is separate on each of the
persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax
Department is governed by CBDT and is part of the Department of Revenue under the
Ministry of Finance, Govt. of India. Income tax is a key source of funds that the government
uses to fund its activities and serve the public.
The Income Tax Department is the biggest revenue mobilizer for the Government. The total
tax revenues of the Central Government increased from 1,392.26 billion (US$21 billion) in
1997-98 to 5,889.09 billion (US$88 billion) in 2007-08.
Administrative set-up.
Central Board of Direct Taxes
Backend job Public handling
Principal Director General, Principal Chief Commissioner of Income Tax, Chief
Director General Commissioner of Income Tax
Principal Director, Director Principal Commissioner of Income Tax, Commissioner
of Income Tax, CIT (Appeals)
Principal Addititional Director, Principal Additional Commissioner, Additional
Additional Director Commissioner
Principal Joint Director, Joint Principal Joint Commissioner, Joint Commissioner
Director
Deputy Director, Additional Deputy Commissioner, Assistant Commissioner
Director
Income Tax Officer
Tax Recovery Officer
Inspector

Residential status
For all purposes of Income tax Tax payers are classified into 3 categories
1. Resident and Ordinarily Resident
2. Resident but Not Ordinarily Resident
3. Non-Resident
Investment of opportunity: The Directors have pleasure in submitting their Twenty-Fifth
Annual Report together with the Audited Accounts of the Company for the year ended
January 2, 2005 FINANCIAL RESULTS Profit for the year amounted to Rs.66 (OOO's).
After making provision for taxation of Rs.25 (OOO's) and after considering balance brought
forward of Rs.735 (OOO's), the entire balance of Rs.776 (OOO's) is carried forward to the
next accounting year. Registration as NBFC the Company's investments are in unlisted
closely-held companies The Company has not accepted any deposits from the public. Strictly,
NBFC provisions are not applicable However, as an abundant caution, Company has applied
to RBI for registration.

Market Size

The Indian CA market is expected to touch US$ 180 billion by 2020. The housing sector
alone contributes 5-6 per cent to the country's Gross Domestic Product (GDP) CAGR of 11.2
per cent of is expected during the period FY 08-20 Retail, hospitality and commercial CA
are also growing significantly, providing the much-needed infrastructure for India's growing
needs During the first nine months of 2015, PE funds invested about US$ 2.4 billion in the
CA sector, across 53 transactions compared US$ 1.3 billion across 57 transactions in the
same period last year. Private Equity (PE) funds and Non-Banking Financial Companies
(NBFCs) in India are seen increasingly investing jointly in CA projects, in order to hedge risk
and undertake bigger transactions Mumbai is the best city in India for commercial CA
investment, with returns of 12-19 per cent likely in the next five years, followed by
Bengaluru and Delhi-National Capital Region (NCR) India's office space absorption stood at
35 million sq ft during 2015, which is the second highest figure in the India's history after
2011, and was driven by corporates implementing their growth plans According to data
released by DIPP, the construction development sector in India has received FDI equity
inflows to the tune of US$ 24.156 billion in the period April 2000-September 2015

Problem of the industry: Problems encountered during the survey

Charge to income-tax
An entity whose income exceeds the "maximum amount", which is not chargeable to the
income tax, is an assessee, and shall be chargeable to the income tax at the rate or rates
prescribed under the finance act for the relevant assessment year, shall be determined on
basis of his residential status.
FACTORS AND PARAMETERS CHOSEN FOR SURVEY
Income tax is a tax payable, at enacted by the Union Budget (Finance Act) for every
Assessment Year, on the Total Income earned in the Previous Year by every Person.
The chargeability is based on nature of income, i.e., whether it is revenue or capital. The rates
of taxation of income are-:
Income Tax Slabs and Rates for the Assessment Year 2016-17 (applicable on income earned
during 01.04.2015 to 31.03.2016) for various categories of Indian Income Tax payers.
1. Individual resident aged below 60 years
2. Senior Citizen
3. Super Senior Citizen
4. Any NRI / HUF / AOP / BOI / AJP
5. Co-operative Society
6. Firm
7. Local Authority
8. Domestic Company
9. Other Company

1. Individual resident aged below 60 years (i.e. born on or after 1 April 1956)
Surcharge: 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal
Relief in Surcharge, if applicable) Education Cess: 3% of the total of Income Tax and
Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of
80 years at any time during the previous year i.e. born on or after 1 April 1936 but before 1
April 1956)
Income Slabs Tax Rates
i. Where the taxable income does NIL
not exceed Rs. 2,50,000/-.
ii. Where the taxable income 10% of the amount by which the taxable income
exceeds Rs. 2,50,000/- but does exceeds Rs. 2,50,000/-. Less: Tax Credit u/s 87A - 10%
not exceed Rs. 5,00,000/- of taxable income up to a maximum of Rs. 2000/-.
iii. Where the taxable income Rs. 25,000/- + 20% of the amount by which the taxable
exceeds Rs. 5,00,000/- but does income exceeds Rs. 5,00,000/-.
not exceed Rs. 10,00,000/-
iv. Where the taxable income Rs. 120,000/- + 30% of the amount by which the
 exceeds Rs. 10,00,000/- taxable income exceeds Rs. 10,00,000/-.
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal
Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.

#Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time
during the previous year i.e. born before 1 April 1936)

Income Tax: Tax Calculator: AY 2016-17

Income Slabs Tax Rates
i. Where the taxable income does not NIL
exceed Rs. 5,00,000/-.
ii. Where the taxable income exceeds Rs. 20% of the amount by which the taxable
5,00,000/- but does not exceed Rs. income exceeds Rs. 5,00,000/-.
10,00,000/-
iii. Where the taxable income exceeds Rs. Rs. 100,000/- + 30% of the amount by which
10,00,000/- the taxable income exceeds Rs.10,00,000/-.
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal
Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.

#Any NRI or HUF or AOP or BOI or AJP

Income Tax: Tax Calculator: AY 2016-17
Income Slabs Tax Rates
i. Where the taxable income does not exceed NIL
Rs. 2,50,000/-.
ii. Where the taxable income exceeds Rs. 2, 10% of amount by which the taxable income
50,000/- but does not exceed Rs. 5,00,000/-. exceeds Rs. 2,50,000/-.
iii. Where the taxable income exceeds Rs. Rs. 25,000/- + 20% of the amount by which
5,00,000/- but does not exceed Rs. the taxable income exceeds Rs. 5,00,000/-.
10,00,000/-.
iv. Where the taxable income exceeds Rs. Rs. 125,000/- + 30% of the amount by which
10,00,000/-. the taxable income exceeds Rs. 10,00,000/-.
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal
Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Abbreviations used : NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP
- Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

#Co-operative Society
Income Tax:
Income Slabs Tax Rates
i. Where the taxable income does not exceed 10% of the income.
Rs. 10,000/-.
ii. Where the taxable income exceeds Rs. Rs. 1,000/- + 20% of income in excess of Rs.
10,000/- but does not exceed Rs. 20,000/-. 10,000/-.
iii. Where the taxable income exceeds Rs. Rs. 3.000/- + 30% of the amount by which
20,000/- the taxable income exceeds Rs. 20,000/-.
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal
Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.

#Firm
 Income Tax: 30% of taxable income.
 Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
(Marginal Relief in Surcharge, if applicable)
 Education Cess: 3% of the total of Income Tax and Surcharge.

#Local Authority
 Income Tax: 30% of taxable income.
 Surcharge: 10% of the Income Tax, where taxable income is more than Rs. 1 crore.
(Marginal Relief in Surcharge, if applicable)
 Education Cess: 3% of the total of Income Tax and Surcharge.
#Domestic Company
 Income Tax : 30% of taxable income.
 Surcharge : The amount of income tax as computed in accordance with above rates,
and after being reduced by the amount of tax rebate shall be increased by a surcharge
 At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1
crore. (Marginal Relief in Surcharge, if applicable) At the rate of 12% of such income
tax, provided that the taxable income exceeds Rs. 10 crores. Education Cess : 3% of
the total of Income Tax and Surcharge.
1.2 Profile of the Desh Raj & Co.
About Us : Introduction
Desh Raj & Co. established in the year 1985. A leading Chartered
Accountancy firm, holding experience for 30 years. It is a
professionally managed firm, giving utmost importance to
professionalism and through disciplined Team Work.

Desh Raj & Co. provides financial services in various fields Serving clients with enthusiasm
and hard work is our Motto.

Our Firm represents a combination of specialized skills, which are geared to offer sound
financial advice to our clients.

We are committed to:

 Endeavour to improve the quality of services
 place the interest of clients before ours
 uphold high standards of honesty and integrity
 excellence in professional services
 Regular training of staff, to keep them updated in all fields

CORPORATE SERVICES:-

 Incorporation of company.
 Consultancy on Company Law matters.
 Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.
 Filing of annual returns and various forms, documents.
 Clause 49 review for compliance with fiscal, corporate and tax laws.
 Secretarial Matters including share transfers.
 Maintenance of Statutory records.
 Consultancy on Public/Rights/Bonus Issue of shares.
 Change of Name, Objects, Registered Office, etc.
CONTACT US
Desh Raj & Co. Deepshikha Stampings
Chartered Accountants
Tel: +91-129-4017170
39-A / 10, 2nd Floor, Jwala Heri Market,
Paschim Vihar New Delhi - 110063. Address: 77, SMIE 20/2, Delhi Mathura
Phone: 011-25266425, 46064864 Road, Faridabad, Haryana, India
Mobile: +91-9811049911
Raj Enterprises
E-mail Id: [email protected] |
[email protected] Tel: +91-9350231677,+91-129-4043798

JMC Tapex Industries Address: 16/5, Karkhana Bagh, Delhi

Mathura Road, Faridabad, Haryana, India
Tel: +91-9810261300,+91-129-4067300
Amit Internet Cafe
Address: 12, Sanjay Memorial Industrial
Estate, 20 / 2, Delhi Mathura Road, Tel: +91-9990234682
Faridabad, Haryana, India
Address: 22/5, Najafgarh Road, West
Ndcon Construction Company Delhi, New Delhi, Delhi, India

Tel: +91-9873566635 Deswals Body-Tech

Address: Village Sabhapur, Khajoori Tel: +91-9810684665

Khas, East Delhi, New Delhi, Delhi, India
Address: 4A/59, Rajinder Nagar Old, West
Aggrawal Wood Industries Delhi, New Delhi, Delhi, India

Tel: +91-129-2243783 B D Dooes and Decorators

Address: 21/5, Milestone, Delhi Mathura Tel: +91-9313236713

Road, Faridabad, Haryana, India
Address: Mahura Road, Delhi Mathura
Naqvi Auto Repairing Road, Faridabad, Haryana, India

Tel: +91-9212410102 D P Woodtech Pvt Ltd

Address: Main Mathura Road, Old Rajiv Tel: +91-9910554466

Gandhi Chowk, Delhi Mathura Road,
Address: Delhi Mathura Road, Faridabad,
Faridabad, Haryana, India
Haryana, India
OUR TEAM: Our dedicated team comprises of competent people with extensive knowledge
and experience. Our professionalism and expertise helps us to service our clients to their
satisfaction. Some of the key members of our firm are:
 Mr. Desh Raj Nasa F.C.A. (prop)
 Mr. Siddharth Nasa
 Mr. R.S. Purohit
 Mr. Dilbagh Rai Malhi
 Mr. Surendera Negi
 Mr. Gajender Sharma A.C.A.
 Mr. Aman Chhabra
 Mr. Manish Kumar
 Mr. Ranjeet Singh

INCOME TAX:-

 Consultancy on various intricate matters pertaining to Income tax.

 Effective tax management, tax structuring and advisory services.
 Tax Planning for Corporates and others.
 Designing / restructuring salary structure to minimise tax burden.
 Obtaining Advance tax Rulings.
 Obtaining No Objection Certificates from Income tax department.
 Obtaining PAN for assessees, employees etc.
 Advance tax estimation and deposit.
 Assessing the liability towards deferred taxes.
 Providing regular updates on amendments, circulars, notifications & judgments.
 Filing Income Tax and Wealth Tax returns for all kinds of assessees.
 Filing Income tax returns for employees of corporate clients.
 Liaison with Income tax department for rectification, assessment, obtaining refunds
etc.
 Expertise in complicated direct tax assessments.
 Filing and pleading appeals under various provisions of IT Act.
 Special expertise in search, seizure and prosecution litigation.
 Advice on future tax implications in respect of the potential acquisition.
  Opinions on the various Double Tax Avoidance Agreement related issues.
 Settlement of various issues raised under FEMA.

VALUE ADDED TAX (VAT)

 Getting Sales Tax Registration under Central Sales Tax Act and Delhi VAT.
 Consultancy on matters related to Sales Tax including Tax planning.
 Preparation of VAT (Value Added Tax) returns.
 Filing of Electronic/Manual VAT returns.
 Help in obtaining statutory forms.
 Liaison with VAT authorities.
 Getting Sales Tax Assessments done.
 Filing and pleading appeals wherever necessary.
 Consultancy on matters related to Delhi Works Contract Tax Act 1999.

SERVICE TAX:-

 Registration under Service tax.

 Consultancy for maintenance of proper records.
 Consultancy for proper accounting for Service tax.
 Consultancy on various issues relating to Service Tax.
 Compilation of data of Cenvat credit.
 Assistance in availment of notified Abatements.
 Utilization and availment of service tax credit in accordance with the Service Tax
Credit Rules, 2002.
 Computation of Service tax payable.
 Preparation and filing Returns.
 Getting assessments done.

AUDIT:-

Broadly, Audit involves the following:

 Indepth study of existing systems, procedures and controls for proper understanding.
Suggestions for improvement and strengthening.
 Ensuring compliance with policies, procedures and statutes.
  Comprehensive review to ensure that the accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
 Checking the genuineness of the expenses booked in accounts.
 Reporting inefficiencies at any operational level.
 Detection and prevention of leakages of income and suggesting corrective measures
to prevent recurrence.
 Certification of the books of account being in agreement with the Balance Sheet and
Profit and Loss Account.
 Issue of Audit Reports under various laws.

Types of Audits conducted

 Statutory Audit of Companies.

 Tax Audit under Section 44AB of the Income Tax Act, 1961.
 Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
 Concurrent Audits.
 Revenue Audit of Banks.
 Branch Audits of Banks.
 Audit of PF Trusts, Charitable Trusts, Schools, etc.
 Audit of Co-operative Socities.
 Information System Audit.
 Internal Audits.

CORPORATE FINANCE

 Preparations of Project Reports.

 Preparation of CMA data for bank loans.
 Private placement of shares, Inter-Corporate Deposit, Terms loans, working capital
limits, etc.
 External Credit Borrowings (ECBs).

ACCOUNTING SERVICES:-

 Accounting System Design & Implementation.

 Financial Accounting.
 Budgeting.
  Financial Reporting.
 MIS Reports.
 Financial Analysis.
 Asset Accounting Management.
 Depreciation and Amortization Schedules.

BENEFITS OF OUTSOURCING

 Enables business to concentrate on core business activities.

 Use of manpower for more important functions.
 Investment in fixed assets reduced/minimized.
 Substantial Savings in Cost.
 Services of experts made available.
 Improved Internal Controls.
 Enhanced reporting capabilities to provide more timely and accurate financial data.
 Off-site Backup of Data.

TAX DEDUCTED AT SOURCE (TDS) :-

 Advice on all matters related to compliance of TDS/TCS provisions.

 Obtaining Tax Deduction Account Number (TAN).
 Periodic review of TDS/ Withholding Tax compliance.
 Computation of monthly TDS.
 Monthly reconciliation of TDS due and deposited.
 Monthly deposit of TDS electronically/manually.
 Issue of monthly/annual TDS certificates.
 Filing of quarterly E-TDS/Manual Returns.
 Filing of Correction Statements.
 TDS assessment.

CORPORATE GOVERNANCE SERVICES:-

Corporate governance refers to a combination of laws, regulations, procedures, implicit rules
and voluntary practices which help companies to perform efficiently and maximize long term
value for shareholders and at the same time looking after the interests of other stakeholders
like buyers, government, society at large etc. Lenders whether national or international, also
look for them for taking exposure in any corporate. It is a function of transparency and
fairness in operations and making proper disclosures.
Company as a business organization has become popular over the years. With the growth in
size of these corporate, governance has become all the more important. SEBI and listing
agreements of various stock exchanges require that the requirements of corporate governance
are duly complied with.

Our services include:

 Periodic monitoring through internal audit.
 Independent audit.
 Independent verification.
 Effective Supervision.
 Accountability.
 Sufficient number of Independent directors on the Board.
 Formation of an independent audit committee for the board.
 Adequate disclosure and transparency in reports.
 Participation in board meetings.

1.3 Statistical fact and Information

For companies, income is taxed at a flat rate of 30% for Indian companies (24.99% as per
Budget 2015-16). Foreign companies pay income tax at the rate of 40%. An education cess of
3% (on both the tax and the surcharge) are payable.

Statistics: As of January 2016, a total of more than 3.27 crore returns were e-filed for the
financial year 2014-15. Annual information return and statements.

Annual information return: Those who are responsible for registering, or, maintaining
books of account or other documents containing a record of any specified financial
transaction, shall furnish an annual information return in Form No.61A.

Statements By producers: Producers of a cinematographic film during the financial year

shall, prepare and deliver to the Assessing Officer a statement in the Form No.52A,

 Within 30 days from the end of such financial year or

  Within 30 days from the date of the completion of the production of the film,
whichever is earlier.

Statements by non-resident having a liaison office in India: With effect from 01,June
2011, Non-Resident having a liaison office in India shall prepare and deliver a statement in
Form No. 49C to the Assessing Officer within sixty days from the end of such financial year.

Assessments: Self assessment is done by the assessee himself in his Return of Income. The
department assess the tax of an assesse under section 143(3) (scrutiny), 144 (best judgement),
147 and 153A (search and seizure). The notices for such assessments are issued under section
143(2), 148 and 153A respectively. The time limits are prescribed under section 153.

Tax penalties: The major number of penalties initiated every year as a ritual by I-T
Authorities is under section 271(1)(c) which is for either concealment of income or for
furnishing inaccurate particulars of income.

"If the Assessing Officer or the Commissioner (Appeals) or the Commissioner in the course
of any proceedings under this Act, is satisfied that any person-

(b) has failed to comply with a notice under sub-section (1) of section 142 or sub-section (2)
of section 143 or fails to comply with a direction issued under sub-section (2A) of section
142, or

(c) has concealed the particulars of his income or furnished inaccurate particulars of such
income, he may direct that such person shall pay by way of penalty,-

(ii) in the cases referred to in clause (b), in addition to any tax payable by him, a sum of ten
thousand rupees for each such failure;

(iii) in the cases referred to in clause (c), in addition to any tax payable by him, a sum which
shall not be less than, but which shall not exceed three times, the amount of tax sought to be
evaded by reason of the concealment of particulars of his income or the furnishing of
inaccurate particulars of such income.

Appeals: When taxpayers dispute the income tax demands raised on them, a structured
appeal process has to be followed. The first level of appeals lies with the CIT (A). The next
level of appeal lies with the Income Tax Appellate Tribunal - an independent body, which is
the final fact finding authority. Courts can subsequently be approached by the aggrieved party
only if a question of law is involved.

It is a tax levied on services provided in India, except the State of Jammu and Kashmir. The
responsibility of collecting the tax lies with the Central Board of Excise and
Customs(CBEC). From 2012, service tax is imposed on all services, except those which are
specifically exempted under law(e.g. Exempt under Negative List, Exempt as exclusion from
Service definition as per Service Tax, Exempt under MEN(Mega exemption notification)). In
budget presented for 2008-2009, it was announced that all small service providers whose
turnover does not exceed ₹10 lakh (US$15,000) need not pay service tax. Service tax at a
rate of 14 percent (Inclusive of EC & SHEC) will be imposed on all applicable services from
1 June 2015. From 15th November 2015, Swacch Bharat cess of 0.5% has been added to all
taxable service leading the new Service Tax rate to be 14.5 percent (Inclusive of EC, SHEC
& Swacch Bharat cess). On 29 February 2016, Current Finance Minister Mr. Arun Jaitley
announces a new Cess, Krishi Kalyan Cess that would be levied from the 1st June 2016 at the
rate of 0.5% on all taxable services. The purpose of introducing Krishi Kalyan Cess is to
improve agriculture activities and welfare of Indian farmers. Thus, the new Service Tax rate
would be 15% incorporating EC, SHEC, Swachh Bharat Cess and Krishi Kalyan Cess.

In 2015-2016, the gross tax collection of the Centre from service tax amounted to ₹2.10
trillion (US$31 billion).

Chartered Accountant: Salary and Career Facts: Explore the career requirements for
chartered accountants. Get the facts about education requirements, job outlook and salary to
determine if this is the right career for you. Schools offering Accounting degrees can also be
found in these popular choices.

Career Information At a Glance: As a chartered accountant, you would be responsible for

preparing, evaluating, managing and confirming financial documents for clients across the
globe. The table below outlines the general requirements for a career as a chartered
accountant.
Degree Required Bachelor's degree equivalent in specific country is most
common
Education Field of Study Business, accounting
Training Required Obtain internationally-recognized professional designation
Certification Certification required to work within the U.S.
 Job Growth (2012-2022) 13% (for all accountants working in the U.S.)*
Median Salary (2014) $65,940 (for all accountants working in the U.S.)* 
C$62,700 (for chartered accountants working in Canada)**
Source: *U.S. Bureau of Labor Statistics, **Payscale.com.
What Is a Chartered Accountant?
A chartered accountant is a professional who is authorized to prepare, evaluate, manage and
confirm financial documents and records for individuals and organizations in countries
throughout the world.

The responsibilities of a Chartered Accountant (CA) and a Certified Public Accountant

(CPA) are generally the same. The primary difference between the CA and CPA designations
is that as a CA, your educational training is provided in other countries, such as Australia,
Canada, Ireland and Mexico. Also, your CA designation is internationally recognized,
whereas the CPA designation applies only in the U.S.

What Education Do I Need?

While educational requirements for CAs vary with each country, they are generally similar to
CPA requirements, in that a specified amount of college/educational training and work
experience are prerequisites for qualifying as a CA.
For example, in Canada, you would be required to have a Canadian university degree with
coursework in business. You would also be required to get work experience through an
authorized CA Training Office, which offers training under the supervision of seasoned CAs.
Additionally, you would be required to take the 3-day Uniform Evaluation examination
before you can receive your CA designation.

Other countries, such as Australia, require that potential CAs complete the Chartered
Accountant Program, which is a graduate program that combines classroom instruction and
on-the-job-training. Enrollment requirements include a bachelor's or master's degree in
accounting from an accredited Australian institution.

If you are seeking CA designation in one country, but you have received your education
elsewhere, there may be specific protocols to accommodate international candidates/students.
Refer to your CA governing authority for more information.

Do I Need Additional Certification?

Your CA designation gives you the legal authority to work in various countries, whereas
certification is generally a voluntary form of professional credentialing. Certification is
usually offered through trade organizations, such as the Association of Chartered Certified
Accountants.

An exception to this voluntary certification protocol is, if you are a CA who would like to
work as an accountant in the U.S., you would be required to obtain certification as a CPA.
According to the American Institute of CPA's, depending on where you received your
educational training, you will either take the International Qualifications Examination or the
Uniform CPA Examination (www.aicpa.org).

What Salary Can I Earn?

Your specific salary will vary with your geographic location, your experience and your
employer. According to PayScale.com, the salary range for chartered accountants in Canada
in 2014 was $40,997-$99,727. According to the U.S. Bureau of Labor Statistics, accountants
and auditors as a group earned a median salary of $65,940 in 2014; the upper ten percent
earned $115,950 or more.

To continue researching, browse degree options below for course curriculum, prerequisites
and financial aid information. Or, learn more about the subject by reading the related articles
below:
1. Degree Options: 2. More Articles
 Accounting cpgId-3  What is an Accounting Certificate?
 Accounting & Finance cpgId-5  What is Chartered Accountancy?
 Accounting & Management cpgId-7  What are the Duties of a Certified
 View All Degree Options Submit Management Accountant?

1.5 Competition information

Tax competition, a form of regulatory competition, exists when governments are encouraged
to lower fiscal burdens to either encourage the inflow of productive resources or discourage
the exodus of those resources. Often, this means a governmental strategy of attracting foreign
direct investment, foreign indirect investment (financial investment), and high value human
resources by minimizing the overall taxation level and/or special tax preferences, creating
a comparative advantage.
Some observers suggest that tax competition is generally a central part of a government
policy for improving the lot of labour by creating well-paid jobs (often in countries or regions
with very limited job prospects). Others suggest that it is beneficial mainly for investors, as
workers could have been better paid (both through lower taxation on them, and through
higher redistribution of wealth) if it was not for tax competition lowering effective tax rates
on corporations.
Some economists argue that tax competition is beneficial in raising total tax intake due to low
corporate tax rates stimulating economic growth. Others argue that tax competition is
generally harmful because it distorts investment decisions and thus reduces the efficiency of
capital allocation, redistributes the national burden of taxation away from capital and onto
less mobile factors such as labour, and undermines democracy by forcing governments into
modifying tax systems in ways that voters do not want. It also tends to increase complexity in
national and international tax systems, as governments constantly modify tax systems to take
account of the 'competitive' tax environment.
It has also been argued that just as competition is good for businesses, competition is good
for governments as it drives efficiencies and good governance of the public budget.
Competition Is Good For All
George Osborne had probably expected that in same way as Gordon Brown had supported
Tony Blair in his election as Party Leader and then succeeded him as Prime Minister, that he
George Osborne would follow David Cameron as Prime Minister. Life does not always go as
we planned and unlike Gordon Brown, George Osborne has a number of viable contenders to
succeed David Cameron when he steps down, as promised, prior to the end of this
Parliament.
With those competitors gaining prominent publicity in recent months the pressure was on
George to deliver a budget to elevate himself back into the role of No 1 contender and I have
to say, by George he has only gone and done it.
George Osborne spent 65 minutes at the Despatch Box replete with a number of one liners
together with a number of lines which were he repeated regularly, including his two
favourites “we act now so that we do not have to pay later” and “this budget puts the next
generation first”.
CBDT has notified that specified Income of Competition Commission of India (CCI) is
exempted under Income Tax for the financial years 2016-2017 to 2020-2021, as under:
CBDT Notification No. 8/2016 dt. 19th Feb 2016
1. In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby notifies for the purpose of the said clause,
the Competition Commission of India, a Commission established under sub-section (1) of
section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified
income arising to the said Commission, namely:-
(a) amount received in the form of Government grants;
(b) fees received under the Competition Act, 2002; and
(c) interest accrued on Government grants and interest accrued on fees received under the
Competition Act, 2002.
2. This notification shall be effective subject to the following conditions, namely:-
(i) the Competition Commission of India does not engage in any commercial activity;
(ii) the activities and the nature of the specified income of the Competition Commission
of India shall remain unchanged throughout the financial years; and
(iii) the Competition Commission of India shall file return of income in accordance
with clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
3.  This notification shall be applicable for the specified income of the Competition
Commission of India for the financial years 2016-2017 to 2020-2021.
COMPETITION
COMPANY LAST MARKET SALES NET TOTAL
PRICE CAP. TURNOVER PROFIT ASSETS
(RS. CR.)

273.00 56,536.94 4,630.75 2,841.58 29,943.46

ADANI
PORTS
363.70 46,134.62 57,464.50 3,039.17 41,333.77
GAIL
(INDIA)
1,366.15 26,635.83 5,484.10 1,047.55 7,692.65
CONTAINE
R CORPN.
343.85 25,788.75 39,500.95 882.52 9,247.02
PETRONE
T LNG
1,817.95 20,231.97 1,394.51 1,270.51 6,825.09
BAJAJ
HOLDINGS
2,133.40 15,211.14 956.10 222.01 697.19
CRISIL
13,210.05 14,887.73 2,187.14 200.93 1,042.99
3M INDIA
381.65 12,628.80 5,214.33 332.89 2,327.71
VOLTAS
537.85 10,076.62 4,208.49 729.89 3,313.10
TUBE
INVESTME
NTS
827.95 10,011.57 723.48 141.58 1,770.45
INFO EDG.
(INDIA)
699.15 9,788.10 4,059.64 437.73 2,254.72
INDRAPRA
STHA GAS
677.35 9,325.75 9,137.43 443.58 5,799.97
GUJARAT
GAS
370.20 9,140.24 161.28 -69.99 90.85
SPARC
151.20 8,518.91 1,064.60 410.36 4,813.61
GUJ.ST.PE
TRONET
77.05 8,473.96 8,148.86 496.33 10,837.26
ADANI
ENTERP.
 173.50 8,387.68 659.95 236.66 1,954.05
GUJ
PIPAVAV
PORT
550.55 7,075.67 2,451.26 218.75 1,285.90
BATA
INDIA
577.10 5,700.59 2,285.76 308.69 1,547.59
MAHANA
GAR GAS
464.90 5,578.80 1,734.44 120.28 731.88
RELAXO
FOOTWEA
R
989.95 5,048.75 222.49 125.05 1,413.89
MULTI
COMM.
EXC.

1.6 SWOT ANALYSIS OF DESH RAJ & CO.

STRENGTHS

THREATS WEAKNESSES

OPPORTUNITIES

Parent Company Desh Raj & Co.

Category Consultancy
Sector Accounting
Tagline/ Slogan Cutting through complexity
USP They are expert in audit and tax services
STP
Segment All industries looking for business solutions
Positioning Financial consulting firm
SWOT Analysis
Strengths 1. They have an extensive geographic reach.
There revenues are spread over various industries
2. It is a top-of-the-mind consulting which has
expertise in audit, tax, and advisory
3. Publishes many international knowledge and
analytical publications
4. Desh Raj & Co. has been actively involved in
sponsorship of many events
5. It is among the Big four auditors
Weaknesses 1. Being a top consulting brand, sometimes it is
unapproachable due to its high expertise and fees.
2. Tough competition from big industry
consultants as well as other knowledge consulting
agencies
Opportunities 1. There are enormous growth prospects in
emerging markets
2. Increasing the spending on infrastructure may
spur demand for advisory services
Threats 1. Easing regulatory restrictions could foster
competition
2. The ongoing recession would hinder the
growth of business
Competition
Competitors 1. Ernst & Young

2. Deloitte Consulting
3. PricewaterhouseCoopers
 OBJECTIVE OF THE STUDY
I choose to work with Desh Raj & Co. During this internship I have learnt many new skills.
Before internship I have only theoretical knowledge about work in organisation but now I
have practical some practical experience of working in organisation. Now I have
knowledge about the organisation’s working environment and how organisations 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 organisation 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 organisation.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situation.
 To learn how to promote and to conduct research in business area.
 To promote my personal knowledge and professional preparation for future. To
properly integrate my theoretical knowledge and practical work.
 To plan for the future of oneself and learn how to adjust in an organisation.
 To know how to present your recommendations in front of your boss.
 To get knowledge of opportunities and threats while entering into an organisation.
 To get exposure to do a work in an organisation and also known about organisational
behaviour, ethical rules and regulations.
 CHAPTER-2
JOB DESCRIPTION

JOB Description: -Chartered Certified Accountants (CCAs) are a category of professionally

qualified accountants.
They are responsible for a variety of tasks, including (but not limited to):
 Auditing financial records
 Reviewing and certifying clients’ book of accounts, balance sheets and other statutory
returns
 Business advice (strategic and operational)
 Budgeting and reporting
 Forecasting and investigating finance and accounting issues.

CCAs are employed in private practice as well as commercial establishments in the public
and private sectors, particularly in the financial services industry. Their spheres of influence
include corporate finance, insurance, asset and investment management and the handling of
private clients. You can find current vacancies on our Jobs page in the Banking, Finance and
Accountancy sector.

SALARY & BENEFITS

Entry-level salaries for CCA trainees are between £14,000 and £25,000, depending upon
location, industry segment and size of organisation.
Post-qualification salaries range from £20,000 to £50,000. CCAs with more than 5 years of
experience post-qualification can earn between £45,000 and £100,000.
Company benefits for salaried CCAs include private healthcare insurance, life assurance,
pensions and a variety of lifestyle benefits.

WORKING HOURS
Working hours are similar to those of other professionals in the accounting and consultancy
industry: 35-40 hours in a five day week, except for periods where projects are near closing
deadlines, or when statutory or regulatory filing and reports are due at milestones in the
financial year.
Unless spending time at clients’ premises is involved, CCAs are mainly office-based.
ENTRY
The basic entry requirements for aspiring CCAs include a 2:1 or above honours degree in any
discipline, and strong A-level and GCSE grades, particularly in English Language and
Mathematics.

The ACCA route is also open to school leavers not interested in pursuing university studies.
Many accounting and finance practices have a separate intake for such students, many of
whom complete the CCA programme while working and then take up studies for chartered
accountants’ qualifications from ICAEW or ICAS to open up career advancement
opportunities.
 

TRAINING & PROGRESSION

Initial training and practical work experience requirements are completed over a period of
three years, comprised of passing 14 levels of ACCA exams, supervised on-the-job
experience under the guidance of a qualified mentor and completion of an online practice
ethics course. Career progression is dependent on individual performance, qualification levels
and experience across different sectors. CCAs can choose to follow a generalist career path or
specialise in particular business segments. Access to senior-level jobs within the industry can
be enhanced by taking up further work-study programmes lasting a period of several years.

2.1 Overview of Industry as a Whole

Organization is working as a Chartered Accountants firm under the rules and regulations and
code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of
India).
The Institute of Chartered Accountants of India (ICAI or the Institute) was established as
statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the
profession of accountancy in the country.
ICAI is governed by the Council which consists of nineteen members. Fifteen members are
elected from amongst the members for a period of four years. The remaining four of the
Council members are nominated by the Government of India.
Vision of the ICAI is:
The profession of Chartered Accountants in India should be the benchmark of professional
excellence upholding the principles of integrity, transparency and accountability.
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.
These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.
The Chartered Accountancy course is conducted by the Institute of Chartered
Accountants of India, which has its headquarters in New Delhi, 5 regional offices
(Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these
regional centres.
An important phenomenon of recent times is the rapid growth of the accountancy profession.
The vast changes occurring in the economy of the country have been placing great
responsibilities on the Chartered Accountants. It also constitutes a challenge to the profession
to bring to bear their knowledge and skill in their specialised fields of activity. The types of
functions generally performed by the Chartered Accountant are varied. The more important
ones amongst them are discussed below.

Accountancy: This includes the writing up of accounts and the preparation of financial
statements. It encompasses a wide area ranging from simple Book keeping to complex
financial analysis.

Auditing: Possibly one of the most important functions of a Chartered Accountant, it is here
that his specialised training, skill and judgment are most often called into play. The purpose
of auditing is to satisfy the users of financial statements that the accounts presented to them
are drawn up on correct accounting principles and that they represent a true and fair view of
the state of affairs of the organisation.

Taxation: With a number of taxes on the statute book, current and continuing tax
information has become vital to the effective economics of business management. The
assessment of taxes is very closely linked with financial accounts. The Chartered Accountant
with his experience in accounts is in an advantageous position for preparing the returns for
tax purposes, representing assesses before the Income-Tax authorities and rendering general
advice on taxes to his clients. An additional responsibility placed on him recently is that his
services will be required by the tax department for auditing complicated cases, having large
revenue potential. The requirement under the Income-Tax law for compulsory maintenance
of accounts by the specified categories of taxpayers would also make a demand on his time
and services. Every assesses with a minimum turnover of Rs. 10 lakhs in the case of
professionals and Rs. 40 Lakhs in the case of business concerns is compulsorily required to
get his accounts audited under the Income-Tax law. This has considerably helped the revenue
authorities in making proper assessments.

Cost Accountancy: A Chartered Accountant is also trained to ascertain the costs of

production and of processes at different levels of operations in the manufacture of a product
and in the rendering of a service. He is also equipped to provide costing information for the
guidance of management, introduce cost control methods and assist the management in
establishing appropriate selling prices.

Special Company Work: The services of Chartered Accountants are frequently sought in
connection with matters such as the formation, financial structure and liquidation of limited
companies. Secretarial and Registration work and the duties of a Receiver are also undertaken
by them, in addition to other company work.

Investigation: Chartered Accountants are often called upon to carry out investigation to
ascertain the financial position of business in connection with matters such as a new issue of
share capital, the purchase or sale or financing of a business, reconstruction and
amalgamations. Their services are also sought for undertaking investigations with a view to
achieving greater efficiency in management or administration, finding out reasons for
increases or decreases in profits etc.

Executors and Trustees: A Chartered Accountant is also often appointed executor under a
will or trust in order to carry on the administration of the estate or settlements. Appointment
of this nature requires the Chartered Accountant to work in Co-operation will solicitors or
Lawyers. Conversely, Solicitors or lawyers carrying out works of this kind usually call in
Chartered Accountants to assist them in the accounting aspects of their work.

Directorship: Many members of the Institute who hold senior position in industry and
commerce are also directors of their companies. Moreover, many members who are actively
carrying on public practice are also directors of companies. The advantages of having a
Chartered Accountant on the Board of Directors are now well recognised and the practice of
making such appointments has grown rapidly.

Companies Secretarial Work: In a well organised company or group of companies, the

Secretary is a man with a professional qualification (often a Chartered Accountant) who, in
addition to his multifarious other duties, is an important link in the management chain. The
continued growth of limited companies enables the professional accountants to offer
secretarial services to small companies, many of which are being virtually run by a few
individuals who are unable to afford a full-time secretary.

Management Accounting: This is another field in which the Chartered Accountant is able to
render a service which is utilised in a variety of ways like formulation of policies, day to day
control, performance evaluation, etc.

Share Valuation Work: The Chartered Accountant undertakes the valuation of shares of
public and private companies when amalgamation or re-organisation takes place for the
purpose of takeover bids and other acquisitions.

The Chartered Accountant as Management Consultancy: C.As. play invaluable role in

assisting business organisations to utilise resources effectively, increase their efficiency and
achieving their goals and objectives. as management consultants, C.As. render host of
consulting sevices as under:
 Developing management information system.
 Designing budgetary and control system.
 Determining measures of the effective utilisation of capital.
 Installing cost accounting system.
 Assisting the management in the efficient use of working capital as an aid to improve
productivity
 Advising management on principles of organisation and methods for effective
delegation and planning of work.
 Rendering advice on international taxation matters, foreign collaborations, joint
ventures, double taxation agreements etc.,
 Reviewing procedures and equipment for operational control.
 Review of financial planning and policies for effective utilisation of resources.
  Rendering secretarial services and advice on Corporate Law matters.
 Advising management on amalgamations, reconstructions, takeovers and expansion
schemes.
 Assist in the preparation of feasibility studies of new project and expansion schemes.
 Advise on the system analysis and design, including selection of hard work and
development of software and feasibility of incorporating computer applications for
accounting and commercial activities.
 Assist in finding solutions for specific business problems such as product mix
decisions, pricing decisions, making representation to Government on various matters
etc.
 Appraisal of personnel policies and practices.
 Assist in the selection of executive personnel in the areas of production, marketing,
accounts, data processing, personnel, general administration etc.
 Acting as advisor or consultant to an issue, including such matters as drafting of
prospectus and memorandum containing salient features of prospectus, preparation of
publicity budget etc.
 Acting investment counselor in respect of securities.
 Acting as registrar to an issue and for transfer of shares/other securities.

Problems of the Industry

The basic aim of problem analysis is to obtain a clear understanding of the needs of the
clients and the users, what exactly is desired from the income tax, and what the constraints on
the solution are. The analysts have to ensure that the real needs of the clients and the users are
uncovered, even if they don’t know them clearly. 

The Filing of Income Tax Return Valuation of Assets in Desh Raj & Co. is effectively a
charge on consumer spending which applies to the value added to a product or service at each
stage of its production and distribution. The Income Tax is collected in stages by Income Tax
registered firms. The consumer pays the full amount of the tax but at each stage up to that
point firms handling the goods pay input tax to their suppliers and collect output tax from
their customers. Firms pay the net Income Tax collected to Customs and Excise. In principle,
Income Tax is very simple, though for some sectors such as retail, it can be quite complex.
The Inland Revenue and Customs & Excise are due to merge in autumn 2004 to create HM
Revenue and Customs. But the organization’s new chairman has announced that big business
is likely to be the first beneficiary of the merger, as one of the first new departments within
the new body will be a one-stop shop for large companies. Elsewhere, Revenue and Customs
has been given fresh targets to reduce the amount of Income Tax fraud, which currently
stands at an estimated £11 billion. Accountants across Europe are calling for major reforms
of the current Income Tax system, claiming the present arrangements facilitate fraud and cost
the EU's member states revenue. The European Federation of Accountants (FEE) is
concerned that the Income Tax system has not evolved enough in the last 50 years and is
increasingly complex for business to deal with. The European Commission estimates that
fraud accounts for between £ 80 and £ 100 billion of lost revenue every year -
equivalent to the entire Income Tax collection of France

A key complaint of the traders was that the government has not bothered to educate them
before imposing new tax. It has been introduced without a preamble. The main problem with
the implementation of Income Tax it is going to increase the load of traders and decreasing
their profitability .For this purpose I had to study the over all impact of new tax reform
“Income Tax”

Informal approach
The informal approach to analysis is one where no defined methodology is used. Like in any
approach, the information about the system is obtained by interaction with the client, end
user, questionnaires, study of existing documents, etc. however, with this approach no formal
model is built of the system. The problem and the system model are essentially built in the
minds of the analysts and are directly translated from the minds of the analysts to the SRS.

2.3 Profile of the Desh Raj & Co.

About Us : Introduction
Desh Raj & Co. established in the year 1985. A leading Chartered Accountancy firm, holding
experience for 30 years. It is a professionally managed firm, giving utmost importance to
professionalism and through disciplined Team Work.
Desh Raj & Co. provides financial services in various fields Serving clients with enthusiasm
and hard work is our Motto.
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone
financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from
material misstatements, whether due to fraud or error.

(A limited liability partnership with LLP Identification No. AAF-3926)

with effect from 28th December, 2015
With over 30 years of history, Desh Raj & Co. has been one of India’s prominent Chartered
accountancy firms providing wide array financial and advisory services to numerous MNCs
as well as reputed Indian companies.
In May 1985, Desh Raj & Co. (Founder) laid down a solid foundation for the brand with
strong emphasis on client satisfaction and delivering excellence in Accounting, Auditing,
Taxation, Assurance and Business Advisory services.

Foll
owing a top notch corporate culture, we believe in delivering accurate, relevant and timely
information to the decision makers using industry expertise. We help companies to stay
compliant and lawful. We aim at applying intelligence and expertise by providing realistic
solutions to complicated business scenarios using analytical skills, functional expertise and
intensive training. Our result oriented and success driven partners believes in providing equal
services to clients of all sizes and at all locations.

Our Firm represents a combination of specialized skills, which are geared to offer sound
financial advice to our clients.
We are committed to:
 Endeavour to improve the quality of services
 place the interest of clients before ours
 uphold high standards of honesty and integrity
 excellence in professional services
 Regular training of staff, to keep them updated in all fields

CORPORATE SERVICES:-

 Incorporation of company.
 Consultancy on Company Law matters.
 Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.
 Filing of annual returns and various forms, documents.
 Clause 49 review for compliance with fiscal, corporate and tax laws.
 Secretarial Matters including share transfers.
 Maintenance of Statutory records.
 Consultancy on Public/Rights/Bonus Issue of shares.
 Change of Name, Objects, Registered Office, etc.

OUR TEAM: Our dedicated team comprises of competent people with extensive knowledge
and experience. Our professionalism and expertise helps us to service our clients to their
satisfaction. Some of the key members of our firm are:
 Mr. Desh Raj Nasa F.C.A. (prop)
 Mr. Siddharth Nasa
 Mr. R.S. Purohit
 Mr. Dilbagh Rai Malhi
 Mr. Surendera Negi
  Mr. Gajender Sharma A.C.A.
 Mr. Aman Chhabra
 Mr. Manish Kumar
 Mr. Ranjeet Singh

Vision
 To become a renowned & reliable repository of Indian CA firms which will be
referred by each level of service buyer (individual / corporate) while identifying,
comparing & selecting CA Firm.
 To be perceived as growth engine for transforming CA Firms from local to global.

Mission
Professional growth of Indian Chartered Accountants in practice (CA Firm)
 By providing relevant information of Empanelment, Tender & Industry Assignment
 By providing platform to channelize with other CA Firms, Industry, Articled Trainees
& Jobseekers.
Assistance to Industry in decision making of selection of best suited / Top CA Firms,
Jobseeker CAs & Industrial Trainee

Organization
With above unique & revolutionary vision and mission, Kaushalya promoted "Top Web
Media" on 01-Nov-2010. Head office of Top Web Media is located in Jodhpur (Raj.) and
Administrative Office in NOIDA. This organization has ventured its first website called -
www.TopCAfirms.com. Where TOP means –
 T = Trustworthy CA firms
 O= Objective CA firms
 P = Professional CA firm

About DESH RAJ & CO.

Hotfrog INDIA provides information regarding Desh Raj & CO. in Paschim Vihar New
Delhi. DESH RAJ & CO. is located at 39A/10,IInd.Floor, Paschim Vihar New Delhi 110063
and provides Chartered Accountants services. Contact them on 91-011-25266425.
Accounting professional services: tax returns, accounts, audits, roc matters, financial and
taxation consultants; ....professional retainers.
Map

2.4 Statistical fact and Information

The statistical fact study is sharing with you all 10 interesting facts about ICAI. We all CA
students are easily found criticizing our ICAI regarding various issues like sledging in exams
marks, giving very low pass percentage, twisty question papers, but we are least interested in
knowing more about it. Therefore we planned to make students aware of the 10 interesting
facts about ICAI.
Chartered accountancy is a professional degree course which offers huge scope for the
aspirants. After becoming a CA, a person can choose to either be employed with a firm as an
employee or they can choose to open their own private practice.
Before discussing the scope of chartered accountant career, let us look into the various
reasons for why CA is a good career option –
 This professional degree course gives you flexibility to go for higher education like
MBA, CFA etc.
 There is no constraint on study hours – that is, you do not have to go to college to
study and you can control the pace of your study.
 Articleship is a mandatory part of the curriculum, and as such, it gives you practical
experience while doing articleship. An aspirant can choose the organization they want
to work with.
  Most of the CA’s end up being entrepreneurs. They are their own boss. CA’s can
choose to become tax advisers and consultants also.
 Maintaining continuity in career is easier for a Chartered Accountant, as they can
afford to take breaks and sabbaticals and make a comeback after little brushing up of
knowledge.
Now, considering the various benefits of becoming a CA, it is a common understanding that
many students would want to pursue this career path. In fact, if statistics are to go by, then
in any given year, there are over 1 lakh students who appear for the ICAI exams (source: The
Hindu). However, the pass percentage for these exams is abysmally low. This, however,
should not be a deterrent for the large number of CA aspirants. Many students don’t take the
CA exam too seriously, that is why there is less pass percentage. If you study seriously, you
can easily pass the exams.
Scope of a chartered accountant career
 CA’s can choose to set up their own independent practice and develop their clients on

merit.
 They can apply for job at an existing firm of Chartered Accountants.
 They can offer their services in the field of capital market.
 A qualified Chartered Accountant can join the Government Service, Public Sector or
even in the Private Sector.
 Institute of CA of India is also well recognized abroad like in England, Wales and
Australia so one can even practice in these countries as well.
 It is not necessary that a CA has to work only on number crunching and excel sheets.
A CA employed with a firm can also contribute towards decision making and
enhancement of profits for the firm.
 As per a report by the Economic Times, there is a huge demand for CA’s in the
manufacturing and financial services sectors (source: The Economic Times)
 CA is emerging as a good career option for women as it allows work to be done at
one’s own pace and time, and, also allows one to control the money flow. Besides, a
CA is free to take break in his / her profession (as stated earlier).
 According to TN Manoharan, former ICAI president, for 50 years till 1999, the
number of women CA’s in country was 8%. In the past decade, the numbers grew
phenomenally, and women constituted 16% of the nearly 1,70,000 CAs in India. "The
major push came from parents, who earlier discouraged daughters from private
practice. More private companies and MNCs are hiring CAs and early entry through
 CPT, post-class 12, have allowed them to complete their CA before their parents get
them married," says Manoharan.
As such, before stepping into the career of a CA, it is very crucial that you ask yourself the
following questions -
 Do you have the aptitude and personality to become a CA? If you are not sure about
it, then you must take the aptitude test and personality test available at Map My
Talent to figure out the right career path for you.
 Once you know what your aptitude and personality is, you need to ask yourself
whether you need career counselling and career guidance. The expert career
counsellors at Map My Talent will give you the best suited career advice to help
you build a successful and best suited career path.
 Once you have figured out the above questions, then next thing you must ask yourself
is - Why become a Chartered Accountant?
 What is CA?
 Do you have it in you to become a CA?
 If not Chartered Accountancy, then what?
Membership Strength on 1st April, 1950:
After the first Council of the Institute started functioning, i.e., as on 1st April, 1950, there
were 1,689 members—569 Fellows and 1,120 Associates.
 Interesting Statistics of 1954
1. Number of CPAs (United States): Just crossed 50,000 mark.
2. Number of U.K. Accountants (comprising three Chartered Institutes, The Society of
Incorporated Accountants, and the other Association): Over 41,000 Members.
3. Number of Members of our ICAI (as on31.03.1954):2,819 members(Source: History
of Accountancy Profession Volume 1)
Do you know?- USE OF PREFIX “CA” BY STUDENTS ILLEGAL – ICAI
Membership Strength on 15th May, 2014:
The ICAI had a membership strength of 2,29,379 as on 15th May, 2014. Women comprised
21.1% of the total membership.
Women in Accountancy
4. The first lady to have qualified as Accountant was Mrs. Shirin K. Engineer, who
belonged to Mumbai. Having passed the Com Examination of the Bombay University
with Advanced Accountancy and Auditing in the year 1930, she was awarded the
GDA Diploma upon completion of her practical training in accounts in the year 1933.
 5. This enabled her to be enrolled as a Registered Accountant (R.A.) in December 1933,
and as A.C.A in July 1949.
6. The first lady to have topped the CA Final Examination was Ms. Nandita Shah. She
achieved this feat in November 1983 examination.
7. The first lady to have got elected to the Council of The Institute of Chartered
Accountants of India (ICAI) was Ms. Priya Bhansali.
8. G. Rajani was the first ever visually impaired CA as recorded in ICAI history.
9. ICAI Women Members on 1st March, 2014: No of CA as Women – 47,665,
10. ICAI Girl Students as on 1st March, 2014: Girls had 36% share in ICAI’s active
studentship. 1,12,205 of them were in CPT, 1,11,909 in IPCC, 60,789 were in Final.
A CA Pioneered Commerce Education
2.4 Competition Information
Under regulatory pressure in 1969, IBM announced its decision to unbundle the sale of
computer hardware from its software and support services; i.e., mainframe computers from
computer programs, etc. (At this time, the computer industry was dominated by mainframes
and their related operating systems, principally from IBM.) The decision opened new markets
to competition and provided an opportunity for entrepreneurs to enter the nascent software
industry — an opportunity Charles Wang along with his friend and business partner Russ
Artzt exploited by creating a company to develop and sell IBM mainframe software, so they
developed several products for that market with modest success.

1. Deloitte – Deloitte is the largest professional services network in the world by revenue
and by the number of professionals. Deloitte provides audit, tax, consulting, enterprise
risk and financial advisory services with more than 200,000 professionals in over 150
countries.

2. Ernst & Young (known as EY) – EY is a multinational professional services firm

headquartered in London, United Kingdom. It was the third largest professional services
firm in the world by aggregated revenue in 2012 and is one of the “Big Four” audit firms.
Address – http://www.ey.com/IN/en/ourlocations/http://www.ey.com/IN/en/Careers

3. KPMG – KPMG is one of the largest professional services companies in the world and

one of the Big Four auditors, along with Deloitte, EY and Its global headquarters is
located in Amstelveen, the Netherlands. KPMG employs 162,000 people and has three
lines of services: audit, tax, and advisory. Its tax and advisory services are further divided
 into various service groups. Address – http://www.kpmg.com/in/en/about/pages/-
officelocations.aspx

4. BDO International – BDO International is the fifth largest accountancy network in the
world, a worldwide professional services network of public accountancy firms, serving
national and international clients. As of 30 September 2014, BDO has Member Firms in
151 countries, employs around 60,000 Partners and staff in 1,328 offices throughout the
world. Address –http://www.bdointernational.com/http://www.bdointernational.com/-
Careers/Pages/default.aspx

5. Grant Thornton International – Grant Thornton is one of the world’s leading

organizations of independent assurance, tax and advisory firms. For more than 100 years
Grant Thornton has provided valued service to organizations with the potential to grow,
to operate internationally, that needed to adapt to market conditions and deal with
complex events or transactions. Address – http://www.grantthornton.in/contact-
us/locations/

6. 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. 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. Address – http://www.lodhaco.com/location.htm

7. SR Dinodia & Co. LLP – R. Dinodia & Co. LLP, Chartered Accountants is an affiliate
of MGI, which is one of the top alliances of audit, tax, accounting and consulting firms in
the world. S.R. Dinodia & Co. LLP through its 160 alliance partners and their presence in
more than 82 countries across all continents provides for its clients, Business Solutions
Worldwide. Address – http://www.srdinodia.com/contact-us

8. C. Vasudeva & Co – S.C. Vasudeva & Co. was set up in the year 1976 by our managing
partner, Mr. S. C. Vasudeva as a 2 member firm to service clients, primarily in the field of
audit and taxation. We have over the last more than 30 years, evolved beyond the
statutory audit and tax practice and have carved a significant position in India’s audit and
allied sector carrying an image of a bearer of uncompromising professional standards and
ethics. Address – http://www.scvasudeva.com/contact.htm
9. TR Chadha & Co. – TRC was established 68 years back in May, 1946 by a young
dedicated visionary Mr. T. R. Chadha and has since been providing a wide array of
Accounting, Auditing, Taxation, Assurance and Business Advisory. For over 60 years,
our specialized team of accountants is entrusted to provide a comprehensive range of
Assurance & Taxation services and Corporate Advice to the clients in India and
Worldwide. Address – http://www.trchadha.com/index.php/locations/
 1 Mr. Seshasayee MD of Ashok Leyland
2 Mr. Prannoy Roy NDTV fame
3 Mr.Gurumurthy Great Columnist and arbitrator
4 Mr.Bharawaj Cine Music director of great fame
5 Mr.N.Rangachari Advisor of AP government, formerly chairman of IRDA
6. Mr.Rehman Khan Dy speaker of Lok Shaba
7 Mr.NKP Salve Former minister
8. Mr.Rameshwar Takur Former minister and our past president
9 Mr.KM Birla Group chairman of Birla Industries
10 Mr.Shekar Kapur Cine director
11 Many in the list In many areas

4. THREATS
 BBAs from reputed institutions have a better edge over CAs in the job market not
because they have studied something better, but only the cream of the society join
through competitive common entrance examination.
 The syllabus requiring frequent changes to the latest changes of the industry which
will place our course on the back foot.
 Some of the other courses openly prints in their literature that they are rated better
than our CA course in terms of syllabus dynamics to the changing environment.  This
needs to be refuted not by taking legal actions but only by making the study material
user friendly.  No more reprints will be permissible.
 Examinations of other professional courses have adopted to test the core knowledge
through objective type questions at least to 25 marks which is real threat to the entire
CA student. To prove a point CA student need to answer theoretical answer which
would hardly convince the examiner in the traditional form of questioning and
answer.
 The syllabus itself sometimes proves to be disastrous when it comes for job
opportunities abroad.  For example we don’t have in the syllabus something on a
study of IAS and US Gaap prominently, the way it is studied for Indian Gaap.  In the
process our Indian CAs have lost to much inferior Pakistani ACCA qualified persons. 
They don’t have any native AS worth to mention.  Let us come out of the shackles of
old thoughts and make ourselves versatile both in India as well as abroad.
 If threats are not taken note of at the right time and when no remedial actions are
taken, let us tell you that many are there to take over our superiority and take over our
much treasured pride.
 CHAPTER-3
ANALYSIS OF JOB DONE

The job worked done on Excel, Telly and Taxation ITR, Tax & Vat Theory of Chartered
accountants provide trustworthy information about financial records. This might involve
financial reporting, taxation, auditing, forensic accounting, corporate finance, business
recovery and insolvency, or accounting systems and processes.

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 director Mr. Desh Raj Nasa F.C.A. (prop) gave me
training session about TDS returns and computerised accounting in tally software. Mr.
Siddharth Nasa (assistant) also shared his practical experience with me and gave me some
techniques of this process. He also guided me that how to prepare VAT return and creating
data in income tax return preparation software.
Different task that I performed during my internship:
1. Maintenance of accounts/ book keeping.
2. TDS return preparation.
3. VAT returns preparation.
Software used during internship:
1. Comp office
2. Tally software
Generally, they play a strategic role by providing professional advice, aiming to maximise
profitability on behalf of their client or employer. They work in many different settings
including public practice firms, industry and commerce, as well as in the not-for-profit and
public sectors.
In public practice firms, chartered accountants provide professional services to fee-paying
clients who might be private individuals or large commercial or public sector organisations.
In commerce, industry and the not-for-profit and public sectors, they may work in treasury
management, procurement, financial management or in reporting roles.
A career as a chartered accountant is for people who have a natural inclination towards
numbers and problem solving. They must be hardworking people who work endlessly to
reach solutions. People in this field must show that they have an innate interest in business
and that they are motivated enough to learn while on the job.
Most importantly, chartered accountants must work methodologically and maintain extreme
amounts of precision. The ability to remain organized is an essential part of this job, and
chartered accountants must be proficient in managing their limited time to do a seemingly
unlimited number of tasks.
Chartered accountants offer financial advice, audit accounts and provide trustworthy
information about financial records. This might involve financial reporting, taxation,
auditing, forensic accounting, corporate finance, business recovery and insolvency, or
accounting systems and processes.
Generally, they play a strategic role by providing professional advice, aiming to maximise
profitability on behalf of their client or employer.
They work in many different settings including public practice firms and industry and
commerce, as well as in the not-for-profit and public sectors.
In public practice firms, chartered accountants provide professional services to fee-paying
clients who might be private individuals or large commercial or public sector organisations.
In commerce, industry and the not-for-profit and public sectors, they may work in treasury
management, procurement, financial management or in reporting roles.

 Job profiles
 Chartered accountant
 Responsibilities
 Salary
 Qualifications
 Skills
 Work experience
 Career prospects
 Related jobs and courses
 3) This presents in front of us all the available ledgers. We can alter the required
ledger by choosing it from here.

Security Control-
Security controls are safeguards or countermeasures to avoid, counteract or
minimize security risks relating to personal property, or any company property. For business-
to-business facing companies whose service may affect the financial statements of the other
company, the prospect may require successful audit reports of policy controls such as aSSAE
16 report before granting them authorization as a vendor
Similarly tally gives us two ways to safeguard our company data from unauthorized usage,
which can lead to tampering or loss of data or leakage of data which might otherwise be
secret and not for the person who stole it or any other party.
The two ways in which tally helps us secure our data is-
1) Tally vault password-
This tally vault is used so as to protect the company’s name from other person as well
as securing that company’s data.
In the tally vault password, a company’s name is showed as asterisk.
Eg- “rahul and co” will be shown as “************”
2) Security control-
This security control is used to secure just the data of the company from other people
who are not authorized to access it.

Creating a tally vault password-

A tally vault password can be created only while setting up a new company.
1) To set up a tally vault password we create a new company, as mentioned before.
2) When all the data has been filled up regarding the company,
3) We enter the tally vault password and press “ctrl+a”.

This secure the company name and the company name will be shown like this-

When we select this a pop up box opens which requires a password

Like this-

As we enter the correct password.

We can see the company name and other details on the gateway of tally window.

Setting up Security Control-

Security control can be set up any time, while creating a new company or while altering an
old company.
All we need to do it press “alt+f3”-
A company info dialog box will appear,

From here we can select either, Create Company (if we want to create a new company) or
Alter Company (if we want to alter an already existing company).
From there then we can switch the security control feature on.
And set an username and password which will be required when you try to open up that
company’s accounts.
After doing this press”ctrl+a”.
Now whenever you try to select the company, you will have to enter the username and
password, to open that company’s details.
Username and password to be entered in the pop up box like this-

Type the username and password and you can access the company’s details.

VAT FOR WORKS CONTRACTS

VAT is a form of Sales Tax. VAT, which has replaced sales tax, is a multi-point levy on each
of the entities in the supply chain and is levied on all goods and services, while sales tax is
levied only on goods. VAT has a facility of set-off of input tax — input generally means
goods purchased by a dealer in the course of his business for re-sale or for use in business and
the tax paid on it is called input tax. Only the value addition in the hands of each of the
entities is subject to tax.

For instance, if a dealer purchases goods for Rs 100 from another dealer and a tax of Rs 10
has been charged in the bill, and he sells the goods for Rs 120 on which the dealer will charge
a tax of Rs 12 at 10 per cent, the tax payable by the dealer will be only Rs 2 — the difference
between the tax collected of Rs 12 and tax already paid on purchases of Rs 10.Thus, the
dealer has paid tax at 10 per cent on Rs 20 being the value addition in his hands.

When a contractor starts a works contract, he buys building materials and other inputs for the
project and pays VAT on these goods. He does not have to file a VAT Return although he has
paid VAT on buying building materials for his works contract.

But if he receives an advance, he must pay VAT in the current or following tax period. When
the work is going on and he receives a part payment, he has to file the VAT Return showing
this amount and pay VAT accordingly. On completion of the contract, he is owed some
retention amount for making good any defects. Where the retention amount is receivable after
completion of works, VAT shall become payable in the tax period when retention money is
due to be received.
In case the contractor has sub-contractors to carry out some part of the works, VAT is
payable by the sub-contractor on his portion of sub-contract. On paying VAT to sub-
contractor, the main contractor can claim it against the VAT payable on the amount received
by him on its portion of the main contract.

Is VAT payable if he builds his own house or builds for his staff? Where a person puts up his
own building, whether for office or for residential use, the purchases made by him thereof are
for purpose of use/ consumption in the building.

Since he is not making any sale, he is not liable to pay VAT in such a case. However, for the
purchases he makes from a registered dealer, the dealer will collect VAT from the owner of
the building. So he cannot claim his VAT.

What happens to his VAT payments when he has not been paid by government agencies?
VAT is payable on consideration received or receivable on sale of goods. It is payable by
seller of goods irrespective of the fact whether the seller receives VAT amount from
purchaser or not.

Even where VAT is not collected from purchaser of goods, it is still payable to the
government by the seller. The same would also apply even in case where purchaser is a
government agency.

Under the previous Sales Tax laws, a contractor could use two methods of calculating Sales
Tax. One method consisted of calculating the price and the quantity of building materials
(cement, steel, timber, hardware and electrical goods to name the major ones) and to arrive at
the total value of these inputs.

Then the current rate of Sales Tax was applied and the total figure was arrived at. The second
method was the composition method. Here Total Contract Value 'TCV' was charged at 4 per
cent Sales Tax.
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.
 Interest and dividends.
 Winnings from the lottery.
 Insurance commission.
 Rent.
 Fees from professional and technical services.
 Payments to contractors and subcontractors.
The withholding amounts for TDS can be deducted from an invoice submitted by a
supplier or from the payment that is issued to the recipient or supplier. Examples of
recipients and suppliers include contractors, providers of professional services, employees,
and real estate landlords. Companies submit a TDS certificate to each supplier on a monthly
or yearly basis. The certificate includes the payments, as well as information about the
company and supplier. Companies must also submit an annual return to the government
for each recipient or supplier for the financial year. TDS certificate can be either Form 16
(R75I10A) or Form 26Q-P2P-IND (R75I122EQ). 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 must also be deducted from payments issued to third parties by both corporate
and noncorporate entities. The entity must deposit the amount owed for withholding at
any of the designated branches of banks that are authorized to collect taxes on behalf
of the government of India. The entity must also submit the TDS returns, which contain
details about the payments and the challan for the tax deposited to the Income Tax
Department (ITD).
For electronic TDS, companies must generate the Form 26Q for each financial quarter.
This is a statutory requirement for the ITD.
Process flow of TDS
This process flow shows the steps to charge and remit TDS :-

Create vouchers for suppliers with pay

status % and applicable tax type

Calculate TDS on vouchers

Issue payments to suppliers with TDS

amounts deducted

Submit monthly payment for TDS to tax

authority

Update Challan

Generate monthly statements and submit

quarterly and annual returns

Preparation of VAT returns

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 checkup by the tax office.
 2. You prepare the VAT return. This consists of two steps.
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.
3. For information about preparing VAT returns for VAT withheld from vendors.
4. You file the VAT return with the tax office and remit the taxes.

Compuoffice online software:-

Tax Solution for professionals to provide end-end management of every stage of the tax
life cycle - from provision to estimates and extensions. returns, audit, amendment and
planning.
 
A solution for
 Income Tax Return
 TDS return
 Service tax return
 Balance sheet & audit report
 VAT returns (Raj./UP/MP)
 Checking of assessment orders
 ROC form and filling
 CMA
 AIR return
 Document Management
 Challan
 All other required forms
 Standard letters to clients
 Standard formats of departmental letters
 Office assistance works & mechanism.
 Various types of reporting.
Features:-
 Single switch board for all software
 Common client information for all software
 Searching of records by Code No., Name PAN, etc.
 Online auto-update of software
 Defining user rights with grouping facility.
 Password protection for individual clients
 Active/De-active of individual party from particular/all software
 Single window/screen to input, edit, view and print.
 Front-view buttons for easy understanding.
 User friendly similar layout of all software.
 LAN compatible
 Various data input validation checks to eliminate errors.
 Easy auto backup of your precious data.
 Option to access from any where in the world.