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 CHAPTER 1

INTRODUCTION OF COMPANY

➢ CA JAIN ANSHU & CO.IS AN ORGANIZATION PROVIDING

SERVICES IN THE FIELDS OF ACCOUNTING, AUDITING, TAX CONSULTANTANCY AND GST
FILLING TO THEIR COUSTOMERS.
➢ CA JAIN ANSHU & CO.IS RAJASTHAN BASED SOLE PROPRIETORSHIP FIRM OF
CHARTERED ACCOUNTANTS.
➢ WITH HEAD OFFICE AT BANSWARA. THE FIRM PRESENTLY HAVE TWO PARTNERS
CONTRIBUTING TO THE FIRMS IMMENSE DEVELOPMENT WITH WIDE KNOWLEDGE
WITH DIFFERENT AREAS OF EXPERTISE.
➢ CA JAIN ANSHU & CO.IS COMMITED FOR PROVIDING HIGH QUALITY, COST
EFFECTIVE & INNOVATIVE SERVICES FOR YOUR BUISNESS.
➢ THR REGISTERD OFFICE IS LOCATED IN HINDAUN CITY, DIST. KARAULI (322230) RAJ.
➢ THE FIRM “C.A. JAIN ANSHU & CO.” WAS SETUP IN THE YEAR 2013 BY ANSHU
KUMAR JAIN WHO HAS MORE THAN 10 YEARS OF EXPERIENCE IN THE PROFESSION.
➢ THE FIRM IS FIELD WITH YOUNG TEAM , ADDING VALUE ADDITION AND BRINGING
INNOVATION IN EVERY STEP OF THE WORK ASSIGNED AND UNDERTAKEN.
➢ THE MEMBERS OF THE FIRM HAVING SPECIALIZED KNOWLEDGE AND EXPERINCE
WILL HEAD EACH SERVICE DEPARTEMENT.
➢ THE FIRM IS WELL GEARED TO TAKE UP ANY PROFEESIONAL ASSIGNEMENTS IN THE
ABOVE AREAS.
➢ IN LINE WITH MISSION STATEMENT, WE ALWAYS STRIVE TO ACQUIRE MORE AND
MORE EVER CHANGING LAW.
➢ C.A. JAIN ANSHU & CO. WORK CULTURE “CLIENT SATISFACTION IS THE KEY”.
➢ C.A. JAIN ANSHU & CO. HAVE A EXPERICE FIRM AND HAVE A WORKING EXPERIENCE
OF ABOUT 10 YRS. AND CURRENTLY ARE IN WORKIN WITH ONE OF THE MOST
REPUTED CHARTER ACCOUNTANT FIRM.
➢ CA JAIN ANSHU & CO. HAVE CURRENTLY AROUND 15 TO 16 STAFF OF THEIR
MEMBERS WITH QUALITY SKILLS.
➢ CA JAIN ANSHU & CO.CURRNTLY HAVE MORE THAN 1000 CUSTOMERS IN THEIR
ORGANIZATION AND HAVE VARITIES OF COUSTOMERS BIG FIRMS, BIG INDUSTRY,
BANKS, PARTNERSHIP FIRMS ETC.

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 ABOUT THE COMPANY

C.A. Jain Anshu & Co. 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.

C.A. Jain Anshu & Co. has a clear vision for the future growth and development of
financial markets and services and researches to stay ahead of these trends and
developments. C.A. Jain Anshu & Co. 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
Anjani Rakesh & Associates is having its head office in DURGAPURA, JAIPUR (RAJ.)
Almost all the controls and regulations are dealt at head office in JAIPUR . All the offices
constitute different number of departments who basically handle their respective
functions. The major departments include:

➢ Audit and Assurance Department: -

Firm provides audit and assurance services to wide range of clients. which include
performing audits of financial statements of limited companies, NGOs and
partnerships. Firm also performs special assignments which include management
audits, internal audits and investigations. Audit focuses on business issues and the
matters that can impact on the financial statements, whilst also retaining the basic
audit procedures that test the information contained in the financial statements.
Services are aimed to comply with the legal requirements as defined under the various
laws and regulations in Pakistan. In doing so firm not only identify the non-compliances
but also assists clients in its rectification, designing remedial measures and provides

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guidance to adhere with the laws and regulations. Firm always endeavor to meet
reporting deadlines as set out by the laws and regulations or as mutually agreed with
clients, without compromising the professional, legal and ethical requirements. Firm’s
emphasis is on delivering high quality services to clients, adding value to their business
through identification of existing and potential control risks and suggesting best
possible measures in the given circumstances. Firm always places priority to deploying
audit team clients who are well equipped with the specific industry knowledge,
experience and are professionally sound.
Tax and Corporate Department: -
Firm delivers taxation services to clients and assists them in obtaining optimal tax
benefits available under the laws. Firm also assist clients to comply with the tax rules
and regulations and always keep them updated with the latest developments and
amendments. Tax personnel are qualified professionals, experienced and
knowledgeable. We maintain a comprehensive tax library which always provides ready.
references and timely solution in complex situations. Firm provides a comprehensive
range of tax services which includes;

Preparation and submission of annual tax returns.

Compliance services.

Tax advisory services.

•Representation and litigation with tax authorities.

•Personal income tax services.

In Anjani Rakesh & 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.

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Computer Department:-
Department handles the computer related matters and assists other departments in
working properly and efficiently. Department deals with online filing of returns of
income for tax department and finalize audit reports in proper format in a presentable
manner. It deals with networking of computers in office and all other problems which
may be faced by computer users time to time.

Correspondence Department: -

It handles with all the correspondence of the firm by sending the solicited and
unsolicited information from time to time. Effectively and efficiently manage the day-
to-day operations of the Correspondence. Interact with clients to resolve policy and
customer issues. Identify trends and remove obstacles in Statement production and
delivery by properly maintaining record of all communication for future reference.

HR DEPARTMENT: -

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

The hierarchy adopted by C.A. Jain Anshu & Co. 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.

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CORPORATE SERVICES

➢ Incorporation of company.

➢ Consultancy on Company Law matters.

➢ Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate reorganizations.

➢ 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 Services on Public/Rights/Bonus Issue of shares.

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

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SERVICE OFFERING

➢ 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: -

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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: -

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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
Broadly, Audit involves the following: -

In-depth study of existing systems, procedures and controls for proper understanding. Suggestions
for improvement and strengthening. Ensuring compliance with policies, procedures and statutes.
Comprehensive review to ensure that the accounts are prepared in accordance with Generally
Accepted Accounting Policies and applicable Accounting Standards/IFRS. Checking the genuineness
of the expenses booked in accounts. Reporting inefficiencies at any operational level. 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: -

1. Statutory Audit of Companies.
2. 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.
3. Concurrent Audits. Revenue Audit of Banks.
4. Branch Audits of Banks.
5. Audit of PF Trusts, Charitable Trusts, Schools, etc. Audit of Co-operative Societies.
Information System Audit.

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 CHAPTER:- 2

WORK DONE IN 65 DAYS OF INTRNSHIP

OBJECTIVES OF STUDY

I choose to work with C.A Anjani Rakesh & 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. To plan for the future of
oneself and learn how to adjust in an organization.

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 ✓ To know how to present your recommendations in front of your boss. To get knowledge of
opportunities and threats while entering into an organization.
✓ To get exposure to do a work in an organization and also known about organizational
behavior, ethical rules and regulations.
✓ Assist the student development of employer-valued skills such as teamwork, strong
communication and attention in details.

Expose student to the environment & expectations of performance on part of accountants in

professional accounting practices.

✓ Enhance & expand the student's knowledge of particular areas of accounting.

✓ Expose the students to professional role models or mentors who will provide the student
with support in the early stages of the internship & provide an example of behaviour
expected in the internship workplace.
✓ Expand networks of professionals' relationship & contacts.
✓ Develop a solid work ethic & professional demeanour as well as commitment to ethical
conduct & social responsibility.
✓ Develop time management skills and the ability to be responsible for more than one project
at a time.
✓ Develop organizational skills to complete the project in a timely manner.

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 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained
during the studies. On my first day at firm, company in charge Mr. Anjani Ji & Rakesh ji
gave me training session about TDS returns and computerized accounting in tally
software and also shared his practical experience with me and gave me some
techniques of this process. He also guided me that how to prepare VAT/GST return and
filing data in income tax return preparation software.

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.

Software used during internship:-

▪ MS office
▪ Tally software

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 OVERVIEW OF TDS

Tax deducted at source (TDS) is a tax that is deducted from income that a company in
India pays to a recipient or supplier if the income amount exceeds a specific statutory
limit in a financial year. The types of income that are subject to TDS include:

▪ Salary
▪ 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 (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 must also be deducted from payments issued to third parties by both corporate
and no corporate 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

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details about the payments and the challan for the tax deposited to the Income Tax
Department (ITD).

TDS RETURNS:-

TDS is a system whereby the income tax is deducted at the time of making some
payments like rent, interest, commission etc. The person making such specified
payments is responsible for deducting the TDS and paying the balance amount to the
person entitled to receive such payment. The TDS amount deducted must be deposited
to the government within the due dates specified by the person deducting TDS. While it
is commonly assumed that the TDS is applicable only on salary income, but it is also
applicable in many other cases such as:

▪ 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

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 person, once TDS has been appropriately deducted, they need not pay any
additional tax during return filing.
OVERVIEW OF VOUCHING

Vouching is a technical term which refers to the inspection of documentary evidence

supporting and substantiating a transaction, by an auditor. It is the practice followed in
an audit, with the objective of establishing the authenticity of the transactions
recorded in the primary books of account. It essentially consists of verifying a
transaction recorded in the books of account with the relevant documentary and the
authority on the basis of which the entry has been made; also confirming that the
authority on the basis of which the entry has been made; also confirming that the
amount mentioned in the voucher has been posted to an appropriate account which
would disclose the nature of the transaction on its inclusion in the final statements in
account. Vouching do not include valuation. Vouching can be described as the essence
or backbone of auditing.

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 PREPARATION ON BOOKS ON TALLY

Following are the books that were made in tally:

➢ VOUCHER ENTRY: -

Tally provides flexibility to use predefined voucher types, comprising of accounting and
inventory voucher types to record various business transactions. It also allows you to
use Keyboard Shortcut Keys as well as mouse operations during voucher entry.

To create a new Voucher Type,

Go to Gateway of Tally> Accounts Info. > Voucher Type > Create

Enter the Voucher name

Specify the Type of voucher

Specify the Method of numbering

Activate or deactivate the other functions as required.

➤ BOOKS AND REGISTERS: -

Tally provides you capability to generate various books and registers for any specific
period viz., month, date, and year and as on date. In Tally, once voucher entry is made,
the transactions are automatically & immediately in the Day Book and other Books of
Accounts without any additional effort. Tally allows you to maintain and generate all
primary books of accounts and registers like:

➢ Cash Book General Ledger

➢ Bank Book Debit Note Register
➢ Purchase Register
➢ Sales Register
➢ Journal Register
➢ Credit Note Register

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 PREPARATION OF PARTNERSHIP DEED

In this, we prepare the partnership deed of different persons, in which different rules
and regulations we mentioned according to the law. A partnership deed also known as
partnership agreement, is a document that outlines in detail the rights and
responsibilities of all parties to a business operation. It has the force of law and is
designed to guide the partners in the conduct of the business. It is helpful in preventing
disputes and disagreements over the role of each partner in the business and the
benefits which are due to them. The partnership deed normally carries the name of the
business, the address of its principal place of business and a short summary of the
business the partners intend to operate. Q. How to prepare a partnership deed in
India?

When registering a partnership firm in India for startups, there are some basics that
need to be covered. Partnership and proprietorship are the two most popular forms of
business organizations in India. The reason why these two forms of organizations are so
popular is because they are relatively easy to set-up and the number of statutory
compliance requirements needing to be followed by these forms of organizations is
relatively less than the statutory compliance requirements applicable to LLP's and
companies. As such, this article focuses on the registration process for the partnership
firm.

Choose a partnership name: - The partners are free to choose any name as they desire
for their partnership firm subject to the following rules:

1. The names must not be too identical or similar to the name of another existing firm
doing similar business, so as to avoid confusion. The reason for this rule being that the
reputation or goodwill of a firm may be injured, if a new firm could adopt an allied
name.

2. The name must not contain words like Crown, Emperor, Empress, Empire or words
expressing or implying the sanction, approval or patronage of the Government, except
when the State Government signifies its consent (in writing) to the use of such words as
part of the firm name.

➤ Create a 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

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partnership deed agreement may be written or oral. However, practically an 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.
➢ Consider whether additional clauses are needed : 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 the 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, namely, the duties, powers and obligations of all the
partners.

The rules to be followed in case of retirement, death and admission of a partner.

➢ Do the partnership deed in the appropriate form: - The deed so created by the partners
should be on a stamp paper in accordance with the Indian Stamp Act. 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.
➢ Decide whether or not to register the partnership firm: - 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 the case where the partnership deed is not
registered, the partners may not be able to enjoy the benefits which a registered partnership
firm enjoys.

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Registration of a 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.

➢ Register:- The procedure for registration of a partnership firm 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.

➢ Sign the application: - The application or statement must be signed by all the
partners, or by their agents especially authorized in this behalf.
➢ Expect the registration process to proceed formally: - When the registrar is
satisfied with the points stated in the partnership. Deed , he or she shall record
an entry of the statement in a register called the Register of Firms and issue a
Certificate of Registration. The Register of Firms maintained at the office of the
Registrar contains complete and up-to-date information about each registered
firm.

This Register of Firms is open to inspection by any person on payment of the

prescribed fees; 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 the firm registered with the Registrar will be given to the applicant.

➢ Be registered for tax: It should be noted that registration with the Registrar of
Firms is different from registration with the Income Taxation Department. 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

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 firm is required to open a Current Account in the name of the partnership firm
and to operate all its operations through this bank accoun

OVERVIEW OF VAT
➢ 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 check-up 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.

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Computer online software

Tax Solution for professionals is to provide end to 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
➢ 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.

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 ➢ Activation/De-activation 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 anywhere in the world. Q. What is VAT?

Every commodity passes through different stages of production and distribution before
finally reaching the consumer. Some value is added at each stage of the production and
distribution chain: for instance, a forged metal tool is more valuable than metal, which
was itself more valuable than the ore that was originally mined. Value Added Tax (VAT)
is a tax on this value addition at each stage. Under a VAT system, a dealer collects tax
on his sales, retains the tax paid on his purchase and pays the balance to the
government. It is a consumption tax, because it is borne ultimately by the final
consumer. The tax paid by the dealer is passed on to the buyer. It is not a charge on the
dealer.

Q. What is Output Tax?

Output tax is VAT charged to the customer by a dealer making taxable sales. A dealer is
an individual, partnership, or business that is registered under VAT. Any person or
business making sales above the prescribed limit are required to register. When a
dealer is registered, VAT becomes chargeable on all taxable sales made by that dealer.
Q. What is Input Tax?

The tax a dealer pays for purchases is input tax. Many purchases will carry a VAT
charge, but when a dealer is registered under VAT, they can normally claim a credit for
VAT charges on most business purchases. Input tax includes not only the VAT on your
purchases of raw materials or on goods purchased for resale but also VAT on capital
goods, such as machinery or equipment.

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 ➢ VAT Computation

A dealer pays VAT by deducting the tax paid on purchases (input tax) from his tax collected on
sales (output tax).

In other words, VAT Output Tax - Input Tax.

For example: A dealer pays Rs.10.00 @ 10% on his purchase price of goods valued Rs.100.00. He
sells the goods at Rs.150.00 and collects tax amounting to Rs.15.00 (@ 10%). He will pay Rs.5.00
(Rs.15.00 Rs.10.00) as he has already paid Rs.10.00 to his seller while purchasing those goods.

Q. How is VAT different from Sale Tax? VAT has fewer rates, as opposed to the high
number of rates for Sales Tax, and allows offsets of tax on inputs against those on
outputs. VAT also does away with the tax on tax. Q. Who will be covered by VAT?

All business transactions involving the sales of goods/commodities carried on within a

state by individuals, partnerships, or companies will be covered by VAT. VAT will not
cover small businesses with sales below a certain limit. In Maharashtra, the limit is 10
lakhs or below.

Q. What are the tax rates under VAT?

Since every state has its own VAT legislation, VAT rates, taxable base and list of taxable
goods, VAT rates will differ from state to state. As an example, here are Maharashtra's
tax rates as of June 2016:

Schedule 'A' - Essential Commodities (Tax-free) - Nil

Schedule 'B' - Gold, Silver, Precious Stones, Pearls etc. - 1%

Schedule 'C' - Declared Goods and other specified goods - 5% (Rates for items other
than declared goods changed to 5.5%) Schedule 'D' Foreign Liquor, Country Liquor,
Motor Spirits, etc.-20% and above

Schedule 'E' - All other goods (not covered by A to D) - 12.5% starting April 1, 2016. Q.

How does VAT help trade, consumers, and government?

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 ➢ Trade

Uniform rates of VAT will boost trade; 100% self-assessment will reduce the need for taxpayers
to visit a tax department officer.

➢ Customers

Removing tax on tax reduces prices of goods that the end consumer pays.

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Overview of Tally ERP 9:-

➢ Journal Entry:-

Journal Vouchers are used to adjust the debit and credit amounts without involving the
cash or bank accounts. Hence, they are referred to as adjustment entries.

➢ Creating a Journal Entry: -

Journal entries are usually used for finalization of accounts. To pass a Journal Voucher, Go
to Gateway of Tally> Accounting Vouchers Click on F7: Journal on the Button Bar or press
F7.

For example, there may be entries made for interest accrued or interest due. If you have to
receive Interest from a party, the same can be entered using Journal Voucher.

1. Debit the Party

2. Credit the Interest Receivable Account the Journal entry is displayed as shown:

SPECIAL KEYS FOR VOUCHER NARRATION FIELD:-

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ALT+R: Recalls the Last narration saved for the first ledger in the voucher, irrespective of
the voucher type.

CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective of the ledger.

➢ Allowing Cash Accounts in Journals:-

Journals are adjustment entries, which do not involve Cash account and Bank account.
However, in exceptional cases where the user would like to account Journal entries
involving Cash/Bank Account, Tally.ERP 9 has the flexibility of passing such entries by
enabling the option under F12 configuration.

To enable Cash Accounts in Journal voucher, Set Allow Cash Accounts in Journals to Yes in
F12: Configure (Voucher Entry Configuration).

To pass a Journal voucher with Cash/Bank Ledger,

1. Go to Gateway of Tally> Accounting Vouchers > Select F7: Journal

2. Press the spacebar at the Debit or Credit field.

The Journal Voucher Screen with Cash/Bank Ledger selection will appear as shown:

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Page 30
 • Debit Note Entry

Debit Note is a document issued to a party stating that you are debiting their Account
in your Books of Accounts for the stated reason or vice versa. It is commonly used in
case of Purchase Returns, Escalation/De escalation in price, any other expenses
incurred by you on behalf of the party etc.

Debit Note can be entered in voucher or Invoice mode. You need to enable the feature in F11:
Accounting or Inventory features.

To use it in Voucher mode you need to enable the feature in F11: Accounting Features -
Use Debit/Credit Notes.

To make the entry in Invoice mode enable the option F11: Accounting Features - Use invoice
mode for Debit Notes.

To go to Debit Note Entry Screen,

Go to Gateway of Tally> Accounting Vouchers

Click on Ctrl+F9: Debit Note on the Button Bar or press Ctrl+F9. You can toggle between voucher and
Invoice mode by clicking Ctrl+V Pass an entry for the goods purchased returned to Supplier A:

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Page 32
AS-26 INTANGIBLE ASSETS

Intangible asset is a non-physical non-monetary asset which is held for use in the production or
supply of goods and services, or for rental for others, etc.

As 26 should be applied by all enterprises in accounting of intangible assets, except:

➢ Intangible assets that are within the scope of another standard. financial assets.
➢ Rights and expenditure on the exploration for or development of minerals, oil natural
gas and similar non-generative resources.
➢ Intangible assets arising in insurance enterprise from contracts with policyholders.

Recognition and Initial Measurement of an Intangible Assets

It applies when an item meets the criteria of an Intangible asset and it is probable that
the future economic benefits will flow to the enterprise and the cost of the asset can
be measured reliably. These recognition criteria are applicable to cost of acquiring and
generating an intangible asset internally.

Note: If an intangible asset is acquired separately, that should be measured initially at

cost, which includes purchase price that includes import duty, non-refundable purchase
taxes, after deducting trade discount and related direct cost.

If an asset is acquired in a business combination, the cost of that asset should be its fair
value at the acquisition date which depends on market expectations. When the asset is
acquired free of charge or for a normal consideration, by way of government grant,
then it is recognized at a nominal value or at the acquisition cost.

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OVERVIEW OF 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 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.

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 AUDITING STANDARDS

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.

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 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 OF GST

What is GST?

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and
Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into
effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive,
multistage, destination based tax that is levied on every value addition. In simple
words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and
services. This law has replaced many indirect tax laws that previously existed in India.

GST is one indirect tax for the entire country.

So, before Goods and Service Tax, the pattern of tax levy was as follows:

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Under the GST regime, the tax is levied at every point of sale. In the case of intra-state
sales, Central GST and State GST are charged. Inter state sales are chargeable to
Integrated GST. Now let us try to understand the definition of Goods and Service Tax
"GST is a comprehensive, multi-stage, destination-based tax that is levied on every
value addition."
➢ Multi-stage

There are multiple change-of-hands an item goes through along its supply chain: from
manufacture to final sale to the consumer. Let us consider the following case:

➢ Purchase of raw materials

➢ Production or manufacture
➢ Warehousing of finished goods
➢ Sale to wholesaler
➢ Sale of the product to the retailer ➢ Sale to the end consumer

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Page 38
 VALUE ADDITION

The manufacturer who makes biscuits buys flour, sugar and other material. The value of
the inputs increases when the sugar and flour are mixed and baked into biscuits.

The manufacturer then sells the biscuits to the warehousing agent who packs large
quantities of biscuits and labels it. That is another addition of value after which the
warehouse sells it to the retailer.

The retailer packages the biscuits in smaller quantities and invests in the marketing of the
biscuits thus increasing its value.

GST is levied on these value additions i.e. the monetary value added at each stage to achieve
the final sale to the end customer.

➢ Destination Based

Consider goods manufactured in Maharashtra and are sold to the final consumer in
Karnataka. Since Goods & Service Tax is levied at the point of consumption. So, the
entire tax revenue will go to Karnataka and not Maharashtra.

Advantages of GST

GST has mainly removed the Cascading effect on the sale of goods and services.
Removal of cascading effect has impacted the cost of goods. Since the GST regime
eliminates the tax on tax, the cost of goods decreases. GST is also mainly
technologically driven. All activities like registration, return filing, application for refund
and response to notice needs to be done online on the GST Portal; this accelerates the
processes.

➢ Removing cascading tax effect

➢ Higher threshold for registration
➢ Composition scheme for small businesses

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 ➢ Online simpler procedure under GST
➢ Lesser compliances
➢ Defined treatment for e-commerce
➢ Increased efficiency in logistics
➢ Regulating the unorganized sector

Components of GST

There are 3 taxes applicable under this system: CGST, SGST & IGST.

• CGST: Collected by the Central Government on an intra-state sale (EX: transaction

happening within Maharashtra)
• SGST: Collected by the State Government on an intra-state. sale (Ex: transaction happening
within Maharashtra) .
• IGST: Collected by the Central Government for inter-state sale (Ex: Maharashtra to Tamil
Nadu)

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)

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 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 process followed to accomplished the assigned task in the

organization

Tally Entries

Following process are followed for accomplishment this task:

o Firstly, we review all records of vouchers carefully, that no any vouchers had any
queries related to adjustments.
o Then, we make a separate folder for that work.
o Then, we create a company in Tally software by that company name and started doing
entries.
o Receipts & Payment entries are posted carefully as it carries some contra entries also.

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 o Then after completing entries posting recheck the data by Balance sheet, Trial balances
& Day book.
o Any queries related to this work communicated to our external mentor.

Auditing

These steps were followed by us in auditing:

• Build an audit strategy.

• Verify that all outgoing checks were properly signed, accounted for and posted to the correct
accounts.
• Ensure that all deposits were properly posted.
• Review all financial statements.
• Ensure compliance with all state and federal requirements.
• Review all treasurers' reports. Complete the financial review worksheet.
• Suggest improvements to internal controls.
• Determine your audit opinion.

Taxation

Following steps are followed by us -

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

▪ Then, we started to prepare ITR'S statement in excel sheet according to the format
given to us.
▪ After that, we prepare the offline utilities of ITR'S according to the income status in
statement.

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 ▪ Then, we login to the income tax site and upload that utility online, if user not
registered then first we registered them.

CHAPTER :- 3

Behavioural Learning from the Organization

➢ COMMUNICATION

Good communication consists of many other different sub-skills, from suitable patterns
of body language and eye contact with the ability to write clear and accurate reports.
Accurate listening and the ability to follow instructions are especially important but are
often ignored or taken for granted. Many people simply do not pay close attention to
what others say or write and do not ask follow-up questions to check their
understanding. As a result, individuals act on their own inaccurate assumptions and
create inefficiencies and frustrations at work. Communication training will help them
overcome these challenges.

➢ GOAL SETTING AND PLANNING

Anybody can wish for something to happen, but to accomplish anything one must plan
which surprisingly few people know how to do. Planning requires setting concrete
goals, identifying workable action steps, and making a commitment to see the plan
through.

Even setting the primary goal can be difficult when multiple issues are competing for
attention. Effective planning requires arranging problems by importance and
delegation. It is impossible to do everything at once, but if one focuses on the most
important tasks and ask for help, then can accomplish a lot.

➢ SELF-IMPROVEMENT

Life in the workplace should not enforce stagnation; there should be a constant need or
desire for improvement. Satisfaction leads to a perception of repetition, which is the
essential of a job perceived as unchallenging. Employees should improve to avoid both
the frustration of inexperience and contentment with their work.

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People always have room to grow, and advance behavioral skills are always welcomed.
At the upper end, one can give your workers the tools and mindset to aim for
improvement by observing their behavior, work habits, and production.
Selfimprovement training will help provide feedback and criticisms that they can use to
benefit their next assignments. An essential part of promoting improvement is to
communicate to the employees that failure.
➢ EMPATHY

Being an empathetic individual comes naturally to some, but is less natural to others.
Behaving with empathy means more than feeling bad for someone who's sad or
sharing in someone else's joy. It means being able to step into someone else's world to
understand not just what their point of view is, but also why they have that point of
view.

Empathy is a behavioral skill that can help one not only keep their own peace of mind
but can also help one to grow in your career because empathetic people tend to put
others at ease.

➢ CONFLICT RESOLUTION

At points of imbalance and friction, the employees must be able to confront the
tension between them and resolve whatever disagreement arises. This is a twig of
communication, though it is a distinct skill that can be hard to develop due to
hesitation and the intimate nature of the workplace.

The bad habit to breed is ignoring these conflicts to the point that they grow and
spread like wild-fire, damaging relationships and the productivity of both individuals
and the team. Instead, employers should remain aware of potential conflicts and be
active in entering and facilitating these more emotional interactions, and over time,
help their workers see the bigger picture when they harbor uncertainties.

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 5 BEST PRACTICES OBSERVED IN THE ORGANIZATION

▪ There is no racism on the basis of any caste, creed, color or gender. Everyone is
treated same thus making it easy to co-ordinate with each other and to share
views and ideas with each other. The mentors as well as the colleagues are
always ready to sort out any problem that the interns could not resolve on their
own.
▪ Everyone is disciplined and dedicated towards their job, thus provides
motivation to do our jobs perfectly and to learn and grab as much as we can.
The perfect competitive environment always motivates us to excel in our job
responsibility and to perform better than we are performing
▪ The working environment is lenient in the organization. Neither the employees
are overburdened by the work given. Neither they nor the proprietor force
them to work for extra time. All the work/targets are completed by the
employees in the provided time frame.
▪ The employees are always energetic and ready to do work; they don't waste
their time. They always strive for excellence with effectiveness and efficiency in
their work. Even if the proprietor is not at the office they don't skip work hours.
▪ The proprietor is really good at customer handling, he is always too humble
towards the clients even though if the clients are in bad mood or tempered, he
never loses his temper and handles them greet fully. he never abuses his
employees even if they make silly mistakes, and corrects their mistakes by
smiling and sarcastically commenting on it so the employees don't feel down
and eventually improve themselves.

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 CHAPTER :- 4

SUGGESTION AND RECOMMENDATION

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, ANJANI RAKESH & ASSOCIATES . has an edge in
making an accurate and error free report.
➢ The local economy continues to be strong and we believe our typical clients will
continue to flourish.
➢ The company has mostly professional educated resources, which are the biggest
threat for their competitors.
➢ ANJANI RAKESH & ASSOCIATES strongly needs to improve its network firms so as to
be counted among one of the extensively know firms. The partner needs to make the
best use of their goodwill to bring more clientage and reputation to firm. They need
to offer the audit services at most economical cost with the assured quality services
to retain and expand clients.
➢ The infrastructure and working condition reviews can improve the working efficiency
of the trainees. Audit and Assurance is the tough job. Some motivational meetings

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and mentoring exercises would bring good feel among employees for their work.
Time to time financial bonuses or performance incentives will energize the staff.

CHAPTER :- 5

LIMITATIONS

➢ They have a small staff with limited skill set in many areas.

Developments in technology are changing this market. CA JAIN ANSHU &

CO.needs to adopt new technology and adapt to the changed market
Realities.

➢ Change in government policies and procedures may act as threat for company.

➢ A small change in focus of large competitor might wipe out any market position
achieved.
➢ CA JAIN ANSHU & CO.has many competitors. Under certain circumstances stiff
competition can threaten the margins and hence the survival of the firm.

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 CHAPTER :- 6

CONCLUSION

✓ CA JAIN ANSHU & CO.is overall one of the profit making and reputed firm of
India. 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. Moreover, only these "A" category firms can audit of listed
companies.
✓ CA JAIN ANSHU & CO.has very Varieties of firm and bank audits in his hand that
shows the quality of auditing and reputation of the organization.
✓ I am very impressed with their work and efforts and their unity and their work
spirit. They are humble with each & and every members and with others. Their
organization is like a family.

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 BIBLIOGRAPHY

➢ https://cleartax.in/s/income-tax-slabs

➢ https://economictimes.indiatimes.com

➢ https://www.avalara.com

➢ https://www.business-standard.com

➢ https://www.google.co.in/imghp?hl=en&tab=wi&ogbl

➢ http://www.gstcouncil.gov.in/

➢ https://www.myloancare.in/tax/income-tax-slabs-rates/

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➢ https://www.wikipedia.org/

➢ www.google.com

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