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Bu Shivani Report 4
Bu Shivani Report 4
Bu Shivani Report 4
PROJECT REPORT
ON
SUMMER TRAINING UNDERTAKEN AT
(M.B.A)
Submitted by
Shivani Agarwal
Batch 2017-2019
At
Place: JHANSI
Date:30-7-2018
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ACKNOWLEDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude to wards all the
individuals who directly or indirectly contributed towards completion of this report.
Working on this report was a great fun, excitement, challenges and a new exposure in the field of
finance. I am greatly in debated to under whose guidance and concern I am able to bring the report
into its real shape.
Shivani Agarwal
Course: M.B.A
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INDEX
Chapter 1: 5
1
Introduction
Chapter 2: 6
2
Industry Profile
Chapter 3 10
3
Company Profile
Chapter 4 12
4
Objective of the Study
Chapter 5 13
5
Job / Work Description
Chapter 6 26
6
Achievements & Learning
Chapter 7 27
7
Suggestions
Chapter 8 29
8
Limitations
9 Conclusion 30
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Introduction of the Organization’s Business Sector
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.
Mission of ICAI:
These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.
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Organizational Structure
Partners
Directors
Senior Managers
Managers
Supervisors
Senior Trainee Students
Junior Trainees
Partners are often the founders of the firms. Most of the firms’ names are associated with
the names of partners. They are basically the main parties who issue and sign any report
(specifically audit report) on behalf of the firm. Partners mostly communicate with the
Senior Managers. In other words, the progress of any report and any inquiry is made from
the Senior Managers and hierarchal structure is strictly followed to avoid any disruption.
Managers are inquired of by Senior Managers and mostly manager manage audit field
works etc and after field work managers with cooperation of senior managers makes and
finalize any audit report to be issued. Senior Manager is a qualified Chartered accountant
having more than 10 year working experience.
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Field work and information collection and implementation of policies by adopting changes
in rules & regulations is the main responsibility of supervisors and trainees. They use
different kind of techniques for error and fraud detection.
ROHATGI ASHISH & CO. Is having its head office in PATNA. Almost all the controls
and regulations are dealt at head office in PATNA. All the offices constitute different
number of departments who basically handle their respective functions. The major
departments include
Firm emphasis on delivering high quality services to clients, adding value to their business
through identification of existing and potential control risks and suggesting best possible
measures in the given circumstances. Firm always place priority in deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.
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Tax & Corporate Department: Firm delivers taxation services to clients and assists them
in obtaining optimal tax benefits available under the laws. Firm also assist clients to comply
with the tax rules and regulations and always keep them updated with the latest
developments and amendments. Tax personnel are qualified professionals, experienced and
knowledgeable. We maintain a comprehensive tax library which always provides ready
references and timely solution in complex situations. Firm provides a comprehensive range
of tax services which includes;
In ROHATGI ASHISH & CO. same staff is handling with tax matters as well as
corporate sector. While in corporate firm provides different kinds of services relating to
corporate sector from incorporation to winding up of a Company.
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.
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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 ROHATGI ASHISH & 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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COMPANY PROFILE
ROHATGI ASHISH & CO. was established in the year 2010. It is a leading chartered
Accountancy firm rendering comprehensive professional services which include audit,
management consultancy, tax consultancy, accounting services, manpower management,
secretarial services etc.
CORPORATE SERVICES
Incorporation of company
Clause 49 review for compliance with fiscal, corporate and tax laws
AUDIT
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In-depth study of existing systems, procedures and controls for proper
understanding. Suggestions for improvement and strengthening.
Comprehensive review to ensure that the accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
Certification of the books of account being in agreement with the Balance Sheet and
Profit and Loss Account.
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.
Internal Audits.
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Objective of the Study
I choose to work with ROHATGI ASHISH & 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.
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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 secretary Miss. Ritika Agarwal gave me training session
about TDS returns and computerised accounting in tally software.
Mr. Amit Agarwal(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.
1. Compuoffice
2. 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.
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).
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For electronic TDS, companies must generate the Form 26Q for each financial quarter.
This is a statutory requirement for the ITD.
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Process flow of TDS
This process flow shows the steps to charge and remit TDS :-
Update Challan
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Preparation of GST returns
At the end of the month or each quarter, you file a GST return with the tax office, and remit
the GST due.
You have carried out the activities described in closing for GST.
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 GST is thus
due. The ledgers are for your own reference in the event of a checkup by the
tax office.
2. You prepare the GST return. This consists of two steps.
1. You calculate the total amounts of GST for each tax code.
2. You print the GST return.
The system fills out the fields in the GST return using the totals that you
calculated in the first step.
3. For information about preparing GST returns for GST withheld from vendors.
4. You file the GST return with the tax office and remit the taxes.
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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
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Features:-
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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.
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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).
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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 vise 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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Special Keys for Voucher Narration Field:
ALT+R: Recalls the Last narration saved for the first ledger in the voucher, irrespective
of the voucher type.
· CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective
of the ledger.
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Credit Note Entry
Credit Note is a document issued to a party stating that you are crediting their Account in
your Books of Accounts for the stated reason or vise versa. It is commonly used in case of
Sales Returns.
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· CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective
of the ledger.
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LEARNING
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Suggestions
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 of ROHATGI ASHISH & CO With its competitors has an edge to
make 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 human resources, which are the
biggest threat for their competitors.
The ROHATGI ASHISH & CO. Has the facility to give coverage even the small
retailers for income estimation who want to take loan from bank.
The trainees are not offered extra financial or any other incentive for the extra work
or over time. This causes some sort of mental stings which immediately needs to be
overcome by the management. The firm, to be more competitive in days to come,
still has room for improvement in Information Technology. As firm don’t have any
of its website to attract customer and their timely feedback as most of the good
firms have their own web and well organized.
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Firm also lacks in marketing perspective as it does not any marketer to market
and introduce their business, firm is getting business only on personal relations of
the partners and other firm personnel. So if firm thinks to improve its business volume
it needs a professional marketer as many other big firms adopted and have complete
marketing department.
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Limitations
They have a small staff with shallow skills base in many areas.
Less number of staff members.
Developments in technology change this market beyond ROHATGI ASHISH & CO.
Ability to adopt.
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
ROHATGI ASHISH & CO. achive.
ROHATGI ASHISH & CO. Has many competitors. Under certain
circumstances these competitors may act as a major threat for the organisation.
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Conclusion
ROHATGI ASHISH & CO is overall one of the profit making and reputed firm of
Jhansi. The organization since its very first day is devoted to providing quality
services. The detailed and through review of work and clients’ trust shows the
perfection with which it is working.
The firm has earned a distinction of being placed in the category 'A' in the list of
panel of auditors maintained by State Bank of india. Moreover only these “A”
category firms can audit of listed companies.
The Institute of Chartered Accountants of India has also carried out the Quality
Control Review and has issued satisfactory QCR report stating that the firm has
conducted the audits of the clients in accordance with International Standards on
Auditing.
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Reference & Sources
In my work I used different webs to collect information/data which includes.
WWW.ICAI.ORG
WWW.WIKIPEDIA.COM
WWW.INVESTOPEDIA.COM
www.computaxonline.com
E-Mail-ashish781991@gmail.com
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