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SUMMER INTERNSHIP PROJECT
REPORT ON
“ACCOUNTS & FINANCE”

AT
BIZCON CORPORTAE CONSULTANTS/ASIF
JAVED ASSOCIATES CHARTERED
ACCOUNTANTS
Summer Training Project Report

Submitted in the partial fulfillment of BBA-2YEARS V SEMESTER
PUNJAB UNIVERSITY
HAILEY COLLEGE OF BANKING AND FINANCE
(Batch 2017-2020)
SUBMITTED BY
MUHAMMAD SUFYAN
1
M21BBA002
2
CERTIFICATE
This is to certify that the Summer Internship Report entitled
“Accounts & Finance, Direct & Indirect Taxation” by
“Muhammad Sufyan” is her original work. She has worked under
my guidance for the required period. This dissertation fulfils the
requirement of the ordinance relating to Summer Internship Training.
No part of this report has ever published by any other university or

institution for any purpose whatsoever.
Mr. Muzamil Yasin

Manager
Bizcon Corporate
consultants
3
Training Completion
certificate from the
organisation
4
DECLARATION BY THE STUDENT
Dated: - 15-Sempter-2023
This is to certify that the present Summer Internship Report entitled

“Audit Tax and Consultancy,” is my original work. This Summer
Internship Report fulfils the requirement of the “BBA-2 years.)”
degree of this University. It does not form the basis for the award of
any degree or diploma from any other university or institution.
Muhammad Sufyan (BBA-2 years)

Enrollment No: - M21BBA002
5
ACKNOWLEDGEMENT
I would like to express my deepest appreciation to all those who
provided me the possibility to complete this report. I have taken
efforts in this project. However, it would not have been possible
without the kind support and help of many individuals and the
organization
Furthermore, I would also like to acknowledge with much

appreciation the crucial role of the staff, who gave the permission to
use all required equipment and necessary materials throughout the
period. Finally yet importantly, my thanks go to the manager of the
firm Mr. Muzamil Yasin who have invested his full effort in guiding
me to complete the internship.
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Index
1. CHAPTER 1: Introduction......................................................................1-11
1.1. Introduction of Organization Business Sector...........................................1
1.1.1. About the Industry
1.1.2. Mission and Vision
1.2. Organizational Structure.............................................................................4
1.2.1. Organizational Structure
1.2.2. Top 11 CA Firms in India
1.3. Competition Overview (20 Firms)..........................................................11
2. CHAPTER 2: Company Profile.............................................................12-21

2.1. About the Company.................................................................................13
2.1.1. Departments of CA Company
2.2. Services Offering.....................................................................................18
2.3. Audit........................................................................................................21
3. CHAPTER 3: Conceptual Discussion...................................................22-54

3.1. Objective of the Study.............................................................................23
3.2. Job Description........................................................................................24
3.3. Overview of TDS....................................................................................25
3.3.1. TDS Returns
3.3.2. Process Flow of TDS
3.4. Overview of Vouching............................................................................29
3.5. Preparation of books on Tally.................................................................30
3.6. Preparation of Partnership Deed.............................................................31
3.7. Overview of VAT...................................................................................35
3.8. Overview of Tally ERP9.........................................................................40
3.10 AS 26 Intangible Assets........................................................................46
3.11 Overview of Auditing...........................................................................47
3.12 Overview of GST..................................................................................50
3.13 Overview of Taxation............................................................................54
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4. CHAPTER 4: Work and Research..................................................55-66
4.1. Description of accomplished work in Organization...........................56
4.2. Description of Research under the supervision...................................58
4.2.1. Taxation
4.2.2. Swot Analysis
5. CHAPTER 5: Learning, Conclusion & Suggestions......................67-74

5.1. Behavioral Learning From Organization............................................68
5.2. Suggestions and Recommendations....................................................71
5.3. Limitations(Weaknesses)....................................................................73
5.4. Conclusion..........................................................................................74
6. CHAPTER 6: Bibliography..............................................................75-76
6.1. References...........................................................................................76
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CHAPTER 1
INTRODUCTION
9
INTRODUCTION OF THE
ORGANIZATION’S BUSINESS SECTORS
About The Industry
Organization is working as Chartered Accountants firm under the

rules and regulations and code of ethics designed for CA firms by
ICAP (The Institute of Chartered Accountants of Pakistan).
The Institute of Chartered Accountants of Pakistan (ICAP 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.
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 Pakistan, which has its headquarters
Karachi.
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MISSION & VISION
Mission of ICAP
Is to achieve excellence in professional competence, add value to

businesses and economy, safeguard public interest; ensure ethical
practices and good corporate governance while recognizing the needs
of globalization.
Vision of ICAP
The profession of Chartered Accountants in Pakistan should be the

benchmark of professional excellence upholding the principles of
integrity, transparency and accountability.
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ORGANISATIONAL STRUCTURE
A hierarchy is an arrangement of items (objects, names, values,

categories, etc.) in which the items are represented as being
"above," "below," or "at the same level as" one another and with
only one "neighbour" above and below each level. These
classifications are made with regard to rank, importance, seniority,
power status, or authority. A hierarchy of power is called a power
structure. Following is the organizational hierarchy of the firm:-
 Partners
 Directors
 Senior Managers
 Managers
 Supervisors
 Senior Trainee Students
 Junior Trainees
Various levels of the firm have different functions. Partners are
often the founders of the firms. Most of the firms’ names are
associated with the names of partners. They are basically the main
parties who issue and sign any report (specifically audit report) on
behalf of the firm. Partners mostly communicate with the Senior
Managers. In other words, the progress of any report and any
inquiry is made from the Senior Managers and hierarchal structure
is strictly followed to avoid any disruption.
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.
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
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Top 11 CA firms in PAKISTAN
1. Deloitte: -
Deloitte, in terms of Revenue, is the largest professional services

network in the world. Also on the basis of a number of
professionals, it is the largest professional services network in the
world.
Deloitte is known for providing audit, tax, consulting, enterprise

risk and financial advisory services to more than 200,000
professionals in over 150 countries. They are the Advisors to many
of the World’s most admired Brands.
The Consulting services of industries work on the theory of

‘Providing practical perspectives and solutions to queries.’ Deloitte
believes in ‘Good to make it great!’ They believe in ‘helping
clients to become Leaders’.
2. PWC: -
Price Waterhouse Coopers has been the world’s second largest

professional services network in terms of Revenue as surveyed in
2014 and is one of the Big Four Auditors and stands neck to neck with
Deloitte, EY and KPMG.
The Firm believes in helping resolve complex issues and identifies
opportunities. People from all backgrounds such as arts, business,
economics, engineering, finance, health, information technology, law
and more are entertained.
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3. KPMG: -
Having its global headquarters in Amstelveen, Netherlands, KPMG

has been considered as one of the largest professional services
companies in the world.
It is amongst the Big Four auditors, standing along with PWC,
Deloitte and EY. The professionals employed with this firm, KPMG is
162,000 people and performs three services, viz. audit, tax, and
advisory. The tax and advisory services provided by the firm are
further divided into various service groups.
4. Ernst & Young: -
Ernst & Young abbreviated as EY is a multinational professional

services firm having its headquarters in London, United Kingdom. In
terms of Revenue, it has been ranked as the world’s third largest
professional services firm surveyed in 2012 and is one of the four
biggest audit firms.
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5. BDO International: -
BDO International stands at the fifth rank for providing the largest
accountancy network in the world.
It is a worldwide professional services network and one of the best
public accountancy firms. It has its competency is in serving national
and international clients.
Following a survey conducted in 2014, September, BDO has its
Member Firms in 151 countries and takes pride in employing around
60,000 Partners and staff in 1,328 offices throughout the world.
6. Grant Thornton International: -
Grant Thornton is a UK based firm which has its branches in almost

125 countries. This firm is known for generating very high revenue
which is more than 4.5 billion dollars.
It is providing services in assurance, tax and advisory firms. Grant
Thornton is also known for providing services in Assurance and
Taxation and other consultancy services relating the financial matters.
It has been operating for 100 years. Grant Thornton has provided
valued service to organizations with the potential to grow and to
operate internationally. It makes the professionals adapt to market
conditions and deal with complex events or transactions.
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7. RSM International: -
RSM ranks the 7th largest among the professional services network
for audit, tax and advisory firms. It takes pride in holding the 6th rank
as the largest global provider of tax services in the world.
It has its fully independent member firms and correspondents in 111
countries surveyed, September 2014. The member firms of RSM
International have a combined total of 35,396 staff which includes
3,221 partners in 718 offices.
Three of the original member firms of the organization are Robson
Rhodes (UK), Salustro Reydel (France) and RSM
McGladrey/McGladrey & Pullen (USA).
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FINANCIAL ANALYSIS OF CA FIRMS
BY REVENUE (30 FIRMS)
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CHAPTER 2
COMPANY PROFILE
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ABOUT THE COMPANY
Asif javed Associates and Bizcon corporate consultants. is a

mediocre chartered accountancy firm. It is rendering comprehensive
professional services which include audit, management consultancy,
tax consultancy, accounting services, manpower management, etc.
It is a professionally managed firm. The team consists of distinguished
chartered accountant, 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.
Asif Javed Associates and Bizcon corporate consultants. 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. Shekhar CA & Co. moulds its operations and areas of
competencies and introduces services so as to assist clients in their
business operations and growth.
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DEPARTMENTS OF CA COMPANY
Bizocon corporate consultants is located in Lahore. 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
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
teams to clients who are well equipped with the specific industry
knowledge, experience and are professionally sound.
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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.
At Bizcon Corporate consultants 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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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.
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CORPORATE SERVICES
 Incorporation of company
 Consultancy on Company Law matters.
 Advisory Planning for Mergers, Acquisitions, De-mergers, and

Corporate re-organizations.
 Filing of annual returns and various forms, documents.
 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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SERVICES 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 province
to province. 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.
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 ROC Filing: -
Periodic returns/forms need to be submitted to Registrar of Companies

(ROC) for company’s act compliance. Experienced CA firms can file
timely & correct ROC filing in reasonable overall cost.
 GST Return: -
GST returns to be filed on periodic basis by business to provide

information about value of turnover & total GST liability & mode of
payment. Frequency may differ from state to state. Delays will attract
penalty. Experienced CA firms can ensure compliance with reasonable
fees.
 TDS Return: -
Income tax act requires TDS (Tax Deducted at Source) deduction file
the TDS return on periodic basis by mentioning TAN No.
 Income Tax (Salaried): -
Income tax return of salaried employee is normally simple because for

salaries individuals Tax is already deducted at source. 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 Ordinance 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.
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 Tally Accounting: -
Tally is most used accounting software. Small and medium sized

business can take services from CA firms who can allocate
accountants to handle accounting for your business.
 Statutory Audit: -
Get the statutory audit of your company under Companies Act from
experienced CA firms. Statutory Audit is compulsory for any type of
company.
 Tax Audit: -
Tax Audit is requirement of Income Tax Act for companies/large

businesses. Tax Audit Report helps in compliance of income tax laws
& highlights key tax related information. Experienced CA firms can
help in reducing non-compliance of income tax laws.
 Internal Audit: -
Internal Audit & Internal Financial Control Testing is needed as per

Companies Act. Internal Audit is not as compulsory as Statutory
Audit. Internal auditor can add value to your business to arrest leakage
& improve control and efficiency.
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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: -
 Statutory Audit of Companies.

 Tax Audit under Section 44AB of the Income Tax Ordinance, 2001.
 Audit under other sections of the Income Tax Ordinance, 2001
 Concurrent Audits.
 Revenue Audit of Banks.
 Branch Audits of Banks.
 Audit of PF Trusts, Charitable Trusts, Schools, etc.
 Audit of Co-operative Societies.
 Information System Audit.
 Internal Audits
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CHAPTER 3
CONCEPTUAL DISCUSSION
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OBJECTIVES OF STUDY
I choose to work with Bizcon corporate consultants. 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.
 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.
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 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, Manager Mr.
Muzamil Yasin 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 Pakistan 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 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
details about the payments and the challan for the tax deposited to the
Income Tax Department (ITD).
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 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 person, once TDS has been
appropriately deducted, they need not pay any additional tax
during return filing.
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 PROCESS FLOW OF TDS: -
This process flow shows the steps to charge and remit TDS: -
Create vouchers for suppliers with pay status % and applicable tax
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
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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.
36
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
 Debit Note Register
 Bank Book
 Credit Note Register
 Purchase Register  General Ledger
 Sales Register
 Journal 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 Pakistan?
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 Pakistan.
The reason why these two forms of organisations are so popular is
because they are relatively easy to set-up and the number of statutory
compliance requirements needing to be followed by these forms of
organisations is relatively less than the statutory compliance
requirements applicable to LLP’s and companies. As such, this article
focuses on the registration process for the partnership firm.
 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.
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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 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.
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 Do the partnership deed in the appropriate form: - The
deed so created by the partners should be on a stamp paper of
1000Rs. available at the Bank of Punjab. 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 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.
 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 Province 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 A.
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.
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 Sign the application: - The application or statement must be
signed by all the partners, or by their agents especially authorised 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 at the RTO. The
partnership firm is required to open a Current Account in the name
of the partnership firm and to operate all its operations through this
bank account.
\
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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 ST 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 ST return. This consists of two steps.

1. You calculate the total amounts of ST for each tax code.
2. You print the ST return. The system fills out the fields in the
ST return using the totals that you calculated in the first step.
3. For information about preparing ST returns for ST withheld
from vendors.
4. You file the ST return with the tax office and remit the taxes.
42
 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.
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 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.
 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. VAT is instead a multipoint tax system with provision
for collection of tax paid on purchases at each point of sale.
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Q.What is 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.
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.
45
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?

 Trade
Uniform rates of VAT will boost trade; 100% self-assessment
will reduce the need for taxpayers to visit a tax department
officer.
 Customers
Removing tax on tax reduces prices of goods that the end
consumer pays.
 Government
Since dealers will conduct self-assessment, the resources
required for this process will be fewer, and the revenue
46
department can focus more on collection than administrative
processes.
47
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:
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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.
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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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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 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,
· 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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1. ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
2. CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.
 Credit Note 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 vice versa. It is commonly used in case of Sales Returns.
A Credit 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 Credit Note Entry Screen:
1. Click on Ctrl+F8: Credit Note on the Button Bar or press
Ctrl+F8. You can toggle between voucher and Invoice mode by
clicking Ctrl+V. Pass an entry for goods sold returned from Customer
A:
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53
· 1. ALT+R: Recalls the Last narration saved for the first ledger in
the voucher, irrespective of the voucher type.
·
· 2. CTRL+R: Recalls the Last narration saved for a specific
voucher type, irrespective of the ledger.
·
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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 ON AUDITING
An auditor is someone who prepares and examines financial records.

They ensure that financial records are accurate and that taxes are paid
properly and on time. They assess financial operations and work to
help ensure that an organization runs efficiently.
In this area, we were done different type of work such as matches the
balances of transactions from software information with our tally
voucher entries information. We check different financial records of
companies any analyze that and identify the mistakes then give some
suggestions to them.
An audit is a systematic and independent examination of books,

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

since ancient times. Audits provide third party assurance to various
stakeholders that the subject matter is free from material that the
subject matter is free from material misstatement. The term is most
frequently applied to a legal person. Other areas which are commonly
audited include: secretarial and compliance audit, internal controls,
quality management, project management, water management and
energy conversion.
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 Auditing Standards
The Institue of Chartered Accountants of Pakistan maintains external

auditing standards for public companies (issuers) registered with the
Securities and Exchange Commission of Pakistan (SECP).
As of 2012, ICAP has 15 permanent standards approved by the SECP

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 SECP).
For internal auditing, the Institute of Chartered Accountants provides

a conceptual framework 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.
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The next important step is compiling the information from the audit.
When an auditor audits the accounts or inspects key financial
statements of a company, the findings are usually put out in a report
or compiled in a systematic manner.
The last and most important element of an audit is reporting the

result. The results are documented in the auditor’s report.
 Audit Planning
Audit planning includes deciding on the overall audit strategy and

developing an audit plan.
Auditing Standard from the ISA 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 IAS standards.
For internal auditing, the Institute of Chartered Accountants of

Pakistan 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.
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OVERVIEW ON 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, multi-stage,
destination- based tax that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax
levied on the supply of goods and services. This law has replaced
many indirect tax laws that previously existed in India.
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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60
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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62
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.
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 Advantages of GST
GST has mainly removed the Cascading effect on the sale of goods
and services. Removal of cascading effect has impacted the cost of
goods. Since the GST regime eliminates the tax on tax, the cost of
goods decreases. GST is also mainly technologically driven. All
activities like registration, return filing, application for refund and
response to notice needs to be done online on the GST Portal; this
accelerates the processes.
 Components of GST
There are 3 taxes applicable under this system: CGST, SGST & IGST.
 CGST: Collected by the Central Government on an intra-state
sale (Eg: transaction happening within Maharashtra)

 SGST: Collected by the State Government on an intra-state
sale (Eg: transaction happening within Maharashtra)

 IGST: Collected by the Central Government for inter-state sale
(Eg: Maharashtra to Tamil Nadu)

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OVERVIEW ON Taxation
A tax is a mandatory financial charge or some other type of levy

imposed upon a taxpayer by a governmental organizational in order to
fund various public expenditures. A failure to pay, along with evasion
of or resistance to taxation, is punishable by law.
In this we learned about the Direct & Indirect taxes. We filled most of
the income tax returns of different clients.
In this we learned about different heads of income, calculation of

taxes & different deduction with sections. As well in Indirect taxes we
file returns of GST in which different forms are involved for Regular
scheme & Composition scheme. For regular scheme we filled GSTR-1
& GSTR-3B (online) and for composition scheme we filled GSTR-4
(offline)
 Purposes & Effects
The levying of taxes aims to raise revenue to fund governing and to

alter prices in order to affect demand. States and their functional
equivalents throughout history have used money provided by taxation
to carry out many functions. Some of these include expenditures on
economic infrastructure, military, scientific research, culture and the
arts, public works, distribution, data collection and dissemination,
public insurance, and the operation of government itself. A
government’s ability to raise taxes is called its fiscal capacity.
 Types of Taxes
Taxes are of two distinct types, Direct and Indirect taxes. The
difference comes in the way these taxes are implemented. Some are
paid directly by you, such as the dreaded income tax, wealth tax,
corporate tax etc. while others are indirect taxes, such as GST.
65
CHAPTER 4
WORK & RESEARCH
66
Description of process followed to accomplished the assigned
task in the organization
 Tally Entries
Following process are followed for accomplishment this task:
 Firstly, we review all records of vouchers carefully, that no any
vouchers had any queries related to adjustments.
 Then, we make a separate folder for that work.
 Then, we create a company in Tally software by that company name
and started doing entries.
 Receipts & Payment entries are posted carefully as it carries some
contra entries also.
 Then after completing entries posting recheck the data by Balance
sheet, Trial balances & Day book.
 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.
 Submit all documents to companies.
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 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.
 Then, we login to the income tax site and upload that utility
online, if user not registered then first we registered
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69
TOPIC – TAXATION
What is TAX?
A tax is a mandatory financial charge or some other type of levy
imposed upon a taxpayer (an individual or other legal entity) by a
governmental organization in order to fund various public
expenditures. A failure to pay, along with evasion of or resistance to
taxation, is punishable by law. Taxes consist of Direct and Indirect
taxes and may be paid in money or as its labor equivalent.
 Purposes and 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.
a. Direct Taxes
b. Indirect Taxes
Direct Tax
An Income tax is a tax that government impose on financial income
generated by all entities within their jurisdiction. By law, businesses
and individual must file an income tax return every year to determine
whether they owe any taxes or are eligible for a tax refund.
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 Financial year – A year as reckoned for taxing or accounting
purposes.
 Assessment year – Assessment year is the year immediately
following the financial year wherein the income of the financial
year is assessed.
There are some examples of Direct Taxes like:
1. Income Tax
2. Corporate Tax
3. Wealth Tax
4. Gift Tax
5. Estate Duty
6. Expenditure Tax
7. Fringe Benefit Tax
Income Tax is a tax imposed on individuals or entities that

varies with respective income or profits. Income tax generally is
computed as the product of a tax rate time’s taxable income.
There are 5 different heads of income sources for tax:
1. Salary
2. House Property
3. Profit & Gains from Business & Profession
4. Capital Gains
5. Other Sources
We calculate tax on financial year income in assessment year in which

year we are calculating the income tax. These are filing ITR
necessarily:
1. Individual/Proprietors
2. Firms
3. Trust/ NGO’s/Societies/Association Of Persons/Body Of
Individuals.
4. Companies
5. Local authorities/Municipality
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There are different tax rate slabs for different age groups, different
work & different status:
 Different slabs and Tax rates F.Y. 2023-24
Previous Rate Current Rate of Tax

Description of Tax (for Tax Year 2023 and Onwards)
Where income does not exceed Rs. 150 million 0% 0%
Where income exceeds Rs. 150 million but does not exceed
1% 1%
Rs. 200 million
2% 2%
Rs. 250 million
3% 3%
Rs. 300 million
4% 4%
Rs. 350 million
4% 6%
Rs. 400 million
Where income exceeds Rs. 400 million but does not
4% 8%
exceed Rs. 500 million
Where income exceeds Rs. 500 million 4% 10%
Fog: Super tax for the year 2023-2024
Person Tax Year Type Year End

Companies, AOPs and
Normal Tax Year July 01 to June 30
Individuals
Sugar Special Tax Year October 01 to September 30
Banking and Insurance
Special Tax Year January 01 to December 31
Companies
Ginners, Rice Huskers, Oil Mills Special Tax Year September 01 to August 31
Shawl Manufacturers Special Tax Year April 01 to March 31
Fig: What year-end a tax payer can adopt?
Status Year End Date of Filing Tax Year

Salaried Individual & Non-corporate Taxpayer September 30,
June 30, 2023 2023
(falling under FTR) 2023
September 30,
Other Individuals & AOPs June 30, 2023 2023
2023
December 31,
Company (including falling under FTR) June 30, 2023 2023
2023
September 30,
Company September 30, 2023 2024
2024
September 30,
Company December 31, 2023 2024
2024
Fig: When to file return of income

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Period Quarter Payment Date
On or before the 25th of
1st July to 30th September September Quarter
September
1st October to 31st December December Quarter On or before the 25th of December
1st January to 31st March March Quarter On or before the 25th of March
1st April to 30th June June Quarter On or before the 15th of June
Fig: When to pay advance tax by AOP or company?
Income Brackets Rates

Taxable income not exceeding Rs. 600,000 NIL
Taxable income exceeding Rs. 600,000 but not
7.5% of the amount exceeding Rs. 600,000
exceeding Rs. 800,000
Taxable income exceeding Rs. 800,000 but not Rs. 15,000 + 15% of the amount exceeding Rs.
exceeding Rs. 1,200,000 800,000
Taxable income exceeding Rs. 1,200,000 but not Rs. 75,000 + 20% of the amount exceeding Rs.
exceeding Rs. 2,400,000 1,200,000
exceeding Rs. 3,000,000 2,400,000
exceeding Rs. 4,000,000 3,000,000
Rs. 765,000 + 35% of the amount exceeding Rs.
Taxable income exceeding Rs. 4,000,000
4,000,000
Fig: Rate of Tax for individual and AOP
Income Brackets Rates

Taxable income not exceeding Rs. 600,000 NIL
Taxable income exceeding Rs. 600,000 but not
2.5% of the amount exceeding Rs. 600,000
exceeding Rs. 1,200,000
Taxable income exceeding Rs. 1,200,000 but not Rs. 15,000 + 12.5% of the amount exceeding Rs.
exceeding Rs. 2,400,000 1,200,000
exceeding Rs. 3,600,000 2,400,000
exceeding Rs. 6,000,000 3,600,000
Rs. 1,095,000 + 35% of the amount exceeding Rs.
Taxable income exceeding Rs. 6,000,000
6,000,000
Fig: Rate of Tax for salaried AOP
Sr. No. Holding Period Tax Year 2023

1. Where the holding period does not exceed one year. 15%
2. Where holding period exceeds one year but does not exceed two years. 12.5%
3. Where holding period exceeds two years but does not exceed three years. 10%
4. Where holding period exceeds three years but does not exceed four years. 7.5%
5. Where holding period exceeds four years but does not exceed five years. 5%
6. Where holding period exceeds five years but does not exceed six years. 2.5%
7. Where holding period exceeds six years. 0%
73
Future commodity contracts entered into by members of Pakistan Mercantile
8. 5%
Exchange
Securities acquired on or after July 1st , 2013 but on or before the 30th day of
9. 12.5%
June, 2022
Fig: Capital Gain on Disposal of Securities

Persons Threshold of Turnover Rate Application
Individual 100 million 1.25%
Association of Persons 100 million 1.25%
Companies N/A 1.25%
Fig: Rate of minimum Tax
Company Rate for the Tax Year

2023 2024
Small Company 20% 20%
Banking Company 39% 39%
Any other Company 29% 29%
Fig: Tax rate for companies
Income under section 4C Rate of Tax

Where income does not exceed Rs. 150 million 0% of the income
1% of the income
exceeds Rs. 200 million
Where income exceeds Rs. 200 million but does not exceeds Rs.
2% of the income
250 million
3% of the income
4% of the income
6% of the income
8% of the income
Where income exceeds Rs. 500 million 10% of the income
Fig: Tax rate on high earning persons for poverty alleviation
 With-holding Tax card rates for F.Y. 2019-20

Nature of Tax
Payment / Standard Tax Rate Regime/Adjustable
Transaction
Section 148 – Imports
Import of goods classified in Part 1 of the Twelfth
1% of import value
Schedule
Import of goods classified in Part II of the Twelfth MTR - Commercial
2% of import value
Schedule Imports
Import of goods classified in Part II of the Twelfth 3.5% of import value in case of Adjustable - Industrial
Schedule commercial importer Undertaking Usage
Import of goods classified in Part III of the Twelfth - 5.5% of Import Value
Schedule - 6% for Commercial Importer
Manufacturer covered under SRO. 1125(i)/2011 dated
21.12.2011 and importing items covered 1% MTR
under this SRO.
Persons importing finished pharmaceutical
products not manufactured in Pakistan as certified 4% MTR
by Drug Regularity Authority of Pakistan
74
Section 149 – Salary
Salary paid by Employer Average Rate of Tax NTR
Section 150 – Dividend
Dividend paid by independent power purchaser 7.5% FTR
Other Companies and Mutual funds 15% FTR
Dividend received by REIT scheme from SPV 0% FTR
Dividend received by others from SPV 35% FTR
Dividend paid by a company where no tax is
payable by such company due to exemption of 25% FTR
income etc.
Section 151 - Profit on Debt
FTR- up to Rs. 5M
Profit on debt 15% NTR- if exceeds Rs.
5M
Section 152 - Payment to Non-Resident
Royalty or Fee for technical services 15% FTR
In other case 10% FTR
Contract for construction, assembly, installation
projects, supervisory activities and advertisement 8% MTR
services by TV satellite channel
Payment of insurance or re-insurance premium 5% MTR
Payment for advertisement services to media
10% MTR
Person
Payment for foreign produced commercial for
advertisements on any television channel or any 20% FTR
other media
Other payments to non-resident except payments
20% FTR
covered under section 149, 150, 156 and 233.
Sale of goods to companies 5% MTR
Nature of Tax
Transaction
Sale of goods to other persons 5.5% MTR
Rendering of transport, freight forwarding, air cargo,
courier, manpower, hotel, security guard, software
development, IT, tracking, advertising (other than by
print or electronic media), share register, engineering,
car rental, building maintenance services and services
rendered by Pakistan Stock Exchange Limited and 4% MTR
Pakistan Mercantile Exchange Limited inspection and
certification, testing and training services, Oilfield
Services
Rendering of Services:
 Company 9% MTR
 Other than company 11%
Execution of Contract (other than for supply of
goods & rendering of service):
10% MTR
 Sportsperson
 Other than sportsperson 8%
Profit on debt paid to Individual 10% FTR
Section 153 - Payments for Goods, Services and
Contracts
Sale of Goods:
75
 Sale of rice, cotton seed or edible oil 1.5% MTR
 Sale by distributors, dealers, sub dealers, 0.25% MTR
wholesalers and retailers of FMCG goods,
fertilizers, electronics excluding mobile
phones, sugar, cement and edible oil
 Sale by distributors of cigarettes and 1% MTR
pharmaceutical products
 Sale of gold, silver and such articles 1% MTR
 Sale of any other goods including Toll
Manufacturing:
i. Company 5% NTR
ii. Other than company 5.5% MTR
Nature of Tax
Standard Tax Rate Regime/Adjusta
Payment /
ble
Transaction
Rendering of Services:
Rendering of transport, freight forwarding, air cargo, 4% MTR
courier, manpower, hotel, security guard, software
development, IT, IT enabled services, tracking,
advertising (other than by print or electronic media),
share register, engineering including architectural,
warehousing, services rendered by asset
management company, data services,
telecommunication Infrastructure, car rental, building
maintenance services and services rendered by
Pakistan Stock Exchange Limited and Pakistan
Mercantile Exchange Limited inspection and
certification, testing and training services, Oilfield,
telecommunication, collateral management, travel
and tour, REIT management services, services
rendered by National Clearing Company of Pakistan
Limited.
 Other services:
i. Company 9%
ii. Other than company 11%
 Payment to electric or printing media for 1.5%
advertisement service
Execution of Contract (other than supply of
goods & rendering of services):
 Sportsperson 10% MTR
 Company 7.5% NTR
 Other case 8% MTR
Exporter or export house for rendering of service of
stitching, dying, printing, embroidery, washing, sizing MTR
and weaving 1%
Nature of Tax
Standard Tax Rate
Payment / Regime/Adjustable
Transaction
Section 154 – Exports
Export of goods 1% FTR
For sale proceeds of goods to exporter under Back
1% FTR
to Back LC or any other arrangement
Export processing zone 1% FTR
76
Direct exporter and registered export house 1% FTR
Collector of customs 1% FTR
Section 154A - Export of Services
Export of Computer software or IT services or IT
Enabled services by persons registered with 0.25% of proceeds FTR
Pakistan Software Export Board
Any other case 1% of proceeds FTR
Section 155 - Income from Property
 In case of Individual and AOP
i. Where the gross amount of rent does not Nil NTR

exceed Rs. 300,000
ii. Where the gross amount of rent exceeds Rs. 5% of the gross amount
300,000 but does not exceed Rs. 600,000 exceeding Rs. 300,000
iii. Where the gross amount of rent exceeds Rs. Rs. 15,000 + 10% of the gross
600,000 but does not exceed Rs. 2,000,000 amount exceeding Rs.
600,000
iv. Where the gross amount of rent exceeds Rs. Rs. 155,000 + 25% of the
2,000,000 gross amount exceeding Rs.
2,000,000
 In case of Company 15% NTR

Section 156 - Prizes and Winnings
Prize on prize bonds or crossword puzzle 15% FTR
Prize on winning of the quiz, winning from raffle,
lottery & prize offered by companies for promotion 20% FTR
on sales
Section 156A - Petroleum Products
Payment of commission to petrol pump operators 12% FTR
Nature of Tax
Transaction
Section 231B - Advance Tax on Private Motor
Vehicles
Purchase of motor vehicle having engine
capacity:
 Up to 850CC Rs. 10,000

 851CC to 1000CC Rs. 20,000
 1001CC to 1300CC Rs. 25,000
 1301CC to 1600CC Rs. 50,000 Adjustable
 1601CC to 1800CC Rs. 150,000
 1801CC to 2000CC Rs. 200,000
 2001CC to 2500CC 6% of value
 2501CC to 3000CC 8% of value
 Above 3000CC 10% of value
77
4% of the Value of Motor
Vehicle
Leased Motor Vehicles Adjustable
(Only in case of In-Active
Taxpayers)
Transfer of registration or ownership of a
private motor vehicle manufactured
locally having engine capacity:
 Up to 850CC Nil
 851CC to 1000CC Rs. 5,000
 1301CC to 1600CC Rs. 12,500
 1601CC to 1800CC Rs. 18,750
 1801CC to 2000CC Rs. 25,000
 2001CC to 2500CC Rs. 37,500
 2501CC to 3000CC Rs. 50,000
 Above 3000CC Rs. 62,500
Sale of locally manufactured motor vehicle
prior to registration having engine
capacity:
Adjustable
Rs. 100,000
 Up to 1000CC Rs. 200,000
 1001CC to 2000CC Rs. 400,000
 2001CC and Above
Section 233 - Brokerage and Commission
Advertising agents 10% MTR
All others 12% MTR
Life Insurance Agents where commission received
8% MTR
is less than Rs. 0.5 Million per annum
78
Nature of Tax
Standard Tax Rate
Payment / Transaction Regime/Adjustable
Section 234 - Tax on Motor Vehicles
In case of Non Air Conditioned passenger
transport vehicle having seating capacity of:
Rs. 500 per Seat Adjustable

 4 or more people but less than 10 person
 10 or more people but less than 20 person Rs. 1,500 per Seat
 20 or more people Rs. 2,500 per Seat
In case of Air Conditioned passenger transport
vehicle having seating capacity of:
Rs. 1,000 per Seat Adjustable

 4 or more people but less than 10 person
 10 or more people but less than 20 person Rs. 2,000 per Seat
 20 or more people Rs. 4,000 per Seat
Other motor car having engine capacity of:
 Up to 1000CC Rs. 800

 1001CC to 1199CC Rs. 1,500
 1300CC to 1499CC Rs. 2,500
 1500CC to 1599CC Rs. 3,750
 1600CC to 1999CC Rs. 4,500
 2000CC and above Rs. 10,000
Where the motor vehicle tax is collected in lump
sum:
 Up to 1000CC Rs. 10,000

 1001CC to 1199CC Rs. 18,000
 1300CC to 1499CC Rs. 30,000
 1500CC to 1599CC Rs. 45,000
 1600CC to 1999CC Rs. 60,000
 2000CC and above Rs. 120,000
Section 235 - Electricity Consumption
Where the amount of bill:
Nil
 Does not exceed Rs. 500 Other than company
10% of Amount
 Exceeds Rs. 500 but does not exceed Rs.
20,000 MTR-up to bill amount
 Exceeds Rs. 20,000 Rs. 360,000 p/a
o For Commercial Consumer Adjustable-bill amount

Rs. 1,950 + 12% exceeding exceeding Rs.
Rs. 20,000 30,000/month
Rs. 1,950 + 5% exceeding

o For Industrial Consumer
Rs. 20,000
79
Nature of Tax
Standard Tax Rate
Payment / Transaction Regime/Adjustable
Domestic Electricity Consumption:
Where the amount of bill
 Less than Rs. 25,000 Nil Adjustable
 Rs. 25,000 or more 7.5%

Section 235(1A) - Electricity Consumption
Where the amount of bill:
 Does not exceed Rs. 30,000 Rs. 3,000

 Exceeds Rs. 30,000 but does not exceed Rs. Rs. 5,000
50,000
 Exceeds Rs. 50,000 but does not exceed Rs. Rs. 10,000
100,000
 Retailers and service providers as notified by Up to Rs. 200,000
the Board in the income tax general order
Section 236 - Telephone and Internet Users

Telephone subscriber where the monthly bill
10% Adjustable
exceeds Rs. 1,000
Subscriber of internet, mobile telephone and pre-
15% Adjustable
paid internet or telephone cards
Section 236A – Advance Tax at the Time of Sale by Auction
Sale of any property or goods by auction 10% Adjustable
Tax collected on the lease of the right to collect
10% Final
Tolls
Sale of immovable property by auction 5% Adjustable
Section 236C - Advance Tax on Sale or Transfer of Immovable Property
Sale or transfer of immovable property 3% NTR
Section 236CA – Advance Tax on TV plays and Advertisements
Foreign-produced TV drama serial or play Rs.1,000,000 per episode Rs.
Foreign-produced TV play (single episode) 3,000,000 MTR
Advertisement starring foreign actor Rs.100,000 per second
Section 236G - Advance Tax on Sales to Distributors, Dealers and
Wholesalers
 Fertilizers (If Person appears in ATLs) 0.25%

 Fertilizers Other than above 0.7%
NTR
 Other than Fertilizers 0.1%
80
Nature of Tax Regime/
Standard Tax Rate
Payment / Transaction Adjustable
Section-236H Advance Tax on Sales to Retailers
Sales to retailers 0.5% NTR
Section-236K Advance Tax on Purchase of Immovable Property
Fair market value of immovable property
 Active Taxpayer 3% Adjustable
 In-Active Taxpayer 10.5%
Section-236Y Advance Tax on Amount Remitted Abroad through Credit/ Debit/ Prepaid Cards
Tax on Amount Remitted Abroad through Credit/
5% of the gross amount Adjustable
Debit/ Prepaid Cards
Section-236Z Bonus Shares Issued by Companies
10% of the value of Bonus
Tax on Bonus Shares Issued by Companies Shares including Bonus FTR
Shares Withheld
Indirect Tax
An indirect tax is a tax collected by an intermediary from the person
who bears the ultimate economic burden of the tax. The intermediary
later files a tax return and forwards the tax proceeds to government
with the return. GST is the most prominent example of Indirect tax
levied in India on the supply of goods & services. GST is levied at
every step in the production process, but is refunded to all parties in
the chain of production other than the final consumers. Goods &
Services are divided into five tax slabs for collection of tax – 0%, 5%,
12%, 17% and 28%.
Petroleum products, alcoholic drinks, electricity, and real estate are
taxed separately by the individual state governments. India adopted a
dual GST model, meaning that taxation is administered by both the
Union & State governments. Transactions made within a single state
are controlled by FBR by the Central government and Provincial
Revenue Authority(PRA) by the State governments. For inter-state
transactions and imported goods & services, an integrated GST
(IGST) is levied by the Central government.
The IRIS software is developed by Infosys Technologies and IT
81
network is maintained by the NIC.
CHAPTER 5
SWOT ANALYSIS
82
Strengths
1. Expertise in Corporate Consulting: Bizcon Corporate Consultants has a team

of highly skilled professionals with expertise in corporate consulting, including
legal and financial advisory services.
2. Reputation and Trust: Over the years, Bizcon has built a strong reputation for
providing reliable and effective corporate consulting services. This reputation can
lead to client loyalty and referrals.
3. Diverse Client Portfolio: Bizcon serves a diverse client portfolio, including

businesses of various sizes and industries. This diversity provides a stable income
stream and reduces dependence on a specific sector.
4. Regulatory Compliance: The firm excels in navigating complex corporate and

financial regulations, ensuring that clients remain compliant with the law and
mitigate legal risks.
5. Customized Solutions: Bizcon is known for its ability to provide tailored

corporate solutions that meet the unique needs of each client. This personalized
approach can result in long-term client relationships and satisfaction.
Weaknesses:
1. Dependence on Key Clients: The firm may be dependent on a few major

clients. Losing one of these key clients could significantly impact the firm's
revenue and stability.
2. Human Resource Challenges: Attracting and retaining top talent in the

competitive field of corporate consulting can be challenging. High turnover can
disrupt client relationships and affect the quality of service.
3. Technology Adaptation: Resistance to adopting modern technology for

83
corporate consulting and project management may lead to inefficiencies and hinder
competitiveness.
4. Fee Sensitivity: Clients in the corporate consulting industry may be price-

sensitive, and increasing fees can be challenging. Bizcon must continually
demonstrate the value it provides.
5. Work-Life Balance: The demanding nature of the work can sometimes lead to
long working hours and high stress among employees. Maintaining a healthy work-
life balance for staff is essential.
Opportunities:
1. Digital Transformation: Embracing technology and software solutions can

improve efficiency, project management, and collaboration with clients. Bizcon
can invest in cutting-edge software for corporate consulting.
2. Expanding Service Offerings: Diversifying into related services such as

mergers and acquisitions, business restructuring, or sustainability consulting can
open up new revenue streams.
3. International Expansion: As businesses expand globally, there is an

opportunity for Bizcon to offer corporate consulting services to clients in other
countries. Building international expertise can be lucrative.
4. Niche Markets: Specializing in a specific industry or service area, such as

technology startups or green energy, can differentiate Bizcon from competitors and
attract specialized clients.
5. Education and Training: Offering training and workshops on corporate

governance, compliance, and best practices can position Bizcon as an industry
leader and generate additional revenue.
Threats:
1. Competitive Market: The corporate consulting industry is highly competitive,
with many firms offering similar services. Intense competition can lead to price
84
wars and reduced profitability.
2. Regulatory Changes: Frequent changes in corporate regulations can increase

compliance costs and complexity. Bizcon must stay updated on changing laws to
remain compliant.
3. Economic Downturn: During economic recessions or downturns, businesses

may reduce their budgets for corporate consulting services. This can lead to
decreased demand for services.
4. Cybersecurity Risks: As the firm handles sensitive corporate data, it is

vulnerable to cyberattacks and data breaches. Maintaining robust cybersecurity
measures is crucial.
5. Client Attrition: Losing key clients or failing to meet their expectations can
significantly impact revenue and reputation. Bizcon must actively work to retain
and grow its client base.
85
CHAPTER 5
LEARNING, CONCLUSION
AND SUGGESTIONS
86
Behavioral Learning from the
Organization(Summary)
 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
87
unchallenging.
88
People always have room to grow, and advance behavioral skills are
always welcomed. At the upper end, one can give your workers the
tools and mindset to aim for improvement by observing their behavior,
work habits, and production. Self-improvement training will help
provide feedback and criticisms that they can use to benefit their next
assignments. An essential part of promoting improvement is to
communicate to the employees that failure.
 EMPATHY
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.
89
5 BEST PRACTICES OBSERVED IN THE
ORGANIZATION(Strenghts)
 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
90
so the employees don’t feel down and eventually improve themsel70
91
SUGGESTIONS AND RECOMMENDATIONS
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, SHEKHAR CA & CO. 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 human
resources, which are the biggest threat for their competitors.
 Shekhar CA & Co. strongly needs to improve its network firms so
as to be counted among one of the extensively know firms in UK.
The partner needs to make the best use of their goodwill to bring
more clientage and reputation to firm. They need to offer the audit
services at most economical cost with the assured quality services
to retain and 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 and mentoring exercises
would bring good feel among employees for their work. Time to
time financial bonuses or performance incentives will energize
the staff.
92
 The trainees are not offered extra financial or any other incentive
for the extra work or over time. This causes some sort of
abstractions which immediately need to be overcome by the
management.
 The firm, to be more competitive in future, still has room for

improvement in Information Technology. As firm don’t have any
of its website to attract customer and their timely feedback as
most of the good firms have their own web and well organized.
 Firm also lacks in marketing perspective as it does not any

marketer to market and introduce their business, firm is getting
business only on personal relations of the partners and other firm
personnel. So if firm wants to improve its business volume it
needs a professional marketer as many other big firms adopted
and have complete marketing department.
 The employees are provided less salary than the government has
asked to provide in minimum wage act, therefore the employees
must be provided at least the minimum salary.
 It is 6 days working in the organization; most of the organizations

are using 5 days working schedules so that employees don’t feel
exhausted and their efficiency increases. So the organization must
provide at least one-day leave to the employees to rest and freshen
up.
 Most of the computers and laptops in which the work was done
were old and because of that we were unable to carry out our
tasks properly. The organization must have proper systems so that
the work load can be handled efficiently.
93
Weaknesses
 They have a small staff with limited skill set in many areas.
 Less number of staff members.
 Developments in technology are changing this market. Shekhar CA
& 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.
 Shekhar CA & Co. has many competitors. Under certain
circumstances stiff competition can threaten the margins and hence
the survival of the firm.
94
CONCLUSION
 Shekhar CA & Co. is overall one of the profit making and reputed
firm of Earth. The organization since its very first day is devoted to
providing quality services. The detailed and through review of work
and clients’ trust shows the perfection with which it is working.
 The firm has earned a distinction of being placed in the category 'A'
in the list of panel of auditors maintained by State Bank of India.
Moreover, only these “A” category firms can audit of listed
companies.
 The Institute of Chartered Accountants of India has also carried out

the Quality Control Review and has issued satisfactory QCR report
stating that the firm has conducted the audits of the clients in
accordance with International Standards on Auditing.
95
CHAPTER 6
BIBLIOGRAPHY
96
REFERENCES
https://www.avalara.com
https://www.business-standard.com
https://www.google.co.in/imghp?hl=en&tab=wi&ogbl
https://www.crowe.com/pk/-/media/crowe/firms/asia-
pacific/pk/crowehorwathpk/1updates/finance-act-tax-
handbook- 2023.pdf?
rev=f52ec7c7eb8e46358fc7de7e88d4a655&hash=1F81
231DFF6F85C8A6B87400E15D3B28
https://www.wikipedia.org/
www.google.com
97

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SUMMER INTERNSHIP PROJECT

“ACCOUNTS & FINANCE”

JAVED ASSOCIATES CHARTERED

Summer Training Project Report

No part of this report has ever published by any other university or

Mr. Muzamil Yasin

This is to certify that the present Summer Internship Report entitled

Muhammad Sufyan (BBA-2 years)

Furthermore, I would also like to acknowledge with much

2. CHAPTER 2: Company Profile.............................................................12-21

3. CHAPTER 3: Conceptual Discussion...................................................22-54

5. CHAPTER 5: Learning, Conclusion & Suggestions......................67-74

About The Industry

Organization is working as Chartered Accountants firm under the

The Institute of Chartered Accountants of Pakistan (ICAP or the

These kinds of firms provide different kinds of professional services

The Chartered Accountancy course is conducted by the Institute of

Is to achieve excellence in professional competence, add value to

The profession of Chartered Accountants in Pakistan should be the

A hierarchy is an arrangement of items (objects, names, values,

Managers are inquired of by Senior Managers and mostly manager

Field work and information collection and implementation of

Deloitte, in terms of Revenue, is the largest professional services

Deloitte is known for providing audit, tax, consulting, enterprise

The Consulting services of industries work on the theory of

Price Waterhouse Coopers has been the world’s second largest

Having its global headquarters in Amstelveen, Netherlands, KPMG

4. Ernst & Young: -

Ernst & Young abbreviated as EY is a multinational professional

6. Grant Thornton International: -

Grant Thornton is a UK based firm which has its branches in almost

BY REVENUE (30 FIRMS)

Asif javed Associates and Bizcon corporate consultants. is a

Bizocon corporate consultants is located in Lahore. The major

Firm provides audit and assurance services to wide range of clients

Firm’s emphasis is on delivering high quality services to clients,

Firm delivers taxation services to clients and assists them in obtaining

Preparation and submission of annual tax returns.

At Bizcon Corporate consultants same staff is handling with tax

Department handles the computer related matters and assists other

It handles with all the correspondence of the firm by sending the

This department is mainly concerned with the recruitment,

 Consultancy on Company Law matters.

 Advisory Planning for Mergers, Acquisitions, De-mergers, and

 Filing of annual returns and various forms, documents.

 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.

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

 One Person Company: -

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

Limited Liability Partnership (LLP) has benefit of the company

GST registration of business is to enable selling of goods with

Companies need funds to grow their business. Experienced CA can

Periodic returns/forms need to be submitted to Registrar of Companies

GST returns to be filed on periodic basis by business to provide