Project Report

On

“EXPLORING ACCOUNTING AND

TAXATION OPERATIONS THROUGH
TALLY”
At

“CA W Rahman & Company”

Submitted in the partial fulfillment of the degree of
Master of Business Administration
at
School of Commerce and Management

Corporate Guide: Faculty Guide:

CA Waquasur Rahma Mr. R Abishek Israel
CA W Rahman & Company Asst. Professor
Arka jain university

Submitted By:
Sushma Kumari Mandal
Roll no: 30
2022-2024

1
 A
Project Report
On

“EXPLORING ACCOUNTING AND

TAXATION OPERATIONS THROUGH
TALLY”
at
“CA W Rahman & Company”
Submitted in the partial fulfillment of the degree of
Master of Business Administration
at
School of Commerce and Management

Corporate Guide: Faculty Guide:

CA Waquasur Rahman Mr. R Abishek Israel
CA W Rahman & Company Asst. Professor
Arka jain university

Submitted By:
Sushma Kumari Mandal

Roll no: 30
2022-202

2
 ACKNOWLEDGEMENT

I take this opportunity to thank my faculty mentor Mr. R Abishek Israel Asst. Professor,
ARKA JAIN University, for her valuable guidance, closely supervising this work over with helpful
suggestions, which helped me to complete the report properly and present.

More importantly, her valuable advice and support helped me to put some creative efforts on my
project. She has really been an inspiration and driving force for me and has constantly enriched my
raw ideas with his vast experience and knowledge.

Specially, I would also like to give my special thanks to my parents whose blessings and loveenabled
me to complete this work properly as well.

3
 School of Commerce and Management

CERTIFICATE BY THE FACULTY MENTOR

This is to certify that Ms. Sushma Kumari Mandal, Enrollment Number-AJU/220792, a student
of Master of Business Administration (M.B.A.) (2022-24), has undertaken the Summer Internship
Project titled ―Exploring Accounting and Taxation Operation through Tally under CA W
Rahman & Company”. The Project report is hereby submitted by the student for the partial
fulfillment of the requirement for the award of the degree of Master of Business Administration,
under my supervision.

To the best of my knowledge, this project is the record of authentic work carried out during the
academic year (2022-24) and has not been submitted anywhere else for the award of any Certificate/
Degree/ Diploma etc.

Signature with date

Name of the faculty: Mr. R Abishek Israel

Designation: Asst. Professor

5
 School of Commerce and Management

DECLARATION BY THE STUDENT

I, Sushma Kumari Mandal, hereby declare that the project titled “Exploring Accounting and
Taxation Operation through Tally”, has been carried out by me during my Summer Internship
Project and is hereby submitted in the partial fulfillment of the requirement for the award of the
degreeof Master of Business Administration.

To the best of my knowledge, the project undertaken, has been carried out by me and is my own
work. The contents of this report are original and this report has been submitted to the ARKA JAIN
University, Jharkhand and it has not been submitted elsewhere for the award of any
Certificate/Diploma/degree etc.

Signature of the Student:

Sushma Kumari Mandal

Roll No.-30
Enrollment No.-AJU/220792
M.B.A. Batch -2022-24.

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 EXECUTIVE SUMMARY

Within a CA firm, the domains of Accounting & Finance and Taxation are pivotal. Accounting &
Finance encompass the systematic recording of financial transactions, yielding accurate insights for
informed decision-making. Taxation involves navigating intricate legal frameworks, strategizing to
optimize tax outcomes, and ensuring compliance. These intertwined functions empower clients with
effective financial management and uphold legal obligations. Their seamless integration within the
CA firm's services provides clients with comprehensive support, enhancing their financial well-
being and regulatory adherence.
In summary, the project delves into the core functions of Finance & Accounting and Taxation within
a CA firm. It highlights their critical role in effective decision-making, financial stability, and legal
compliance. The analysis aims to provide insights into enhancing operational efficiency,
maximizing profits, and ensuring ethical and legal financial practices.

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 TABLE OF CONTENT

CHAPTER NUMBER CHAPTER NAME PAGE NO.

1 Introduction 9

2 Industry Profile 10-11

3 Company Profile 12-30

4 Research 31

5 Learnings 32

6 Findings and 33-34

Recommendation

7 Conclusion 35

8 Bibliography 36

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 INTRODUCTION

Finance and accounting are two interconnected pillars that form the backbone of every organization,
ensuring its financial stability, growth, and sustainability. These disciplines are the language of
business, providing a comprehensive framework for managing, analyzing, and interpreting financial
information. Through diligent record-keeping, meticulous analysis, and strategic planning, finance
and accounting professionals empower businesses to make informed decisions, allocate resources
effectively, and achieve their financial objectives.

In this dynamic landscape, finance involves the management of funds, investments, and assets to
optimize returns and mitigate risks. It encompasses various facets such as corporate finance,
investment banking, and personal finance, each tailored to specific needs and goals. On the other
hand, accounting serves as the systematic process of recording, summarizing, and interpreting
financial transactions, providing a clear picture of a company's financial health and performance.

This introduction serves as a gateway to exploring the multifaceted world of finance and accounting,
delving into their core principles, methodologies, and significance in driving business success. From
managing budgets to analyzing financial statements, from assessing investment opportunities to
ensuring regulatory compliance, the realms of finance and accounting play an indispensable role in
shaping the trajectory of organizations and individuals alike.

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 INDUSTRY PROFILE

Organization is working as Chartered Accountants firm under the rules and regulations and code
of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).

The Institute of Chartered Accountants of India (ICAI or the Institute) was established as
statutory body on July l, 1961 under Chartered Accountants Ordinance. 1961 to regulate the
profession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members. Fifteen members are
elected from amongst the members for a period of four years. The remaining four of the Council
members are nominated by the Government India,

These kinds of firms provide different kinds of professional services like audit, taxation and

management consultancy to its clients.

The Chartered Accountancy courses. is conducted by the Institute of Chartered Accountants of

India, which has its headquarters in New Delhi, 5 regional offices (Calcutta. Kanpur, Chennai,

Mumbai and New Delhi) and 81 branches under these regional centers.

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 MISSION & VISION

Mission

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

The profession of Chartered Accountants in India should be the 'benchmark of professional

excellence upholding the principles of integrity. transparency and accountability

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 COMPANY PROFILE

CA W Rahman & Co. is a leading chartered accountancy firm. It is rendering comprehensive

professional services which include audit. management consultancy. tax consultancy. accounting
services, manpower management, secretarial services etc.
It is a professionally managed firm. The team consists of distinguished chartered accountants,
corporate financial advisors and tax consultants. The firm represents a combination of specialized
skills, which are geared to offers sound financial advice and personalized proactive services. Those
associated with the firm have regular interaction with industry and other professionals which
enables the firm to keep pace with contemporary developments and to meet the needs of its clients.
CA W Rahman & Co. has a clear vision for the future growth and development of financial
markets and services and researches to stay ahead of these trends and developments.

DEPARTMENTS OF CA COMPANY
CA W Rahman & Co. office is in Jamshedpur Jharkhand. Almost all the controls and regulations
are done from this office. They constitute different number of departments who basically handle
their respective functions. The major departments include:
>
Audit and Assurance Department:
Firm provides audit and assurance services to wide range of clients which include performing
audits of financial statements of limited companies. NGOs and partnerships. Firm also performs
special assignments which include management audits, internal audits and investigations. Audit
focuses on business issues and the matters that can impact on the financial statements, whilst also
retaining the basic audit procedures that test the information contained in the financial statements,
Services are aimed to comply with the legal requirements as defined under the various laws and
regulations. In doing so firm not only identify the non-compliances but also assists clients in its
rectification, designing remedial measures and 'provides guidance 10 adhere with the laws.

>
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Tax and Department
Firm delivers taxation services to clients and assists 'them in obtaining optimal tax benefits
available under the laws. Firm also assist clients to couple 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. 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 & advisory services.

• Personal income tax services.

In CA W Rahman & Co. same staff is handling with tax matters as well as corporate sector. While
in corporate firm provides different kinds of services relating to corporate sector from
incorporation to winding up of a Company.

• CORPORATE SERVICES

• Incorporation of company

• Consultancy on Company Law matters.

• Advisory Planning for Mergers, Acquisitions, De-mergers, and corporate organizations.

• Filing of annual returns and various forms, documents.

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

• Secretarial Matters including share transfers

• Maintenance of Statutory records

• Consultancy Services on Public/Right Bonus Issue of shares.

• Change of Name, Objects, Registered etc.

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 SERVICES OFFERRING

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

GST REGISTRATION

GST registration of business is to enable selling of goods with turnover value beyond a certain
limit. Limit may differ from state to state. It is necessary to gel GST Input Tax Credit. Experienced
CA firms can ease out the process within reasonable fees.

GST RETURN FILLING

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.

INCOME TAX (Salaried)

Income tax return of salaried employee can be filed with help of Form 16 & Form 16A. Form 26
AS will help you in getting information about TDS on salary. Experienced CA can help you for
better tax planning and reduce the TDS

INCOME TAX (Business)

Income Tax returns filing is requirement of Income Tax Act for companies businesses. Tax Audit
Report helps in compliance of income tax laws. Experienced CA firms can help in reducing
noncompliance of income tax laws.

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 PREPARATION ON BOOK ON 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 10 use Keyboard
Shortcut Keys as well as mouse operations during voucher entry.
To create 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 REGISTER

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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 OVERVIEW OF TALLY PRIME

Maintaining your business transactions on a day-to-day basis is critical to your business.

To keep a record of all your business transactions, you n eed to first create a company in
Tally Prime. Through the company, you can also view and update all your transaction
entries, as needed, and go through the financial reports based on the transactions that
you maintain.

COMPANY CREATION
We need to create a company to keep record of all your business transactions and view
related financial reports. To create the company, just enter the company name and
address and update other details, such as contact and financial year information .

To create a Company in Tally Prime.

1. Press Alt+K > Create.

Alternatively, at the Gateway of Tally, press F3 > Create Company.
The Company Creation screen appears.

2. Enter the Company Name.

Notice that a few fields are auto-filled. You can change any of these values as
needed.

3. Enter the details or verify the auto-filled details.

You can change these values later as needed. However, be careful about
choosing the Financial year beginning from and Books beginning from dates.

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CREATE A LEDGER

We can use multiple ways to create Ledgers in Tally Prime. Since Tally Prime does not
insist on any master creation before you start recording your transaction, you can create
the required ledgers while recording the transactions. For example, say you are recording
your first payment transaction. If you have not created the relevant party ledger while
entering the payment voucher, then you can create it on the fly. Otherwise, you can
create the party ledger first and then record the payment to the party. Another way to
create a ledger is from the Chart of Accounts .

1. Go to Gateway of Tally > Create > Ledger or Alt+G (Go To) > Create
Master > Ledger.
2. Enter the ledger name.
3. Select the Group under which you want to create the Ledger.
4. Update the remaining details as needed.
5. Press Ctrl+A to create the ledger .

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ACCOUNTING INVOICE MODE

1. Open the voucher screen.

a. Press Alt+G (Go To) > Create Voucher or Gateway of

Tally > Vouchers, and press F8 (Sales).
You can select any type of voucher using the right button options.

b. Ensure that the screen is in Accounting Invoice Mode.

Press Ctrl+H (Change Mode) > select Accounting Invoice Mode (if
needed).

2. Select the mode of payment.

a. In Party A/c name field, select Cash ledger or Bank ledger.

3. Select the ledger and specify the Amount.

4. Provide Narration, if any.

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 OVERVIEW OF GST

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect
taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was
passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods
and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is
levied on every value addition. GST is a single domestic indirect tax law for the entire country.

Before the Goods and Services Tax could be introduced, the structure of indirect tax levy in India
was as follows:

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ADVANTAGES OF GST

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

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COMPONENTS OF GST

There are three taxes applicable under this system: CGST, SGST & IGST.
CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction
happening within Maharashtra)
SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction
happening within Maharashtra)
IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Maharashtra to
Tamil Nadu)

OBJECTIVE OF STUDY

To achieve the ideology of ‘One Nation, One Tax:- GST has replaced multiple indirect taxes,
which were existing under the previous tax regime. The advantage of having one single tax means
every state follows the same rate for a particular product or service. Tax administration is easier
with the Central Government deciding the rates and policies.

To subsume a majority of the indirect taxes in India:- India had several erstwhile indirect taxes such as
service tax, Value Added Tax (VAT), Central Excise, etc., which used to be levied at multiple supply chain
stages. Some taxes were governed by the states and some by the Centre. There was no unified and
centralized tax on both goods and services. Hence, GST was introduced. Under GST, all the major indirect
taxes were subsumed into one. It has greatly reduced the compliance burden on taxpayers and eased tax
administration for the government.

To eliminate the cascading effect of taxes:- One of the primary objectives of GST was to remove the
cascading effect of taxes. Previously, due to different indirect tax laws, taxpayers could not set off the tax
credits of one tax against the other. For example, the excise duties paid during manufacture could not be
set off against the VAT payable during the sale.

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 HOW TO FILE GST RETURN

GST return online filing process

The GST return online filing process can be completed in the following steps.
1. Use the GST portal that is www.gst.gov.in.
2. Based on your state code and PAN number, a 15 digit number will be issued.
3. Each invoice that you have needs to be uploaded. Against each invoice, a reference number
will be issued.
4. After this, the next step is to file the outward returns, inward returns, and cumulative
monthly returns. All errors can be rectified.
5. File the outward supply returns of GSTR-1 using the information section at the GST
Common Portal on or before the 10th of the month.
6. The outward supplies furnished by the supplier will be gotten from the GSTR-2A.
7. After this, the recipient has to verify the details of the outward supplies and file details of
credit or debit notes.
8. Next, supply details of the inward supplies of goods and services in the GSTR-2 form.
9. Supplier can accept or reject the details provided by the inward supplies made apparent in
the GSTR-1A.

Offline process:
To file your GST returns in the offline mode, you need to visit and download the following
offline tool, Website Link. Once you have downloaded this tool, you can easily fill in the GSTR-
1 and GSTR-2 forms.

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 OVERVIEW OF TAXATION
What is Tax in India?
Taxes are levied by governments on their citizens to generate income for undertaking projects to
boost the economy of the country and to raise the standard of living of its citizens.
The payment of tax is beneficial on multiple levels including the development of the nation,
betterment of infrastructure, the upliftment of the society, and even for welfare activities for the
nation.
What are the Different Types of Taxes in India
There are two main categories of taxes, which are further sub-divided into other categories.

• Direct Tax

• Indirect Tax
There are also minor cess taxes that fall into different sub-categories. Within the Income Tax
Act, there are different acts that govern these taxes.
Direct Tax
Direct tax is tax that are to be paid directly to the government by the individual or legal entity.
Direct taxes are overlooked by the Central Board of Direct Taxes (CBDT). Direct taxes cannot be
transferred to any other individual or legal entity.

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Indirect tax
An indirect tax can be transferred to another entity; it is imposed on the manufacturer, who then
passes it on to the customers. The tax amount is added to the product’s selling price in the form of
Excise duty, Service tax, VAT, etc.

Types of indirect tax

PROCESS OF INCOME TAX RETURN:

E-filing refers to the process of filing Income Tax Return (ITR) online, using the internet. By
utilizing the new income tax portal, individuals can take advantage of a range of features aimed at
simplifying the tax filing process.
The Income Tax Department provides the facility for e-filing of an income tax return. Before
discussing the steps involved in the e-filing of ITR, it is essential for a taxpayer to keep the
following documents for e-filing their ITR.
➢ PAN
➢ From 26AS, AIS
➢ Bank Statement.
➢ Form 16

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Step 1: Login
• Visit the official Income Tax e-filing website and click on 'Login'.

• Enter your PAN in the User ID section.

• Click on ‘Continue’

• Check the security message in the tick-box.

• Enter you password

• ‘Continue’

Step 2: Go to ‘File Income Tax Return’

Click on 'e-File' tab > 'Income Tax Returns' > ‘File Income Tax Return

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Step 3: Select the right ‘Assessment Year’
Select ‘Assessment Year’ as ‘AY 2023-24’ and mode of filing as ‘Online’

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Step 4: Select status
Select your preferred filing status: Individual, HUF, or Others. Opt for 'Individual' and 'Continue'

Step 5: Select ITR type

Now, select ITR type. The taxpayer must first ascertain which ITR form they must fill out before
proceeding to file returns. There are a total of 7 ITR forms available. For example, individuals and
HUFs without income from business or profession but with capital gains can use ITR 2. Find out
which ITR you should be filing.

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Step 6: Choose the reason for filing ITR
In the following step, you will be prompted to specify the reason for filing your returns. Select the
appropriate option that is applicable to your situation:

• Taxable income is more than basic exemption limit

• Meets specific criteria and mandatorily required to file ITR

• Others

Step 7: Add Bank Account Details and Other Information

Provide your bank account information. If you have already provided these details, ensure they are
pre-validated.
You will then be taken to a new page which will have most of your details pre-filled. Review the
information carefully to ensure it is correct. Confirm the summary of your returns and validate the
details.

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Step 8: e-Verify ITR
The last and crucial step is to verify your return. Failing to verify your return is equivalent to not
filing it at all. You have the option to e-verify your return using different methods such as Aadhaar
OTP, electronic verification code (EVC), Net Banking, or by sending a physical copy of ITR-V to
CPC, Bengaluru

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IMPORTANCE OF INCOME TAX
Income tax department has mandated to file the return to individuals only if their income is above
basic exemption limit or if they meet certain criteria like expenditure on foreign travel being more
than Rs.2 lakh, electricity consumption of Rs.1 lakh or more, deposited an amount/aggregate of an
amount above Rs.1 crore in one or more current accounts in FY 2019-20 or onwards.
In the case of a resident whose asset is located outside India or has signing authority for an account-
based outside India. It is always a good idea to file your ITR even if you are not eligible due to the
benefits.

• Filing of ITR creates a valid proof of income,

• ITR is required for applying for any loan in the future

• ITR is required by banks even for applying credit cards

• ITR is required for VISA applications etc.

• Hence it is advisable to file ITR even if your income is below the basic exemption limit.

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 RESEARCH ANALYSIS

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.

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

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 LEARNING
Behavioral Learning from the Organization

COMMUNICATION
Good communication consists of many other different sub-skills. from suitable patterns of body
language and eye contact with the ability to write clear and accurate reports. Accurate listening
and 'the ability 10 follow instructions are especially important but are one 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 PLANN ING
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 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 an unchallenging. Employees should improve 10 avoid both the frustration of
inexperience and contentment with their work.
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.

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 BEST PRACTICES OBSERVED IN THE ORGANISATION

✓ 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 them.

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 SUGGESTIONS AND RECOMMENDATIONS

Though tile organization is really good at everything und 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 vat 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 nourish.
✓ The company -has mostly professional educated human resources, which are the biggest
'threat Cor their competitors.
✓ CAW Rahman & 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.
✓ 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.

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 CONCLUSION

✓ CA W Rahman & Co. is overall one of the profits 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 panels of
auditors maintained by State Bank of India. Moreover, only these "A" category firms can
audit of listed companies.

✓ The Institute of Chartered Accountants of India has also carried out the Quality Control
Review and has issued satisfactory QCR report stating that the firm has conducted the
audits of the clients in accordance with International Standards on Auditing.

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 BIBLIOGRAPHY

✓ https://cleartax.in/s/gst-law-goods-and-services-tax
✓ https://help.tallysolutions.com/tally-prime/welcome-to-tally-prime/tallyprime-features/
✓ https://www.godigit.com/gst/how-to-file-gst-return
✓ https://www.wallstreetmojo.com/indirect-tax/
✓ https://cleartax.in/s/how-to-efile-itr
✓ FUNDAMENTALS OF ACCOUNTING BY DR.V. SUBBARAYUDU

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