SUMMER TRAINING PROJECT

REPORT ON
“ACCOUNTS & TAXATION”
U N D E RTA K E N AT

DHRUV & ASSOCIATES

By
Bhuvnesh Kumar
19BCOM04
 CONTENTS

• Introduction
• Objective of the study
• Review of Literature
• Research Methodology
• Profile of the Organization
• Analysis & Interpretation of Data
• Conclusions
• Recommendation
• References
 INTRODUCTION

• The organization Dhruv & Associates 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).
• These kinds of firms provide different kinds of professional services like audit, taxation
and management consultancy to its clients.

• The Chartered Accountancy course is conducted by the Institute of Chartered

Accountants of India, which has its headquarters in New Delhi, 5 regional offices
(Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these
regional canters.

• It’s 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.
 OBJECTIVE OF STUDY

Following are the objectives that I have in my mind before working as an internee.

 To analyze the business situation.

 To establish high standard in professionalism.

 To learn about book keeping practices of different companies.

 To get exposure to do a work in an organization and also known about organizational

behaviour, ethical rules and regulations.

 Develop time management skills and the ability to be responsible for more than one
project at a time.
 REVIEW OF LITERATURE

• Locus Pacioli, an Italian wrote a first book on double entry system in 1494. It is
regarded as the best and the only scientific method of accounting system
universally accepted throughout the world. It has been built on well-defined
rules and principles which is the foundation of modern accountancy.
• According to one widely quoted definition, accounting is “the process of
identifying, measuring and communicating economic information to permit
informed judgments and decisions by users of the information.
• Bookkeeping is necessary to fulfill this fundamental role of accounting, and
bookkeeping itself comes in two varieties, single-entry bookkeeping and
double-entry bookkeeping, depending on the accountability required.
 RESEARCH METHODOLOGY

• In this process Dhruv & Associates gave me a task to first I have to learn
about what is taxation. In taxation I learned what is tax, purposes &
effects of tax and types of taxes i.e., direct & indirect tax
• After this they will explain me about what are the research methods we
have to use in our research i.e., by reading business news on The
Economics Times, Business Standard, etc., by keeping track on stock
market that which company share increasing or decreasing, reading
auditors report & keep track on big auditing firms i.e., Deloitte, KPMG,
PWC, Ernst & Young and many more.
 PROFILE OF THE ORGANIZATION

• Dhruv & Associates 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.
• Dhruv & Associates 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. Dhruv & Associates moulds its operations and areas of
competencies and introduces services so as to assist clients in their business
operations and growth.
• Dhruv & Associates is having its head office in Faridabad. Almost all the
controls and regulations are dealt at head office in Faridabad.
• All the offices constitute different number of departments who basically
handle their respective functions. The major departments include Audit and
Assurance Department, Tax & Corporate Department, Computer Department
& HR Department.
• Service offered by Company Registration, GST Registration, Project Financing,
GST Return, TDS Return, Income Tax Return, Tally Accounting, Tax Audit,
Internal Audit and many more services are being provided by Dhruv &
Associates.
Corporate services offered by Dhruv & Associates are:

 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.

 ANALYSIS & INTERPRETATION OF DATA

• According to past data of Dhruv & Associates, the company is in loss.

• These are the some figures of Dhruv & Associates of FY2016-17 are Opening
figures of Balance Sheet are Rs.2,42,89,653 and Closing figures of Balance
Sheet are Rs.2,88,59,168.
• Here are the some figures of Profit & Loss A/c of company and company is in
loss of Rs.3,47,147.
• According to the cash flow, closing balance of a company is Rs.65,95,782.
 CONCLUSIONS

• Dhruv & Associates is overall one of the profits making and reputed firm. 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.
 RECOMMENDATION

• Though the organization is really good at everything and everything is well

maintained and managed. But still there are some chances of improvement. In my
opinion some of the suggestion/recommendations are:

 Try to adopt new technologies that their competitors are not using.
 Make a network that allows its customers to negotiate with them easily.

 Dhruv & Associates 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 client age and reputation to firm.
 REFERENCES

Some of the references from which data have been collected are:
1. https://cleartax.in/s/income-tax-slabs
2. https://economictimes.indiatimes.com
3. https://www.avalara.com
4. https://www.business-standard.com
5. http://www.gstcouncil.gov.in/
6. https://www.myloancare.in/tax/income-tax-slabs-rates/
7. https://www.google.com
 THANKS FOR LISTENING

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