A Project Report on

“Accounts & Finance At C.A. Agarwal Rajeev & Co Chartered Accountant”

A Project Report Submitted In Partial Fulfillment of the Requirements the Degree of

MASTER OF BUSINESS ADMINISTRATION (FM) 2021-2023

By

Nancy Rai

(211145095012)

Under the supervision of

DR RAJAT KAMBOJ, TEACHING ASSISTANT ( IEF BU JHANSI )

CA RAJEEV AGARWAL, CHARTERED ACCOUNTANT

INSTITUTE OF BANKING, ECONOMICS & FINANCE

BUNDELKHAND UNIVERSITY JHANSI

(2021 – 2023)

1
 DECLARATION

I NANCY RAI hereby declare that the Summer Training Report, entitled “Accounts &
Finance At C.A. Agarwal Rajeev & Co Chartered Accountant” submitted to the Institute
of Economic & Finance, Bundelkhand University in partial fulfillment of the requirements
for the award of the Degree of MBA ( FM ) is a record of original training undergone by me
during the period Jul-Aug 2022 under the supervision and guidance of Dr. Rajat Kamboj,
Institute of Economic & Finance, Bundelkhand University and it has not formed the basis for
the award of any Degree/Fellowship or other similar title to any candidate of any University.

I also declare that this project report is my own preparation and not copied from anywhere else.

Place: Jhansi Signature of the Student

Date: NANCY RAI
MBA (FM)
Institute Of Banking, Economics and Finance
Bundelkhand University, Jhansi

2
 INSTITUTE OF BANKING, ECONOMICS & FINANCE

BUNDELKHAND UNIVERSITY JHANSI

CERTIFICATE

This is to certify that the Summer Training Report entitled “Accounts & Finance At C.A.
Agarwal Rajeev & Co Chartered Accountant” in partial fulfillment of the requirement for
the award of the Degree of Master Of Business Administration (FM) is a record of original
training undergone by NANCY RAI (211145095012) during the year 2022-2023 of his study
in the Institute Of Banking, Economics & Finance Bundelkhand University, under my
supervision and the report has not formed the basis for the award of any Degree/Fellowship or
other similar title to any candidate of the University.

Place: Jhansi Signature of the guide

Date: Dr. Rajat Kamboj

Institute of Economics and Finance

Bundelkhand University, Jhansi

3
4
 ACKNOWLEDGEMENT

Behind every study their stands a myriad of people whose help and contribution make it
successful.

Firstly, I would hereby like to offer my sincere thanks to my project guide , DR

RAJAT KAMBOJ of Institute of Economics & Finance , Bundelkhand university Jhansi,
who helped me as a torch bearer, a friend and guide during my entire project duration. I Would
hereby like to offer my sincere thanks to CA RAJEEV AGARWAL. I would also like to
thanks Dr. C.B. SINGH (H.O.D) who provided me an opportunity to work in Dissertation
Project.

I deem it to be my proud privilege to work under the talented and inspiring guidance of DR
RAJAT KAMBOJ express my deepest sense of gratitude not only for solving the problem but
also for showing keen interest during the course of investigations without his untiring help
present work never have been possible.

NANCY RAI

MBA ( FM ) 2nd Year

Roll no- 201145095016

5
 TABLE OF CONTENTS

 Certificate
 Declaration.
 Acknowledgement.
 Table of Content.

Chapter-1(Introduction)

1.1) Introduction

1.2) Objectives of the Study

1.3) Limitations of study.

1.4) Methodology of Collecting

CHAPTER 2: Company Profile

2.1. About the Company.

2.1.1. Departments of CA Company

2.2. Service offering

2.3. Audit.

CHAPTER 3: Conceptual Discussion.

3.1. Objective of the Study .

3.2. Job Description.

3.3. Overview of TDS.

3.3.1. TDS return

6
 3.3.2. Process Flow of TDS

3.4. Overview of Vouching

3.5. Preparation of books on Tally.

3.6. Preparation of Partnership Deed..

3.7. Overview of VAT.

3.8. Overview of Tally ERP9.

3.10 AS 26 Intangible Assets.

3.11 Overview of Auditing.

3.12 Overview of GST.

3.13 Overview of Taxation

CHAPTER 4: Work and Research...

4.1. Description of accomplished work in Organization..

4.2. Description of Research under the supervision.

4.2.1. Taxation

CHAPTER 5: Learning, Conclusion & Suggestions.

5.1. Behavioral Learning From Organization..

5.2. Suggestions and Recommendations.

5.3. Limitations

5.4. Conclusion.

5.6 Bibliography

7
 CHAPTER- 1

INTRODUCTION

In today’s world academic education is not adequate to enable a student to compete with
confidence and reach her goal without having experience with the outside world. In order to
have an idea and gain experience, we, the students of Faculty of Commerce, Bundelkhand
University, Jhansi have to undertake 8 week internship at any organization.

This 8 weeks internship program gave me the opportunity to have a practical knowledge on the
audit procedures .

To face much more complex and challenging business world in the challenging business areas,
practical knowledge is essential to expand our theoretical base. To gather this practical
knowledge, we were forwarded different organizations for the summer internship training. As
I have an intention to become Accountant, I choose C.A Agarwal Rajeev & Co Chartered
Accountant firm in Jhansi.

This study gave me an opportunity to observe and perform real world knowledge about the
Accountant, which is followed by the charted accountant firm. In the internship period I could
relate the theoretical knowledge of accounting to practical exposure.

Objective of the study - I choose to work with C.A Agarwal Rajeev & Co chartered
accountant. During this internship I have learnt many new skills. Before training I have only
theoretical knowledge about work in organisation but now I have some practical experience of
working in organisation. Now I have knowledge about the organisations working environment
and how organisations work and achieve their goals and objectives.

This internship has to give me the understanding of business and also about the elements of
strategic thinking, planning and implementation, and how these things are applied in a real
world organisation environment. Following are the objectives that I have in my mind before
working as an internee.

8
  To improve communication skills.
 To learn more then the theoretical knowledge.
 To apply the theoretical knowledge in actual organisation.
 To get exposure to do a work in an organisation and also known about organisational
behaviour, ethical rules and regulations.
 To plan for the future of oneself and learn how to adjust in an organisation.
 To compare practical aspects with theoretical aspects.
 To know how to present your recommendations in front of your boss.

(1.3)LIMITATIONS OF THE STUDY

The study is conducted with an objective to make a thorough study of external audit procedure.
I have availed many facilities and faced some obstacles during my study. These obstacles may
be termed as limitation of the study. These limitations are as follows:

a) Scheduled time span was not sufficient to cover al information.

b) As an independent audit firm the information of the case study is not adequate for this
study.
c) To some extend the exact audit procedure is not followed due to
time and other constrains.
d) As the internship was the first practical experience, it was not
possible for me to know all and everything of audit procedure.

1.4)Methodology of Collection of Information

In order to prepare the assigned project paper I have collected necessary information from two
types of sources as follow:

1. Primary Source
2. Secondary Source

9
Primary Source information

 I have collected primary information by working with two audit team

 Discussing with engagement partner , audit manager ,audit staff articled
student

Secondary Source

 I have collected secondary information like annual audit report, management

audit report, accounting system & audit working papers.
 The information was obtained from various corresponding files of the firm.

10
 CHAPTER-2

COMPANY PROFILE

2.1(a) Background

Rajeev Agarwal and Associates was established in 2011. It is a leading charted accountancy
firm rendering comprehensive professional services which include audit, management
consultancy, tax consultancy, accounting services, filing of returns etc.

Rajeev Agarwal & Associates is a professionally managed firm. The team consists of
distinguished charted 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
development and to meet the needs of its clients.

Corporate Services-

 Incorporation of company.
 Consultancy on Company Law matters.
 Filing of annual returns and various forms, documents.
 Consultancy on Public/Rights/Bonus issue of shares.
 Change of Name, Objects, Registered Office etc.

2.1(b) Vision-

To accomplish the assignment through the experience of firm’s partner‘s and

professional staff and also to arrange specific technical expertise from our associates of
various streams or profession.

11
2.1(c) Registration of Firm-.

Rachit Agarwal & Associates CHARTED ACCOUNTANT FIRM is registered under

the Institute of Chartered Accountants of India in the year 2011. Rachit Agarwal and
Associates deals in:
 GST Registration
 Returns
 Bank Finance
 Income Tax Return
 Accounting and all Financial services.
 DSG

12
 CHAPTER 3

CONCEPTUAL DISCUSSION

OBJECTIVES OF STUDY

I choose to work with Agarwal Rajeev CA & Co. 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 leam more than the theoretical knowledge.
 To leam 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 leam how to promote and to conduct research in business areas.
 To enhance my personal knowledge and professional preparation for future.

13
 To properly integrate my theoretical knowledge and practical work
 To plan for the future of oneself and leam 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 teamwork,strong

communication and attention in details.
 Expose student to the environment & expectations of performance on
part of accountants in professional accounting practices.
 Enhance & expand the student's knowledge of particular areas of
accounting
 Expose the students to professional role models or mentors who will
provide the student with support in the early stages of the internship
& provide an example of behaviour expected in the internship
workplace.
 Expand networks of professionals' relationship & contacts.
 Develop a solid work ethic & professional demeanour as well as
commitment to ethical conduct & social responsibility.
 Develop time management skills and the ability to be responsible for
more than one project at a time.
 Develop organizational skills to complete the project in a timely manner.

14
 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge

that I gained during the studies. On my first day at firm, company in-
charge Mr. Rajeev Agarwal 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 returns 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

15
 Overview of TDS

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

 Salary
 Interest and dividends.
 Winnings from the lottery.
 Insurance commission.
 Rent.
 Fees from professional and technical services.
 Payments to contractors and subcontractors.

The withholding amounts for TDS can be deducted from an invoice submitted by a
supplier or from the payment that is issued to the recipient or supplier. Examples of
recipients and suppliers include contractors, providers of professional services,
employees, and real estate landlords. Companies submit a TDS certificate to each
supplier on a monthly or yearly basis. The certificate includes the payments, as well as
information about the company and supplier. Companies must also submit an annual
return to the government for each recipient or supplier for the financial year. TDS
certificate can be either From 16 (R75110A) or Form 26Q-P2P-IND (R751122EQ).
Form 16 is the TDS certificate which an individual submits and Foam 26Q is the TDS
certificate which a company submits to the tax authorities.TDS must also be deducted
from payments issued to third parties by both corporate and no corporate entities. The
entity must deposit the amount owed for withholding at any of the designated branches
of banks that are authorized to collect taxes on behalf of the government of India. The
entity must also submit the TDS return, which contain details about the payments and
the challan for the tax deposited to the Income Tax Department (ITD).

16
 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

17
 appropriately deducted, they need not pay any additional tax during return filing.

 PROCESS FLOW OF TDS:

This process flow shows the steps to charge and remit TDS:-

18
 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.

19
 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 REGISTERED

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
 Credit Note Register
 Bank Book
 General Ledger
 Purchase Register
 Sales Register
 Journal Register

20
 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 India2

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
organisations in India. 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.

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.

21
 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, power and obligations of all the
partners.
 The rules to be followed in case of retirement, death and admission of a partner.

 Do the partnership deed in the appropriate form: -The deed so created by the
partners should be on a stamp paper in accordance with the Indian Stamp Act. Each
partner should have a copy of the partnership deed. A Copy of the Partnership Deed
should also be filed with the Registrar of Firms in case the firm is being registered.

22
  Decide whether or not to register the partnership firm: Partnerships in India are
governed by the Indian Partnership Act, 1932.As per the Partnership Act, registration
of partnership firms is optional and is entirely at the discretion of the partners. The
Partners may or may not register their Partnership Agreement. However, in the case
where the partnership deed is not registered, the partners may not be able to enjoy the
benefits which a registered partnership firm enjoys.

 Registration of a partnership firm may be done before starting the business or anytime
during the continuance of partnership. However, where the firm intends to file a case
in the court to enforce rights arising from the contract, the registration should be done
before filing the case.

 Register:- The procedure for registration of a partnership firm in India is fairly

simple/An application and the prescribed fees are required to be submitted to the
Registrar of Firms of the State in which the firm is situated. The following documents
are also required to be submitted along with the application:

1. Application for Registration of Partnership in Form No. 1.

2. Duly filled specimen of Affidavit.

3. Certified True Copy of the Partnership Deed.

4. Ownership proof of the principal place of business or rental/lease agreement thereof.

23
 Overview of VAT

Preparation of VAT returns

At the end of the month or each quarter, you file a VAT return with the

tax office, and remit the VAT due.

 Prerequisites

You have carried out the activities described in closing for VAT.

Process

1. You prepare a copy of the sales ledger and the purchase ledger. The ledgers show the
invoices that have been paid and on which VAT is thus due. The ledgers are for your
own reference in the event of a check-up by the tax office.

2. You prepare the VAT return. This consists of two steps.

1) You calculate the total amounts of VAT for cache tax code.
2) You print the VAT rectum. The system fills out the fields in the VAT return using the
totals that you calculated in the first step.
3. For information about preparing VAT returns for VAT withheld from vendors.
4. You file the VAT return with the tax office and remit the taxes.

24
  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 return
 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.

25
  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 cach point of sale.

Q.What is Output Tax?

26
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 an 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.

Q.How 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.

27
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 department can focus more on collection than administrative
processes.

28
 Overview of Tally ERP 9

 Journal Entry

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

 Creating a Journal Entry:

Journal entries are usually used for finalization of accounts. To pass

a Journal Voucher,

Go to Gateway of Tally > Accounting Vouchers

Click on F7: Journal on the Button Bar or press F7.

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

1. Debit the Party

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

SPECIAL KEYS FOR VOUCHER NARRATION FLELD:

 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 flex ibility of passing such entries
by enabling the option under F12 configuration.
To enable Cash Accounts in Journal voucher,
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.

29
  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 F1 1: Accounting or Inventory features.

To use it in Voucher mode you need to enable the feature in F11:

Accounting Features-Use Debit / Credit Notes.

To make the entry in Invoice mode enable the option F11:

Accounting Features - Use invoice mode for Debit Notes.

To go to Debit Note Entry Screen,

Go to Gateway of Tally > Accounting Vouchers

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

30
 SPECIAL KEYS FOR VOUCHER NARRATION FLELD:

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
Return.

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:

Go to Gateway of Tally > Accounting Vouchers

1. Click on Ctri+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:

31
 SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

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.

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.

32
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.

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.

33
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.

 Auditing Standards

The Public Company Accounting Oversight Board (PCAOB) maintains external auditing
standards for public companies (issuers) registered with the Securities and Exchange
Commission (SEC).

As of 2012, PCAOB has 15 permanent standards approved by the SEC and a number of interim
standards that reflect generally accepted auditing standards, as described in standards issued
by the Auditing Standards Board (ASB), which is part of the American Institute of CPAs
(AICPA).

The ASB also issues Statements on Auditing Standards (SASs) that apply to preparing and
releasing audit reports for non-issuers (companies not required to register with the SEC).
AICPA members who audit a non-issuer are required by the AICPA Code of Professional
Conduct to comply with these standards. As of 2012, there are more than 60 active standards.

For internal auditing, the Institute of Internal Auditors provides a conceptual framework called
the International Professional Practices Framework (IPPF) that provides guidance for internal
audits. Some of the guidance is mandatory, while others are considered strongly recommended,
but not required by law. There are four main steps in the auditing process. The first one is to
define the auditor's role and the terms of engagement which is usually in the form of a letter
which is duly signed by the client.

34
The second step is to plan the audit which would include details of deadlines and the
departments the auditor would cover.

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

The last and most important element of an audit is reporting the result. The results are
documented in the auditor's report.

 Audit Planning

Audit planning includes deciding on the overall audit strategy and developing an audit plan.

Auditing Standard No. 9 from the PCAOB describes an external auditor's responsibility and
the requirements for planning an audit. According to standard No. 9, an audit plan is expected
to describe the planned nature, extent, and timing of the procedures for risk assessment and the
tests to be done on the controls and substantive procedures, along with a description of other
audit procedures planned to ensure the audit meets PCAOB standards.

For internal auditing, the Institute of Internal Auditors provides guidance for audit planning.
Planning starts with determining the Scope and objectives of the audit.

Internal auditors need to understand the business, operations, and unique characteristics of the
department/unit being audited and to develop an audit plan that defines the procedures needed
to do an efficient and effective audit.

35
 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 Ist 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:

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.

36
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
Value Addition

37
 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 retailers.

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

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

Destination Based

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

 Advantages of GST

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

38
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

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

39
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 leamed about different heads of income, calculation of taxes & different
deduction with sections. As well in Indirect taxes we file rectums 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,
public works, distribution, data collection and dissemination, public insurance, and the
operation of govemment 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.

40
 CHAPTER 4

WORK & RESEARCH

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 care fully 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 extemal
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.

41
  .Suggest improvements to internal controls.
 Determine your audit opinion.
 Submit all documents to companies.

 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 them.

42
 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 labour
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
govemment 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

43
 Direct Tax

An Income tax is a tax that govemment 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.

 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 S different heads of income sources for tax:

1. Salary

44
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

There are different tax rate slabs for different age groups, different work & different status:

 Income Tax slabs for Individual Tax Payer & HUF less than 60 years old) for
EY. 2019-20

Income Tax Slabs&Rates for Individual Tax Payers &HUF (Less Than 60 Years Old) for FY
2019-20

Part 1

Income Tax Slabs Tax rate for individual & HUF below the age of 60 years
Up to ₹ 2,50,000 Nil
₹2,50,001 to₹5,00,000 5% of total income exceeding 2,50, 000
₹5,00,001 to₹ 10,00,000 ₹ 12,500+20% of total income exceeding 5,00,000
Above 10,00,000 1,12,500+309% of total income exceeding 10,00,000

45
Note: An additional 4% Health & education cess will be applicable on the tax amount
calculated as above.

Invest Now& Save Upto R46,800 on Taxes

Surcharge: 109% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 159% of income tax, where the total income exceeds Rs.1 crore.

"Income tax exemption limit for FY 2019-20 is up to Rs. 2,50,000 for individual & HUF
other than those covered in Part{(|) or (|l।).

 Income Tax Slabs for Senior Citizens (60 years old or more but less than 80
years old) for E.Y. 2019-20

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for
FY 2019-20.

-Part lI

Income Tax Slabs Tax Rate for senior citizens aged 60 years But Less than 80
Years
Income up to ₹ 3,00,000 No tax
Income from ₹ 3,00,000-₹ 5%
5,00,000
Income from 5,00,000- 20%
10,00,000
Income more than ₹ 30%
10,00,000

Note: An additional 4% Health &education cess will be applicable on the tax amount
calculated as above.

46
Invest Now & Save Upto R 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

"Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000 other than those covered
in Part1 or 2)

 Income Tax Slabs for Senior Citizens (80 years old or more) for E.Y. 2019-20

Income Tax Slabs for Super Senior Citizens/80 Years Old Or More for FY 2019-20

Part I।।

Income Tax slabs Tax Rate For super senior citizens ( Aged 80 years And
Above)
Income up to 5,00,000 No Tax
Income up to 5,00,000 20%

Income more than ₹ 30%

10,00,000

Note: An additional 4% Health& education cess will be applicable on the tax amount
calculated as above.

Invest Now &Save Upto 246,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs. I crore.

"Income tax exemption limit for FY 2019-20 is up to Rs. 5,00,000 other than those covered in
Partial or (I or ।।)

47
  Income Tax Slabs for Domestic Companies for F.Y. 2019-20
Income Tax Slabs for Domestic Companies for FY 2019-20 part।।।

Turnover particular Tax Rate

Gross turnover up to 250 Cr. 25%

In the previous year
Gross turnover exceeding 250 30%
Cr. In the previous year

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax

Surcharge: Taxable income is more than 1cr. but less than 10Cr: 79%

Taxable income is more than 10Cr.:129%

 Due Dates of Filing Return

The due date for filing Income Tax Returns for FY 2019-2020for Individuals is extended
to31st August 2020

Category of taxpayers Due Date for Tax Filing – FY 2020- 21

Individual 31St August 2020
Body of individual (BOI) 31st August 2020
Hindu Undivided Family 31st August 2020
(HUF)
Association of person (AOP) 31st August 2020
Business ( requiring Audit) 30th September 2020
Business (Require TP 30th November 2020
Report)

for the financial year 2018-19. Applicable for income (This is income tax returned from April
Ist, 2018 to March 31st , 2019). Important Due Dates of Income tax return filing for the year
2019.

48
Whenever we talk about income tax, there are various kind of compulsory tax formalities that
need to be followed by a person and that too within the specified due dates prescribed, such
as filing of income tax returns, paying advance tax on time.

Here is the TAX CALENDAR for 2019.

49
 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 govemment 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%, 18% 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 levied with Central GST (CGST) by the Central government and State GST (SGST) by
the State governments. For inter-state transactions and imported goods & services, an
integrated GST (IGST) is levied by the Central government.

The GSTN software is developed by Infosys Technologies and IT network is maintained by

the NIC. "Goods & Services Tax" Network (GSTN) is a non-profit organization foamed for
creating sophisticated network, accessible to stockholders, government and taxpayers to
access information from on a single source (portal).

50
 CHAPTER 5

LEARNING, CONCLUSION AND SUGGESTIONS

 Behavioral Learning from the Organization

 COMMUNICATIONN
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.

 SELE-IMPROVEMENT

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

51
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 naturaly 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 clue’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 harbour uncertainties.

52
 5 BEST PRACTICES OBSERVED IN THE

ORGANIZATION

 There is no racism on the basis of any caste, creed, colour 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 intems could not resolve on their own.

 Everyone is disciplined and dedicated towards their job, thus provides motivation to
do our jobs perfectly and to leam and grab as much as we can. The perfect
competitive environment always motivates us to excel in our job responsibility and to
preform better than we are performing

 The working environment is lenient in the organization. Neither the employees are
overburdened by the work given. Neither they nor the proprietor force them to work
for extra time. All the work/targets are completed by the employees in the provided
time frame.

 The employees are always energetic and ready to do work; they don't waste their time.
They always strive for excellence with effectiveness and efficiency in their work.
Even if the proprietor is not at the office they don't skip work hours.

 The proprietor is really good at customer handling, he is always too humble towards
the clients even though if the clients are in bad mood or tempered, he never loses his
temper and handles them greet fully. He never abuses his employees even if they
make silly mistakes, and corrects their mistakes by smiling and sarcastically
commenting on it so the employees don't feel down and eventually improve
themselves.

53
 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.
 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, She Agarwal Rajeev & 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. educated The Human company has mostly professional
resources, which are the biggest threat for their competitors.
 Agarwal Rajeev & 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 client age 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.

54
 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 market and introduce the
business, firm is getting marketer to business only on personal relations of the
partners and other firm personnel. So infirm 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.

55
 LIMITATIONS

 They have a small staff with limited skill set in many areas Less

 number of staff members.

 Developments in technology are changing this market. Agarwal Rajeev Co. needs to
adopt new technology and adapt to the changed market realities.

 Change in govemment policies and procedures may act as threat for company.

 A small change in focus of large competitor might wipe out any market position
achieved.

 Agrawal Rajeev & Co. has many competitors. Under certain circumstances stiff
competition can threaten the margins and hence the survival of the firm.

56
 CONCLUSION

 Agarwal Rajeev & 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 eared 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.

57
 CHAPTER 6

BIBLIOGRAPHY

 REFERENCES

 https://cleartax.in/s/income-tax-slabs
 https://economictimes.indiatimes.com
 https://www.avalara.com
 https://www.business-standard
 https://www.google.co.in/imghp?h=en&tab=wi&ogl
 http://www.gstcouncil.gov.in
 https://www.myloancare.in/tax/income-tax-slabs-rates
 https://www.wikipedia.org/
 www.google.com

58