SUMMER TRAINING REPORT

ON
STUDY OF GST & ACCOUNTING
AT
SONAM MITTAL & ASSOCIATES
CHARTERED ACCOUNTANT

SUBMITTED FOR THE PARTIAL FULFILLMENT OF AWARD OF THE DEGREE OF BACHELOR

OF BUSINESS ADMINISTRATION (BBA)

GOVERNMENT COLLEGE BAHADURGARH

SUPERVISED BY: SUBMITTED BY:

MR. SANJEET JANNAT
PROFESSOR ROLL NO. 1210581010031
DEPARTMENT OF COMMERCE & BBA – 3RD YEAR
MANAGEMENT REG NO:
 DECLARATION BY THE STUDENT

This is to certify that the present Summer Internship Report entitled “GST & Accounting”.
I express my sincere gratitude and thanks to MR. SANJEET under his guidance I could complete the training
being undertaken on the ‘STUDY OF GST & ACCOUNTING AT ZONTRON ENTERPRISES PVT
LTD’ successfully in time. His meticulous attention and invaluable suggestions have helped me in simpliying
the problem involved in the work. I would also like to thank the overwhelming support of all the people who
gave me an opportunity to learn and gain knowledge about the various aspects of the industry

Yash Sharma
 ACKNOWLEDGEMENT

I would like to express my deepest appreciation to all those who provided me the possibility to complete
this report. I have taken efforts in this project. However, it would not have been possible without the kind
support and help of many individuals and the organization. A special gratitude I give to our project
manager MR. NERVEER DALAl and my college mentor Mr.SANJEET whose contribution in
stimulating suggestion and encouragement, helped me to coordinate my project specially in writing
this report.

Furthermore, I would also like to acknowledge with much appreciation the crucial role of the staff, who
gave the permission to use all required equipment and necessary materials throughout the period. Last but
not least, my thanks go to the head of the project ZONTRON ENTERPRISES PVT LTD who have
invested his full effort in guiding the team in achieving the goal. I have to appreciate the guidance given
by the other supervisor as well as the panels especially in our project presentation that has improved our
presentation skills thanks to their comment and advices.
 Index

1. CHAPTER I: INTRODUCTION

2. CHAPTER 2: Company Profile

3. CHAPTER 3: Conceptual Discussion

4. CHAPTER 4: Work and research

5. CHAPTER 5: Learning conclusion and suggestion

6. CHAPTER 6: Bibliography

CHAPTER 1
INTRODUCTION
 INTRODUCTION OF THE ORGANIZATION'S BUSINESS SECTORS

ABOUT THE INDUSTRY

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

The Institute of Chartered Accountants of India (ICA I or the Institute) was established as statutory body
on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the profession of
accountancy in the country.

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

These kinds of turns provide different kinds of professional services

like audit, taxation and management consultancy to its clients.

The Charted 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 SI branches under these regional centers.
 MISSION & VISION

Mission of ICA I

Is to achieve excellence in professional competence, add value to businesses and economy, safeguard
public interest; ensure ethical practices rind good corporate governance while recognizing the needs of
globalization.

Vision of ICA I

The profession of Charted Accountants in India should be the benchmark of professional excellence
upholding the principles of integrity, transparency and accountability.
 ORGANISATIONAL STRUCTURE

A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the items
are represented as being "above," "below," or "at the same level as" one another and with only one
"neighbour" above and below each level. These classifications arc made with regard to mm,
importance, seniority, power status, or
authority. A hierarchy of power is called a power structure. Following is the organizational hierarchy
of the term:-

 Partners
 Directors
 Senior Managers
 Manager
 Supervisors
 Senior Trainee Students
 Junior Trainees

Various levels of the firm have different functions. Partners are often the founders of tire firms. Most of
the firms' names are associated with the names of partners. They are basically the main panics who issue
and sign any report (specifically audit report) on behalf of the firm. Partners mostly communicate with
the Senior Managers. In other words, the progress of any report and any inquiry is made from the Senior
Managers and hierarchal structure is strictly followed to avoid any disruption.

Managers are inquired of by Senior Managers and mostly manager manage audit fields works etc. and
after field work managers with cooperation of senior managers makes and finalize any audit report to
be issued. Senior Manager is a qualified Chartered accountant having more than 18 year working
experience.

Field work and information collection and implementation of policies by adopting changes in
rules & regulations is the main responsibility of supervisors and trainees. They use different kind
of techniques for error and freud detection.
3. KPMG: - Top 11 CA firms in India

Deloitte, in tennis of Revenue, is the largest professional services network in the world. Also on the
basis of a number of professionals, it is the largest professional services network in the world.

Deloitte is known for providing audit, tax, Consulting, enterprise risk and financial advisory services to more
than 200,000 professionals in over 150 countries. They arc the Advisors to many of the World's
most admired Brands.

The Consulting Services of industries work on the theory of ‘Providing practical perspectives and
solutions to queries.’ Deloitte believes in ‘Good to make it great!’ They believe in ‘helping clients
to become Leaders’.

Deloitte.

 P WC

Price Waterhouse Coopers has been the world's second largest professional services network in terms
of Revenue as surveyed in 2014 and is one of the Big Four Auditors and stands neck to neck with Deloitte,
EY and KPMG.

The Firm believes in helping resolve complex issues and idmtifies opportunities. People from all
backgrounds such as arts, business, economics, engineering, finance, health, information technology, law

and more are entertained.

  KPMG

Having its global headquarters in Amstelveen, Netherlands, KPMG has been considered as one of the largest
professional services companies in the world.

It is amongst the Big Four auditors, standing along with PWC, Deloitte and EY. The professionals
employed with this firm, KPMG is 162,000 people and performs three services, viz. audit, tax, and
advisory. The tax and advisory services provided by the firm are further divided into various service

groups.

 ERNST & YOUNG

Ernst & Young abbreviated as EY is a multinational professional services firm having its headquarters
in London, United Kingdom. In terms of Revenue, it has been ranked as the world's third largest
professional services firm surveyed in 2012 and is one of the four biggest audit firms.
BDO INTERNATIONAL
BDO International stands at the fifth rank for providing the largest accountancy network in the world.
It is a worldwide professional services network and one of the best public accountancy firms. It has its
competency is in serving national and international clients,
Following a survey conducted in 2014, September, BDO has its Member Firms in 151 countries and takes pride
in employing around f›0,000

Partners and staff in 1,328 offices throughout the world.

Grant Thornton International• -

Grant Thornton is a UK based firm which has its branches in almost 125 countries. This firm is known for
generating very high revenue which is more than 4.5 billion dollars.
It is providing services in assurance, tax and advisory firms. Grant Thornton is also known for providing
services in Assurance and Taxation and other consultancy services relating the financial matters.
It has been operating for 100 years. Grant Thornton has provided valued service to organizations with the potential to
grow and to operate internationally. It makes the professionals adapt to market conditions

RSM International: -

RSM ranks the 7th largest among the professional services network for audit, tax and advisory firms. It takes pride in
holding the 6th rank as the largest global provider of tax services in the world.
It has its fully independent member firms and correspondents in 1 11 countries surveyed, September 2014. The
member firms of RSM International have a combined total of 35,396 staff which includes 3,221 partners in 718
offices.
Three of the original member firms of the organization arc Robson Rhodes (UK), Salustro Reydel (France) and
RSM McGladrey/McGladrey & Pullen (USA).

SS Kothari . Mehta & Co.: -

The best thing about this Finn is that it has over 5S years in existence. SS Kothari has been one of the highly
 Lodha & Co

This is also a vintage firm set up in 1941 and has its offices all over India. They operate in locations like Kolkata
(Calcutta), Chennai (Madras), Hyderabad, Mumbai (Bombay), New Delhi and Jaipur.
Lodha & Co. has proficiency in providing professional services to a large number of corporate clients, central
banks, banks, insurance companies, public sector corporations etc. They operate both in India and Internationally.

Lodha & Co

Sahni Natrajan & Bahl (SNB)• -

SNB is a national Indian firm which is based in Delhi and provides its services in the field of audit, consulting,
accounting and allied areas. It was established in 1981 and is one of the leading Firms in India having its Headquarters in
New Delhi and branch offices in Bangalore and Mumbai.
The Firm has kept its Aim for providing services of the highest quality, resulting in the addition of value to each of its
clients in a totally professional, independent and ethical manner.
It is known for providing services in various areas like Taxation, Auditing and Internal Audit, Corporate Laws and
several other services relating to services.
Luthra & Luthra; -

Luthra & Luthra is a Delhi-based firm having six other partners. The
Firm was established in 1979.
It has been one of the most leading firms in India and has been providing its services in audit, advisory, tax and
corporate law matter5. It is bound to provide high-end services to its clients.
The success of Firms depends on its professionals, thus the Firm focuses on training its employees such that they
could find solutions to the various needs and queries of its clients and thus, achieving the Organizational goals. It
has its branches in Delhi, Mumbai, Bangalore, Chennai and Noida.

This firm is known for providing its service in different fields like Taxation, Corporate Laws, Foreign Exchange
Compliance and SEBI related services in cooperation with 18 highly qualified personnel.

Luthra & Luthra

CHAPTER 2
COMPANY PROFILE
 ABOUT THE COMPANY

ZONTRON ENTERPRISES PVT LTD 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 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
developments and to meet the needs of its clients.
ZONTRON ENTERPRISE PVT LTD 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. ZONTRON
ENTERPRISES PVT LTD moulds its operations and areas of competencies and introduces services so as to
assist clients in their business operations and growl.
 DEPARTMENTS OF CA COMPANY

. ZONTRON ENTERPRISES PVT LTD is having its head office in, Almost all the controls end
regulations are dealt at head office in Bahadurgarh. All the offices 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 Pakistan. In doing so firm not only identify the non-compliances but also
assists clients in its rectification, designing remedial measures and provides guidance to adhere with the laws and
regulations. Firm always endeavor to meet reporting deadlines as set out by the laws and regulations or as mutually
agreed with clients, without compromising the professional, legal and ethical requirements.

Firm's emphasis is on delivering high quality services to clients, adding value

to their business through identification of existing and potential control risks and suggesting best possible
measures in the given circumstances. Firm always places priority to deploying audit teams to clients who arc
well equipped with the specific industry knowledge, experience and are professionally sound.
Tax and Corporate Department: -

Finn delivers taxation services to clients and assists them in obtaining optimal to benefits available under the
laws. Firm also assist clients to comply with the tax rules and regulations and always keep them updated with the
latest developments and amendments. Tax personnel are qualified professionals, experienced and
knowledgeable. We maintain a comprehensive tax library which always provides ready references and timely
solution in complex situations. Finn provides a comprehensive range of tax services which includes;

Preparation and submission of annual tax returns.

Tax advisory services.

Representation and litigation with tax authorities.
Personal income tax services.

ZONTRON ENTERPRISES PVT LTD. same staff is handling with tax matters as well as corporate sector. While in
corporate firm provides different kinds of services relating to corporate sector from incorporation to winding up
of a Company.

Computer Department: -

Department handles the computer related matters and assists other departments in working properly and efficiently.
Department deals with online filing of returns of income for tax department and finalize audit reports in proper
format in a presentable manner. It deals with networking of computers in office and all other problems which may be
faced by computer users time to time.
Correspondence Department: -

It handles with all the correspondence of the firm by sending the solicited and unsolicited information from time to
time. Effectively and efficiently manage the day-to-day operations of the Correspondence. Interact with clients to
resolve policy and customer issues. Identify trends and remove obstacles in Statement production and delivery by
properly maintaining record of all communication for future reference.

HR Department: -

This department is mainly concerned with the recruitment, hiring/firing of the firm and this department presents the timely
reports on effective utilization of the resources by the firm. A purpose of the human resource is to keep the trained
employees and recruit new energetic staff to work. Another purpose of this department is to provide a good working
environment for staff and try to make by facilitating them and arranging some recreational activities for them. HR
knows the real worth of its employees so cares for them and motivate them to work more efficiently and diligently.

The hierarchy adopted by ZONTRON ENTERPRISES PVT LTD. is in accordance with the legal stricture a CA
firm shall have. Although the lCAl rules permit of not having the supervisors and does not make it mandatory
having senior manager and manager, yet this goes as additional benefit for the firm of having such an extensive hierarchy.
 CORPORATE SERVICES

Incorporation of company

Consultancy on Company Law matters.

Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.

Filing of annual returns and various forms, documents.

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

Secretariat Matters including share transfers

Maintenance of Statutory records

Consultancy Services on Public/Rights/bonus Issue of shares.

Change of’ Name, Objects, Registered Office, etc.

 SERVICES OFFERING

Company Registration -

The most common business composition is to register a Pvt. Ltd. Company. Company registration will enable
limiting the person liability of promoters to the extent of paid up capital. Promoters have to get DIN & check
availability of the company name.

One Person Company -

Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your business within reasonable
fees by experienced CA firms.

LLP Registration: -

Limited Liability Partnership (LLP) has benefit of the company registration & easiness of partnership. It is apt
for small businesses. Experienced CA firms can ease out the process within reasonable fees.

GST Registration: -

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

Companies need funds to grow their business. Experienced CA can prepare project report for loan financing to
ensure that you get best eligible amount in the shortest time. Generally, fees are charged as percentage of
financed amount.
ROC Filing: -

Periodic returns/forms need to be submitted to Registrar of Companies tROC) for company's act compliance.
Experienced CA firms can tile timely & correct ROC filing in reasonable overall cost.

GST Return

GST returns to be filed on periodic basis by business to provide information about value of turnover & total
GST liability & mode of payment. Frequency may differ from state to state. Delays will attract penalty. Experienced
CA firms can ensure compliance with reasonable fees.

TDS Return: -

Income tax act requires TDS (Tax Deducted at Source) deduction file
the TDS return on periodic basis by mentioning TAN No.

Income Tax (Salaried): -

Income tax return of salaried employee can be filed with help of Form 1 6 & form I 6A, Form 26 AS will help you
in getting information about TDS on salary. Experienced CA firm can help you for better tax planning and reduce
the TDS.

Income Tax (Business)' -

Income Tax returns filing is requirement of Income Tax Act for companies/businesses. Tax Audit Report helps
in compliance of income tax laws. Experienced CA firms can help in reducing non- compliance of income tax
laws.
Tally Accounting: -

Tally is most used accounting software. Small and medium sized business can take services from CA firms who
can allocate accountants to handle accounting for your business.
Statutory Audit: -

Get the statutory audit of your company under Companies Act from experienced CA firm. Statutory Audit is
compulsory for any type of company.

Tax Audit: -
Tax Audit is requirement of Income Tax Act for companies/large businesses. Tax Audit Report helps in compliance
of income tax laws & highlights key tax related information. Experienced CA firms can help in reducing non-
compliance of income tax laws.

Internal Audit: -

Internal Audit & internal Financial Control Testing is needed ss per Companies Act. Internal Audit is not as
compulsory as Statutory Audit. Internal auditor can add value to your business to arrest leakage & improve control
and efficiency.
 AUDIT

Broadly, Audit involves the following:

In-depth study of existing systems, procedures and controls for proper understanding.
Ensuring compliance with policies, procedures and statutes.
Comprehensive review to ensure that the accounts are prepared in accordance with Generally
Accepted Accounting Policies and applicable Accounting Standards/IFRS.
Checking the genuineness of the expenses booked in accounts.
Reporting inefficiencies at any operational level
Detection and prevention of leakage of income and suggesting
corrective measures to prevent recurrence.
Certification of the books of account being in agreement with the
Balance Sheet and Profit and Loss Account.
Issue of Audit Reports under various laws.

Types of Audits conducted: -

Statutory Audit of Companies.

Tax Audit under Section 44AB of the Income Tax Act, 1961.
Audit under other sections of the Income Tax Act, 1961 such as
80HHC, 80-IA, etc.
Concurrent Audits.
Revenue Audit of Banks.
Branch Audits of Banks.
Audit of PF Trusts, Charitable Trusts, Schools, etc.
Audit of Co-operative Societies.
Information System Audit.
Internal Audit.
 CHAPTER 3
Conceptual Decision
OBJECTIVES Of STUDY

I choose to work with ZONTRON ENTERPRISES PVT LTD. During this internship 1 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 organization work and achieve their goals and objectives.

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

To improve communication skills.

To analyze the business situation.
To establish high standard in professionalism.
To learn more than the theoretical knowledge.
To learn book keeping practices of different companies.
To apply the theoretical knowledge in actual organization.
To compare practical aspects with theoretical aspects.
To make quick decision in real situations.
To learn how to promote and to conduct research in business areas.
To enhance my personal knowledge and professional preparation
for future.
To properly integrate my theoretical knowledge and practical work.
To plan for the future of oneself and team how to adjust in an organization.
To know how to present your recommendations in front of your boss.
To get knowledge of opportunities and threats while entering into an
organization.
To get exposure to do a work in an organization and also known about
organizational behavior, ethical rules and regulations.
Assist the student development of employer-valued skills such as
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 ZONTRON ENTERPRISES PVT LTD gave me training session about TDS returns
and computerized accounting in tally software and also shared his practical experience with mc and gave me some
techniques of this process. He also guided me that how to prepare VAT/GST return and filing data in income tax
return preparation software.

Different task that I performed during my internship:

Vouching
Preparing books of accounts in tally
Voucher Entry
Preparing Data in Excel Sheet
Preparing Partnership Deed
Intangible Assets
Prepare Projected and other Balance Sheet
Auditing
Taxation
Theoretical learning of different type of Taxation and GST
Maintenance of accounts/ book keeping.
TDS return preparation.

Software used during internship:

1.MS office
2.Tally software
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 include the payments, as well as information about the
company and supplier. Companies must also submit an annual return to the government for each recipient or
supplier for the financial year. TDS certificate can be either Form 16 (R75I10A) or Form 26Q-P2P-IND (R75I
l22EQ). Form 16 is the TDS
Certificate which an individual submits and Form 26Q is the TDS
Certificate which a company submits to the tax authorities,

TDS must also be deducted from payments issued to third parties by both corporate and no corporate entities.
The entity must deposit the amount owed for withholding at any of the designated branches of banks that are
authorized to collect taxes on behalf of the government of India. The entity must also submit the TDS returns,
which contain details about the payments and the challan for the tax deposited to the Income Tax Department
(ITD).
 TDS RETLIRNS: -

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 withdraw 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 col1ection 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 B person,
once TDS has been appropriately deducted, they need not pay any additional tax during return filing.
PROCESS FLOW OF TDS: -

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

Create vouchers for suppliers with

Pay status % and applicable tax type

Calculate TDS on vouchers

Issue payments to suppliers with TDS amounts deducted

Submit monthly payment for TDS to

Tax authority

Update Challan

Generate monthly statements and submit quarterly and

annual returns
 OVERVIEW Of VOUCHING

Vouching is a technical tern 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.
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 Sally > Accounts Info. > Voucher type > Create > Enter the Voucher name
Specify the Type of voucher
Specify the Method of numbering
Activate or deactivate the other functions as required.
Books and Registers -
Tally provides you capability to generate various books and registers for any Specific period viz., month, date,
and year and as on date. In Tally, once voucher entry is made, the transactions are automatically & immediately in the
Day Book and other Books of Accounts without any additional effort. Tally allows you to maintain and generate all
primary books of accounts and registers like:
Cash Book > Debit Note Register
Bank Book > Credit Note Register > Purchase Register > General Ledger >Sales Register
Journal Register
 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. Is a document that outlines in
detail the rights and responsibilities of all parties to a business operation. It has the force o1 la»' 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 o1 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 India?

When registering a partnership firm in India for startups, there are some basics that need to be covered.
Partnership end proprietorship arc the two most popular forms of business organisations in India. The reason
why these two forms of organisations are so popular is bemuse 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:

The names must not be too identical or similar to the name of another existing firm doing similar business, so as
to avoid confusion. Tire reason for this rule being that the reputation or goodwill of a firm may be injured, if’
a new firm could adopt an
 The name must not contain words like Crown, Emperor, Empress, Empire or words expressing or implying
the sanction, approval or patronage of the Government, except when the State Government signifies its consent (in
writing) to the use of such words as part of the firm name

Create a partnership Deed -The document in which the respective rights and obligations of the members of a
partnership is written is called the Partnership Deed. A partnership deed agreement may be written or oral. However,
practically an oral agreement does not have any value for tax purposes and therefore the partnership agreement
should be written. The following are the essential characteristics of a partnership deed:
Name and address of the firm as well as all the partners.
Nature of business to be carried on.
Date of commencement of business.
Duration of partnership (whether for a fixed period/prujec4).
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, i1'any,
to be charged on drawings.
Salaries, commissions etc., if any, payable to parsers.
Method of preparing accounts and arrangement for audit.
Division of task and responsibility, namely, the duties, power and obligations of all the partners.
 Do the partnership deed in the appropriate form: - The deed so created by the partner 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 tire Partnership Deed should also be filed with the Registrar of Firms in case the firm is being registered.

Decide whether or not to register the partnership firm: - Partnerships in India are governed by the Indian
Partnership Act, 1932.As pet 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 he 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:
Application for Registration of Partnership in Form No. 1.
Duly filled specimen of Affidavit.
Certified True Copy of the Partnership Deed.
Ownership proof of the principal place of business or rental/lease agreement thereof.
 Sign the application: - The application or statement must be signed by all the parsers, or by their agents
especially authorised in this behalf
Expect the registration process to proceed formally: -

When the registrar is satisfied with the points stated in the partnership deed, he or she shall record an entry of the
statement in a register called the Register of Firms and issue a Certificate of Registration. The Register of
Firms maintained at the office of the Registrar contains complete and up-to-date information about each registered
This Register of Firms is open to inspection by any per5on on payment of the prescribed fees; any person
interested in viewing the details of any firm can request the Registrar Of Firms for the same and on payment of the
prescribed fees, a copy of all details of the firm registered with the Registrar will be given to the applicant.

Be Registered for Tax -It should be noted that registration with the Registrar of Firms is different from registration
with the Income Taxation Department. It is mandatory for all firms to apply for registration with the Income Tax
Department and have a PAN Card. After obtaining a PAN Card. the partnership firm is required to open a Current
Account in the name of the partnership firm arid to operate all its operation through this bank account.
 OVERVIEW Of VAT

Preparation of VAT returns

At the end of the month or each quarter, you file s VAT return with the tax office, and remit the VAT due.

Prerequisites

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

Process

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

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

You calculate the total amounts of VAT for each tax code.
You print the VAT return. 7hc system fills out the ficlds in the VAT return using the totals that you calculated in
the first step.
For information about preparing VAT returns for VAT withheld from vendors.
You file the VAT return with the tax office and remit the taxes.
Features

Single switch board lot 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/Dc-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 states 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 home 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. CAT is instead a multipoint tax system with
provision for collection of tax paid on purchases at each point of sale.
Q- What is output Tax?
Output tax is VAT charged to the customer by a dealer making taxable sales. A dealer is an individual, partnership,
or business that is registered under VAT. Any person busines6 making sales above the prescribed limit are required to
register. When a dealer is registered, VAT becomes chargeable on all taxable sales made by that dealer.

Q. What is Input Tax?

The tax a dealer pays for purchases is input tax. Many purchases will carry a VAT charge, but when a dealer is
registered under VAT, they can normally claim a credit for VAT charges on most business purchases. Input tax
includes not only the CAT 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. Who will be covered by VAT?

AH business transactions involving the sales of goods/commodities carried on within a state by individuals,
partnerships, or companies will be covered by VAT.
VAT will not cover small businesses with sales below a certain limit,
In Maharashtra, the limit is 10 lakhs or below.
Q. What are the tax rates under VAT?
Since every state has its own VAT legislation, VAT rates, taxable base and list of taxable goods, VAT rates will
differ from state to state. As an example, here are Maharashtra's tax rates as of June 2016:
Schedule ‘A’ — Essential Commodities (Tax-free) — Nit
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% selt-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.
 OVERVIEW Of TALLY ERP 9

JournaI 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 envies 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.
Debit the Party
Credit the Interest Receivable Account the Journal entry is
displayed as shown:
SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

ALT+R: Recalls the Last Il8rration 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 axe adjustment entries, which do not involve Cash account and Bank account forever, in exceptional cases
where the user would like to account Journal entrées involving Cash/Bank Account, Tally.ERP 9 has the
flexibility of passing such entries by enabling the option under
F12 configuration.
To enable Cash Accounts in Journal voucher,
Set Allow Cash Accounts in Journal IO YES ill F12: Configure
(Voucher Entry Configuration).
To pass a formal voucher with Cash/Bank Ledger,
Go to Gateway of Tally Accounting Vouchers > Select F7:
Journal
Press the spacebar at the Debit or Credit field.
The Journal Voucher Screen with Cash/Dank Ledger selection will
appear as shown:
Debit Note Entry
Debit Note is a document issued to a party stating that you are debiting heir Account in your Books of Accounts
for the stated reason or vice ersa, It is commonly used in case of Purchase Returns, Escalation/De- scalation in
price, any other expenses incurred by you on behalf of he party etc.
Debit Note can be entered in voucher or Invoice mode.
you need to enable the feature in FI I: Accounting or Inventory
eatures.
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 CirI+F9: Debit Note on the Button Bar ot press Ctrl+F9. You can toggle between voucher and
Invoice mode by clicking CWl-1-V. Pass an entry for the goods purchased returned to Supplier A:
SPECIAI. KEYS FOR VOI ICHER NARRATION FIEI.D‘

ALT+R: Recalls the Last narration saved for the lust 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.

Credit Note Entry

Credit Note is a document issued to a party stating that you are crediting their Account in your Books of
Accounts for the stated reason or vice versa. It is commonly used in case of Sales Returns.

A Credit Note can be entered in voucher or Invoice mode.

You need to enable the feature in Fll: Accounting or Inventory
features.
To use it in Voucher mode you need to enable the feature in FH:
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
Click on Ctrl+F8: Credit Note on the Button Bar or press Ctrl+F8. You can toggle between voucher and Invoice mode
by clicking Ctrl+V. Pass an entry for goods sold returned from Customer A:
SPECIAL K EYS FOR VOUCHER NARRATION FIELD:

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.
 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 nine
efficiently.
In this area, we were done different type of work such as matches the balances of transactions from software
information wilh 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 end 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 to his judgement which is communicated through their audit W DH.

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 o1’ interim standards that
reflect generally accepted auditing standards, as described in standards issued by the Auditing Standards Board
(ABB), 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 report
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 (lPPF) that provides guidance for internal audits. Some of the guidance is mandatory,
while others are considered strongly recommended, but not required by law.

There are four main steps in the auditing process. The first one is to define the auditor's role and the terms of
engagement which is usually in the form of a letter which is duly signed by the client.

The second step is to plan the audit which would include details of
deadlines and the departments the auditor would cover.
The next important step is compiling the information from the audit. When an auditor audits tire 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.
OVERVIEW ON GST

What is GST?

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was
passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax
Law in India is a comprehensive. Multi-stage, destination- based tax that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This
law has replaced many indirect tax laws that previously existed in India.

GST is one Indirect tax for the entire country.

So, before goods and Service Tax, the pattern of tax levy was as follows:

Cleartax

Final sale to
consumer
Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and
State GST are charged. Inter- state sales are chargeable to Integrated GST.
Now let us try to understand the definition of Goods and Service Tax —
“GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.”

Multi-stage
There are multiple change-of-hands an item goes through along its supply chain: from manufacture to final sale to
the consumer.
Let us consider the following case:
Purchase of raw materials
Production or manufacture
Warehousing of finished goods
Sale to wholesaler
Sale of the product to the retailer
Sale to the end consumer

cleartax

Buying Raw
Materials
•./m•• • • •.in fi.w •m. mm.. #.
The manufacturer who makes biscuits buys flour, sugar and other material. The value of the inputs increases when
the sugar and flour are mixed and baked into biscuits.

The manufacturer then sells the biscuits to the warehousing agent who packs large quantities of biscuits and
labels it. That is another addition of value after which the warehouse sells it to the retailer.

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

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

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

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

Components of GST

There are 3 taxes applicable under this system: CGST SGST & IGST.
CGST: Collected by the Central Government on an intra-state sale
(Eg: transaction happening within Maharashtra)
SGST: Collected by the State Government on an intra-state
sale (Eg: transaction happening within Maharashtra)
. IGST: Collected by the Central Government tor inter-state sale
 Chapter 4
Work and Research
Description of process followed to accomplished assigned task in the organisation

Tally Entries
Following process are followed for accomplishment this task:
Firstly, we review all records of vouchers carefully, that no any
vouchers had any queries related to adjustments,
Then, we make a separate folder for that work.
Then, we create a company in Tally software by that company name
and started doing entries,
Receipts & Payment entries are posted carefully as it carries some contra entries also.
Then after completing entries posting recheck the data by Balance
sheet, Trial balances & Day book.
Any queries related to this work communicated to our external
mentor.

Auditing
These steps were followed by us in auditing:
Build an audit strategy.
Verify that all outgoing checks were properly signed, accounted for and posted to the correct accounts.
Ensure that all deposits were properly posted.
Review all financial statements.
Ensure compliance with all state and federal requirements.
Review all treasurers' reports.
Complete the financial review worksheet.
Suggest improvements to internal controls.
Determine your audit opinion.

• Submit all documents to companies.

Chapter 5

Learning , Conclusion and Suggestions

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 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 s 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 PRANN 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 attiention. Effective
planning requires arranging problems by importance and delegation. It is impossible to do everything at once,
but if one focuses on the most important tasks and ask for help, then can accomplish a lot,

SELF-IMPROVEMENT
Life in the workplace should not enforce stagnation; there should be a constant need or desire for improvement.
Satisfaction leads to a perception of repetition, which is the essential of a job perceived as unchallenging
Employees s h o u l d improve avoid both the hustration
People always have room to grow, and advance behavioral skilis 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 cam use to benefit
their next assignments. An essential part of promoting improvement is to communicate to the employees that
failure.

EMPATHY
Being an empathetic individual comes naturally to some, but is less natural to others. Behaving with empathy
means more than feeling bad for someone who's sad or sharing in someone else's joy. It means being able to step
into someone else's world to understand not just what their point of view is, but also why they have that point of
view.
Empathy is a behavioral skill that can help one not only keep their own peace of mind but can also help one to
grow in your career because empathetic people tend to put others at ease.

Conflict Resolution
At points of imbalance and friction, the employees must be able to confront the tension between them and resolve
whatever disagreement arises. This is a twig of communication, though it is a distinct skill that can be hard to
develop due to hesitation and the intimate nature of the workplace.
The bad habit to breed is ignoring these conflicts to the point that they grow and spread like wild-fire, damaging
relationships and the productivity of both individuals and the team. Instead employers should remain aware of
potential conflicts arid be active in entering and facilitating these more emotional interactions, arid over time,
help their workers see the bigger picture when they harbor uncertainties.
BEST PRACTICES OBSERVED IN THE ORGANIZATION

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.

Ever y one 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 arc 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.
SUGGESTIONS AND RECOMMENDATIONS

Though the organization is really good at everything and everything is welt 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 raining
program which no other firm is giving to customer.
Try to adopt new technologies that their competitors arc not using.
Make a network that allows its customers to negotiate with them
easily.
In comparison with their competitors, SONAM CA & CO. has an edge in making an accurate and error free
report.
The local economy continues to be strong and we believe our
typical clients will continue to flourish.
The company has mostly professional educated human
resources, which arc the biggest threat for their competitors.
Sonam CA & Co. strongly needs to improve its network firms so as to be counted among one of the extensively
know firms in UK. The partner needs to make the best use of their goodwill to bring more clientage end reputation to
firm. They need to offer the audit service at most economical cost with the assured quality service 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
 The trainees are not offered extra financial at any other incentive for the extra work or over time. This
causes sonic sort of abstractions which immediately need to be overcome by the management.

The firm, to be more competitive in future, still has room for improvement in Information Technology. As
firm don’t have any of its website to attract customer end their timely feedback as most of the good firms have their own
web and well organized.

Firm also lacks in marketing perspective as it does not any marketer to market end introduce their business.
turn is getting business only on personal relations of the partners and other firm personnel. So if firm outs 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 loath can be handled
efficiently.
 Limitations

They have a small staff with limited skill set in many areas.
Less number of staff members.
Developments in technology arc changing this market. Sonam CA & Co. needs to adopt new' technology and
adapt to the changed market realities.
Change in government policies and procedures may act as threat for
company.
A small change in focus of large competitor might wipe Dut any market
position achieved.
Sonam CA & Co. has many competitors. Under certain circumstances stiff competition can threaten the margins
and hence the survival of the firm.
 CONCLUSION

Sonam CA & Co. is ovcr all one of the profit making arid reputed firm of Earth. The organization
since its very first day is devoted to providing quality services. The detailed and through review of work
and clients' trust shows the perfection with which it is working.

The firm has earned a distinction of being placed in the category 'A' in the list of panel of auditors
maintained by State Bank of India. Moreover, only these “A” category firms can audit of listed
companies.

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

I htt s://cleartax.in/s/income-tax-slabs

I httns://www.avalara.com

s://www.business-standard.com

loancare.in/tax/income-tax-slabs-rates/

wivw.Google.com