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Internship report on TAXATION, Thesis of Accounting

Internship on chartered accountants taxation

Typology: Thesis

2022/2023
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Uploaded on 11/06/2022

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A PROJECT REPORT
ON
TAXATION
AT
MINI GARG AND ASSOCIATES
Submitted to
Jiwaji University
Gwalior
For the partial fulfillment of the award of Bachelor of commerce
(2020-2023)
Submitted By
ADITYA CHAUDHARY
PRESTIGE INSTITUTE OF MANAGEMENT AND RESEARCH , GWALIOR (M.P.)
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A PROJECT REPORT

ON

TAXATION

AT

MINI GARG AND ASSOCIATES

Submitted to

Jiwaji University

Gwalior

For the partial fulfillment of the award of Bachelor of commerce

Submitted By

ADITYA CHAUDHARY

PRESTIGE INSTITUTE OF MANAGEMENT AND RESEARCH , GWALIOR (M.P.)

Declaration by the Candidate I hereby declare that the training report entitled, “ TAXATION ” submitted by me to Prestige Institute of Management, Gwalior in fulfillment of the requirement for the award of Bachelors of commerce is a record of my original work carried out by me under the guidance of Asst. Prof. Dr. Praveen Aronkar , I further declare that the work reported in this report has not been submitted, and will not be submitted, either in part or in full, for the award of any other degree or diploma of this University or to any other institute or university. Date: Place: Gwalior Aditya Chaudhary

ACKNOWLEDGEMENT I would like to take this opportunity to express my extreme gratitude towards our faculty guide Asst. Prof. Dr. Praveen Aronkar , for his valuable guidance, advice and support throughout the training. I would like to express my sincere thanks to MINI GARG AND ASSOCIATES for giving me this opportunity to undertake this training. I am very indebted to my Director, Dr. Nishant Joshi who extended all supports required at institution level. Thanking them again for their encouragement and moral support.

Table of content Content Page no.

Chapter: 01

1.1Introduction and History of the organization 1.2 Vision and Mission of the organization 1.3Objectives of the organization

Chapter: 02

2.1Financial performance and position 2 .2Personnel: Manpower planning, Recruitment process, performance appraisal, and training 2.3Marketing: Area of operation, competitors

Chapter: 03

3.1SWOT Analysis 3.2My learning at MINI GARG AND ASSOCIATES 3.3 Job description , overview of TDS

Chapter: 04

4.1Introduction to the services

  1. 2 Suggestions and implications

Chapter: 05

5.1Conclusion 5.2Reference Daily work report Weekly work report Annexure Student evaluation by organisation guide Student evaluation by faculty guide

1.1 Introduction: Organization is working as a Chartered Accountants firm under the rules and regulations and code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).The Institute of Chartered Accountants of India (ICAI or the Institute) was established as statutory body on July 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. History of organisation : MINI GARG AND ASSOCIATES was found in january 2003 by MINI GARG they are a team of proffesionals working together , they offer a variety of services to the clients like tax auditing , financial analysis , general ledger etc. MINI GARG AND ASSOCIATES is a professionally managed firm. The team consists of distinguished chartered accountants, corporate financial advisors and tax consultants. The firm represents a combination of specialized skills, which are geared to offers sound financial advice and personalized proactive services. Those associated with the firm have regular interaction with industry and other professionals which enables the firm to keep pace with contemporary developments and to meet the needs of its clients. 1.2 Vision of the MINI GARG AND ASSOCIATES is: The profession of Chartered Accountants in India should be the benchmark of professional excellence upholding the principles of integrity, transparency and accountability. Mission of MINI GARG AND ASSOCIATES: Is to achieve excellence in professional competence, add value to businesses and economy, safeguard public interest; ensure ethical practices and good corporate governance while recognizing the needs of globalization.

1.3 Objectives of organisation

  • Preparation and submission of annual tax returns
  • Compliance services
  • Tax advisory services
  • Representation and litigation with tax authorities
  • Personal income tax services

2.1Financial Position : MINI GARG AND ASSOCIATES is a leading firm which deals with clients financial matters and they cannot disclose the facts and figures publicly because it’s confidential , however , MINI GARG AND ASSOCIATES , is a firm with stable financial position registered under companies act. 2.2 Man power planning : Manpower Planning which is also called as Human Resource Planning consists of putting right number of people, right kind of people at the right place, right time, doing the right things for which they are suited for the achievement of goals of the organization. The first step is forecasting the need of manpower in terms of divisions, department or functions. Along with the estimate of the number of the people required in different departments, it is also decided that at which level they will be needed. After estimating the manpower requirement, next step is to have a look at the current human resource. The current human resource is assessed so as to know whether the requirement can be filled by the existing personnel or not. At last detailed policies for recruitment, selection, training, promotion, retirement, replacement etc.

Recruitment process Identify need of man power Prepare job specification Advertising Managing the responses Evaluation of source of recruitment Short listing Arrange/conduct interviews Decision making and selections

3.1 SWOT Analysis

Strengths

  1. Strong Compliance.
  2. Effective Communication.
  3. Competent staff.
  4. Staff with excellent communication skills.

Weaknesses

  1. Small working space.
  2. Minimal staff.
  3. Rigid targets.

Opportunities

  1. New area of operation.
  2. Training of the employees.
  3. Government praise.

Threats

  1. Competition outside firm.
  2. Change in Government Policies.
  3. Trainees with less practical knowledge.

3.2 My learning at MINI GARG AND ASSOCIATES

  • 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.

Process flow of TDS

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

Creates vouchers for suppliers with pay % and

Applicable tax type

Calculate TDS on Vouchers

Issue payments to suppliers with TDS amount

deduction

Submit monthly payments TDS to tax authority

Update challan

Generate monthly statements and submit quaterly

and annual returns

  • Chapter :
  • Chapter :
  • Chapter:
  • Chapter:

Introduction to services :

  • Incorporation of company
  • Consultancy on Company Law matters.
  • 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
  • Secretarial Matters including share transfers
  • Maintenance of Statutory records
  • Consultancy on Public/Rights/Bonus Issue of shares.
  • Change of Name, Objects, Registered Office, etc. 4. 2 Suggestions and Implication :
  • They have good opportunity to introduce the ISO standards training program which no other firm is giving to customer.
  • Try to adopt new technologies that their competitors are not using.
  • Make a network that allows its customers to negotiate with them easily.
  • In comparison of MINI GARG AND ASSOCIATES with its competitors has an edge to make an accurate and error free report.
  • The local economy continues to be strong and we believe our typical clients will continue to flourish.
  • The company has mostly professional educated human resources, which are the biggest threat for their competitors.
  • The MINI GARG AND ASSOCIATES Has the facility to give coverage even the small retailers for income estimation who want to take loan from bank.

Implications :

  • They have a small staff with shallow skills base in many areas.
  • Less number of staff members.
  • Developments in technology change this market beyond MINI GARG AND ASSOCIATES ability to adopt.
  • Change in government policies and procedures may act as threat for company.
  • A small change in focus of large competitor might wipe out any market position
  • MINI GARG AND ASSOCIATES achive.
  • MINI GARG AND ASSOCIATES has many competitors Under certain circumstances these competitors may act as a major threat for the organisation.