Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
PROJECT REPORT
ON
SUMMER TRAINING UNDERTAKEN AT
A.K.A & CO.
In partial fulfilment for the award of the degree of
Bachelors of COMMERCE (BCOM) Honours
Submitted by
Arjit Maheshwari
BCMH1CF11012
Batch of 2011-14
At
DECLARATION
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ACKNOWLEDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude to wards all the
individuals who directly or indirectly contributed towards completion of this report.
Working on this report was a great fun, excitement, challenges and a new exposure in the
field of finance. I am greatly in debated to under whose guidance and concern I am able to
bring the report into its real shape.
I am thankful to Mr.Abhinandan Chakroborty and all faculty members of Management
Department in providing me useful guidance for the completion of this report. I convey my
gratitude to all those who are directly or indirectly related in the completion of this project
report.
Arjit Maheshwari
Roll No: BCMH1CF11012
Course: BCOM (Honours)
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INDEX
S. NO.
CONTENT
PAGE
Chapter 1:
1
Introduction
Chapter 2:
2
Industry Profile
Chapter 3
10
3
Company Profile
Chapter 4
12
4
Objective of the Study
Chapter 5
13
5
Job / Work Description
Chapter 6
26
6
Achievements & Learning
Chapter 7
27
7
Suggestions
Chapter 8
29
Limitations
9
Conclusion
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30
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.
Vision of the ICAI 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 ICAI:
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.
These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.
The Chartered Accountancy course is conducted by the Institute of Chartered
Accountants of India, which has its headquarters in New Delhi, 5 regional offices
(Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional
centres.
Organizational Structure
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Partners
Directors
Senior Managers
Managers
Supervisors
Junior Trainees
Partners are often the founders of the firms. Most of the firms names are associated with
the names of partners. They are basically the main parties 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 field
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 10 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 fraud detection.
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A.K.A & Co. Is having its head office in Etah. Almost all the controls and regulations are
dealt at head office in Etah. All the offices constitute different number of departments who
basically handle their respective functions. The major departments include
Firm emphasis 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 place priority in deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.
Tax & Corporate Department: Firm delivers taxation services to clients and
assists them in obtaining optimal tax 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
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provides ready references and timely solution in complex situations. Firm provides a
comprehensive range of tax services which includes;
Compliance services
In A.K.A. & Co. same staff is handling with tax matters as well as corporate sector. While
in corporate firm provides different kinds of services relating to corporate sector from
incorporation to winding up of a Company.
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 A.K.A. & Co. is in accordance with the legal structure a CA firm
shall have. Although the ICAI 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.
COMPANY PROFILE
A. K. A. & Co. was established in the year 1991. It is a leading chartered
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represents
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.
CORPORATE SERVICES
Incorporation of company
Clause 49 review for compliance with fiscal, corporate and tax laws
AUDIT
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Comprehensive review to ensure that the accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
Certification of the books of account being in agreement with the Balance Sheet and
Profit and Loss Account.
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.
Internal Audits.
I choose to work with A.K.A AND CO. During this internship I have learnt many new
skills. Before internship I have only theoretical knowledge about work in organisation but
now I have practical 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 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 organisation environment. Following are the objectives that I
have in my mind before working as an internee.
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 secretary Miss. Nensi Goyal gave me training
session about TDS returns and computerised accounting in tally software. Mr. Rahul Goyal
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(assistant) also shared his practical experience with me and gave me some techniques of this
process. He also guided me that how to prepare VAT return and creating data in income tax
return preparation software.
Different task that I performed during my internship:
1. Maintenance of accounts/ book keeping.
2. TDS return preparation.
3. VAT returns preparation.
Software used during internship:
1. Compuoffice
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:
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Salary.
Insurance commission.
Rent.
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 Form 16 (R75I10A) or Form 26Q-P2P-IND (R75I122EQ). 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 noncorporate 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).
For electronic TDS, companies must generate the Form 26Q for each financial quarter.
This is a statutory requirement for the ITD.
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This process flow shows the steps to charge and remit TDS :-
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Update Challan
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.
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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 checkup by the
tax office.
2.
You calculate the total amounts of VAT for each tax code.
2.
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.
Compuoffice online software:Tax Solution for professionals to provide end-end management of every stage of the tax
life cycle - from provision to estimates and extensions. returns, audit, amendment and
planning.
A solution for
TDS return
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CMA
AIR return
Document Management
Challan
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Features:
LAN compatible
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1.
2.
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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.
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Accounts in
Configure
(Voucher
Entry
2.
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
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.
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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 vise 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 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.
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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.
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LEARNING
I learned through my training program, that how I can
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Suggestions
They have good opportunity to introduce the ISO standards training program which
continue to flourish.
The company has mostly professional educated human resources, which are the
A.K.A & Co strongly needs to improve its network firms so as to be counted among
one of the extensively know firms in UP. The partner needs to make the best use of
their goodwill to bring more clientage and reputation to firm. They need to offer the
audit services at most economical cost with the assured quality services to retain and
expand clients.
The infrastructure and working condition reviews can improve the working
efficiency of the trainees. Audit and Assurance is the tough job. Some motivational
meetings and mentoring exercises would bring good feel among employees for their
work. Time to time financial bonuses or performance incentives will energize the
staff.
The trainees are not offered extra financial or any other incentive for the extra work
or over time. This causes some sort of mental stings which immediately needs to be
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Firm also lacks in marketing perspective as it does not any marketer to market
and introduce their business, firm is getting business only on personal relations of
the partners and other firm personnel. So if firm thinks to improve its business volume
it needs a professional marketer as many other big firms adopted and have complete
marketing department.
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Limitations
They have a small staff with shallow skills base in many areas.
Less number of staff members.
Developments in technology change this market beyond A.K.A AND CO. 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
competitors. Under
certain
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circumstances these
Conclusion
A.K.A & Co is overall one of the profit making and reputed firm of Etah. 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.
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WWW.INVESTOPEDIA.COM
www.computaxonline.com
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