Archana Sip Project-2

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA.

CHARTERED ACCOUNTANT”

SUMMER INTERNSHIP PROJECT

ON

“A STUDY OF GST AND INCOME TAX RETURN FILING


PROCESSES AT MAHESH BIRENDRA AND ASSOCIATES, GONDIA.
: CHARTERED ACCOUNTANT”

SUBMITTED BY

ARCHANA NECHWANI

UNDER THE GUIDANCE OF

DR.GIRISH KUDALE

in partial fulfilment for requirement of MBA Degree

for the

Academic session

2022-23

to

RASHTRSANT TUKADOJI MAHARAJ NAGPUR UNIVERSITY, NAGPUR

at

GES’ DEPT OF MANAGEMENT TECHNOLOGY NMD


COLLEGE,GONDIA

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 1


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

CERTIFICATE

GES’ DEPARTMENT OF MANAGEMENT TECHNOLOGY

NMD COLLEGE, GONDIA

This is to certify that the investigation described in this report titled “A STUDY OF
GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH
BIRENDRA AND ASSOCIATES, GONDIA. has been carried out by ARCHANA
NECHWANI during the summer internship project. This study was done in the organization.
MAHESH BIRENDRA & ASSOSCIATES, in partial fulfilment of the requirement for the
degree of Master of Business Administration of R.T.M. Nagpur University, Nagpur.

This work is the own work of the candidate, complete in all respects and is of
sufficiently high standard to warrant its submission to the said degree. The assistance and
resources used for this work are duty acknowledged.

Faculty Member Head of the Department

Dr.Girish Kudale Dr.Girish Kudale

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 2


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 3


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

ACKNOWLEDGEMENT

I am using this opportunity to express my gratitude to everyone who supported


me throughout the course of this Summer Internship Project “STUDY OF
COMPLIANCE PROCESS OF GST AND ITR FILLING AT MAHESH
BIRENDRA & ASSOSCIATES”.I am thankful for their aspiring guidance,
invaluably constructive criticism and friendly advice during my summer
internship project work. I am sincerely grateful to them for sharing their
truthful and illuminating views on a number of issues related to SIP.

I am deeply indebted to my research guide , DR. GIRISH KUDALE, for


his excellent guidance and timely corrections .Without his help this SIP report
would not have taken its present shape.
I am highly grateful to DR. SHARDA MAHAJAN, Principal, N.M.D.
College, Gondia, for allowing me to do this SIP work and all the teaching staff
and library staff.
Last but not the least, I would like to thank the support staff always
helping me during the making of my Summer Internship Project report. My
thanks are extended to the librarians and the system administrators at the
computer lab.

ARCHANA NECHWANI
(MBA III Semester)
GES Dept. of Management Technology
N.M.D. College, Gondia

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 4


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INDEX

SR. NO. CONTENT PAGE


NO.
1. INTRODUCTION TO THE TOPIC 1

2. INTRODUCTION TO THE COMPANY 7

3. INDUSTRY PROFILE 9

4. OBJECTIVES 13

5. NATURE OF WORK DONE 15


6. ACADEMIC LEARNINGS 18

7. PROFESSIONAL LEARNINGS 21

8. FINDINGS, SUGGESTIONS AND CONCLUSION 23

9. BIBLOGRAPHY 29

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INTRODUCTION TO THE TOPIC

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 1


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INTRODUCTION TO THE TOPIC


FINANCIAL SERVICE :
Financial services are economic services tied to finance provided by financial institutions.
Financial services encompass a broad range of service sector activities, especially as
concerns financial management and consumer finance.
The finance industry in its most common sense concerns national banks and
large commercial banks who provide market liquidity, risk instruments, and brokerage for
large public companies and multinational corporations at a macroeconomic scale that
impacts domestic politics and foreign relations.

What are the services provided by a CA?

The most valuable intangible assets of the organization are the intellectual manpower and the
dedicated team of professionals and associates. Over the years the organization has been
successful in retaining and exploiting their talent and providing a suitable platform for the
manpower to develop holistically. This feat is achieved because of a very flat organizational
structure and continuous training, motivational and developmental programs organized for its
human resources.

An important phenomenon of recent times is the rapid growth of the accountancy


profession. The vast changes occurring in the economy of the country have been placing
great responsibilities on the Chartered Accountants. It also constitutes a challenge to the
profession to bring to bear their knowledge and skill in their specialised fields of activity.
The types of functions generally performed by the Chartered Accountant are varied. The
more important ones amongst them are discussed below.

Accountancy
This includes the writing up of accounts and the preparation of financial statements. It
encompasses a wide area ranging from simple Book keeping to complex financial
analysis.

Auditing
Possibly one of the most important functions of a Chartered Accountant, it is here that his
specialised training, skill and judgment are most often called into play. The purpose of
auditing is to satisfy the users of financial statements that the accounts presented to them
are drawn up on correct accounting principles and that they represent a true and fair view
of the state of affairs of the organisation.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

Taxation
With a number of taxes on the statute book, current and continuing tax information has
become vital to the effective economics of business management. The assessment of
taxes is very closely linked with financial accounts. The Chartered Accountant with his
experience in accounts is in an advantageous position for preparing the returns for tax
purposes, representing assessees before the Income-Tax authorities and rendering general
advice on taxes to his clients. An additional responsibility placed on him recently is that
his services will be required by the tax department for auditing complicated cases, having
large revenue potential. The requirement under the Income-Tax law for compulsory
maintenance of accounts by the specified categories of taxpayers would also make a
demand on his time and services. Every assessee with a minimum turnover of Rs. 10
lakhs in the case of professionals and Rs. 40 Lakhs in the case of business concerns is
compulsorily required to get his accounts audited under the Income-Tax law. This has
considerably helped the revenue authorities in making proper assessments.

Cost Accountancy
A Chartered Accountant is also trained to ascertain the costs of production and of
processes at different levels of operations in the manufacture of a product and in the
rendering of a service. He is also equipped to provide costing information for the
guidance of management, introduce cost control methods and assist the management in
establishing appropriate selling prices.

Special Company Work


The services of Chartered Accountants are frequently sought in connection with matters
such as the formation, financial structure and liquidation of limited companies.
Secretarial and Registration work and the duties of a Receiver are also undertaken by
them, in addition to other company work.

Investigation
Chartered Accountants are often called upon to carry out investigation to ascertain the
financial position of business in connection with matters such as a new issue of share
capital, the purchase or sale or financing of a business, reconstruction and
amalgamations. Their services are also sought for undertaking investigations with a view
to achieving greater efficiency in management or administration, finding out reasons for
increases or decreases in profits etc.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

Executors and Trustees


A Chartered Accountant is also often appointed executor under a will or trust in order to
carry on the administration of the estate or settlements.
Appointment of this nature require the Chartered Accountant to work in Co-operation
will solicitors or Lawyers. Conversely, Solicitors or lawyers carrying out works of this
kind usually call in Chartered Accountants to assist them in the accounting aspects of
their work.

Directorship
Many members of the Institute who hold senior position in industry and commerce are
also directors of their companies. Moreover, many members who are actively carrying on
public practice are also directors of companies. The advantages of having a Chartered
Accountant on the Board of Directors are now well recognised and the practice of making
such appointments has grown rapidly.

Companies Secretarial Work


In a well organised company or group of companies, the Secretary is a man with a
professional qualification (often a Chartered Accountant) who, in addition to his
multifarious other duties, is an important link in the management chain. The continued
growth of limited companies enables the professional accountants to offer secretarial
services to small companies, many of which are being virtually run by a few individuals
who are unable to afford a full-time secretary.

Management Accounting
This is another field in which the Chartered Accountant is able to render a service which
is utilised in a variety of ways like formulation of policies, day to day control,
performance evaluation, etc.

Share Valuation Work


The Chartered Accountant undertakes the valuation of shares of public and private
companies when amalgamation or re-organisation takes place for the purpose of takeover
bids and other acquisitions.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

The Chartered Accountant as Management Consultancy


C.As. play invaluable role in assisting business organisations to utilise resources
effectively, increase their efficiency and achieving their goals and objectives. as
management consultants, C.As. render host of consulting sevices as under:
 Developing management information system.

 Designing budgetary and control system.

 Determining measures of the effective utilisation of capital.

 Installing cost accounting system.

 Assisting the management in the efficient use of working capital as an aid to


improve productivity

 Advising management on principles of organisation and methods for effective


delegation and planning of work.

 Rendering advice on international taxation matters, foreign collaborations, joint


ventures, double taxation agreements etc.,

 Reviewing procedures and equipment for operational control.

 Review of financial planning and policies for effective utilisation of resources.

 Rendering secretarial services and advice on Corporate Law matters.

 Advising management on amalgamations, reconstructions, takeovers and


expansion schemes.

 Assist in the preparation of feasibility studies of new project and expansion


schemes.

 Advise on the system analysis and design, including selection of hard work and
development of software and feasibility of incorporating computer applications
for accounting and commercial activities.

 Assist in finding solutions for specific business problems such as product mix
decisions, pricing decisions, making representation to Government on various
matters etc.

 Appraisal of personnel policies and practices.

 Assist in the selection of executive personnel in the areas of production,


marketing, accounts, data processing, personnel, general administration etc.

 Acting as advisor or consultant to an issue, including such matters as drafting of


prospectus and memorandum containing salient features of prospectus,
preparation of publicity budget etc.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

 Acting investment counselor in respect of securities.

 Acting as registrar to an issue and for transfer of shares/other securities.

Other Activities
Among the many other duties undertaken by a Chartered Accountant, mention may be
made of service as an arbitrator for the settling of disputes and those connected with
insolvency work, such as the preparation of statements of affairs and the duties of a
trustee in bankruptcy or under a deed of arrangement.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INTRODUCTION TO THE COMPANY

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INTRODUCTION TO THE COMPANY

MAHESH BIRENDRA & ASSOSCIATES is a Private Company Incorporated.

It is classified as Non-Government Company and is registered at Registrar of Companies ,


GONDIA Director of MAHESH BIRENDRA & ASSOSCIATES is DHEERAJ M
AGRAWAL.

MAHESH BIRENDRA & ASSOSCIATES registeration number is 115754W.

It’s registered address is Venkatesh Sadan ,oppo, Itwari Telephone Exchange Central
Avenue, Nagpur.

Current status of MAHESH BIRENDRA & ASSOSCIATES is Active.

Accounting Duties Performed:


Accounting Professionals play an important role in financial decision-making. They
demonstrate a unique skill set that can address a variety of tasks that are integral to a
functioning business Accounting duties include

 Managing budgets.
 Undertaking financial audits.
 Providing financial advice.
 Liaising with clients, individuals, and businesses.
 Analysing risk.
 Advising on tax planning.
 Maintaining accounting records and preparing accounts information.
 Producing reports and recommendations following the audits.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INDUSTRIAL PROFILE

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

INDUSTRY PROFILE

The country’s financial services sector consists of Capital Markets, Insurance Sector and
Non-Banking Financial Companies (NBFCs). India’s gross national savings (GDS) as a
percentage of Gross Domestic Product (GDP) stood at 30.73% in 2020. The number of Ultra
High Net worth Individuals (UHNWI) is estimated to increase from 6,884 in 2021 to 11,198
in 2025. India’s UHNWIs is likely to expand by 63% in the next five years. India is expected
to have 6.11 lakh HNWIs in 2025.

India has scored a perfect 10 in protecting shareholders' rights on the back of reforms
implemented by Securities and Exchange Board of India (SEBI) in the World Bank's Ease of
Doing Business 2020 report.

With 1.4 million people working in the accounting field and an additional 61,700 expected to
join them between 2019 and 2029, the future is bright for experienced and educated
accountants.
Accounting job growth will be further fuelled by technological advancements. Automation is
transforming entry-level accounting duties and creating a greater need for managerial
accountants to handle complex responsibilities, such as:
 Programming
 Querying
 Compliance
 Maintenance
 Financial system creation
 Network administration
 Computer science

Here’s a brief look at where the industry is headed based on research conducted by Burning
Glass Technologies:

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 10


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

AUTOMATED ACCOUNTING PROCESSES

Compliance functions will become more and more automated. This will empower accounting
professionals to streamline tedious tasks like data entry and to focus on job aspects that can’t
be handled through artificial intelligence, such as financial consulting.

RISE OF CLOUD-BASED ACCOUNTING

Cloud-based accounting software lowers the risk of accounting errors and gives clients access
to their financial data from anywhere. As more firms work remotely to support businesses
with financial data in real time, data security will be paramount.

ELEVATED JOB RESPONSIBILITY

With access to the latest digital tools, accounting professionals are expanding their advisory
services. Leaders in the profession are transitioning from short-term bookkeeping and
compliance work to becoming forward-thinking consultants who equip clients with strategic,
in-depth insights.

HYBRID SKILLS IN HIGH DEMAND

Specialized accounting professionals are in high demand and low supply. It’s often difficult
for employers to fill accounting roles with the right candidates — those with specialized
skills and advanced education. Data indicates that filling certain accounting positions can
take up to two months or more.
No matter what area of accounting you may be interested in, new technology is being
implemented by employers across industries and will continue to shape the future of the
profession. Those willing to adapt will not only stay relevant in the accounting field but will
also be highly sought after by employers.

Top 10 skills in the Accounting Industry

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

In the accounting industry, 50% of the fastest-growing skills relate to some form of software,
while the remaining 50% require technological competence.

Here are the top 10 skills that will see the highest projected growth:

Skill Cluster Projected Posting Growth (2018-2023)

Talent Management 83%

Enterprise resource planning (ERP) 75%

Employee training 67%

Advanced Microsoft Excel 52%

Microsoft Office and productivity tools 48%

Human resource management systems 46%

Budget management 41%

Customer relationship management (CRM) 38%

Administrative support 33%

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 12


Key performance indicators (KPIs) 33%
“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

OBJECTIVES

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 13


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

OBJECTIVES

• To ensure compliance with the latest regulatory requirements and standards set by the
respective tax authorities.
• To assess the accuracy and efficiency of the GST and ITR filing processes at the Mahesh
Birendra and Associates to ensure compliance with the latest regulatory requirements and
standards set by the respective tax authorities.
• To learn how accurate numbers help in reducing errors, preventing overpayments or
underpayments, and avoiding penalties.
• To Ensure the level of costumer satisfaction with services provided by the firm.
• To study how precision in GST processes safeguards businesses from legal disputes and
issues with tax authorities.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

ACTUAL WORK DONE

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

ACTUAL WORK DONE

Financial Accounting Services

Financial accounting definition refers to the process that documents, classifies, reports, and
analyzes business transactions to assess the financial health of an organization. In other
words, it's a bookkeeping process that captures all sales, purchases, accounts payables, and
receivables transactions.

Evaluation of Assets & Liabilities to know the Financial Position.


1. Trading Account-
Trading account is a statement which is prepared by a business firm. It shows the gross
profit of business activities during a specific period. It is a part of the final accounts of the
entity.
This account is the very first step for preparing Profit and Loss Statement and Balance
Sheet. Direct sales and direct expenses like wages, octroi which are related to the
production or procurement of a product are taken into account while preparing the
Trading account.
Calculation & Evaluation of Direct Expenses & Direct Income. And the difference
leads of Gross Profit & Gross Loss.

2. Profit & Loss Account-


The profit and loss (P&L) statement is a financial statement that summarizes the
revenues, costs, and expenses incurred during a specified period. The P&L statement is
one of three financial statements that every public company issues quarterly and annually,
along with the balance sheet and the cash flow statement.
Profit & loss a/c is popularly known as P&L A/c. It is also called as Profit and Loss
Statement or income and expense statement. No matter whether how you call profit &
loss statement, it reveals money spent or cost incurred in an organization’s effort to
generate revenue, representing the cost of doing business. Calculation & Evaluation of
Indirect Expenses & Indirect Income. And the difference leads of Net Profit & Net
Loss.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

3. Balance Sheet

A balance sheet is a snapshot of what a company owns (or assets), what it owes (or
liabilities), and the amount of money the owners have invested in the company (or
shareholder's equity or owner's equity or just plain equity).

Evaluation of Assets & Liabilities to know the Financial Position.


4. Vouching

Verification of entries in the books of account by examination of documentary evidence or


vouchers, such as invoices, debit and credit notes, statements, receipts, etc.

Checking & keeping track on Cash Book & Ledger Books.

5. Income Tax Return Filling

An Income tax return (ITR) is a form used to file information about your income and tax to
the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her
income.

6. Gst filling (Monthly)


A GST return is an official record that includes information about all purchases, sales, taxes
paid on purchases, and taxes received on sales.

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ACADEMIC LEARNING

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

ACADEMIC LEARNING

LEARNT ABOUT FINANCIAL SERVICES FOR EDUCATIONAL INSTITUTION:-

1. Better understanding of Financial Terms


Revenue, Costs, Profit And Loss, The Average Rate of Return, And Break-Even are basic
Financial Terms Learned while working there.

Ex: Learnt the details meaning of financial terms & its uses.

2. Learn how to maintain the Trading and Profit & Loss Account
Revenue, costs, profit and loss, the average rate of return, and break-even are basic
financial terms you can find in most companies' documents and financial reports. If the
value is positive then it is profit, if negative it is loss.

Process to Calculate the Profit & Loss-

 Add all the income earned during the accounting period.


 Add all the expenses incurred during the accounting period.
 Calculate the difference by subtracting total expenses from total income.
 If the value is positive then it is profit, if negative it is loss.

Ex: Prepared Trading and Profit & Loss Account for various Rice Mills, Individual
&HUF Firms to know the exact Profit or Loss for a particular year.

3. Preparing and Analysing Balance Sheet

A balance sheet is a summary of a firm's assets, liabilities and net worth. The key to
understanding a balance sheet is the simple formula:

Assets = Liabilities + Net Worth.

Example: Audited the books of Educational Institutions i.e. Rice Mills, Individual &HUF
Firms Process to Prepare a Basic Balance Sheet-

 Determine the Reporting Date and Period.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

 Identify Your Assets.


 Identify Your Liabilities.
 Calculate Shareholders' Equity.
 Add Total Liabilities to Total Shareholders' Equity and Compare to Assets.

Ex: Prepared Balance Sheet for various Rice Mills, Individual &HUF Firms to know
the exact Financial Position for a particular year.

4. Checking the entries of Vouching


The act of examining documentary evidence in order to ascertain the accuracy of entries
in the account books is called "Vouching".

Ex: Vouching the transactions for Rice Mills, Individual &HUF Firms.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

PROFESSIONAL LEARNINGS

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

PROFESSIONAL LEARNINGS

• Dealing with work pressure.: Timely filling of Returns and reporting it to top level
Management.

• Corporations with co-workers.: Working together with coordination for achievement of


goal of Organisation.

• Accountability : Recording, maintaining and submitting client's data properly.

• Higher productivity. : Higher productivity is the result of minimum wastage of time,


money and energy.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

FINDINGS

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

FINDINGS
 Evaluate the timeliness of filing GST and ITR returns and the quality of documentation
maintained by the CA firm.

 Evaluate the efficiency of the GST and ITR filing processes in terms of the time taken for
completion, the complexity of procedures, and the overall effectiveness of the workflow
within the CA firm.

 Identify any potential risks associated with GST and ITR filings, including the
possibility of non-compliance, penalties, or legal implications for the CA firm and its
clients, and assess the firm's strategies for mitigating these risks.

 Assess the effectiveness of the CA firm's quality control measures in maintaining the
accuracy and consistency of GST and ITR filings, including the results of internal
audits, reviews, and training programs implemented for staff members involved in the
filing processes.

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

SUGGESTIONS

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“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

SUGGESTIONS

• Implement advanced training programs for employees to ensure they stay updated with
the latest GST and income tax regulations,

• Invest in and integrate advanced digital tools and software that streamline the GST and
ITR filing processes, enabling more efficient data management, automated calculations,
and enhanced accuracy in submissions.

• Improve client communication by providing regular updates on changes in GST and


income tax regulations, offering personalized consultations, and creating informative guides
to help clients better understand the filing processes and requirements.

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 26


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

CONCLUSIONS

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 27


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

CONCLUSIONS

 Ensuring Compliance with Regulatory Requirements: Mahesh Birendra and Associates


demonstrate a strong commitment to ensuring compliance with the latest regulatory
requirements and standards set by the respective tax authorities. This dedication is evident
in their meticulous approach to GST and ITR filing processes, which align with the
current legal framework, minimizing the risk of non-compliance and associated penalties.

 Assessment of Accuracy and Efficiency: By prioritizing accuracy, the firm reduces the
likelihood of errors, ensuring that clients' financial records and transactions align with the
highest standards of regulatory compliance.

 Impact of Accurate Numbers on Error Prevention: The emphasis on accurate numbers


significantly contributes to error prevention, mitigating the risks of overpayments,
underpayments, and potential penalties. Mahesh Birendra and Associates' focus on
precise calculations and thorough documentation serves as a safeguard against financial
discrepancies, fostering a reliable and transparent financial reporting system for their
clients.

 Customer Satisfaction Assurance: Mahesh Birendra and Associates prioritize customer


satisfaction by delivering high-quality services and maintaining a strong focus on
accuracy and compliance in GST and ITR filing processes. The firm's commitment to
precision and reliability enhances client satisfaction, fostering trust and long-term
relationships with their customer base.

 Role of Precision in Safeguarding Businesses: The study highlights how


precision in GST processes serves as a protective measure for businesses, safeguarding
them from potential legal disputes and issues with tax authorities

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 28


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

BIBLIOGRAPHY

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 29


“A STUDY OF GST AND INCOME TAX RETURN FILING PROCESSES AT MAHESH BIRENDRA ANDASSOCIATES, GONDIA. CHARTERED ACCOUNTANT”

BIBLIOGRAPHY

 Ministry of Finance. (2021). GST Implementation Report.


https://www.finmin.nic.in/documents/gst-implementation-report-2021.pdf

 https://www.charteredaccountants.ie/Prospective-Students/About-Chartered-
Accountancy/What-Chartered-Accountants-Do

 https://www.investopedia.com/terms/p/plstatement.asp

 Sharma, Priya. (2017). "Simplifying Income Tax Filing for CA Firms."

GES' DEPT OF MANGEMENT TECHNOLOGY,N.M.D. COLLEGE, GONDIA 30

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