Archana Sip Project-2
Archana Sip Project-2
Archana Sip Project-2
CHARTERED ACCOUNTANT”
ON
SUBMITTED BY
ARCHANA NECHWANI
DR.GIRISH KUDALE
for the
Academic session
2022-23
to
at
CERTIFICATE
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.
ACKNOWLEDGEMENT
ARCHANA NECHWANI
(MBA III Semester)
GES Dept. of Management Technology
N.M.D. College, Gondia
INDEX
3. INDUSTRY PROFILE 9
4. OBJECTIVES 13
7. PROFESSIONAL LEARNINGS 21
9. BIBLOGRAPHY 29
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.
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.
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.
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.
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.
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.
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.
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.
It’s registered address is Venkatesh Sadan ,oppo, Itwari Telephone Exchange Central
Avenue, Nagpur.
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.
INDUSTRIAL PROFILE
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:
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.
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.
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.
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.
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:
OBJECTIVES
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.
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.
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).
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.
ACADEMIC LEARNING
ACADEMIC LEARNING
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.
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.
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:
Example: Audited the books of Educational Institutions i.e. Rice Mills, Individual &HUF
Firms Process to Prepare a Basic Balance Sheet-
Ex: Prepared Balance Sheet for various Rice Mills, Individual &HUF Firms to know
the exact Financial Position for a particular year.
Ex: Vouching the transactions for Rice Mills, Individual &HUF Firms.
PROFESSIONAL LEARNINGS
PROFESSIONAL LEARNINGS
• Dealing with work pressure.: Timely filling of Returns and reporting it to top level
Management.
FINDINGS
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.
SUGGESTIONS
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.
CONCLUSIONS
CONCLUSIONS
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.
BIBLIOGRAPHY
BIBLIOGRAPHY
https://www.charteredaccountants.ie/Prospective-Students/About-Chartered-
Accountancy/What-Chartered-Accountants-Do
https://www.investopedia.com/terms/p/plstatement.asp