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ASSESSMENT OF TAX SAVING

SCHEMES FOR INDIVIDUALS &


AUDITING PROCEDURES
Presented by Piyush Bali
INTRODUCTION
 During the internship program I was engaged at Adesh Behl and Co. for six weeks

period.

 Adesh Behl and Co. is a prominent chartered accountancy firm in Hoshiarpur,

Punjab.

 The scope of the study is divided into two parts:

 Assessment of tax saving schemes under chapter VI-A

 Audit practices adopted by the firm


OBJECTIVES OF THE STUDY
 To identify the working procedures adopted in the organization.

 To have an overall idea about the audit procedures of Adesh Behl and Co.

 To gain practical knowledge about valuation.

 To identify how queries regarding the audit work are resolved.

 To identify the auditing procedures adopted in the organization.


COMPANY’S PROFILE
 Adesh Behl and Co. was established in December 1998.

 Services include audit, management consultancy, tax consultancy, accounting

services, manpower management.

 The Team consists of distinguished Chartered Accountants and tax consultants.

 Staff associated with the firm have regular interaction with industry and other

professionals.
METHODOLOGY OF COLLECTION OF INFORMATION

 PRIMARY SOURCES  SECONDARY SOURCES

 Information collected directly from the  Filed ITR’s, audit working papers,

firm. valuation certificates etc.

 Information by working with the audit  Various corresponding files of the

team and the staff members. company.

 Various forms.
WORK AND ANALYSIS
 First 2 weeks:

o ITR Filing

o Smart tax

o Computation using Smart tax

 During the internship, it was observed that majority of the clients invested in the NPS scheme.

 The following investments are ranked from best to worst with respect to the assessment done on
tax saving basis:
 Equity Linked Savings Schemes (ELSS)
 Unit Linked Insurance Plan (ULIP)
 Term Insurance / Traditional Plans
 National Pension Scheme (NPS)
 Health Insurance
 Bank FD’s.
CLIENT DETAILS
 In the course of my Internship period I worked as an audit assistant for performing

the audit of Krishna Techno Cast Pvt. Ltd.

Name Krishna Techno Cast Pvt. Ltd

Address VPO Nasrala, Back side of Clean Past, Near Sonalika, Nasrala, Hoshiarpur –
146022. Contact no. 01882-251681

Sector Manufacturing firm, specializing in Ci casting manufacturing, metal casting


etc.

 I was responsible for the primary stage of the audit.


AUDIT WORK
 The financial statements and the company registers containing the original bills

and receipts were verified.

 Before starting the audit, the following actions were taken:

o Identify firm’s overall goals

o Gather and evaluate Initial information

o Assess area of general risk

 I was responsible for the primary stage of the audit which was the ticking phase or

the accounts verification phase.


AUDIT WORK (CONT.)
 We finally verified all the registers of the company such as purchase, sale, cash and

inventory and matched the amounts of the receipts with the amount entered in the
accounting software of the company.

 The working papers were made side by side.

 Usually queries in this process are related to bill not found, bill wrongly entered in

the system or RCM wrongly entered etc.


OTHER WORK
 PAN card application.

 Online registration of PAN in income tax e-filing portal.

 Assistance in valuation procedure of a client.

 Maintenance of accounts.
LEARNING PART
 ITR filing process, starting from the computation part.

 Learnt about the various tax saving investments which are referred by the CA firm

to the client.

 Financial statement audit of a manufacturing firm.

 Realized how to work under the pressure of responsibilities maintaining chain of

commands and working in a team.

 Practically involved in work with the auditor’s team.


LIMITATIONS
 Scheduled time span was not sufficient to cover all information.

 To some extend the exact audit procedure is not followed due to time and other

constrains.

 As an independent CA firm, the information of the case study is not adequate for a

thorough study.

 Being the first practical experience, it was not possible to know and review

everything.
RECOMMENDATIONS
 More staff is needed in the firm.

 The trainees are not offered extra financial or any other incentive for the extra

work.

 The firm, to be more competitive in days to come, still has room for improvement in

Information Technology.

 Firm also lacks in marketing perspective.


CONCLUSION
 The services provided by Adesh Behl & Co. in regards to the income tax and GST

consultation describes the functioning of a perfect CA firm.

 The procedures followed in audit are in compliance with the rules of ICAI.

 The detailed and through review of work and clients’ trust shows the perfection

with which it is working.

 In conclusion, the practical experience will surely boost my career in the field of

finance.
THANK YOU