EXECUTIVE SUMMARY

The Internship Program of 10 Weeks was with TRPN Associates of

Chartered Accountants, Coimbatore. TRPN & Associates is a Partnership

Firm Promoted by a Group of 3 Chartered Accountants with 3 Branches,

and also renders services such as Audit & Assurance, Income Tax &

International Taxation, Advisory Services, Direct & Indirect Tax, Company

Incorporation, Due Diligences, Internal Audit, and MIS & Book Keeping.

During this Period of Time, The Study was involved in Analyzing firm

invoices, Filing GSTR Returns, and Deep Understanding of GSTR 1, 2A, 2B,

and 3B. Generating Invoices in Tally, Bookkeeping in Tally ERP,

Understanding Tax compliance, Learning Tax Provisions, Preparation of

Tax Computation, P & L, and Balance Sheet Statements. Analyzing Bank

Statements, Income Statements. Regular Contact with Customers

Accurate Record Keeping in Auditing. Been to Bank Audit and Stock Audit,

Importance of Audit. Preparing Partnership Deed. Analyzing Large

datasets, using software tools to analyze financial transactions, identify

trends, and ensure compliance with accounting standards. Assisting senior

auditors in the planning and execution of audit engagements for various

clients. Learning to use auditing software to streamline processes and

improve efficiency. Attending internal training sessions on relevant

accounting standards and auditing guidelines.

The internship provided valuable practical experience in financial

analysis and auditing, enhancing interpersonal skills and broadening

understanding of accounting and audit principles. This experience has

strengthened my desire to pursue a career in auditing and finance.

 CHAPTER: 1 INTRODUCTION

As an Audit Intern at a Chartered Accountancy, is an entry-level role

commonly held by persons pursuing a career in accounting and

auditing002E This position provides interns with excellent hands-on

auditing experience and insight into the operations of a CA business,

working with Auditors to examine financial statements, verify

transactions, and ensure compliance with accounting standards and

regulations. In charge of keeping detailed audit documents involves the

creation of working papers, the documentation of results, and the

organization of evidence to support audit conclusions. Interacting with

clients, acquiring relevant information, responding to client queries, and

professionally presenting results or recommendations. A CA firm Audit

Internship is a stepping stone for individuals interested in auditing,

accounting, or finance. It gives interns practical knowledge in the field and

helps them build vital skills in finance and business. A CA firm Audit

Internship is a stepping stone for individuals interested in auditing,

accounting, or finance. It gives interns practical knowledge in the field and

helps them build vital skills in finance and business.

The organization operates as a chartered accounting firm by the

laws, rules, and code of conduct established by ICAI (The Institute of

Chartered Accountants of India) for CA firms.

 The Institute of Chartered Accountants of India (ICAI) holds

significance as an esteemed professional accounting organization, in

India. It was founded in 1949 through the enactment of the Chartered

Accountants Act by the Parliament to govern and oversee the practice of

Chartered Accountancy within India. ICAI plays a role in establishing and

refining accounting and auditing standards upholding levels of

professional expertise and ethical conduct, among its members and

actively contributing to the growth and progress of the Indian economy.

The two-month internship allowed me to gain practical experience

with auditing procedures as part of my MBA programme. The task was to

learn how a chartered accounting firm conducts an audit and how audit

work is carried out in industries, businesses, and the warehouse domain.

After completing the MBA programme, we were directed to different

organizations to acquire this practical knowledge. I was referred to TRPN

& Associates, an esteemed chartered accounting firm in Coimbatore

because I intend to become a Chartered Accountant. I observed and

gained real-world knowledge about the auditing procedures performed by

the chartered accounting firm through this study. Throughout my

internship, I applied the theoretical aspects of auditing with my practical

experience.
1.1 INDUSTRY OVERVIEW

An audit is a systematic and impartial evaluation of an

organization's financial information, records, transactions, or processes to

determine their accuracy, completeness, and compliance with set

standards, legislation, or internal policies. Auditors perform audits in

industries like finance, accounting, business, and government. They

examine and verify a company's financial records to ensure accuracy and

compliance with accounting standards, laws, and regulations. CA firms

often provide audit services to corporations, non-profits, and government

entities.

Responsibilities of Audit Teams:

 Financial Statement Audits: The primary function is to conduct

financial statement audits. This includes reviewing financial

statements, verifying transactions, and assessing the overall

financial health of the client organization.

 Risk Assessment: Auditors assess the risk factors associated with

a client's financial statements, identifying potential areas of fraud,

mismanagement, or non-compliance.

 Internal Controls: Audit teams evaluate the effectiveness of a

client's internal controls and may make recommendations for

improvement.

 Compliance: Auditors ensure that financial statements comply with

generally accepted accounting principles (GAAP) or other relevant

accounting frameworks.
  Reporting: After completing the audit, the CA firm issues an audit

report that summarizes its findings, provides an opinion on the

accuracy of the financial statements, and highlights any significant

issues or concerns.

Tax compliance services involve helping clients meet their tax

obligations while minimizing tax liabilities within the boundaries of tax

laws and regulations. CA firms offer tax compliance services to

individuals, businesses, and organizations.

Responsibilities of Tax Teams:

 Tax Planning: Tax professionals in CA firms provide strategic tax

planning advice to clients, helping them structure their financial

affairs in a tax-efficient manner.

 Tax Return Preparation: They prepare and file tax returns on

behalf of clients, ensuring that all income, deductions, and credits

are accurately reported.

 Tax Compliance: Tax teams stay up-to-date with changes in tax

laws and regulations to ensure clients' compliance with tax

requirements at the federal, state, and local levels.

 Tax Audits: CA firms may represent clients during tax audits

conducted by tax authorities, helping them navigate the audit

process and advocating for their interests.

  Tax Advisory: In addition to compliance, CA firms often provide tax

advisory services, which involve long-term tax planning, mergers

and acquisitions, and international tax strategies.

1.2 PROFILE OF ICAI

The Institute of Chartered Accountants of India (ICAI) is an

organization that oversees and promotes the accountancy profession, in

India. Here's a brief overview of ICAIs establishment and history;

1. Establishment

ICAI was founded on July 1 1949 under the Chartered Accountants

Act, 1949. It was created as a recognized body by the Indian Parliament to

regulate the practice of Chartered Accountancy in India.

2. Objectives

The main goals of ICAI include regulating the education and training

of Chartered Accountants (CAs) establishing the qualifications for

becoming a CA and ensuring adherence to accounting and auditing

standards.

3. Functions

ICAI is responsible for conducting examinations for individuals

aspiring to become CAs granting membership to candidates and issuing

certificates for practicing. It also establishes accounting and auditing

standards that CAs in India follow while carrying out their responsibilities.

The institute plays a role, in providing professional education conducting

research, and promoting development in the field of accountancy.

4. Vision
 "To be a globally respected regulator and developer of competent

professionals in the service of the nation and to be recognized for its

contribution to the economic development of India."

5. Mission

"We aim to take charge in the field of Chartered Accountancy by

excelling in education, training, professional growth, research, and

offering support services to all those involved.”

6. Accounting Standards (AS) publications

In India, ICAI has the power to publish Accounting Standards (AS).

For the identification, estimation, presentation, and disclosure of different

financial aspects in financial statements, these ASs offer rules and

principles. The ICAI's ASs ensure financial reporting is consistent and

comparable by adhering to international accounting standards.

7. International Financial Reporting Standards (IFRS)

convergence

To bring Indian accounting practices in line with international norms,

ICAI has been actively trying to converge Indian Accounting norms with

International Financial Reporting Standards (IFRS). The transition to IFRS

improves the consistency and openness of financial reporting in India and

makes it easier to compare and invest abroad.

8. Auditing Standards

India's Auditing and Assurance Standards (AAS) are published and

updated by ICAI. These AASs give auditors direction on how to carry out
audits, what auditors are accountable for, how to conduct audits, and

what reporting requirements are necessary.

9. Examining and Revising

To make sure they remain relevant in the changing business and

regulatory environment, ICAI routinely evaluates and updates both

accounting and auditing standards. To get input and feedback, the

process entails consulting with stakeholders, including governmental

organizations, regulatory agencies, and business leaders.

10. Accounting Standards: Developing and Enforcing

Businesses must adhere to uniform and standardized procedures

when preparing financial statements thanks to the ICAI's involvement in

defining and enforcing Accounting Standards (AS). The comparability of

financial data is improved by this uniformity, enabling investors, creditors,

and other stakeholders to make wise decisions.

11. Adherence to International Standards:

The ICAI's initiatives to harmonize Indian accounting standards with

IFRS (International Financial Reporting Standards) increase the

accountability of India's financial reporting. By promoting uniformity and

comparability with worldwide peers, this alignment facilitates the

evaluation of Indian enterprises by foreign investors.

12. Standards for High-Quality Auditing:

 ICAI problems AAS (Auditing and Assurance Standards), which

instruct auditors on how to carry out audits with honesty and care. By

ensuring that auditors deliver accurate and trustworthy opinions on

financial statements, these standards aim to increase public confidence in

financial reporting.

11. Collaboration and Recommendation

ICAI frequently works with governmental organizations and

regulatory agencies to offer professional guidance on accounting and

auditing issues. This partnership contributes to the development of rules

that improve financial transparency and safeguard stakeholders' interests.

12. Investor Confidence

Investors are more willing to invest in Indian companies when they

believe that the financial statements are transparent and reliable, both

domestically and internationally. This influx of capital is essential for

economic expansion and development.

13. Market Integrity

The integrity of financial markets is enhanced by ICAI's promotion

of open financial reporting practices. For the market to remain stable and

to avoid distortions brought on by false financial information, this integrity

is crucial.

14. Comparability and consistency

Companies in India are required to adhere to a uniform set of

accounting principles and standards provided by ICAI's Ind AS. By

maintaining consistency, financial statements from various businesses are

created by the same standards, improving their comparability and clarity

for creditors, investors, and other stakeholders.

15. Transparency

The Indian Accounting Standard places a strong emphasis on the

fair presentation of financial statements, demanding businesses to offer a

more transparent and lucid picture of their financial operations. In order

for creditors and investors to make wise judgments, this transparency is

essential.

16. Adherence to global standards

Indian financial reporting practices are more closely aligned with

global standards because to the ICAI's attempts to harmonize Indian

accounting standards with International Financial Reporting Standards

(IFRS). This harmonization makes Indian financial statements more

transparent for international investors and makes cross-border investing

easier.

17. Enhanced Transparency

More wide and thorough disclosures in financial statements are

mandated by Ind AS. Stakeholders are better able to comprehend a

company's financial performance, risks, and important accounting

principles as a result.
18. Enhanced Auditing Quality:

The Auditing Standards (SA) of the ICAI offer auditors a solid

framework for carrying out high-quality audits. These norms place a

strong emphasis on impartiality, professional scepticism, and conformity

to moral values. Financial audits are therefore more thorough and

trustworthy.

19. Investor Self-Belief:

Investor confidence in the accuracy and dependability of financial

accounts is increased by the use of ICAI standards. Investors are more

willing to invest in Indian companies and help the country's capital market

flourish when they have confidence in financial reporting.

20. Stakeholder Interest Protection

The interests of numerous stakeholders, including shareholders,

creditors, employees, and the general public, are protected by ICAI

standards and ethical principles. They make ensuring that a company's

financial performance and health are appropriately reflected in its

financial reporting.

21. Harmonization with Regulatory Requirements

The criteria set by the ICAI are intended to comply with all

applicable Indian regulations. By lowering the likelihood of non-

compliance and corresponding penalties, this alignment assists

businesses in upholding their legal obligations for financial reporting.

22. Constant Development:

 To stay up with changing business practices, financial instruments,

and economic conditions, ICAI routinely changes its standards. This

guarantees that financial reporting will continue to be pertinent and

beneficial to stakeholders.

THE SIGNIFICANCE IN THE INDIAN ECONOMY

1. Financial Reporting and Compliance

CAs are in charge of making sure that companies follow reporting

and financial rules. They assist businesses in keeping accurate financial

records, which are essential for accountability, transparency, and investor

confidence.

2. Taxation

Taxation professionals, CAs help people and organizations minimize

their tax obligations while guaranteeing compliance with India's intricate

tax laws. Their advice enables companies to cut costs and keep a clean

record with tax authorities.

3. Auditing

To ensure that financial statements are accurate and fair, CAs

perform audits. These audits are crucial for preserving confidence in the
financial markets and guaranteeing that stakeholders and investors

receive accurate information regarding a company's financial health.

4. Advisory Services

CAs offer their clients insightful financial and commercial counsel.

They assist companies in making wise choices about investments,

mergers, acquisitions, and growth plans. Their knowledge aids in

improved financial management and expansion.

5. SMEs: Small and medium-sized businesses.

The expansion and viability of SMEs, a crucial sector of the Indian

economy, depend heavily on CAs. They support SMEs in accessing funds,

navigating regulatory obstacles, and effectively managing their money.

6. Corporate governance

CAs are essential to establishing effective corporate governance

procedures within organizations’. They aid in creating and putting into

practice business guidelines and internal control mechanisms that support

honesty and integrity.

7. Startups and entrepreneurship

The start-up environment in India is flourishing, and CAs play a key

role in assisting new businesses with compliance, financial planning, and

financing. They are essential in luring investments and encouraging

innovation.

8. Governmental Compliance:

The GST (Goods and Services Tax), income tax, and other legislative

obligations are just a few of the rules that CAs help people and

organizations’ comply with. This guarantees that companies run legally

and provide revenue for the government.

9. International Investing

By guiding foreign investors through India's regulatory and taxation

landscape, CAs encourage foreign investments in India in a world that is

becoming more and more globalized.

10. Job Creation

In India, the accounting and financial industry which includes CAs

generates a sizable amount of employment possibilities. This not only

promotes economic growth but also offers many professionals a steady

career path.

11. Standard Setting

The ICAI is in charge of establishing the auditing and accounting

standards in India. These standards guarantee the dependability,

comparability, and transparency of financial data, which is crucial for

fostering investor confidence and luring capital. Cross-border investments

and commerce are also made easier by uniform financial reporting

standards.

12. Continuous Professional Development

 The ICAI encourages its members' lifelong learning and

development. To keep CAs abreast of the most recent advancements in

accounting, taxation, and finance, it organizes seminars, workshops, and

training programmes. This guarantees that CAs may offer top-notch

services to individuals and businesses, increasing economic efficiency.

13. Regulatory Control

The ICAI controls its member’s behavior to ensure moral and expert

conduct. This oversight protects the interests of stakeholders and upholds

the integrity of the profession. By assisting in the prevention of financial

fraud and irregularities, it promotes economic stability

14. Government Revenue from Taxes

As ICAI members, CAs are very important in tax compliance and

planning. They support businesses and individuals in minimizing their tax

obligations while guaranteeing compliance with tax regulations. This

guarantees a consistent supply of tax money for the government and

promotes economic activity.

15. Services for Advice and Consultation

As ICAI members, chartered accountants offer advising and

consultation services to businesses, assisting them in making sound

financial decisions. Their knowledge helps businesses expand and become

profitable, which boosts the economy.

INTERNATIONAL ENGAGEMENT

1. International Federation of Accountants (IFAC)

The international association IFAC, which represents the accounting

industry globally, includes ICAI as a member. Through IFAC, the ICAI works

with other national accounting organizations’ to create global accounting

and auditing standards, advance moral behavior, and guarantee the

integrity of financial reporting.

2. IASB International Accounting Standards Board

The IASB, which creates International Financial Reporting Standards

(IFRS), is carefully monitored by ICAI. To guarantee that Indian viewpoints

and concerns are taken into account in the international standard-setting

process, ICAI offers input and comments on exposure draughts and

proposed standards.

3. IAASB, or the International Auditing and Assurance Standards

Board

The International Auditing Standards Board (IAASB), which creates

ISAs, collaborates with the ICAI. By participating in the creation and

updating of these standards, ICAI makes sure that they are applicable to

Indian auditing procedures.

4. Committee on Global Public Policy (GPPC)

The GPPC, a collection of top international audit networks and

businesses, includes ICAI as a member. The ICAI and GPPC work together

on issues pertaining to public policy, legislative changes, and international

auditing standards.

5. South Asian Federation of Accountants (SAFA)

SAFA is a regional organization of accountants that represents South

Asian nations. The ICAI participates actively in SAFA. By way of SAFA, the

ICAI encourages regional collaboration, knowledge exchange, and the

unification of accounting and auditing standards throughout South Asia.

6. Bilateral Agreements

The ICAI frequently signs MoUs and bilateral agreements with

various national accounting bodies and organizations. These agreements

make it easier for people to share knowledge, recognize one another's

qualifications, and work together on things like capacity building and

professional development.
7. Enhanced International Mobility

Due to the broad implementation of IFRS, Indian CAs may find it

simpler to work overseas or partner with multinational corporations.

Having knowledge of these standards can help with cross-border

prospects because many nations have adopted or converged with IFRS.

8. Rising Demand for IFRS Knowledge:

There will be an increasing need for CAs with knowledge of IFRS as

more Indian companies, particularly those listed on stock exchanges,

transition to IFRS or publish IFRS-compliant financial statements. For

people who are familiar with IFRS, this may present prospects for career

progression.

Many people seem to believe that submitting tax returns is

voluntary and hence disregard it as unneeded and burdensome. As we will

see, this is not a very healthy attitude towards tax filing. Filing tax returns

is a yearly action that is regarded as a moral and social obligation of every

responsible citizen of the country. It serves as the foundation for the

government to establish the quantity and mode of expenditure of citizens,

as well as a platform for assesses to claim refunds and other types of

relief from time to time.

Filing returns shows commitment

Individuals earning a certain annual income are required by the

government to file a tax return by a particular deadline. Tax evasion may

result in penalties imposed by the Income Tax Department. Those earning

less than the prescribed income can opt out of filing. Filing returns

demonstrates accountability and makes it easier for individuals and

businesses to conduct transactions because their revenue is recorded by

the tax department along with any applicable tax paid.

In some circumstances, filing returns is required.

Even if your level of earnings fails to qualify for required filing, it

might be advantageous to file returns voluntarily. In most states,

registering immovable property necessitates submitting tax returns from

the previous three years as proof. Filing returns facilitates the registration

of the transaction.

To qualify for a house loan, keep a continuous record of filing taxes,

as home loan and credit card firms may require proof of return.

Furthermore, financial institutions may request confirmation of recent

returns, and the government may make it required, thereby pushing

individuals to file returns on a frequent basis.

Filing taxes on time has various advantages, regardless of income

level. Losses, both speculative and non-speculative, short and long-term

capital losses, and other categories that are not documented in a fiscal

year cannot be used to qualify for an exemption in following years.

Regular filing is required to claim adjustments for past losses.

 Non-filing of an assessee's original return can result in a Rs 5,000

penalty under the Income Tax Act, making it a voluntary activity with legal

ramifications, particularly if the assesse wants to file an amended return

in the future.

Our Savings and Investment Plans give lump sum funding for future

expenses as well as family insurance coverage. Prioritize the well-being of

people who rely on you today and in the future as a responsible family

man. Even if you die unexpectedly, ensuring your family's future expenses

is critical. Intelligent tax-planning solutions can assist individuals in

meeting their financial objectives while saving tax.

TAX SAVINGS INSTRUMENTS

 Employee Provident Fund

Employees and employers in many countries contribute a

percentage of the employee's salary to a provident fund account. The

contributions and interest collected are normally tax-free.

 Public Provident Fund

The PPF, a long-term investment scheme established by the

government in many countries, allows individuals to invest a portion of

their income while receiving tax breaks. In most cases, the capital and

interest earned are tax-free.

 National Pension Scheme

The National Pension Scheme (NPS) is a government-sponsored

retirement savings plan that provides tax breaks on contributions and tax-

free withdrawals upon retirement.

 Life Insurance Premiums

Premiums paid for life insurance policies are frequently tax

deductible under the regulations of the particular country.

 Health Insurance Premiums

In many countries, premiums paid for health insurance policies are

tax deductible.

 Fixed Deposit

A fixed deposit (FD), sometimes known as a term deposit, is a type

of financial instrument issued by banks and financial institutions that

allows individuals to deposit a large sum of money for a set period of time

at a fixed interest rate. Fixed deposits are a popular way to save and

invest because they provide a safe and predictable way to increase your

money.

 National Savings Certificate

 National Savings Certificates are a savings bond plan that

encourages low- to middle-income investors to invest while saving income

tax under Section 80C. You can buy NSC certificates in e-mode if you have

a savings account with a bank or a post office and have access to Internet

banking. NSCs can be purchased by an investor for themselves, on behalf

of minors, or as a joint account with another adult.

 Senior Citizen Savings Scheme

The Senior Citizen Savings Scheme (SCSS) is a government-

sponsored savings vehicle for people over the age of 60 that provides a

steady income stream after retirement. The principal amount deposited in

a SCSS account is tax deductible up to Rs. 1.5 lakh under Section 80C of

the Income Tax Act of 1961. However, the interest received is taxed

based on the taxpayer's tax bracket.

1.2 COMPANY OVERVIEW

TRPN & Associates Chartered Accountants a CA Firm Promoted by

Three Young Chartered Accountants and Their Young Team. The Audit
firm was established in the year 2020 having adequate corporate

experience focusing on audit & assurance, internal audit, risk governance,

and taxation services.

The firm has a dedicated and expert team duly assisted by qualified

CA/CS with requisite knowledge and experience in the areas of

 Indirect & Direct Taxation

 Financial & Management Accounting

 Internal & Management Audit, Internal Finance Controls

 Risk Management & Assessment

 Management Information System

 Investment Planning

 Budget & Forecasting

 Banking, Funding & Treasury Operations

 Transaction Advisory

 Due Diligence

 Internal Audit

 Company Startup

 Advisory Services

This firm is a Partnership Firm with 3 Chartered Accountants, Each

has its own office in Coimbatore (Head Office), Salem, Bangalore. They all

Carried out various assignments relating to unlisted corporations, in

sectors such as Manufacturing, Construction Contracting, etc. Having

domain expertise in assessments, tax audits, tax planning, appeals,

litigations, searches, and surveys. - Bank Audit Experience in Concurrent

Audit and also wider experience in Statutory Audit, GST Audit, Internal
Audit, etc. Handled IFC-ICFR implementation and testing, standard

operating process & policies documentation, due diligence, etc. Bank

Audit Experience Concurrent Audit

NAME OF THE ORGANIZATION: TRPN & Associates, Chartered Accountants

E-MAIL: trpn.ca@gmail.com

HEAD OFFICE: 11/20, TataBad, Shivananda Colony, Coimbatore, Tamil

Nadu

BRANCH OFFICE: Salem & Bangalore

Carried out various assignments relating to Unlisted Corporates, in

sectors such as Manufacturing, Construction and Contracting, etc.
CA Having domain expertise in assessments, tax audits, tax planning,
TamilAmudhan appeals, litigations, searches, and surveys.- Bank Audit Experience
Concurrent Audit - Karur Visya Bank, Statutory Audit
ACA & DISA - Syndicate Bank

Carried out Various Assignments relating to Unlisted Corporates

with wider experience in Statutory Audit, GST Audit, Internal Audit,
CA Ragupathi etc. Handled IFC-ICFR implementation and testing, standard
ACA operating process and policies documentation, due diligence, etc.
Bank Audit Experience Concurrent Audit - Indian Overseas Bank.

Has experience of more than 3 years in the Statutory Audit,

Internal Audit, Bank Audit, Process Audit, and Performance Audit.
CA Prasad Handled IFC-ICFR implementation and testing, standard operating
ACA,ACS,DISA process & policies documentation, due diligence, etc. Bank Audit
Experience Statutory Audit - State Bank of India, Canara Bank.

Commitment

We pledge to offer dependable, unique, and practical solutions to

our customers and work hard to back up our services with the best

possible level of efficiency, professionalism, and technology.

Vision
  To be a reputable and well-trusted professional company and

acknowledged as a top service provider in key areas

 To be a reputable and trustworthy partner for other experts in the

field.

Mission

 To consistently offer customers top-notch service at all times.

 To make use of the qualifications and experience of all internal

stakeholders and assist in the development of external

stakeholders.

Values

 Integrity, moral behaviour, independence, and respect for one

another serve as the foundation of our core values.

STRENGTHS

* A strong reputation for reliability, honesty, and skill.

* The technology's adaptability, adoption, and accessibility of a
variety of hardware and software.
 * A dependable client with a high level of customer loyalty.
* Relationships that are open with clients, some of whom are

prominent industry figures.

* Proper maintenance of Client Records

* Time Management, Expertise Knowledge & Data Control

WEAKNESS

* The bulk of the standardized services we offer have lower rates due

to competition.

* Minimal soft skills training.

* Less number of learned Articles

* No Time Boundaries

* Poor Rewards

* Attracting and maintaining great staff can be difficult, and high

turnover can have an influence on service quality.

OPPORTUNITIES
 * As business openness becomes more crucial, independent
accountants will provide additional services.
* The quality of audit work has improved as a result of new
technology.

* Lots of innovative implementation

* New challenges will overlying Opportunities

* Exploring Tax Deductions, Accounting standards

* Cross-selling opportunities can be created by collaborating with

legal firms, banking institutions, or other professional services firms.

THREATS

* There is a complexity in compliance with all laws and regulations at

the same time.

* Maintenance and storage of client details leads to high cost.

* New Government policies.
* Changes in politics will lead to the changing of rules and regulations
of present practices
* New, disruptive audit sector participants, such as technology-driven
enterprises, have the potential to threaten existing audit firms.

Branch Audit

a) Compliance with Documentation Procedures

b) General and Financial Administration matters

c) Reporting and Housekeeping Routines

d) Classification, provisioning, and reporting of NPA’s

e) Compliance with Statutory procedures

Concurrent Audit

(a) Report on Cash Management and Security Items

(b) Factoring Operations in general

(c)Housekeeping Routines

(d) Reporting Routines Compliance

(e) Bank’s Internal Control Procedures

Inspection Audit, Revenue Audit

a) Scrutiny and Verification of Documentation

b) Scrutiny of NPA Accounts

c) Verification of Revenue Leakage

d) Financial and General Administration Matters

ORGANIZATIONAL STRUCTURE
SERVICES RENDERED BY TRPN & ASSOCIATES
 CHAPTER 2 WORK PROFILE

2.1 Objectives of the Study

 I. To study about practical areas of tax management, compliance, tax

returns, filings, and planning.

II. To experience a variety of real-world situations, such as managing tax

assessments and the documentation throughout the training period

III. To get guidance for submitting income tax returns for the assessment

year 2023–2024 on the official web portal of the Income Tax

Department, and filing GST Returns on the official web portal of the

Goods and Service Tax Department of the Government of India.

IV. To integrate management academics with the outcomes of the actual

internship learning.

V. To investigate and gain knowledge of the organizations overall

operations and duties, with a focus on Tax Management Compliance,

Tax Returns, Filings, and Planning activity

Scope of the study

This Study reveals tax management, compliance, tax returns,

filings, and planning are disclosed by the company and submitting income

tax returns for the assessment year 2023–2024 on the Income Tax

Department's official website, as well as filing GST Returns on the Goods

and Service Tax Department. Being aware of the various tax provisions, as

well as the pertain to Individuals, HUF, Companies, AOP, BOI, and local

authorities.

2.2 Methodology
 Understanding the numerous tax provisions as well as the

advantageous provisions that apply to Individuals, HUF, firms,

Companies, BOI, and Local Authorities.

 Using the summary provided by the Government Income Tax Portal,

based on the information provided by the Assesse and posted in the

application software maintained by the Firm.

 Computing the assesse tax liability and assisting them in filing their

income tax return helping them with the Refund

Task Performed During Internship

 Maintenance of accounts/ Book Keeping

 GSTR Filing

 GSTR Registration

 Income Tax Filing

 TDS Return Preparation

 Online Registration of PAN in Income Tax e-filing portal

 Tax Audit

 Invoice Generating

CHAPTER 3 OBSERVATION & ANALYSIS

 Learned about the practical aspects of tax management,

compliance, returns, filings, and planning. Introduced to tax accounting

software that assists with practical tasks.

 Gaining knowledge of how to create client codes in the tax software

for different categories of assesse, such as individuals, HUFs, special

individuals, corporations, priority business cases, etc.

 A comparison of the tax summaries that are provided on each

assessee's individual income tax portal.

 Analyzing Form 26AS in comparison to the assesses provided

documentation,

 Analysis of Various Assesses Income Statements and Loan

Statements for the Assessment Year 2023–2024

 Preparation of tax computations, individual assesse statements, and

company audit reports

 Direct interaction with a variety of assessee and preparation of their

personal income tax returns after internal deliberation.

 The preparation and maintenance of physical compliance

documentation held by the organization for future reference.

 provided instructions for GST registration for newly established

businesses

 Generated invoices for the firm's clients' in Tally for income tax

filings

 Filled GSTR1 for clients and cross-verified GSTR 2B & 3B

Understanding the Different Income Tax Sections, Sources of Income,

and How It Operates Learning about income tax provisions, several types

of tax returns, and different GST return types, learned about the offline
method of filing income tax returns when creating an invoice in Tally.

Maintaining bookkeeping for clients in Tally and registering for new GST

registrations for start-up businesses.

 Income tax filing refers to the procedure of submitting tax returns to

the government. This includes figuring out how much tax is owing,

compiling the required paperwork, and timely filing the return.

 The process of submitting GST returns to the government is referred to

as GSTR filing. The great majority of goods and services purchased and

sold in India are subject to the GST, or goods and services tax.

 Financial statement analysis involves evaluating a company's financial

statements to assess its financial health.

LAST DATE FOR FILINGS:

 GSTR1 11th of Every Month

 GSTR3B 20th of Every Month

 GSTR9 Annual Return 31st December

 Income Tax for Individuals July 31st

 Trust, Partnership Firm, Companies, Tax Audit – September

30

 TDS Every Quarter Next Month 15th

DIGITAL TRANSFORMATION AT THE FULCRUM OF THE NEW TAX

COMPLIANCE ORDER

INTEGRATED APPROACH FOR TAX COMPLIANCE

Tax compliance systems require similar information in various

formats, but the same data is evaluated differently by different teams to

meet different tax compliance needs. Integrated compliance solutions can

detect data commonality between different filings and create a data pool

to store common data. This data can be reprocessed using smart

technological solutions and packaged in the appropriate format for various

tax compliances. This creates a single source of truth, and transparency in

tax data, and reduces errors and inconsistent reporting, saving time and

enhancing efficiency.

CRITICAL TO MAINTAIN CROSS LEGISLATION RECONCILIATIONS

Data sharing has been authorized between various Tax and

Regulatory Authorities. The Authorities will carefully analyze any

discrepancy between different reporting’s. As a result, it is critical for

organizations to maintain a rigorous reconciliation of data supplied to

various Authorities.
Expenditure reported in the following reportings must be in sync

 TDS returns

 Income-tax return

 Tax audit return clause 34(a)

 Inward supply as per GSTR 2A/ 2B and GSTR 9/ 9C

 Financial Statements filed with MCA

On the same lines, revenue/income should be reconcilable in the

following reportings

 AIS/TIS

 Form 26AS

 Income-tax return

 Outward supply as per GSTR 1, GSTR 3B and GSTR 9/9C

 Financial Statements filed with MCA

TECH INFUSION WITHIN THE TAX FUNCTION — A

PRESSING PRIORITY

A technologically equipped tax function is no more a 'nice to have,' but a

'must have' for the organization. Indian tax authorities have been at the

forefront of innovative technology use.

Some of these technology-enabled changes are

 Introduction of faceless assessment scheme

 AIS/TIS form

 Expanding the scope of TDS/TCS provisions and other

reportable matters

 System-generated notices under GST

 Red flag reports and blocking of ITC, if availed in excess of

auto-generated return

CHAPTER 4 FINDINGS
 My experience has really been rounded out by the significant

learning experiences that I've had, including how to interact with clients

and expand on my technical knowledge of accounting and audit concepts

by learning new concepts and new audit procedures. Individuals or

companies that have filed their tax returns beyond the deadline or not at

all. Non-Reporting of Foreign Income The taxpayers failed to disclose their

foreign assets or income as required by tax rules. Filing Mistakes Tax

compliance audits frequently uncover problems on tax returns, such as

mathematical errors, typographical errors, or wrong filing statuses.

Auditor of tax compliance must be current on changes to tax rules and

regulations. They might spot inconsistencies between files from earlier

years and the legislation in effect now. Types of Income Tax Returns,

Types of GSTR Returns, Tax Provisions, Deduction and Exemption Level

for Individual, Accounting Software tools,

 Bookkeeping is the process of documenting a company's financial

transactions. Accounting is required to keep track of a company's

financial health.

 GSTR filing refers to the procedure of submitting GST returns to the

government. The GST, or goods and services tax, is imposed on the

vast majority of goods and services bought and sold in India

 GST Registration of a business with the tax authorities implies

obtaining a unique, 15-digit Goods and Service Tax Identification

Number (GSTIN) from the GST authorities so that all the operations of

and the data relating to the business can be collected and correlate

 Income Tax Return (ITR) is a form which a person is supposed to

submit to the Income Tax Department of India. It contains information

 about the person's income and the taxes to be paid on it during the

year.

 TDS is a Tax that is deducted from income that a company in India

pays to a recipient, if the Income Amount Exceeds a Specific statutory

limit in a financial year.

 Tax Audit is an examination of your tax return by the IRS to verify that

your income and deductions are accurate

TAX COMPLIANCE THEORIES

Voluntary Compliance Theory According to the voluntary compliance

idea, taxpayers readily comply with tax regulations because they believe

the system is fair and just. In India, taxpayers' perceptions of fairness in

taxation are critical in persuading them to declare and pay their taxes

freely.

Tax Morale Theory Tax morale refers to taxpayers' innate drive and

willingness to comply with tax rules. It is influenced by elements such as

faith in government, perceived tax administration efficacy, and belief that

tax monies are used for the public good. In India, tax morale can have a

substantial impact on tax compliance.

Tax Complexity Theory proposes that the complexity of tax rules and

regulations can influence compliance behavior. Taxpayers in India may

find it difficult to understand and comply with all of the requirements,

resulting in accidental errors or non-compliance.

Tax Evasion Cost-Benefit Theory Taxpayers assess the possible

benefits of tax evasion against the predicted costs, which include

penalties and the danger of being discovered. Noncompliance can be

discouraged by high tax evasion costs and a low possibility of getting

away with it.

Theory of Tax Amnesty and Penalty Reduction The Indian

government has provided tax amnesty schemes or lower fines for

taxpayers who come forward to report previously concealed income.

These systems are founded on the notion that taxpayers respond

favorably to voluntary compliance incentives.

Theory of Communication and Tax Education Compliance can be

improved through effective communication and taxpayer education.

Taxpayers are more inclined to voluntarily comply with tax rules if they

understand their obligations and the benefits of compliance.

 CHAPTER 5 RECOMMENDATION

 They have a strong chance to offer consumers the ISO standards

training programme, which no other firm offers.

 Try to use cutting-edge technology that aren't being used by their

rivals.

 Create a network that makes it simple for their clients to communicate

with them.

 The local economy is very robust, and we anticipate further success for

our normal clientele.

 The company's personnel resources are primarily professionally

educated, which poses a danger to its rivals.

 The partner must make the best use of their goodwill in order to

increase the firm's clientele and reputation.

 To maintain and expand clients, they must provide audit services at

the lowest possible cost while providing guaranteed quality.

 Reviewing the infrastructure and working conditions can help the

trainees work more efficiently. Auditing and assurance is a difficult job.

 Some motivational meetings and mentoring exercises might help

employees feel good about their employment.

 Trainees are not compensated financially or otherwise for extra labour

or overtime. Employees will be motivated from time to time by

financial bonuses or performance incentives.

 CHAPTER 6 CONCLUSION

Working with TRPN & Associates was a great experience that helped

me improve and grow my skills, abilities, and knowledge.

It was a nice experience because I obtained not only experience

also obtained information and knowledge

TRPN & Associates is also a wonderful firm to perform an internship

because of its well-trained staff and hands-on training, which provides

several benefits and advantages to practical learners.

The two-month internship was insufficient for me to learn more

about the occupations.

During the audit, there was a strong emphasis on ethical behavior

and professional integrity. Auditors followed a strict code of ethics in order

to retain public trust.

Auditors frequently meet complex financial challenges that

necessitate creative problem-solving and decision-making abilities.

Building and sustaining excellent client connections is critical for

client retention and audit success.

The firm boasts a wide range of professionals who have contributed

to the firm's current reputation. It still has space for progress, and the

measures to improve in the industry are straightforward and require a

commitment on the part of partners and employees.

I'd be grateful to TRPN & Associates (Chartered Accountants)

Company Staff and fellow Articles, particularly my Internship Guide Mr. CA

Ragupathi, and everyone in the firm who helped make these last ten

weeks of internship an unforgettable learning experience for me

 CHAPTER 7 LEARNING OUTCOME

Understanding the Various Sections of Income Tax, Sources of

Income, Income Tax Provisions, how tax plays role in the economy, how it

Works, Types of Income, Types of Tax Returns, Types of GST Returns, How

to Raise an Invoice in Tally, Recording Accounts in Tally, Understanding of

TDS

To learn the provisions of Direct Tax Laws pertaining to the

computation of an Assessee's Total Income, the preparation of their

respective Income Tax Returns, and the filing of the same in the Income

Tax Portal of the Government of India.

To understand about the appropriate documents that must be

prepared and kept in accordance with the compliance requirements.

To collaborate with a team of professionals and professional

trainees as an Article Assistant in accordance with the Training

Organization's policies and procedures, and to complete the Assigned

Task within the Specified Time Limit.

Annexure
References

https://www.icai.org/
www.ey.com
computaxonline.com