A Study on General Management

Aspects of Pratap Organics Pvt. Ltd

“Study on Accounts and Finance Pratap Organics Pvt Ltd”.

In the partial Fulfillment of the Degree of

Master’s in management studies (MMS)
Under
University of Mumbai
By
Ms. Rutuja Bhimrao Kamble
[MMS Semester IV
Rollno:21]
Specialization: Finance.
Batch:2022-2024
Under the guidance of
Dr. Raghavendra Bendigeri

Oriental Institute of Management

Vashi, Navi Mumbai-400703

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 DECLARATION

This is to declare that I Ms. Rutuja Bhimrao Kamble student of Oriental Institute of Management (OIM),
Vashi MMS (Finance) batch 2021-2023, has given original data and information to the best of my knowledge
in the project report titled “Goods and Service Tax” is a record of independent work carried out by me under
the guidance and supervision of the Dr.Raghavendra Bendigeri towards the partial fulfillment of requirement
for the M.M.S. degree course under University of Mumbai.

I also agree in principle not to share the vital information with any other person outside
the organization and that I have not submitted it for any award or any other title, degree
or diploma.

Date:
Place: Navi Mumbai
Name- Ms. Rutuja Bhimrao Kamble
Roll No-21
Specialization-
Finance Batch-MMS
2022-2024

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CERTIFICATE

This is to certify that the project entitled “Study on Refinery Budgeting”, submitted to Oriental Institute of
Management, Navi Mumbai in the partial fulfillment of the requirements for the award of the degree of
master’s in management studies of University of Mumbai embodies the results of Bonafide project work
carried out by Ms. Rutuja Bhimrao Kamble under my guidance and supervision. To the best of my
knowledge the results embodied in this project have not been submitted to any other university or institute for
the award of Degree or Diploma. The assistance and help received during this investigation has been duly
acknowledged.

Dr. Raghavendra Bendigeri Dr. R. G.

Ratnawat Project Guide Director

Date:12/10/2023
Place: Na

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 ACKNOWLEDGEMENT

This report is an outstanding prospect to convey my gratefulness to those many people whose timely help and
guidance went a long way in finishing this project work from commencement to achievement.

I would like to express my sincere thanks to Dr. Maumita Roy for giving me an opportunity to explore the
practical knowledge practiced by the company.

This project could not be completed without the able guidance and support of Dr. Dr. Raghavendra

Bendigeri and would like to also thanks the other faculty members.

I am grateful to the entire team of Pratap Organics Pvt Ltd. for helping me to get the information and a
valuable experience.

I Acknowledge with the deep sense of reverence, my gratitude towards my parents and the members of my
family, who have always supported me morally as well as economically.

Working on this project has proved to be an enlightening experience for me.

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 CONTENT

SR NO. CONTENT Page No

1 Executive Summary

2 Introduction
3 Review of literature
4 Research Objectives
5 Research Methodology

6 Data Analysis and Interpretation

7 Findings and Conclusion
9 References
10 Annexure

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 EXECUTIVE SUMMARY

Pratap Organics, an industry leader in pharmaceuticals and specialty chemicals, has forged a remarkable path
marked by its unyielding dedication to excellence. The company's core focus on manufacturing drug
intermediates and specialty chemical compounds has culminated in a remarkable portfolio that encompasses
a diverse array of over 45 active pharmaceutical ingredients (APIs). This expansive product range serves as a
testament to Pratap Organics' unwavering commitment to addressing the ever-evolving and multifaceted
requirements of the pharmaceutical and chemical industries.

Quality lies at the very heart of Pratap Organics' operations, underpinning every facet of their business. Their
manufacturing facility, an embodiment of their relentless pursuit of perfection, stands adorned with the
prestigious ISO 9001 and cGMP certifications. These accolades are not merely symbols of achievement;
rather, they represent the company's resolute dedication to upholding rigorous quality control measures and
regulatory standards. These certifications are emblematic of Pratap Organics' unwavering commitment to
ensuring that their products consistently meet and exceed the highest benchmarks for safety, efficacy, and
reliability.

However, it is not just about certifications; Pratap Organics boasts a cutting-edge and versatile manufacturing
infrastructure that sets it apart as an industry leader. Equipped with state-of-the-art technology, their facility
boasts an impressive array of reactors, including glass-lined and stainless steel variants. This diversity in
equipment empowers Pratap Organics with the adaptability required to cater to the unique demands of various
chemical and pharmaceutical compounds. This adaptability ensures that they can offer tailored solutions that
align precisely with their customers' specific requirements.

At the core of Pratap Organics' operations is a staggering annual production capacity of 350 metric tons, a
figure that transcends mere statistics. It is a testament to their expertise and capabilities, underscoring their
reputation as a dependable and consistent supplier in an industry where precision, scale, and reliability are of
paramount importance. With such a formidable production capacity, Pratap Organics is well-poised to meet
the ever-increasing demands of their clientele, making significant contributions to the pharmaceutical and
specialty chemical sectors.

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In conclusion, Pratap Organics stands as a shining beacon in the pharmaceutical and specialty chemicals
arena. Their extensive product range, unwavering commitment to quality, and state-of-the-art manufacturing
infrastructure are the pillars of their enduring success. With their significant annual production capacity, they
are not just shaping the industry's future but are also embarking on a journey of continued excellence,
steadfastly dedicated to meeting the evolving needs of their clients and the broader market. Pratap Organics,
with its unwavering dedication to excellence and unrelenting pursuit of innovation, stands poised to lead the
way in the pharmaceutical and specialty chemical industries for years to come.

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 Part A- Profile of the Organisation
COMPANY PROFILE

Pratap Organics Private Limited is an established unlisted private company that was incorporated on 22
August 2006. Located in Navi Mumbai, Maharashtra, this company has steadily made its mark in the
chemical manufacturing industry. With an authorized share capital of INR 2.00 crores and a total paid-up
capital of INR 71.84 lakhs, Pratap Organics operates as a private limited entity, offering stability and
reliability to its clients and stakeholders. The company's financial performance showcases its strength, with
operating revenues ranging from INR 1 crore to 100 crores for the financial year ending on 31 March 2022.
Despite the industry's challenges, Pratap Organics has proven its resilience, with an EBITDA decrease of -
2.94% from the previous year but a notable 23.69% increase in book net worth. This underscores the
company's commitment to financial stability and long-term growth.

Pratap Organics specializes in the manufacturing of chemicals and allied industries, boasting a range of
products such as Bromo acetaldehyde dimethyl acetal, Bromo acetaldehyde diethyl acetal, and 2-
bromomethyl-1, 3-dioxolane, among others. As a manufacturer, the company has demonstrated its capacity
for innovation and adaptability in a dynamic market. The company is currently listed as "Active,"
signifying its continued operations and dedication to its mission.

In its governance structure, Pratap Organics Private Limited is guided by a board of four directors, including
notable individuals such as Amit Pratap Deshmukh, Mohan Sadashiv Shinde, and others. These leaders
bring their expertise to steer the company towards its vision of excellence and global leadership.

The Corporate Identification Number (CIN) of Pratap Organics Private Limited is

U74999MH2006PTC163960. The registered office is situated at C-481/4, TTC, MIDC, PAWANA
VILLAGE, THANE BELAPUR ROAD, NAVI MUMBAI, Maharashtra, solidifying its presence in a key
industrial region. The company's commitment to growth and innovation is further highlighted by the most
recent Annual General Meeting held on 30 September 2022, demonstrating its proactive approach to
corporate governance and stakeholder engagement. With a rich history, financial stability, and a diverse
product portfolio, Pratap Organics Private Limited stands as a key player in the chemical manufacturing
industry, dedicated to quality, sustainability, and excellence.

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Pratap Industry has earned its reputation as a versatile and dynamic manufacturer, standing out
in the industry for its remarkable range of products. This diverse portfolio includes not only
essential items like soaps and perfumes but also crucial, life-saving products such as cancer
medicines. What truly sets Pratap Industry apart, however, is its global outlook and orientation.

In an increasingly interconnected world, Pratap Industry has chosen to focus its efforts primarily on serving
clients beyond the borders of India. This international perspective is more than just a business strategy; it's a
testament to their commitment to providing high-quality products that meet the diverse needs of markets
and industries worldwide.

Pratap Industry's decision to operate on a global scale underscores their dedication to excellence. It means
that they must consistently adhere to rigorous standards and regulations, ensuring that their products meet the
expectations of customers from various backgrounds and regions. This commitment to quality and
consistency has propelled Pratap Industry into a trusted and invaluable partner in multiple sectors.

In the pharmaceutical arena, where precision and reliability are paramount, Pratap Industry's cancer medicines
have made a significant impact. Their ability to produce and deliver these critical medications, often needed
urgently, has contributed to the global fight against cancer.

In the world of fragrances and personal care products, Pratap Industry's offerings have also made waves.
Their commitment to quality extends to these everyday essentials, ensuring that customers around the world
can enjoy products that are not just functional but also delightful in terms of scent and texture.

In summary, Pratap Industry's versatility in manufacturing, its global outlook, and its unwavering
commitment to quality have positioned the company as a noteworthy player in the pharmaceutical, fragrance,
and personal care sectors. Their ability to deliver excellence on a global scale is a testament to their
dedication and expertise, making them a trusted and valuable partner to clients worldwide. Whether it's life-
saving cancer medicines, fragrances that captivate the senses, or everyday soaps that promote cleanliness and
well-being, Pratap Industry's contributions extend far beyond India's borders, touching the lives of countless
individuals and communities worldwide.

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 ORGANIZATIONAL STRUCTURE

Any operating organization should have its own structure to operate efficiently. For an organization, the
organizational structure is a hierarchy of people and its functions.

A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the items are
represented as being “above” “below” or “at the same level as” one another and with only one “neighbor”
above and below each level. These classifications are made regarding rank, importance, seniority, power
status, or authority. A hierarchy of power is called a power structure.

Depending on the organizational values and nature of the business, organizations tend to adopt the
structures for management purposes.

 Partners
 Senior managers
 Managers
 Supervisors
 Senior trainee students
 Junior trainee

Partners are often founders of the firm. Most of the firms’ names are associated with the names of the
partners. They are basically the main parties who issue and sign any report (specifically audit report) on
behalf of the firm. Partners mostly communicate with the senior managers. In other words, the progress of
any report and any inquiry is made by the managers and the hierarchical structure is strictly followed to
avoid any disruption.

Managers are inquired of by the senior managers and mostly managers manage audit field works etc. and
after field work managers with cooperation of senior manager makes and finalize any audit report to be
issued. The senior manager is a qualified chartered accountant having more than 10 years working
experience.

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Manufacturing Excellence: Pratap Organics has gained recognition for its exceptional manufacturing
practices and commitment to quality. The company's manufacturing facility is equipped with state-of-the-art
machinery, ensuring efficiency and product consistency. With a sharp focus on adhering to safety regulations
and sustainability in its processes, Pratap Organics sets a high industry standard. The company's approach to
environmentally responsible practices is both commendable and a prime example of corporate responsibility.

Product Portfolio: Pratap Organics' product portfolio spans a wide array of specialty chemicals, serving
diverse industries. This includes chemicals for pharmaceuticals, agriculture, textiles, and more. Notable
products include Bromoacetaldehyde dimethyl acetal, bromoacetaldehyde diethyl acetal, and 2-
bromomethyl- 1, 3-dioxolane. The company's commitment to product innovation has allowed it to meet the
evolving needs of its clients and address industry-specific challenges.

Sustainability and Environmental Responsibility: In an era marked by environmental consciousness, Pratap

Organics is at the forefront of sustainable chemical manufacturing. The company's eco-friendly approach
extends to its production processes, waste management, and resource utilization. Pratap Organics aims to
contribute to a greener and more sustainable future, aligning with global efforts to minimize the
environmental footprint of the chemical industry.

Financial Strength and Growth: Financially, Pratap Organics Private Limited demonstrates its resilience and
commitment to long-term growth. The company's operating revenues for the fiscal year ending on 31 March
2022 ranged between INR 1 crore to 100 crores. Despite industry challenges, Pratap Organics registered an
impressive 23.69% increase in book net worth, showcasing its financial stability and growth potential.

Leadership and Governance: Pratap Organics is led by a board of four directors, including Amit Pratapsinh
Deshmukh and Mohan Sadashiv Shinde, who provide strategic direction and vision to the company. This
leadership is instrumental in driving Pratap Organics towards its mission of becoming a global leader in
chemical manufacturing.

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 VISION AND MISSION

Pratap Organics pvt. ltd mission is” to be a global leader in the chemical industry, dedicated to delivering top-tier chemical
products that drive innovation, promote sustainability, and empower industries across the world. Committed to
maintaining the highest standards of quality, ethical business practices, and environmental responsibility. “

1. Deliver Quality:
Consistently provide the market with chemical products of unparalleled quality, setting industry benchmarks and propelling
global progress.

2. Expand Globally:
Focus on expanding our reach into international markets, establishing enduring partnerships, and fostering cross-border
collaboration for mutual growth and prosperity.

3. Champion Sustainability:
Deep commitment to environmental stewardship, advocating eco-friendly practices, and contributing to a more sustainable
and eco-conscious future.

4. Nurture Excellence:
Diverse and highly skilled team is central to our mission. Investment in employees, supporting their personal and
professional growth to align with our values and drive our objectives.

5. Ensure Financial Strength:

Maintain sound financial management practices to ensure the long-term stability and growth of our organization, benefiting
all stakeholders.

6. Lead with Ethics:

Under the guidance of Mr. Pratap Deshmukh, adhere to fair, transparent, and ethical business policies, fostering trust and
credibility within our industry.

Mission is to continue making a substantial impact on the chemical industry, contributing to progress, sustainability, and the
betterment of society at large."

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 SWOT ANALYSIS

STRENGTHS:

1. Quality Products: Pratap Organics is known for delivering high-quality chemical products, which
has helped build a strong reputation in the industry.
2. Export House Certification: Their certification demonstrates authenticity and their ability to
engage in international trade effectively.
3. Financial Growth: The company exhibited strong financial growth, with a significant increase in
net worth and assets. A positive return on equity also signifies financial stability.
4. Geographical Presence: Pratap Organics has successfully expanded into international markets
in Europe and Asia, showcasing their global reach.

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 5. Experienced Leadership: The mentor, Mr. Pratap Deshmukh, provides ethical leadership and
a transparent approach, which contributes to the organization's credibility.

WEAKNESSES:

1. EBITDA Decline: The decrease in EBITDA by -2.94% indicates a potential operational

challenge, which should be addressed for sustained profitability.
2. Limited Financial Information: Specific financial figures such as revenue, profits, and debts are
not disclosed, making a detailed financial assessment challenging.

OPPORTUNITIES:

1. Market Expansion: Pratap Organics can continue to explore and enter new markets to expand
their customer base and revenue streams.
2. Sustainability Focus: The company's commitment to sustainability presents an opportunity
to capitalize on the growing demand for eco-friendly products.
3. Innovation: The chemical industry is dynamic, offering opportunities for innovation and
the development of new products and technologies.

THREATS:

1. Competition: The chemical industry is highly competitive, and Pratap Organics faces
competition from both established and emerging players.
2. Economic Uncertainties: Economic fluctuations and market volatility can impact the demand
for chemical products.

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 3. Regulatory Changes: Evolving regulations and environmental standards may require adaptations
and investments in compliance.
4. Supply Chain Disruptions: Global events, such as supply chain disruptions, can affect the
production and distribution of chemical products.
5. Environmental Risks: The chemical industry is subject to environmental risks, including
potential pollution and safety issues.

This SWOT analysis provides an overview of Pratap Organics Pvt. Ltd.'s current position and potential areas
for improvement and growth. It's important to note that the specific details of their financial performance are
not available, which limits a more in-depth financial analysis. Additional data and ongoing market analysis
would provide a more comprehensive evaluation.

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 MCKENSEY’s 7 S FRAMEWORK

1. STRATEGY:

 Pratap Organics aims to be a global leader in the chemical industry. Their strategy is focused on
delivering high-quality chemical products, expanding into international markets, championing
sustainability, and maintaining strong financial health.

2. STRUCTURE:

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 The organization employs between 51 to 200 employees, indicating a moderately sized structure.
Specific details about the internal structure, such as divisions and reporting lines, are not provided but
would be integral to understanding the organization's dynamics.

3. SYSTEMS:

 Pratap Organics follows ISO 9001:2008 standards, emphasizing quality control. They also have Export
House Certification, signifying a system for managing international business operations. Details about other
internal systems and processes are not provided but are essential to understand how they achieve their
mission.

4. SKILLS:

 The company boasts a team of highly dedicated and qualified professionals, contributing to the delivery
of quality products and services. The skills of these professionals are vital for the organization's success.

5. STAFF:

 Pratap Organics employs 51 to 200 employees in India, who play a vital role in achieving the
company's objectives. Understanding their roles, responsibilities, and competencies would be key to
assessing the organization's effectiveness.

6. STYLE:

 The mentor, 'Mr. Pratap Deshmukh,' leads the organization with a focus on ethical and transparent business
practices. His leadership style promotes trust and credibility, which is integral to the company's mission
and values.

7. SHARED VALUES:

 Pratap Organics is committed to delivering quality, sustainability, and ethical business practices. Their
shared values include a focus on quality, global expansion, environmental responsibility, and employee

17
growth.

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This application of the 7S Framework highlights the alignment of various elements within Pratap Organics
Private Limited, such as their strategy, structure, and shared values, all guided by the leadership style of Mr.
Pratap Deshmukh.

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 Part -B Main Body of The Project
(Type -III) Experiencial Learning Project)

EMPLOYEES SATISFACTION

Employee satisfaction at a any organization for that matter, is crucial for the firm's success. Happy and
motivated employees are more likely to be productive, engaged, and committed to their work, leading to
better client service and overall business outcomes.

Work-Life Balance: An organisation often have busy periods, such as tax season, where employees
may be required to work long hours. However, promoting a healthy work-life balance throughout the
year can significantly improve employee satisfaction. Flexible work arrangements and reasonable
workload distribution can help achieve this balance.

Compensation and Benefits: Competitive salaries and benefits packages are essential for attracting and
retaining top talent in the accounting profession. Fair compensation can make employees feel valued
and motivated to perform their best.

Career Growth and Development: Providing opportunities for career advancement and professional
development is crucial for employee satisfaction. An organisation should support employees in pursuing
additional certifications or skills that can benefit both the individual and the firm.

Recognition and Feedback: Acknowledging and rewarding employees for their hard work and
achievements can boost morale and job satisfaction. Regular feedback and performance evaluations help
employees understand their strengths and areas for improvement.

Work Environment: A comfortable and inclusive work environment is vital for employee satisfaction.
An organisation should promote diversity and inclusion and maintain a professional atmosphere that
encourages collaboration and teamwork.

Quality of Clients and Projects: Assigning employees to engaging and challenging client projects can
enhance their job satisfaction. Boring or repetitive work can lead to dissatisfaction and burnout

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 WORK CULTURE

Organizational culture encompasses values and behavior that "contribute to the unique social and
psychological environment of an organization." According to Needle (2004), organizational culture
represents the collective values, beliefs and principles of organizational members and is a product of
such factors as history, product, market, technology, strategy, type of employees, management style, and
national culture; culture includes the organization's vision, values, norms, systems, symbols, language,
assumptions, beliefs, and habits.

The concept of a workplace culture encompasses many different characteristics of a business. Culture has
visible components in the way that a business looks and how employees dress, but it really thrives in the
attitudes of employees, in the setting of goals and in the communication of business values to workers and
customers. The business owner sets the pace for creating, defining, and refining the company culture.

Sundaram seshan & associates believes that culture is dynamic so it important that employees should be
capable to adapt the changes in culture. Employees are given full freedom to take decisions, which
promotes flexibility in decision making and flexibility helps in retention of business.

It’s a firm which promotes teamwork. Teamwork enhances the potentiality of the employees and gives
effective outcome by using individual skills. It promotes the teamwork due to following advantages:

 Good teamwork maximizes involvement, utilizing everybody’s strengths and areas of expertise, as
well as distributing responsibility to all.
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 Information is shared amongst the team members, maximizing the levels of knowledge, and
learning for the whole organization.

 A good team can produce a wide range of possible solutions to each specific problem and ascertain
the most effective one from the range through collective input and interaction

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 OBSERVATIONS

 Accounts Department:
 Detailed observations of financial transactions recording procedures.
 Ledger management practices and techniques.
 Preparation of financial statements and reports.
 Finance Department:
 Budget management and allocation strategies.
 Investment planning and financial forecasting methods.
 Financial decision-making processes.

4. Software and Tools

The company utilizes [mention accounting and financial software/tools] for streamlining financial processes.
These tools play a crucial role in enhancing accuracy and efficiency in accounting operations.

5. Processes and Procedures

Detailed observations were made regarding the workflow and procedures followed in various financial
activities. This included [specific processes observed, e.g., accounts payable, accounts receivable, general
ledger maintenance].

6. Compliance and Regulations

The company ensures strict compliance with relevant accounting and financial regulations. Observations
were made on how Pratap Organics Pvt Ltd adheres to [mention specific regulations or standards].

7. Reporting and Analysis

The generation and utilization of financial reports were observed. These reports serve as critical tools
for decision-making within the organization.

8. Budgeting and Forecasting

Detailed insights were gained into the company's approaches to budgeting and forecasting. This included
[mention any unique techniques or strategies observed].

9. Interactions with Other Departments

Observations were made on how the finance and accounts departments collaborate with other departments
within the company. This includes [mention specific interactions observed].

10. Company Culture and Work Environment

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The project also considered the work culture, communication practices, and overall atmosphere within Pratap
Organics Pvt Ltd. This holistic understanding provided valuable context to the financial operations.

11. Challenges and Solutions

Identified challenges faced by the finance and accounts departments were documented. Additionally,
solutions and strategies employed to address these challenges were noted.

12. Conclusion

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 Part C- Learning from Summer Internship

Information about Account and Finance

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 specialized 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 Bookkeeping to complex financial analysis.

Auditing:

Possibly one of the most important functions of a Chartered Accountant, it is here that his specialized
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 fair view of the situation of the organizatio

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Taxation:

With several taxes in 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 assessments 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 assesses 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 cost 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,

26
 finding out

27
Executors and Trustees

A Chartered Accountant is also often appointed executor under a will or trust 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.

Companies Secretarial Work

In a well-organized 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
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 can render a service which is utilized 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-organization takes place for the purpose of takeover bids and other
acquisitions.

C.As. play an invaluable role in assisting business organizations to utilize resources effectively,
increase their efficiency and achieve their goals and objectives. as management consultants, C.As.
render host of consulting services as under:
 Developing management information system.

 Designing budgetary and control system.

 Determining measures of the effective utilization of capital.

28
  Installing cost accounting system.

29
  Assisting the management in the efficient use of working capital as an aid to
improve productivity.
 Advising management on principles of organization 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 utilization 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 projects 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.
 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.
 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

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AREAS OF SERVICES PROVIDED:

1) AUDIT

 Operational / Management

 Compliance

 Internal and Statutory

 Special/ Mystery Audit

 Bank Audits

2) PHYSICAL VERIFICATION

 Daily/Monthly/Surprise Inventory Counts

 Fixed Asset/Asset/Another Asset audit

 Tax saving investment proof of employees

 HR Related Documents

3) DATA PROCESSING

 Vendor / Customer Masters updates.

 Reconciliation of accounting statements.

 Verification of business expenses.

4) OUTSOURCING

 Preparation of Data sheet

 Consolidation of sales/secondary sales,

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  Calculation of payroll, incentive, and TDS.

5) ACCOUNTING

 Management / Financial / Cash Flow

 Receivables / Payables Management

 MIS and Ratio Analysis

 Budgeting / Projections

 Fixed asset Accounting

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 TAXATION

 Direct Tax (Income Tax)

 Direct Tax Litigation, Adjudication, Appeals to Authorities

 International Taxation.

 Withholding Tax (TDS)

 Goods and Services Tax (GST)

6) AUTOMATION

 Automation of large data entries.

 Setting up MIS Dashboards

Why accounts and finance are important ?

1. Financial Management: Accounting and finance are essential for managing an organization's or
individual's financial resources effectively. They help in budgeting, allocation of funds, and financial
Decision-Making:
planning.
2. Accurate financial information is critical for making informed decisions. Managers rely
on financial data to decide on investments, pricing strategies, cost control, and expansion plans.
3. Regulatory Compliance: Accounting ensures compliance with tax laws, accounting standards, and
other financial regulations. This is essential for avoiding legal issues, penalties, and maintaining trust
with stakeholders.
4. Performance Evaluation: Finance allows for the measurement of an organization's financial
performance. Key performance indicators (KPIs) help assess profitability, liquidity, solvency, and
Resource
efficiency.Allocation:
5. Efficient financial management helps allocate resources optimally. This
includes funding for projects, employee salaries, and investment in growth areas.
6. Risk Management: Finance helps identify, assess, and manage financial risks. It's essential to have
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a financial safety net and risk mitigation strategies in place.

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7. Investment Decisions: Individuals and organizations make investment decisions based on expected
returns, risk, and market conditions. Financial analysis aids in making these choices.
8. Stakeholder Trust: Investors, shareholders, creditors, and other stakeholders rely on accurate
financial reporting to assess the financial health and stability of an organization.
9. Strategic Planning: Financial data provides the basis for long-term strategic planning. It helps set
financial goals and evaluate progress toward achieving them.
10. Economic Stability: On a macroeconomic scale, accounting and finance play a crucial role in
economic stability. They impact interest rates, inflation, and overall economic health.
11. Taxation: For individuals and organizations, understanding accounting and finance is essential for
managing tax liabilities and maximizing deductions and credits.
12. Transparency: Proper accounting practices ensure transparency and accountability in financial
reporting, reducing the likelihood of fraud and unethical financial behavior.
13. Creditworthiness: A solid financial history is important for individuals and organizations when
seeking loans, credit lines, or attracting investors.

GST

1. GST RETURN FILLING

A GST (Goods and Services Tax) return is a formal document that individuals and businesses registered under
the GST system are required to submit to the tax authorities. It serves as a comprehensive record of financial
transactions, detailing sales, purchases, and the amount of GST collected or paid during a specific period. This
reporting is not only a legal requirement in many countries but also a critical element of tax compliance.
Accurate GST returns enable businesses to claim input tax credits, reducing their overall tax liability, and

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contribute to transparency in financial transactions. They play a crucial role in government revenue collection
and provide insights into a project's financial performance. Additionally, meticulous record-keeping for GST
returns is essential for audits and future financial planning, making it a fundamental component of any
project's financial management.

Filing Frequency: The frequency of filing GST returns varies from country to country and depends on
factors like your annual turnover and the nature of your business. It can be monthly, quarterly, or annually.
You must be aware of the specific filing schedule applicable to your project.

Input Tax Credit: One of the significant benefits of filing GST returns is the ability to claim Input
Tax Credit (ITC). This means you can offset the GST you've paid on your purchases against the GST
you've collected on your sales. Properly accounting for ITC can help reduce your overall tax liability.

Late Filing and Penalties: Failing to file GST returns on time or providing incorrect information can
result in penalties, interest, or even legal consequences. Therefore, it's crucial to adhere to the filing
schedule and ensure that the data you submit is accurate.

Types of GST Returns: The specific types and formats of GST returns may vary by country. Common types
include GSTR-1 (for outward supplies), GSTR-3B (a summary return), and GSTR-9 (the annual return). Be
sure to familiarize yourself with the forms relevant to your jurisdiction.

Amendment of Returns: In some cases, you may need to make corrections to your GST returns.
Amendments can be made in subsequent returns, but it's essential to follow the guidelines provided by the tax
authority for making corrections.

GST Audits: Tax authorities may conduct GST audits, where they scrutinize your GST returns and financial
records to ensure compliance. Maintaining accurate records and filing returns correctly can help you
navigate such audits smoothly.

E-filing: Many countries have transitioned to electronic filing systems for GST returns. This typically
involves using an online portal provided by the tax authority to submit your returns. E-filing simplifies the
process and reduces paperwork.

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In summary, GST returns are a vital aspect of tax compliance and financial management for businesses and
projects. They enable businesses to report their GST liability, claim Input Tax Credit, and contribute to
government revenue. Accurate and timely filing is crucial to avoid penalties and legal issues, and it's
important to stay informed about the specific requirements and forms applicable to your location.
Additionally, e-filing is becoming increasingly common, streamlining the process for businesses and
individuals.

2. TDS Return

Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax
Act of 1961. Any payment covered under these provisions shall be paid after deducting the prescribed
percentage. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of
Revenue managed by Indian Revenue Service (IRS). It has great importance while conducting tax audits.
Assessment is also required to file quarterly return to CBDT. Returns states the TDS deducted & paid to
government during the Quarter to which it relates. A deductor is required to issue a TDS certificate
called form 16 for salaried employees and form 16A for non-salaried employees within a specified time.
He must issue TDS Certificates within one month of the next financial year. TDS on immovable Property
Section 194I of Income Tax Act by Freakans. This provision is applicable in respect of transactions
effected on or after June 1, 2014
It seeks deduction of tax at source on transfer of certain immovable property other than agricultural land.
Any person being a transferee who is liable to Pay to a resident by way of consideration for transfer of any
immovable property exceeding 50 Lakhs shall at the time of credit of such sum to the account of the
transferor or at the time of payment in whatever manner, must deduct tax at source at 1% only.
This TDS is required TDS on property is required to be deposited in 30 days from the end of the month in
which deduction is made for all payments to be made on or after 01st June 2016. Before 01.06.2016 the
time limit to deposit TDS on property is 7 days from the end of the month in which deduction is made.

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Section 194C of Income Tax Act

Section 194C of Income Tax Act - Tax need to be deducted 1% (for individual, HUF)/ 2% (for others) of
payment where payment is made for carrying out any work (including supply of labor for carrying out
any work and advertisements) by a contractor/sub-contractor. Such work must be in the pursuance of a
contract (including subcontract) between the contractor and payer. TDS is to be made at the time of credit
to the account of contractor or at the time of payment in cash or by cheque or draft or by any other mode
whichever is earlier. TDS on Dividends Section 194 of Income Tax Act, 1961 by law notes. TDS
provisions under this section are attracted only in respect of deemed dividend u/s 2(22)(e) If such
dividend exceeds 2500 in year. The rate of deduction of tax in respect of such dividend is 10%.

3. Value-Added Tax – VAT

A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is
added at a stage of production and at final sale. VAT is most often used in the European Union. The
amount of VAT that the user pays is the cost of the product, less any of the costs of materials used in the
product that have already been taxed.
VAT is an alternative to a sales tax and is meant to deal with a specific problem. With a sales tax, a
business selling goods is responsible for making a subjective decision about the intent of a buyer, the
business may not be fully competent to make the decision.
The refund portion of a VAT removes that incentive and incentivizes accurate collection. If the buyer is a
businessperson, then that VAT is a temporary payment to the state, based on the purchase price,
eventually to be reimbursed by the state for the initial payment when the goods are resold, usually after
adding value to them. Hence collecting the tax is a way to get money back. Consumers, with no possible
refund, have no reason to inaccurately report their intended use.
sions will not apply to dividend receivable by LIC, GIC (General Insurance Corporar.

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 CONCLUSION

The project has provided a comprehensive exploration of the dynamic world of finance, shedding light on
both the opportunities and challenges faced by those entering this field as newcomers. As a fresher in a
finance department, the journey begins with foundational tasks such as data entry, analysis, and support in
areas like accounts payable and receivable. These roles serve as stepping stones, enabling individuals to
gradually build their knowledge, skills, and understanding of financial operations. It is essential to highlight
the significance of continuous learning, adaptability, and effective communication in making a positive
impact within the finance department.

The finance sector, with its intricate web of data, regulations, and ever-evolving markets, demands both
attention to detail and a big-picture perspective. The challenges, including adapting to industry-specific
demands, managing financial risks, and navigating regulatory complexities, are formidable but rewarding.
They present opportunities for growth, problem-solving, and skill development.

In this journey, embracing technology and keeping up with the latest financial software and tools is essential.
Alongside professional development, this helps bridge the gap between being a newcomer and becoming a
seasoned finance professional. Furthermore, it is crucial to remember that success in the finance sector isn't
solely about numbers; it's also about building strong relationships with colleagues and stakeholders.

This project has underscored the importance of dedication, continuous learning, and perseverance in the
financial world. It serves as a reminder that as we embark on our careers, the experience we gain and the
contributions we make, no matter how modest they may seem at first, all contribute to the foundation upon
which future success in the finance field will be built. With the right mindset and commitment to excellence,
one can embark on a fulfilling journey in the financial realm, contributing to the growth and stability of
organizations while realizing their own professional aspirations.

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REFRENCES

 wikipedia.org

 marketresearch.com

 Academia.edu

 moneycontrol.com

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 ANNEXURES

WEEKLY WORK REPORT

WEEK 1: Entered financial data into the accounting

system. WEEK 2: Helped in processing vendor invoices.

WEEK 3: Entered financial data into the accounting system

WEEK 4: Participated in vendor payment preparations.

WEEK 5: Participated in vendor payment preparations. Ask the client for the pending
document. Helped in processing vendor invoices.

WEEK 6: Helped in processing vendor invoices.

WEEK 7: Entered financial data into the accounting system. Helped in processing
vendor invoices and verifying supporting documentation. Participated in vendor
payment preparations.

WEEK 8: Helped in processing vendor invoices and verifying supporting documentation.

Participated in vendor payment preparations.

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