Company Profile

P K R S & Associates was established in the year 2007. It is a leading

chartered Accountancy firm rendering comprehensive professional services
which include audit, management consultancy, tax consultancy, accounting
services etc.

P K R S & Associates is a professionally managed firm. The team consists of

distinguished chartered accountants, corporate financial advisors and tax
consultants. The firm represents a combination of specialized skills, which are
geared to offer sound financial advice and personalized proactive services.
Those associated with the firm have regular interaction with industry and other
professionals which enables the firm to keep pace with contemporary
developments and to meet the needs of its clients.

Corporate Services
• GST Return Filing
• Online Accounting Services
• ITR Filing
• CA Statutory Audit
• Internal Auditors
• Maintenance of Statutory records
• Change of Name, Objects, Registered Office, etc.

Company Details

Name of the Company – P K R S & Associates

HO Address – 112, City Centre, 570, M.G. Road Indore – 452001

Phone - +91 731 4986504

E-mail - indorepkrs@gmail.com

Contacted Person – Mr. Pushkar Jain

Mobile no. - +91 808566800

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Vision

To be highly respected professional firm in the region where clients come for
the peace of mind that their interests are being cared for by a team that enjoys
working with them and one another.

Mission

To provide businesses, entrepreneurs and individuals with the highest quality

accounting, auditing, tax planning and business advisory services delivered in a
timely, efficient and innovative manner by a professional team that clearly
enjoys working together to exceed their clients' needs.

Other Offices across States

• Jabalpur (Madhya Pradesh)

• Nagpur (Maharashtra)
• Gondia (Maharashtra)

Office Photograph

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Rationale of Internship
There are many reasons to pursue an internship –

Opportunity for “hands-on” experience- We gather a lot of

information from courses. There is no substitute for direct experience in a
professional environment. Internship allows us to gain direct experience.

Preparation for job searches – We prepare resumes, write cover letters

and go through interviews during internships as if we are applying for a
job. Thus internship helps us in preparation of job interviews.

Confidence Building – Successful completion of internship often

provides us with professional confidence.

Potential Employment Opportunities – Occasionally internships lead

directly into employment opportunities. Internship provides a student
enter in professional network. Contacts made through internship can be
invaluable sources of information for securing eventual employment.

Professional learning experience – The internship allows opportunities

for the development of practical skills to observe and understand
connections between coursework and skills needed to perform effectively
in a given profession. Finally, internships help in identification of
knowledge and skills essential to perform a particular job.

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Objectives of Internship
I choose to work with P K R S & Associates. During this internship I have
learnt many new skills. Before internship I was having only theoretical
knowledge about work in organization but now I have some practical
experience about working in organization.

This internship has given me a clear understanding of business and how things
are applied in real world. Following are the objectives of my internship –

1. To analyze various business situations.

2. To get exposure to organizational work culture.
3. To implement theoretical aspects in real world.

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Job Description
I have tried my best to enhance my abilities and apply the knowledge that I have
gained during my studies. On my first day in the firm, Mr. Pushkar Jain gave
me training session related to GST and its filing procedure. He also shared his
practical experience with me and gave me some techniques of this process.

Different tasks I performed during my internship –

1. GST Return preparation.

2. Income Tax Return preparation.

Software used during internship –

1. Compuoffice

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Overview of GST
The goods and services tax (GST) is an indirect federal sales tax that is applied
to the cost of certain goods and services. The business adds the GST to the price
of the product, and a customer who buys the product pays the sales price plus
GST. The GST portion is collected by the business or seller and forwarded to
the government.

Goods and Services are divided into 5 different tax slabs for collection of tax –
0%, 5%, 12%, 18%, and 28 %.

However, petroleum products, alcoholic drinks, and electricity are not taxed
under GST and instead are taxed separately by individual state government.

There is a special rate 0.25% on rough precious and semi precious stones and 3
% on gold and silver.

In addition a cess of 22% on top of 28% GST is applied on few items like
aerated drinks, luxury cars and tobacco products.

The GST Act was passed in the Parliament on 29 th March 2017. The Act came
into effect on 1st July 2017;

There are three types of GST-

• CGST – Central Goods and Services Tax.

• SGST – State Goods and Services Tax.
• IGST – Integrated Goods and Services Tax.

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CGST - Under GST, CGST is a tax levied on Intra State supplies of both goods
and services by the Central Government and will be governed by the CGST
Act.

SGST – Under GST, SGST is a tax levied on Intra State supplies of both goods
and services by the State Government and will be governed by the SGST Act .

An example of CGST and SGST –

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Let’s suppose Rajesh is a dealer in Madhya Pradesh who sold goods to Dhar in
Madhya Pradesh worth Rs. 10,000. The GST rate is 18% comprising of CGST
rate of 9% and SGST rate of 9%. In such case, the dealer collects Rs. 1800 of
which Rs. 900 will go to the Central Government and Rs. 900 will go to the
Madhya Pradesh Government.

IGST - Under GST, IGST is a tax levied on all Inter-State supplies of goods
and/or services and will be governed by the IGST Act. IGST will be applicable
on any supply of goods and/or services in both cases of import into India and
export from India.
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Under IGST –

• Exports would be zero-rated.

• Tax will be shared between the Central and State Government.

An example for IGST –

Consider that a businessman Rajesh from Madhya Pradesh had sold goods to
Anand from Gujarat worth Rs. 1,00,000. The GST rate is 18% comprised of
18% IGST. In such case, the dealer has to charge Rs. 18,000 as IGST. This
IGST will go to the Centre.

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GST Return Preparation
All registered businesses have to file monthly, quarterly and/or annual GST
Returns based on the type of business.

A GST return is a document containing details of income which a taxpayer is

required to file with the tax administrative authorities. This is used by tax
authorities to calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:

• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)

To file GST returns, GST compliant sales and purchase invoices are required.

Different Types of GST Returns

Here is a list of all the returns to be filed as prescribed under the GST Law
along with the due dates.

Return Form Particulars Frequency Due Date

GSTR-1 Details of outward supplies of Monthly 11th* of the

taxable goods and/or services next
affected month with
effect from
October
2018

*Previously,
the due date
was 10th

GSTR-2 Details of inward supplies of Monthly 15th of the

taxable goods and/or services next month

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Suspended affected claiming the input tax
credit.

GSTR-3 Monthly return on the basis of Monthly 20th of the

finalization of details of next month
Suspended
outward supplies and inward
supplies along with the
payment of tax.

GSTR-3B Simple Return in which Monthly 20th of the

summary of outward next month
supplies along with Input Tax
Credit is declared and
payment of tax is affected by
taxpayer

GSTR-4 Return for a taxpayer Quarterly 18th of the

registered under the month
composition levy succeeding
quarter

GSTR-5 Return for a Non-Resident Monthly 20th of the

foreign taxable person next month

GSTR-6 Return for an Input Service Monthly 13th of the

Distributor next month

GSTR-7 Return for authorities Monthly 10th of the

deducting tax at source. next month

GSTR-8 Details of supplies effected Monthly 10th of the

through e-commerce operator next month
and the amount of tax
collected

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GSTR-9 Annual Return for a Normal Annually 31st
Taxpayer December
of next
financial
year*

GSTR-9A Annual Return a taxpayer Annually 31st

registered under the December
composition levy anytime of next
during the year financial
year*

GSTR-10 Final Return Once, when Within three

GST months of
Registration is the date of
cancelled or cancellation
surrendered or date of
cancellation
order,
whichever
is later.

GSTR-11 Details of inward supplies to Monthly 28th of the

be furnished by a person month
having UIN and claiming a following
refund the month
for which
UIN – Unique Identification
statement is
Number
filed

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GST Return Filing Procedure
All regular taxpayers need to file this return till March. You can file your return
on GST Portal. (https://www.gst.gov.in/)

There are some inconveniences while filing from GST Portal:

• Copy paste of values is not allowed.

• Chances of error are increased as manual entry of values has
to be made.
• GST liability is calculated after submitting the return .

Step 1 – Login to GST Portal.

Step 2 – Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’.

Step 3 – This displays the ‘File Returns’ page. Select the ‘Financial Year’ &
‘Return Filing Period’ for which you want to file the return from the drop-down
list. Click the ‘SEARCH’ button.

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Step 4 – On ‘Monthly Return GSTR-3B’ tile, click the ‘PREPARE ONLINE
button*.

*Example is quoted for GSTR3B applicable to all forms.

Step 5 – Enter values in each tile. You need to enter totals under each head. Fill
in Interest and Late Fees, if applicable.

Step 6 – Click the ‘SAVE GSTR-3B’ button at the bottom of the page after all
details are added. A success message is displayed on the top of the page.

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Step 7 – Once all the details are saved, ‘SUBMIT’ button at the bottom of the
page is enabled. Click the ‘SUBMIT’ button to submit the finalized GSTR-3B
return.
A success message is displayed at the top of the page. Once you submit the
form, the added data is frozen. No changes in any fields can be made after this.
The ITC and Liability ledger will also get updated on submission.
Status of the GSRT- 3B will be changed to ‘Submitted

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Income Tax
An income tax is a tax that government impose on income generated by
businesses and individuals.
There are five sources of income which are known as Income heads.

Income from Salary Salary, allowances, leave encashment

Income from House Property
Income from Gain
Income from Business or Profession
Income from Other Sources
basically all the money you receive
while performing your job.
Income from house or building this
may be owned and self occupied or
may be rented.
Income from gain or loss when you
sell a capital asset.
Income/loss that arises as a result of
carrying on a business or profession.
This is a residual head – includes your
income from savings bank account,
fixed deposits, family pension or gifts
received.

Given below are the latest income tax slabs applicable for FY 2018-19 & FY
2019-20. (Below 60 years age)

Taxable income slabs Income Tax Rates and Cess

Up to Rs. 2.5lakh
Rs. 2,50,001 to Rs. 5,00,000
Rs. 5,00,001 to Rs. 10,00,000
Rs. 10,00,001 and above
Nil
5% of (Total income minus Rs.
2,50,000) + 4% cess
Rs. 12,500 + 20 % of (Total income
minus Rs. 5,00,000) + 4% cess
Rs. 1,12,500 + 30% of (Total income
minus Rs. 10,00,000) + 4% cess

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Note –
1. If the net income exceeds Rs. 50lakh but less than Rs. 1crore a surcharge
of 10% is levied on the net payable tax.
2. If the net income exceeds Rs. 1crore, a surcharge on income tax at 15%
is applicable on the income tax payable.

Types of ITR Forms

On the Income Tax Department of India website, there are different forms that
can be used to file income tax returns based on different income sources
As of Assessment Year 2019-20, there are seven forms available from ITR-1 to
ITR-7.

• ITR-1 – This form is also called SAHAJ. ITR-1 or SAHAJ is meant to

be filed by an individual who gets income from salary and having the
total income of up to Rs. 50lakh.
• ITR-2 – This form is for individuals or the Hindi Undivided Families
(HUFs) who have income which is not from the profits and gains of a
business or otherwise profession.
• ITR-3 – This form is for different persons or the HUFs whose source of
income is from the profits and gains of a business or profession.
• ITR-4 – This form is for those who have presumptive income (up to Rs.
50lakh) from a business or profession.
• ITR-5 – This form is for everyone other than individuals, HUF, company
and person filing Form ITR-7.
• ITR-6 – This form is for all those companies which are not claiming
exemption under Section 11 of the Income Tax Act.
• ITR-7 – This form is relevant for all people including those enterprises
who are required to file tax returns under the Section 139(4A), Section
139(4B), Section 139(4C), Section 139(4D), Section 139 (4E) or 139
(4F).

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ITR Filing Process
1. If you are a first-time filer, you need to create an account on the
ITR e-filing website (Incometaxindiaefiling.gov.in). Once you
have all the documents handy, the next step is to login to your e-
filing account on the income tax department’s website.
2. Once you login to your ITR e-filing account, click on the “Filing of
income tax return" on the dashboard. Then, choose the assessment
year (AY) for which you want to file the ITR. The current AY is
2019-20 where you file returns for financial year (FY) 2018-19.
3. The next step is choosing the appropriate ITR form.
4. Besides selecting the right ITR form, ensure you fill in the correct
details. If you file the return in the wrong ITR form, it may be
considered invalid.
5. After filing your tax return, you need to verify it. Your returns are
processed only after it is verified. There is a window of 120 days
from the date of uploading the return. You can e-verify your return
using an Aadhaar OTP or net-banking.

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Compuoffice Online Software –
Tax Solution for professionals to provide end-end management of every
stage of the tax life cycle - from provision to estimates and extensions.
Returns, Audit, Amendment and Planning.
A solution for -
• Income Tax Return
• TDS return
• Service tax return
• Balance sheet & audit report
• VAT returns (Raj./UP/MP)
• Checking of assessment orders
• ROC form and filling
• CMA
• AIR return
• Document Management
• Challan
• All other required forms
• Standard letters to clients
• Standard formats of departmental letters
• Office assistance works & mechanism.
• Various types of reporting.

Features:-
• Searching of records by Code No., Name PAN, etc.
• Online auto-update of software
• Password protection for individual clients

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• LAN compatible
• Easy auto backup of your precious data.
• Option to access from anywhere in the world.

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Learning
I learned through my internship program, that how I can –
1. Analyze various business situations.
2. Compare practical aspects with theoretical aspects.
3. Promote my personal knowledge.
4. Make quick decision in real life situation.
5. Learn to adjust in Organization work culture.
6. Get knowledge of opportunities and threats while entering into an
organization.
7. Get exposure to do work in a organization i.e. understand organizational
behavior.

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Limitations
The limitations which I faced during my internship –
1. I had to travel another city for internship.
2. There was a communication gap between me and my senior team
members.
3. No monetary benefits were provided.
4. Work was not appreciated.

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Conclusion
• P K R S & Associates is a overall one of the profit making and reputed
firm of Madhya Pradesh. The organization since its very first day is
devoted to providing quality services to its clients. The trust of clients
shows the perfection.
• The firm has earned a distinction of being placed in the category 'A' in the
list of panel of auditors. Moreover only these “A” category firms can
audit of listed companies.
• The Institute of Chartered Accountants of India has also carried out the
Quality Control Review and has issued satisfactory QCR report stating
that the firm has conducted the audits of the clients in accordance with
International Standards on Auditing

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