V2I10P45

A Study on Vouching, GST And ITR Filing at TN Subramanya and Associates

Shreyas Nag^1*, Dr. Kanchan G. Rajput²

Abstract

This internship project report titled “A Study on Vouching, GST, and ITR Filing at TN Subramanya and Associates” provides an in-depth understanding of how auditing and taxation practices are carried out in a professional chartered accountancy firm, focusing on three major areas: vouching of accounting transactions, Goods and Services Tax (GST) compliance, and filing of Income Tax Returns (ITR). Vouching, regarded as the backbone of auditing, was observed as a systematic process of verifying invoices, vouchers, bank statements, and agreements in order to ensure accuracy of financial records, detect fraud, and maintain compliance with accounting standards and taxation laws. The study highlighted that while the firm uses computerized document management and reconciliation software to improve efficiency, partial reliance on manual systems still leaves scope for errors and delays. GST compliance, one of the largest components of the firm’s services, involved activities such as client registration, return filing (GSTR-1, GSTR-3B, GSTR-9), reconciliation of Input Tax Credit (ITC), and addressing departmental notices. The research found that frequent amendments in GST laws, mismatches in supplier data, and glitches in the GST portal, combined with client communication gaps, make GST compliance challenging, though the firm has been largely successful in avoiding penalties and ensuring timely filings. The ITR filing process was studied across different categories of taxpayers including salaried employees, professionals, firms, companies, HUFs, and charitable trusts, covering steps such as collection of client data, classification of income, computation of taxable income, application of deductions, and e-filing using professional software, with emphasis on the role of documents like Form 16 and Form 26AS. The study revealed that many taxpayers face difficulties in correctly classifying income, choosing the right ITR form, and understanding deductions, highlighting the need for better awareness and education. The methodology adopted was a combination of descriptive and case study research, supported by purposive sampling, with data collected through primary surveys, direct observation, and secondary sources such as academic papers and government documents. Findings indicate that integration of vouching, GST, and ITR services reduces errors, strengthens compliance, speeds up processing, and improves client satisfaction, though challenges remain in ITC reconciliation, manual bookkeeping, and limited digital integration. The study concludes that TN Subramanya and Associates is a well-established firm that has built client trust through accuracy and compliance, yet future improvements lie in adopting advanced technologies like AI and blockchain, strengthening client awareness and training programs, improving communication systems, and achieving full digital transformation to enhance efficiency, competitiveness, and sustainability in the dynamic field of financial and taxation services.

Keywords:

Vouching, Auditing, Goods and Services Tax (GST), Income Tax Return (ITR), Input Tax Credit (ITC), Internal Control, Client Awareness, Accounting Records, Professional Services,  E-filing, Tax Advisory.