Project report for Tax consultancy

Introduction

According to new research, the Indian tax consulting market grew 9% over the last year to hit revenues of approximately $6.5 billion (Rs. 42,500 crore). The growth is expected to add another 9% till 2018 to reach a value of around $7.1 billion (Rs. 46,500 crore), supported by the increase in demand for tax advice following the introduction of GST. One of the most lucrative segments of the professional consulting services industry is the practice of tax consulting. The segment includes tax advisory practices, book-keeping, and some types of accounting and auditing activities. Such functions remain steadily relevant due to the dynamic nature of tax rules and regulations. Both domestically and internationally, shifting policies bring about shifts in tax requirements, and companies require all the help that they can get in order to ensure that they meet such requirements.

The firm's services is a business services unit committed for providing quality services for individuals and business organisations...

Product / Services & process

Services offered by the firm:


1. GST Services - Goods and Service Tax is mandatory for all types of business enterprises.  This unit provides services such as GST Registration, GST Migration, filing of GST returns, Issuance of E-way Bill for transporters.
2. Income tax, TDS and PAN card services - Ascent provides services such as Income Tax Filing, TDS Filing, Income Tax Payment, UTI Agency Ship for PAN card services and Digital signature services.
3. Accounting Services - Ascent consultant services provide a full range of services from payroll to collecting accounts receivable to book keeping and accounting processes.
4. Insurance Services - Ascent consultant services provide insurance services such as Life insurance, General insurance and Health Insurance from a wide variety of IRDAI approved service providers.

 

Market potential & Strategy

With respect to research data, the Indian tax consulting market grew 9% over the last year to hit revenues of approximately $6.5 billion (Rs. 42,500 crore). The growth is expected to add another 9% till 2018 to reach a value of around $7.1 billion (Rs. 46,500 crore), supported by the increase in demand for tax advice following the introduction of GST. One of the most lucrative segments of the professional consulting services industry is the practice of tax consulting. The segment includes tax advisory practices, book-keeping, and some types of accounting and auditing activities. Such functions remain steadily relevant due to the dynamic nature of tax rules and regulations. Both domestically and internationally, shifting policies bring about shifts in tax requirements, and companies require all the help that they can get in order to ensure that they meet such requirements.

Every organisation needs accounting service and GSTregistration and its corresponding filing services. As an experienced accounting practitioner,  The organisation is focusing on exploring thefriends and family network first and then connecting with other entrepreneurs and offer the service, Small level advertisement in local programs and events will be easy for the firm get noticed...

PROJECT REPORT

Tax consultancy

Address

Introduction

According to new research, the Indian tax consulting market grew 9% over the last year to hit revenues of approximately $6.5 billion (Rs. 42,500 crore). The growth is expected to add another 9% till 2018 to reach a value of around $7.1 billion (Rs. 46,500 crore), supported by the increase in demand for tax advice following the introduction of GST. One of the most lucrative segments of the professional consulting services industry is the practice of tax consulting. The segment includes tax advisory practices, book-keeping, and some types of accounting and auditing activities. Such functions remain steadily relevant due to the dynamic nature of tax rules and regulations. Both domestically and internationally, shifting policies bring about shifts in tax requirements, and companies require all the help that they can get in order to ensure that they meet such requirements.

The firm's services is a business services unit committed for providing quality services for individuals and business organisations.
Services offered by Ascent Consultant Services:
1. GST Services - Goods and Service Tax is mandatory for all types of business enterprises.  This unit provides services such as GST Registration, GST Migration, filing of GST returns, Issuance of E-way Bill for transporters.
2. Income tax, TDS and PAN card services - Ascent provides services such as Income Tax Filing, TDS Filing, Income Tax Payment, UTI Agency Ship for PAN card services and Digital signature services.
3. Accounting Services - Ascent consultant services provide a full range of services from payroll to collecting accounts receivable to book keeping and accounting processes.
4. Insurance Services - Ascent consultant services provide insurance services such as Life insurance, General insurance and Health Insurance from a wide variety of IRDAI approved service providers.

 

Product / Services & process

Services offered by the firm:


1. GST Services - Goods and Service Tax is mandatory for all types of business enterprises.  This unit provides services such as GST Registration, GST Migration, filing of GST returns, Issuance of E-way Bill for transporters.
2. Income tax, TDS and PAN card services - Ascent provides services such as Income Tax Filing, TDS Filing, Income Tax Payment, UTI Agency Ship for PAN card services and Digital signature services.
3. Accounting Services - Ascent consultant services provide a full range of services from payroll to collecting accounts receivable to book keeping and accounting processes.
4. Insurance Services - Ascent consultant services provide insurance services such as Life insurance, General insurance and Health Insurance from a wide variety of IRDAI approved service providers.

 

Market potential & Strategy

With respect to research data, the Indian tax consulting market grew 9% over the last year to hit revenues of approximately $6.5 billion (Rs. 42,500 crore). The growth is expected to add another 9% till 2018 to reach a value of around $7.1 billion (Rs. 46,500 crore), supported by the increase in demand for tax advice following the introduction of GST. One of the most lucrative segments of the professional consulting services industry is the practice of tax consulting. The segment includes tax advisory practices, book-keeping, and some types of accounting and auditing activities. Such functions remain steadily relevant due to the dynamic nature of tax rules and regulations. Both domestically and internationally, shifting policies bring about shifts in tax requirements, and companies require all the help that they can get in order to ensure that they meet such requirements.

Every organisation needs accounting service and GSTregistration and its corresponding filing services. As an experienced accounting practitioner,  The organisation is focusing on exploring thefriends and family network first and then connecting with other entrepreneurs and offer the service, Small level advertisement in local programs and events will be easy for the firm get noticed.

Project at a glance

Name & Address of Unit

Tax consultancy

Address

Details of unit
Email : yourmail@gmail.com
Phone : 000000
Constitution : Proprietership
Total project cost : *******
Fixed Capital : *******
Working Capital : *******
Total Bank loan : *******
Promoter(s) contribution : *******
Term loan : *******
Name & address of promoter(s)
Name : Your name
Address : Address
Phone : 00000
Designation : Proprietor
E-mail : yourmail@gmail.com

Project Feasibility Ratio

Debt Service Coverage Ratio (Average) :1.87
Current ratio (Average) :2.63
Year 1Year 2Year 3Year 4Year 5
Current ratio 1.53 2.06 2.62 3.19 3.76
Quick ratio 1.13 1.56 2.10 2.64 3.18
Interest coverage ratio 3.87 5.55 7.00 9.48 14.71
Debt equity ratio 2.863 2.080 1.528 1.020 0.542
TOL/TNW 3.02 1.45 0.79 0.43 0.21
DSCR 1.65 1.86 1.90 1.94 1.97
Gross profit Sales Percentage % 29.23 % 28.54 % 28.18 % 27.86 % 27.50 %
Net profit Sales Percentage % 10.84 % 10.56 % 11.10 % 11.57 % 11.90 %
BEP in % of installed capacity % 49.90 % 27.12 % 27.12 % 27.12 % 27.12 %
BEP in sales of Rs 2,620,800.00 1,840,695.65 1,972,173.91 2,103,652.17 2,235,130.43
Return On Capital Employed 0.26 0.34 0.34 0.33 0.33

Project Feasibility graph

Revenue v/s Expense Expense Splitup
 
Revenue
 
Expense
Net profit Sales % Quick ratio

Project Cost

Sl. no Item Amount Rs
1 Building advance *******
2 Printer & Scanner *******
3 UPS and battery *******
4 Computer *******
5 Electrification and cabling *******
6 Preliminary expenses *******
7 Painting *******
8 Interior work *******
9 Working Capital *******
Total *******

 

Working Capital Computation

Sl. no Item Amount Rs
1 Consumables / stock in hand *******
2 Work in progress *******
3 Finished goods *******
4 Working expense. *******
5 Receivables/Sundry debtors *******
6 Payables *******
7 Total working capital *******
8 Own Contribution *******

Annual Sales / Revenue

Sl. no Item Rate Quantity Unit Total Rs
1 GST service ******* X 36 Number *******
2 Insurance ******* X 24 Number *******
3 Pan card & Digital signature ******* X 60 Number *******
4 Accounting service ******* X 12 Number *******
Total *******

Total Yearly Expense

Sl. no Item Amount Rs
1 Rent *******
2 Salary *******
3 Electricity *******
4 Stationary *******
5 Office expense *******
6 Travel/Internet charges *******
7 Marketing/Advertisement *******
8 Telephone charges *******
Total *******

Application of Fund

Sl. no Item Subsidy % No. Rate Amount Rs
1 Building advance ******* 1 ******* *******
2 Printer & Scanner ******* 1 ******* *******
3 UPS and battery ******* 1 ******* *******
4 Computer ******* 1 ******* *******
5 Electrification and cabling ******* 1 ******* *******
6 Preliminary expenses ******* 1 ******* *******
7 Painting ******* 1 ******* *******
8 Interior work ******* 1 ******* *******
Total Investment *******
Total Subsidy *******
Net Investment *******

Means of Finance

Sl. no Item Amount
1 Term Loan *******
2 Working capital Loan *******
3 Total loan *******
4 Term Loan contribution *******
5 Working capital contribution *******

Profitability Statement

Year 1(!*) Year 2 Year 3 Year 4 Year 5
Revenue from operation
Sales ***** ***** ***** ***** *****
Add :
Closing stock 0.00 0.00 0.00 0.00 0.00
Total ***** ***** ***** ***** *****
Less :
Opening stock 0.00 0.00 0.00 0.00 0.00
Stock purchase ***** ***** ***** ***** *****
Salary ***** ***** ***** ***** *****
Repairs and maintenance charges ***** ***** ***** ***** *****
gas ***** ***** ***** ***** *****
ELECTRICITY bill ***** ***** ***** ***** *****
Total ***** ***** ***** ***** *****
Gross profit ***** ***** ***** ***** *****
Less :
Rent ***** ***** ***** ***** *****
Telephone/Postal &internet charge ***** ***** ***** ***** *****
Total ***** 0***** ***** ***** *****
Depreciation ***** ***** ***** ***** *****
Interest on TL ***** ***** ***** ***** *****
Interest on WC ***** ***** ***** ***** *****
Total ***** ***** ***** ***** *****
Profit before tax ***** ***** ***** ***** *****
Income Tax ***** ***** ***** ***** *****
Profit after tax ***** ***** ***** ***** *****

Cash flow statement

Cash Inflow Pre operative period Year 1 Year 2 Year 3 Year 4 Year 5
Capital 0.63 0.00 0.00 0.00 0.00 0.00
Subsidy 0.00 0.00 0.00 0.00 0.00 0.00
Termloan ***** 0.00 0.00 0.00 0.00 0.00
Profit before tax with interest 0.00 ***** ***** ***** ***** *****
Increase in WC loan 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.00 ***** ***** ***** ***** *****
Increase in Current liability 0.00 0.00 0.00 0.00 0.00 0.00
Total Cash Inflow ***** ***** ***** ***** ***** *****
Cash Outflow
Fixed Assets ***** ***** ***** ***** ***** *****
Increase in Current asset 0.00 0.00 0.00 0.00 0.00
Interest on TL 0.00 ***** ***** ***** ***** *****
Interest on WC 0.00 0.00 0.00 0.00 0.00 0.00
Income Tax 0.00 ***** ***** ***** ***** *****
Decrease in Term loan ***** ***** ***** ***** *****
Drawing 0.00 0.00 0.00 0.00 0.00 0.00
Total Cash Outflow ***** ***** ***** ***** ***** *****
Opening balance ***** ***** ***** ***** ***** *****
Net Cashflow 0.00 ***** ***** ***** ***** *****
Closing balance 0.00 ***** ***** ***** ***** *****

Balance sheet

Liability Pre operative period Year 1 Year 2 Year 3 Year 4 Year 5
A. Share holders funds
Capital ***** ***** ***** ***** ***** *****
Reserve & Surplus 0.00 ***** ***** ***** ***** *****
B.Non current Liabilities
Termloan ***** ***** ***** ***** ***** *****
C.Current Liabilities
Working capital loan 0.00 0.00 0.00 0.00 0.00 0.00
Account payable 0.00 0.00 0.00 0.00 0.00
Total Liability ***** ***** ***** ***** ***** *****
Asset
A. Non current Assets
Fixed Assets ***** ***** ***** ***** ***** *****
B. Current Assets
Inventory 0.00 0.00 0.00 0.00 0.00 0.00
Trade receivables 0.00 0.00 0.00 0.00 0.00 0.00
Cash and cash equivalence ***** ***** ***** ***** ***** *****
Total Asset ***** ***** ***** ***** ***** *****

Repayment of Term loan

Year Installment Outstanding at the beginning Principal repayment Interest Amount paid Outstanding at the end
1 1 ***** ***** ***** ***** *****
1 2 ***** ***** ***** ***** *****
1 3 ***** ***** ***** ***** *****
1 4 ***** ***** ***** ***** *****
1 5 ***** ***** ***** ***** *****
| | | | | | |
| | | | | | |
5 56 ***** ***** ***** ***** *****
5 57 ***** ***** ***** ***** *****
5 58 ***** ***** ***** ***** *****
5 59 ***** ***** ***** ***** *****
5 60 ***** ***** ***** ***** *****

Debt Service Coverage Ratio

Particulars Year 1 Year 2 Year 3 Year 4 Year 5
Receipts
a).Net Profit 0.00 0.00 0.00 0.00 0.00
b).Depreciation 0.00 0.00 0.00 0.00 0.30
c).Interest on termloan 0.00 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00 0.00
Repayments
a).Loan Principal 0.00 0.00 0.00 0.00 0.00
b).Interest on termloan 0.00 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00 0.00
DSCR 0.00 0.00 0.00 0.00 0.00

Depreciation

Particulars Rate Year 1 Year 2 Year 3 Year 4 Year 5
Building 0.00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
Computers/ Printers /Photocopier/Electronic gadget 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
Furniture & fixtures 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
Racks & storage/Interior works 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
new item 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
new 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
Air-conditioning 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
Other investments 00 0.00 0.00 0.00 0.00 0.00
Less Depreciation 0.00 0.00 0.00 0.00 0.00
Written down value 0.00 0.00 0.00 0.00 0.00
Total less depreciation 0.00 0.00 0.00 0.00 0.00
Total written down value 0.00 0.00 0.00 0.00 0.00

Conclusion

The project as a whole describes the scope and viability of the Trading industry and mainly of the financial, technical and its market potential.The project guarantee sufficient fund to repay the loan and also give a good return on capital investment. When analyzing the social- economic impact, this project is able to generate an employment of 5 and above. It will cater the demand of Trading and thus helps the other business entities to increase the production and service which provide service and support to this industry. Thus more cyclic employment and livelihood generation. So in all ways, we can conclude the project is technically and socially viable and commercially sound too.

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