COMPANY AND

PRODUCT PROFILE

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 COMPANY AND PRODUCT PROFILE
M/s Agrawal Mittal & co.
M/s Agrawal Mittal & co. . Chartered Accountants are entrusted with substantial
responsibility under various legislations such as compulsory audit of the all companies, banks,
stock brokers, big income-tax assesses, large bank borrowers, etc. This shows the confidence
and trust reposed by the Government and society in the profession. The society has
increasingly recognized the services of CAs in the entire gamut of management consultancy
services including management accounting, management information and control system,
international finance information technology and financial services sector.
The types of functions generally performed by the Chartered Accountants are quite varied;
some of the important ones amongst them are listed below:

(i) Accountancy: The writing up of accounts and the preparation of Financial statements
from the simplest receipts and payment Accounts of a small club to the complex and detail
accounts of large public limited companies.

(ii) Auditing: 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 and fair view of the state of affairs.

(iii) Taxation: The assessment of taxes is closely linked to financial Accounts. The
Chartered Accountant with his experience in accounts is in an advantageous position to
prepare the returns for tax purposes, represent assesses before the income tax authorities and
render general advice on taxes to his clients. The services of CA may be requisitioned by the
tax department for auditing taxation cases with large revenue potential.

(iv) Cost Accountancy: A Chartered Accountant is equipped to provide information on

costing for the guidance of management, introduce cost control methods and assist the
management in determining appropriate selling prices.

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(v) Special Company Work: The services or advice of Chartered Accountants are
frequently sought in connection with matters such as the formation, financial structure and
liquidation of limited companies.

(vi) Investigation: Chartered Accountants are often called upon to carry out investigation
to ascertain the financial position of business house for the purpose of issue of new shares,
purchase or sale or financing of business, finding out reasons for increase or decrease of
profits, reconstruction and amalgamations.

(vii) Executors and Trustees: A Chartered Accountant is also often appointed executor
under a will or trust in order to carry on the administration of the estate or settlement.

(viii) Directorship: Many members of the Institute who hold senior positions in industry
and commerce are also directors of their companies.

(ix) Companies Secretarial Work: As a Secretary, the Chartered Accountant is an

important link in the management chain.

(x) Management Accounting: The Chartered Accountant’s service is utilized in a

variety of ways like formulation of policies, control and performance evaluation.

(xi) Share Valuation Work: A Chartered Accountant undertakes the valuation of shares
of public and private companies at the time of amalgamation or reorganization.

(xii) Other Activities: Other duties undertaken by a Chartered Accountant includes those
of an Arbitrator for settling disputes specially 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 of arrangement.

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LITERATURE
SURVEY

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 LITERATURE SURVEY

Tax Deductions

Tax Deduction is a legal way to reduce the income hence the tax that one needs to pay. One
can claim the reduction under different heads given in table below.

Code Maximum Limit Schemes

 Public Provident Fund provides 8.6% return
compounded annuallyPayment of life
insurance premium.Investment in pension Plans.
 Equity Linked Savings schemes (ELSS) of mutual
funds
 National Savings Certificates
 Tax saving Fixed Deposits provided by banks for
a tenure of 5 years. Interest is also taxable
80C 1 lakh  Principal repayment of housing loans
 Tuition fees upto 2 children
 Post office investments.

This section has been introduced by the Finance Act,

2005.

Payment of premium for annunity plan of LIC or any

other insurer.The Finance Act 2006 has enhanced the
80CCC 1 lakh
ceiling of deduction under Section 80CCC from
Rs.10,000 to Rs.1,00,000 with effect from 1.4.2007.

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80CCD 10% of his salary. Deposit made by an employee in his pension account.
Subscription to long term infrastructure bonds. Was for
the financial year 2010-11 and 2011-12. However, the
80CCF Rs. 20,000.
exemption is no longer present from financial year 2012-
13.
Rs 35,000.00

 15,000.00 for
premium payments
towards policies
on self, spouse and
children
 15,000.00 for
premium payment Premium in health insurance of you, your spouse,
80D
towards non-senior children or dependent parents
citizen dependent
parents
 OR
 20,000.00 for
premium payment
towards senior
citizen dependent

Medical treatment (including insurance) of disabled

Rs. 50000.Rs. 75000 if
80DD
disability is severe.
dependent. It includes(a) expenditure incurred on medical
treatment, (including nursing), training and rehabilitation
of handicapped dependant relative.(b) Payment or deposit
to specified scheme for maintenance of dependant
handicapped relative.W.e.f. 01.04.2004 the deduction
under this section has been enhanced to Rs.50,000/-.

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 Further, if the dependant is a person with severe disability
a deduction of Rs.1,00,000/- shall be available under this
section.
Expenditure must be actually incurred by resident
assessee on himself or dependent relative for medical
Rs 40,000 andRs 60,000 treatment of specified disease or ailment. The diseases
80DDB
for senior citizen. have been specified in Rule 11DD. A certificate in form
10 I is to be furnished by the assessee from a specialist
working in a Government hospital.
Interest paid on educational loan taken for higher
80E No Limit
education of you, your spouse or children.
100% of donation amount
for special funds50% of
80G Donation to certain funds, charitable institutions etc.
donation amount for all
other donations.
Rs. 2000 per month or
House rent in excess of 10% of income, if no HRA is
80GG 25% of your gross salary,
received.
whichever less.
To an individual who suffers from a physical disability
80U 1 lakh or Rs 1,00,000
(including blindness) or mental retardation
Rs. 3 lakh or
Income by way of royalty in respect of a patent registered
80RRB the income
on or after 01.04.2003.
received,whichever is less.
Royalty or copyright income received in consideration for
80
authoring any book of literary, artistic or scientific nature
QQB
other than text book
24 Rs. 1,50,000 Interest paid on housing loan.

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Ref:Finotax:Deductions Allowable under various sections of Chapter VIA of Income Tax
Act,NiftyPredictions:INDIA INCOME TAX ACT- TAX DEDUCTIONS, TAX
EXEMPTIONS 80C 80D 80DD 80E 80GG 24 80G