A Study of Accounting, GST and Income Tax Compliance Practices with Special Reference to Financial Record Management

Author

Anuja Sharad Ingale, Dr. Bhagyashri Patil


Abstract

 This study examines the practical application of accounting, GST and Income Tax compliance processes observed during an On-the-Job Training (OJT) experience at Mahajan & Bhapkar, Chartered Accountants, Pune. The training was undertaken from 1 June 2026 to 1 August 2026 as a Finance Trainee. The study focuses on financial record management and the relationship between accurate accounting records and subsequent compliance activities. Practical exposure included recording bank and invoice transactions in Tally ERP, ledger classification, suspense account clearing, bank reconciliation, GST invoice checking, GSTR-1-related activities, Nil GSTR-1 filing, uploading finalised Income Tax Return data, acknowledgement tracking and e-verification. A descriptive, practice-based methodology was adopted using workplace observation, task records, process documentation and accounting-system exposure. The quantitative analysis uses anonymized activity ranges rather than client-specific evidence. The analysis shows that documentation, classification, reconciliation and timely follow-up are important controls in financial record management. The study concludes that accounting accuracy is not an isolated activity; it supports tax reporting, compliance documentation and the reliability of financial information. Recommendations focus on standardised documentation, reconciliation checklists, compliance tracking, periodic review and controlled access to confidential information.


Keywords

Accounting; Tally ERP; Bank Reconciliation; GST; GSTR-1; Income Tax; ITR; Financial Record Management; Compliance



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References


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