Bunts Sangha’s

S.M. Shetty College Of Science, Commerce &

Management Studies
Hiranandani Garden, Powai, Mumbai 400076

Certificate of Evaluation
This is to certify that Mr. Vinay Bhandari has worked and duly completed
his Project work for the degree of Bachelor of Management Studies under
the faculty of Commerce and his project is entitled, “Internship in a CA
Firm” under my Supervision.

I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted previously for any Degree
or Diploma of any University.

It is his own work and facts reported by his personal findings and
investigations.

Name and Signature of

Guidance Teacher

Date of Submission:

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 Declaration by the Student

I the undersigned Mr. Vinay Bhandari hereby declare that the work
embodied in this project work titled “Internship report on a CA Firm”, forms
my own contribution to the research work carried out under the guidance of
Ma’am Zainab Rangwala is a result of my own research work and has not
been done submitted previously for any Degree or Diploma to this or any
other University.
Wherever the reference has been made to previous work of others, it has
been clearly indicate as such and included in the bibliography.
I, hereby declare that all the information of this document has been obtained
and presented in accordance with academic rules and ethical conduct.

Name and Signature of the Learner

Certified by
Name and signature of the Guiding Teacher

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 Acknowledgement

To list who all have helped me in this difficult because there are so numerous and the
depth is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do
this project.

I would like to thank my Principle, Dr. Sridhara Shetty and the Vice Principle, Dr.
Liji Santosh for providing the necessary facilities required for completion of this project.

I take this opportunity to thank the Coordinator Prof. Nidhi chandorkar, for her moral
support and guidance.

I would like to express my sincere gratitude towards my project guide Prof. Zainab
Rangwala whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference book
and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me
in the completion of my project especially my parents and peers who supported me
throughout my project.

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 TABLE OF CONTENT

SR. NO TOPIC PAGE. NO

1 INTRODUCTION OF INDUSTRY 5

2 KEY COMPETITIORS& COMPARISION 16

3 REASON FOR SELECTING ORGANIZATION& 18

LEARNING OBJECTIVE

4 INTRODUCTION TO THE COMPANY 102

ORGANIZATION STRUCTURE &

5 TYPEOF OWNERSHIP 15

6 WORK CULTURE
26

7 PRODUCT PORTFOLIO 27

8 JOB DESCRIPTION 33

9 OTHER DETAILS 43

10 CONCLUSION 45

INTRODUCTION OF INDUSTRY (CA FIRM)

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• A CA firm is an organization that provides services such as Auditing, Accounting, Tax
Consulting, Transaction Advisory etc.
• The functioning of a CA firm is complex.
• CA firms can be opened only by a qualified and certified chartered accountant on
proprietary basis or on partnership basis (including LLP). The main function is to
provide an accurate report for its clients.
• CA firms work similarly as other firms except the work is more crucial and requires
utmost reliability and trustworthiness.

WHO IS A CA?

A Chartered Accountant (CA) is a certified accounting professional who has the

qualifications to file a business’s tax return, audit financial statements and business
practices and offer advisory services to clients.

SERVICES OFFERED BY A CA:

The types of functions generally performed by the Chartered Accountant are varied. The
more important ones amongst them are discussed below:-

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I. Accountancy
This includes the writing up of accounts and the preparation of financial statements.
It encompasses a wide area ranging from simple Book keeping to complex financial
analysis.

II. Management Accounting

This is another field in which the Chartered Accountant is able to render a service
which is utilized in a variety of ways like formulation of policies, day to day control,
performance evaluation, etc.

III. Auditing
Possibly one of the most important functions of a Chartered Accountant, it is here
that his specialized training, skill and judgment are most often called into play. 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 of the organization.

IV. Taxation
With a number of taxes on the statute book, current and continuing tax information
has become vital to the effective economics of business management. The
assessment of taxes is very closely linked with financial accounts. The Chartered
Accountant prepare the returns for tax purposes, representing assessee's before the
Income-Tax authorities and rendering general advice on taxes to his clients

V. Share Valuation Work

The Chartered Accountant undertakes the valuation of shares of public and private
companies when amalgamation or re-organization takes place for the purpose of
takeover bids and other acquisitions

VI. Cost Accountancy

A Chartered Accountant is also trained to ascertain the costs of production and of
processes at different levels of operations in the manufacture of a product and in the
rendering of a service. He is also equipped to provide costing information for the

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

VII. Special Company Work

The services of Chartered Accountants are frequently sought in connection with
matters such as the formation, financial structure and liquidation of limited
companies. Secretarial and Registration work and the duties of a Receiver are also
undertaken by them, in addition to other company work.

VIII. Investigation
Chartered Accountants are often called upon to carry out investigation to ascertain
the financial position of business in connection with matters such as a new issue of
share capital, the purchase or sale or financing of a business, reconstruction and
amalgamations. Their services are also sought for undertaking investigations with a
view to achieving greater efficiency in management or administration, finding out
reasons for increases or decreases in profits etc.

IX. 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 settlements. Appointment of this
nature requires the Chartered Accountant to work in Co-operation will solicitors or
Lawyers. Conversely, Solicitors or lawyers carrying out works of this kind usually
call in Chartered Accountants to assist them in the accounting aspects of their work.

Accounting as a career can be quite interesting if you like analytical work. If

your goal is to have a steady career with job security, and where you will be a valuable

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asset to someone else's business, accounting is a good choice. There are great job
opportunities, impressive salaries and a strong demand for accounting skills.

Accountants work with individuals or organizations, handling monetary

transactions by recording financial information. Their job may also include financial
analyzing and reporting, preparing tax returns, auditing accounts, and/or acting as
consultants on a wide variety of financial matters.

The Institute of Chartered Accountants of India (ICAI or

the Institute) was established as statutory body on July 1, 1961
under Chartered Accountants Ordinance, 1961 to regulate the
profession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members. Fifteen

members are elected from amongst the members for a period of four years. The remaining
four of the Council members are nominated by the Government of India.

The Chartered Accountancy course is conducted by the Institute of Chartered

Accountants of India, which has its headquarters in New Delhi, 5 regional offices
(Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 146 branches under these
regional centers.

ICAI VISION

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 To be recognized as the governing authority for the accounting profession in the
OECS (The Organization of Eastern Caribbean States).

ICAI MISSION STATEMENT

To provide the highest quality of service to its members towards ensuring the integrity
and standing of the profession in the Eastern Caribbean and protecting the public
interest, in discharging its role as the governing authority for chartered accountants in
the OECS.

OBJECTIVES
In accordance with the provisions of the ICAEC (Institute of Chartered Accountants
of Eastern Caribbean) Agreement, the Institute operates to accomplish the following
objectives:

(a) Promote, foster and maintain the highest standards of accounting in public
practice, the public service and the commercial and industrial spheres;

(b) Promote and increase the knowledge, skill and proficiency of its members and
students of accountancy

(c) Provide facilities for the study of accountancy and make provision for the
examinations of persons pursuing courses in accountancy;

(d) Subscribe to, join and associate with anybody or professional organization in any
member state or elsewhere whose objects are similar or not inconsistent with those of
the Institute, to further the interests of the profession;

(e) Set up and promote student associations to improve the knowledge and social
relations of students of the Institute;

(f) Safeguard and enhance the professional standing, interest and reputation of its
members employed in the spheres specified in paragraph;

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(g) Regulate the etiquette, ethics, discipline, professional conduct and standards of its
members and students of accountancy;

(h) Express its views to the Government, public authorities, other professional
organizations, business organizations, trade unions, charitable organizations,
commissions of enquiry and similar bodies in any member state regarding matters
affecting its members etc.

(i) Provide opportunities for discussion and exchange of views among its members
and students whether or not such members are engaged in actual practice.

(j) Advise and assist the University of the West Indies, the Government, other
professional organizations, statutory bodies, business organizations, trade unions and
charitable or other corporate bodies of any member state upon any question within the
province of the accounting profession;

(k) Encourage and assist in providing increased facilities for the study of accountancy
and related subjects and co-operate with bodies that are in pursuit of those objects;

(l) Assist persons in the member states in their preparation for external professional
accounting examinations by acting as a broker of material on behalf of external
institutions providing such examinations and to provide tutorials;

(m) Conduct directly, through other agencies or in conjunction with other agencies,
courses of study in all aspects of the accounting profession;

(n) Promote and protect the welfare and interests of the Institute and the accounting
profession in the member states.

ABOUT THE ORGANIZATION

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Introduction:

It is an Indian chartered accountant firm based in Mulund, Mumbai, and the proprietor is
CA Rakesh Tarladalal. They provide all sort of chartered accountant services related to
accounting, auditing, income tax, financial services, company law matters foreign
collaborations, import-export consultancy, Sales Tax / VAT matter, Service Tax, STPI,
Transfer Pricing related matters etc. In order to meet the specific requirements of the
clients, the also provide the best possible solution and consultancy for their respective
matters .With the active support they receive from our competent team of professionals,
they have managed to provide the effective services to their various esteemed client.

Tarladalal & Co. has a long and prestigious history. Since the firm’s formation in 2006,
it has prided itself on values such as competency, professionalism, responsibility and
accountability, honesty, integrity and dedication, values which have been critical to our
continued growth and success.

It evolved with this growth and today it stands with more than work force of more than
20 employees and 2 offices. 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 offers 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.

It is not just the clients that have been served very diligently, the firm has also trained and
helped over many graduates and CA trainees who have since gone on to build successful
careers elsewhere. The alumni today are successfully serving some of most reputed
corporations of the world.

Registered Office:

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F-288, Tembipadiya Road, Sarvodaya Nagar, Bhandup West, Mumbai- 400078

Branch Office:

Unit no. 7, Chipwala Compound, Sindhi Niwas, Shitladevi temple road, Mahim,
Mumbai- 400016

Contact Details:

9982379465 / 0222851516

Email:

Tarladalal_ca@yahoo.com

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 About the Founder

Mr. Rakesh Tarladalal

  The Group was founded and is chaired by Mr. Rakesh Tarladalal, a well-known
figure in Professional, trade and industrial circles. He is a fellow member of the Institute
of Chartered Accountants India (ICAI).

  His strength lies in maintaining integrity and delivering client satisfying services. His
vision is to transform the entire practice into a platform of quality driven service industry.

  He is known for his radical and at the same time philosophical views. In his own
unique style, he combines technical professional subjects with philosophy to give a
different and clear perspective on several legal areas.

  His main areas of work include Company Law, Project Finance, corporate taxation ,
Indirect Taxation and matter relating to capital market. etc.

  He has also assisted foreign clients of the firm in establishing their business presence
in India by advising with respect to the regulatory framework such presence, including
the setting up of branch offices, liaison offices, etc

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Picture of Premises:

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Key Member:

They have dedicated & experienced team of chartered accountants & other professionals
which is committed to provide world class CA services. Out of the total headcount of,
they have Chartered Accountants.

HEADCOUNT DETAILS

 DIRECTORS

 SR. MANAGERS

 MANAGERS

 EXECUTIVES

 ARTICLED TRAINEE

 SUPPORT STAFF

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KEY COMPETITORS AND THEIR COMPARISON

MAHENDRA TIWARI & CO

Mahendra Tiwari & Co. was established in the year 2004. It is a chartered accountancy
firm rendering comprehensive professional services which include audit, management
consultancy, tax consultancy, accounting services, manpower management, secretarial
services etc.

PRADEEP GUPTA & CO.

CA for commercial taxation and providing various tax related services and consultancy
services

VD BUSINESS SOLUTIONS
VD Business Solutions is one among the leading service providers of Chartered
Accountant since 2012.

BAJAJ & GOYANKA

Bajaj & Goyanka Chartered accountants work in all fields of business and finance,
including audit, Company Formation Advisers, Company registration consultants and
general management.

A V PARMAR & ASSOCIATES

A firm of specialized experts with a unique focus on meeting specific accounting and
business needs

AVDHUT CONSULTANCY SERVICES

Avdhut Consultancy Services is a chartered accountant based in Mumbai, India. They
provide ESI/PF, Payroll, ESIC and professional tax consultation services for clients from
different sectors.

HEMANT SHAH& ASSOCIATES L.L.P

The partnership firm of Hemant Shah & Associates provides various tax related
consultancy services.

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TARLADALAL & CO. BASIS OF COMAPRISION PRADEEP GUPTA &

Page | 17
 CO.

It was established in the year Year of Commencement It was established in the year
2012 2014

It is a chartered accountancy Services Provided It is a chartered accountancy

firm rendering comprehensive firm rendering comprehensive
services includes various services includes various
services such as audit, services such as audit,
management consultancy, tax management consultancy, tax
consultancy, accounting consultancy, accounting
manpower
management, manpower management,
secretarial services etc. secretarial services etc.

Here the work culture is very Work Culture Here the work culture is
friendly and educating and complete professionalism and
professional also at the same only task oriented work is
time Given

Since its one of the oldest Market Image Since it is operating since
accounting firm it has a good many years it also has good
and a better market image market image but not better
than Tarladalal & Co.

Here the work is done with Quality of work Here the work done is based
complete accuracy and under on quantitative basis rather
complete supervision with than qualitative basis
qualitative aspect in mind

It is a private ownership and Type of ownership It is also a private ownership

has a proprietary based and has also a proprietary
structur
e based structure

REASON FOR SELECTING THE ORGANIZATION

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 I Choose to work with Tarladalal & Co. because I always wanted to work in
such reputed C.A firm. During this internship I have learnt many new skills. Before
internship I have only theoretical knowledge about work in organization but now I have
practical some practical experience of working in organization. Now I have knowledge
about the organization's working environment and how organizations work and achieve
their goals and objectives.

This internship has to gives me the understanding of business and also about the
elements of strategic thinking, planning and implementation, and how these things are
applied in a real world organization environment. Following are the objectives that I have
in my mind before working as an internee.

Student’s end:

 The objective of this project were mainly to study the functional activities of
accounts department

 In an organization, you can make a bigger impact, so you can see the effect of
your work relatively quickly

 Early responsibility and your initiative will be tested and you’ll be able to
develop your leadership, team working, time management and organizational
skills.

 To understand the planning and management activities of accounts department.

 Your contribution will be highly valued; we can dedicate our time to one of
these areas and offer enterprising ideas to improve the business.

Industrial end

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 Consistency
A good recruitment and selection policy will also require that hiring managers use
pre-determined criteria at all stages of the recruitment process, thereby reducing
the risk of bias or discrimination.

It should be noted that treating everyone consistently does not always imply
fairness. If a candidate is at a disadvantage for any reason (i.e. has a disability),
you may need to take their individual circumstances into account, so they are
given an equal opportunity to present their case.

 Legality
Privacy and equal opportunity legislation require that the recruitment process is
conducted in a fair and transparent manner.
A candidate may have recourse to legal action if they feel they have been
discriminated against, so impartiality is not only the right thing to do.
Privacy laws also require that a candidate’s application is treated confidentially.
Penalties apply if breaches occur, so here as well, a good recruitment and
selection policy helps to protect the organization’s best interests.

 Credibility
Some are placed by organizations wishing to build up a ‘talent pool’ or to simply
to test the waters and see what’s out there.

 Transparency
By requiring transparent procedures at every step, the recruitment and selection
policy ensures that all stakeholders in the recruitment process (HR, department
head, line manager etc.) are able to follow the process and be confident of the
outcome.

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 LEARNING OBJECTIVE

 To improve communication skills.

 To analyze the business situation.

 To establish high standard in professionalism.

 To learn book keeping practices of different companies.

 To apply the theoretical knowledge in actual organization.

 To compare practical aspects with theoretical aspects.

 To make quick decision in real situation.

 To learn how to promote and to conduct research in business area.

 To promote my personal knowledge and professional preparation for future.

 To properly integrate my theoretical knowledge and practical work.

 To plan for the future of oneself and learn how to adjust in an organisation.

 To know how to present your recommendations in front of your boss.

 To get knowledge of opportunities and threats while entering into an organisation.

 To get exposure to do a work in an organisation and also known about

organisational behavior, ethical rules and regulations.

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 MISSION, VISION, VALUES

Mission - To provide complete, reliable and high quality accounting, auditing and
consulting services to individuals and institutions, be it manufacturing, trading, tourism,
financial, governmental, non- governmental, medical, hydro power, hotels, and any other
sectors.

Vision - The firm's vision is to be the premier auditing, accounting, tax and business
consulting firm by every measure that matters.

Values-The values of the organization are as follows:

Valuing People

They believe that the success depends first and foremost on people. By respecting people
in everything we do, we will develop and maintain high quality, mutually beneficial
relationships with our clients, professional colleagues, referral sources, vendors,
community members and each other.

Building Client Relationships

They seek to earn long-term client loyalty by developing a deep understanding of each
client's business and personal goals, by demonstrating unwavering reliability and integrity
in the work and by acting as an independent and objective advisor to thier clients.

Upholding Quality and Integrity

They want to maintain an environment where a commitment to quality, honesty, respect,

fairness and professional ethics governs the actions and decisions of everyone within our
firm.

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 KEYS TO SUCCESS

 Developing visibility to generate new business leads.

 Relationships with clients (developing loyal, respectful, and intensive contact with
both clients and potential clients).

 Marketing/strategy and networking with other professionals.

 Responsiveness to clients (fast response time for special problems).

 Quality (especially in reporting information).

 Excellence in fulfilling the promise.

OPENNESS: languages and willpower for creating interregional and international

Contacts.

GROWTH: To expand the business at a rate that is both challenging and manageable,
serving the market with innovation and adaptability.

OBJECTIVES:

The overall objective is to focus the activities towards its specialized services (auditing,
accounting, tax and business consulting) and to become a leader in this niche in the
country.

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 ORGANIZATIONAL STRUCTURE
It is a sole proprietary firm. It has its office in Mulund west. All the controls and
regulations are dealt at office in Mahim.

 Proprietor
 Senior Managers
 Managers
 Supervisors
 Senior Trainee Students
 Junior Trainees

Proprietors are often the founders of the firms. Most of the firms’
names are associated with the names of Proprietor. They are basically the main
authorized personal who issue and sign any report (specifically audit report) on
behalf of the firm. Proprietor mostly communicates with the Senior Managers. In
other words, the progress of any report and any inquiry is made from the Senior
Managers and hierarchal structure is strictly followed to avoid any disruption.

Managers are inquired of by Senior Managers and mostly manager

manage audit field works etc and after field work managers with cooperation of
senior managers makes and finalize any audit report to be issued. Senior Manager is
a qualified Chartered accountant having more than 10 year working experience.

Field work and information collection and implementation of policies

by adopting changes in rules & regulations is the main responsibility of supervisors
and trainees. They use different kind of techniques for error and fraud detection and
they do the tax filing related work.

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The office constitutes different number of departments who basically handle their
respective functions. The major departments include

 Audit and Assurance Department:

Firm provides audit and assurance services to wide range of clients which include
performing audits of financial statements of limited companies, NGOs and
partnerships. Firm also performs special assignments which include management
audits, internal audits and investigations. Services are aimed to comply with the
legal requirements as defined under the various laws and regulations in India. In
doing so firm not only identify the non-compliances but also assists clients in its
rectification, designing remedial measures and provides guidance to adhere with the
laws and regulations. Firm always Endeavour to meet reporting deadlines as set out
by the laws and regulations or as mutually agreed with clients, without
compromising the professional, legal and ethical requirements.
Firm emphasis on delivering high quality services to clients, adding value to their
business through identification of existing and potential control risks and suggesting
best possible measures in the given circumstances. Firm always place priority in
deploying audit teams to clients who are well equipped with the specific industry
knowledge, experience and are professionally sound.

 Tax & Corporate Department: Firm delivers taxation services to clients and
assists them in obtaining optimal tax benefits available under the laws. Firm also
assist clients to comply with the tax rules and regulations and always keep them
updated with the latest developments and amendments. Tax personnel are qualified
professionals, experienced and knowledgeable. We maintain a comprehensive tax
library which always provides ready references and timely solution in complex
situations. Firm provides a comprehensive range of tax services which includes;
 Preparation and submission of annual tax returns
 Compliance services
 Tax advisory services
 Representation and litigation with tax authorities
 Personal income tax services

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 Computer Department: Department handles the computer related matters and
assists other departments in working properly and efficiently. Department deals with
online filing of returns of income for tax department and finalize audit reports in
proper format in a presentable manner. It deals with networking of computers in
office and all other problems which may be faced by computer users time to time.
 Correspondence Department: It handles with all the correspondence of the firm
by sending the solicited and unsolicited information from time to time. Effectively
and efficiently manage the day-to-day operations of the Correspondence. Interact
with clients to resolve policy and customer issues. Identify trends and remove
obstacles in Statement production and delivery by properly maintaining record of all
communication for future reference.
 HR Department: This department is mainly concerned with the recruitment,
hiring/firing of the firm and this department presents the timely reports on effective
utilization of the resources by the firm. A purpose of the human resource is to keep
the trained employees and recruit new energetic staff to work. Another purpose of
this department is to provide a good working environment for staff and try to make
by facilitating them and arranging some recreational activities for them.

The hierarchy adopted is in accordance with the legal structure a CA firm shall
have. Although the ICAI rules permit of not having the supervisors and does not
make it mandatory having senior manager and manager, yet this goes as additional
benefit for the firm of having such an extensive hierarch

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 Work Culture of the Organization

Since it is an accountant's firm, the culture here is very formal and people here are very
hardworking and they work with their complete dedication. The environment is very
friendly and for a "fresh internee" like me it's the best place to learn and understand in
depth about our country's taxation systems and various new reforms and amendments.

 Formal Communication:

Such a communication is that which is associated with the formal organization structure
and the official status or the position of the communicator and the receiver. It travels
through the formal channels officially recognized positions in the organization chart.
Formal communication is mostly in black and white

Thus, it is a deliberate attempt to regulate the flow of communication so as to ensure that

information flows smoothly, accurately and timely. Formal communication is a deliberate
attempt to regulate the flow of communication so as to ensure that information flows
smoothly, accurately and timely. We frequently come across the phrase ‘through proper
channel’. It emphasizes the essence of formal channel of communication. For example,
when the General Manager issues instructions (because of his senior position in the
organization), it is formal communication.

 Informal Communication:

Informal communication is also known as ‘Grapevine’. It is free from all sorts of

formalities because it is used on informal relationships between the parties, such as
friendship, membership in the same club or association Persons at the executive levels
also use informal communication when they find it difficult to collect information from
the workers. Such communication includes comments, suggestions etc. It may be
conveyed by a simple glance, gesture, smile or mere silence. Punctuality and Sincerity is
appreciated and everything here is done according to a fixed routine Good work life
balance where you get plenty of time to learn new technologies and also Good
Benefits and package compared to other companies.

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 TIMING'S

09.00 am- The office opens and reporting starts

10.20 am- Tea Break for 10 minutes

10.30 am to 2.30 pm- Working hours

2.30 pm to 3.00 pm - Lunch break

(where everyone sits together in conference room and shares their lunch together)

3.00 pm to 5.30 pm- Working hours

5.30 pm-5.45 pm-Tea & Snacks Time

5.45 pm-7.45 pm- Working Hours

7.45 pm-8.00 pm-Tea & Snacks Time

8.00 pm-9.30 pm-Working Hours

9.30 pm- Office Closing Time

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 PRODUCT PORTFOLIO

An accountant is one of the main players in any business that he or she works for,
whether it is a large corporation or a small business. The accountant monitors and
records the flow of money through a business or organization. It is the responsibility of
the accountant to verify the accuracy of all money transactions and to make sure that all
these transactions are legal and follow current guidelines. It may be that the accountant
works for a company on a contractual basis to do the books or tax returns. They may
also choose to work for private individuals and help them with their financial decisions,
tax returns, or other money-related issues.

The firm assists its clients in:

Direct Taxes: (PRODUCTS)

 Assessments & Appeals

 Withholding taxes on payments other than salaries
 Advising on Income Tax Planning of Corporate& Personal Advisory.
 Verification of all payments to vendors for the purposes of determination of
correct application of rates and category for deduction of withholding taxes.
 Computation of monthly TDS on the basis of above.
 Monthly tax reconciliation of the TDS due and deducted.
 Preparation and deposit of Monthly challans on or before the statutory due dates.

 Filing of quarterly E -TDS Returns.

 Filing annual Income Tax return.

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Indirect Taxes: (PRODUCTS)

 Service Tax
o Compiling and calculat ing the net service tax.
o Compiling the data of Cenvat Credits for service tax.
o Preparing & Filing of Service tax Returns.
o Advising on the issues relating to Service tax.
o Consultancy on the maintenance of prescribed records.
o Tax Planning as regards the minimization of Service Tax Liability

 Value Added Tax

o Rendering assistance in registration under VAT
o Assistance in claiming input tax credit
o Assistance in furnishing tax returns and claiming refunds
o Advice on the legal aspects of VAT
o Rendering advice on the wide range of issues in relation to tax invoices
and retails invoices
o Internal Audit and Compliance Reviews
o Helping with audit of accounts necessary for a registered dealer

 GST

o Rendering assistance in registration under G.S.T

o Assistance in claiming input tax credit
o Assistance in furnishing tax returns and claiming refunds
o Advice on the legal aspects of G.S.T
o Rendering advice on the wide range of issues in relation to tax invoices
and retails invoices
o Internal Audit and Compliance Reviews
o Helping with audit of accounts necessary for a registered deals

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 TALLY SOLUTIONS (ACCOUNTING PRODUCT)

TALLY IS ONE OF THE MOST POPULAR ACCOUNTING SOFWARE USED IN

INDIA; KNOWLEGDE OF TALLY IS ONE OF THE BASIC REQUIREMENT FOR
MANY ACCOUNTS JOB.
Tally Solutions Pvt. Ltd. is an Indian multinational company that provides
enterprise resource planning software. It is headquartered in Bangalore, Karnataka India.
The company reports that its software is used by more than 1 Million customers.
Features and Uses of Tally

a. Daily accounting
b. Balance Sheet Finalization
c. Inventory Maintenance
d. Generating different reports for tax filing etc.

MANUAL ACCOUNTING ACCOUNTING IN TALLY

(As Done in Schools/College books) (as done practically)
We first We only
1.Pass Entries 1.Make Ledger Name
2.Make Ledgers 2.Pass Entries
3.Make Trail Balance (Automatically Ledgers, Trail balance and
Balance Sheet updated)
4.Make Profit and Loss
5.Make Balance Sheet
More Chances of error and very time Less Chances of error and less time taking
consuming (However, Accounting entry should be
correct, otherwise there will be errors)
Balance Sheet Asset and liability rarely Balance Sheet automatically tallied with
tallies each other

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 JOB DESCRIPTION

I joined as a Junior intern. Since being a Finance Student I had a good knowledge of book
keeping and accountancy so i started to work on preparing Bank Summary.

At beginning it was difficult to interpretate the data provided in the bank statement but
my Reporting Officer and my fellow senior colleagues guided me wherever i needed their
help.

I used to work with all of my dedications and after working for about a week on
preparing various bank summary for many clients of that firm, I completely got the
knowledge on how to prepare bank summary.

After one week I was handed over the work for passing entries in the books of accounts in
tally erp.9. It was a task which required a lot of dedication and hard work. At the start it
was quite difficult but later I started to understand "how to use the tally erp software" and
after working on Tally for about a week I got a good practice and I learnt the basics.

After That for the rest of the period of my internship I was working on Bank summary,
passing different entries in Tally, Computing Tax liability, Payment of G.S.T, Payment of
Advance Tax, Form 280, Preparing Balance sheet, P&L A/c, E-verify ITR, Link Aadhar
Card with Pan Card etc

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Preparation of Preliminary Trial Balance and various other Financial Statements:

I was assigned to prepare the preliminary trial balance and various other financial
statements of different companies during the period of my internship as to get more and
more exposure to the actual economic environment and to get a better knowledge related
to the whole tax filing mechanism.

Preliminary Trial Balance

It is a summary of the balance of all accounts in the chart of accounts to, firstly, make
sure the books are balanced. Then, these account balances are used to prepare financial
statements such as Profit and Loss Account, Balance Sheet and Cash Flows Statement.
The trial balance is a worksheet on which all the general ledger accounts with their debit
or credit balance are listed. It is a tool that issued to alert errors in the books of account.
The total debits must equal the total credits. If they don't equal, there is an error that must
be tracked down.

Profit and loss statement

It measures the profit or loss of a business over a specified period. A profit and loss
statement summarizes the income for a period and subtracts the expenses incurred for the
same period to calculate the profit or loss for the business. It reflects the past performance
of the business and is the report most often used by small business owners to track how
their business is performing.

Balance sheet
It is a financial statement that summarizes a company's assets, liabilities, and
shareholders' equity at a specific point in time. The balance sheet gives investors an idea
of what the company owns and owes as well as the amount invested by the shareholders.
The balance sheet follows the formula assets = liabilities + shareholders 'equity. Accounts
such as cash, inventory, and property are on the asset side of the balance sheet, and
accounts such as accounts payable and long-term debt fall on the liability side. Accounts
on a balance sheet differ by company and by industry, as there is no set template that
accurately accommodates the differences between different types of businesses.

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Verify Tax returns

Verifying tax returns is a one of the important and crucial part of post filing of ITR.
Without verifying the ITR, the return will not be processed and will be termed as invalid
if not verified within 120 days after uploading the ITR. There are various six different
ways of verifying the ITR i.e. :

As per the existing tax laws, a return filed by the taxpayer is not valid until it is verified as
filed by the concerned assesse. A taxpayer can verify his/her return either electronically
using E-Verification Code (EVC) using any one of multiple options or physically. In case
of e-filing taxpayers have the option to e-verify their respective returns at the time of
uploading or after uploading. In case of an already-uploaded return, taxpayers can e-
verify the same by clicking on the "e-Verify Return" option under the 'My Account' tab
after logging into the e-filing website. Physical verification method can be used only after
filing the return.

Under the 'e-verify return' option, a taxpayer will be shown three alternatives to verify
their returns.

1.I already have an EVC to e-verify my return.

2.I do not have an EVC and I would like to generate EVC to verify my return.

3. To verify your returns using Aadhaar OTP

If you're using Aadhaar OTP method, your mobile number must be linked to your
Aadhaar. In this process a, OTP is generated and sent to your registered mobile number.
Enter the OTP in the text box provided and click on submit. Success page will be
displayed. It is important to remember that Aadhaar OTP is valid for 30 minutes only.

If you do not have EVC or your mobile number is not linked to aadhaar, then you can
choose option 2 mentioned above. EVC can be generated by clicking on 'Generate EVC'
option under 'My Account Tab'. Four options to verify your ITR will appear. An
Individual can choose any of the following method to verify it.

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Using Electronic methods

You can use any one of the following four methods to verify your ITR electronically
apart from Aadhaar OTP. Once you have verified it electronically you are not required to
send the physical ITR-V copy to Bengaluru.

(a) Using One Time Password (OTP): You can verify your ITR by receiving an OTP on
your registered mobile number and e-mail ID. OTP is a 10 digit alphanumeric code which
can be generated through the income tax department's e-Filing portal and is valid for 72
hours. This OTP can be used only if your gross Income minus deduction is less than or
equal toRs 5 lakh. And/or, refund/demand is less than or equal to 100. This is first option
to that appears under the 'Generate EVC' option. Click on 'Generate e-filing OTP'. The
OTP will be you're your email id.

b) Generating EVC using net-banking: You can also verify your return by using the
net-banking facility. Log-in to your net banking account and click on tab related to
income tax filing. Select the e-verify option and you will be redirected to e-filing website.
Once logged in to the income tax e-filing website, click on the 'My Account' to generate
the EVC. A 10-digit alpha-numeric code will be sent to your email and mobile number
which is valid for 72 hours. Now, click on 'e-verify' option in 'My Account' tab to verify
your returns using option 1 'I have EVC already'.

(c) Receiving EVC by using bank account based validation system: To use this
method you must first pre-validate your bank account. You can pre-validate your bank
account through the profile settings menu in your e-filing account. You will be required
to enter details such as bank name, account number, IFSC and mobile number.

Pre-validation will be successfully completed only if your PAN and name match with
bank account records. You must enter the mobile number which is linked to that bank
account. Once these details are confirmed and validated by the bank then only you can
generate EVC using this option. You will receive the code on the mobile number
mentioned by you. Currently, only 12 banks are providing this facility. You must ensure
that your bank is in the list before using this option.

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(d) Verifying returns through Demat Account Number: This method is similar to
bank account based validation. This method was launched earlier but has become
functionally usable starting from this assessment year. To use this method for verifying
your tax returns, your must also first validate your Demat account in the profile settings
menu.

You will be required to select your depository and enter both mobile number and email
id. Once the details (PAN, mobile number and email id) mentioned by you is confirmed
and validated by the depository then you can use this option to generate the code. Here
too, no change of mobile number or email id will be permitted without revalidation with
the depository.

Using Physical Method (by sending ITR-V/Acknowledgement receipt)

If the taxpayer is not able to e-verify his return because of any reason or is not
comfortable in using the electronic verification mode, then he/she can download the ITR-
V also known as acknowledgement receipt. He needs to sign it and send it to CPC
through post. This ITR-V should reach CPC within 120 days from the date of upload of
the return for the return to be treated as valid.

1. ITR-V is a one-page document which you need to sign in blue ink and send via
ordinary post or speed post. You cannot courier the ITR-V.

2. ITR-V is a password protected document which can be downloaded from your account
on the e-filing website under the 'View Returns/Form' on the 'Dashboard'. This ITR-V is
auto-generated after you successfully upload/e-file your income tax return. Password to
open ITR-V is your PAN number in lower letters along with your date of birth (DOB). If
your PAN is "AAAPA1 111F" and DOB is 01/01/1975, then your password will be
"aaapa1111f01011975".

3. You are not required to send any supporting document along with the ITR-V. Just send
the one page signed ITR-V.

4. When your duly signed ITR-V is received and entered in the records at CPC, you will
receive an email on your registered email ID that the ITR-V has been received and your
return has been verified. Processing of your return will only start after verification

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5. Address of CPC Bangalore for speed post: 'CPC, Post Box No - 1, Electronic City Post
Office, Bangalore - 560100, Karnataka, India'.

Filing Estimated Income Tax:

Taxpayers who derive or expect to derive any assessable income from a business or
investment shall pay tax for the year by three installments. Therefore, they are called
installment payers. Taxpayers with income solely from employment are not obliged to
pay tax in installments because their tax from employment income is collected by
withholding. Similarly, presumptive taxpayers are also not obliged to pay tax in
installments. Payment of tax by installments is fundamentally different from payment of
tax by withholding. Withholding requires a person’s tax to be paid by a third party,
whereas under an installment system the person pays his or her own tax. Every
installment payer has to submit for the income year ahead an estimate of his tax payable.
For that the estimated tax returns are to be utilized. The submission is due to be made by
the date for payment of the first installment, i.e. it shall be filed together with the first
installment. Since the first estimate has to be submitted after the incomeyear is half,the
estimate should include the actual taxpayer’s factsof the first half of the income year so
that there is some thorough basis for the estimation of the possible profit of the second
half of the income year. In this estimate the following amounts are to be specified: the
assessable income to be derived for the income year from employment, business, and
investment the source of this income the taxable income to be derived for the income year
the tax to become payable calculated without reduction for any medical tax credit The
installments have to be paid as follows:40 % of the tax as estimated for the current
income year less paid tax, i.e. less amounts that have already been paid by the end of the
month Poush70 % of the tax as estimated for the current income year less paid tax, i.e.
less amounts that have already been paid by the end of the month 100 % of the tax as
estimated for the current income year less paid tax, i.e. less amounts that have already
been paid by the end of the month As If the amount of an installment calculated as above
is less than Rs. 2000, the installment is not required to be paid. If at the end of the year a
final tax liability remains to be paid, as, for example, a result of the income tax return
filed at the end of the year the income tax paid by installments is credited against this
liability.

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Filing of Returns of Income:
In addition to the estimate (during) an income year every taxpayer has to file a return of
income not later than 3 months after the end of each income year. The taxpayer should
scrutinize and adjust this estimate on the occasion of the payments of the first, second and
third installment, at the end of the income year the taxpayer has to file a tax return based
upon the facts of the previous year. That leads to an adjustment of the estimates and to a
final tax liability. For the income tax return the respective forms provided by the tax
authorities are to be utilized. The income tax return needs to be signed by the taxpayer or
the manager. Furthermore, to be included is a statement that the return is complete, true
and accurate

Computing the Tax Liability

1. Calculating your taxable income and tax liability can be a bit challenging.
2. Determine your gross income and apply the appropriate tax rate to your income,
based on the amount of taxable income you have and the method you are using for
filing (Individual, Corporates, HUF, partnership firm etc.)

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 OTHER DETAILS

VARIOUS OTHER SERVICES RENDERED BY THE FIRM

CORPORATE SERVICES

 Incorporation of company

 Consultancy on Company Law matters.

 Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.

 Filing of annual returns and various forms, documents.

 Clause 49 review for compliance with fiscal, corporate and tax laws

 Secretarial Matters including share transfers

 Maintenance of Statutory records

 Consultancy on Public/Rights/Bonus Issue of shares.

 Change of Name, Objects, Registered Office, etc.

AUDIT
Broadly, Audit involves the following:

 In-depth study of existing systems, procedures and controls for proper

understanding. Suggestions for improvement and strengthening.

 Ensuring compliance with policies, procedures and statutes.

 Comprehensive review to ensure that the accounts are prepared in accordance

with Generally Accepted Accounting Policies and applicable Accounting
Standards/IFRS.

 Checking the genuineness of the expenses booked in

accounts. Reporting inefficiencies at any operational

level.

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  Detection and prevention of leakages of income and suggesting corrective
measures to prevent recurrence.

 Certification of the books of account being in agreement with the Balance Sheet
and Profit and Loss Account.

 Issue of Audit Reports under various laws.

Types of Audits conducted

 Statutory Audit of Companies

 Tax Audit under Section 44AB of the Income Tax Act, 1961.

 Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA,
etc.

 Concurrent Audits.

 Revenue Audit of Banks.

 Branch Audits of Banks.

 Audit of PF Trusts, Charitable Trusts, Schools, etc.

 Audit of Co-operative Societies.

 Information System Audit

 Internal Audits.

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 SUMMARY OF WORK DONE

DAY 1: Started analyzing & working on "bank summary" of "Akshay Traders"

DAY 2: Continued working on bank summary for "Shakti textiles"

DAY 3: Prepared bank summary

DAY 4: Prepared bank summary for "Ramesh Enterprises"

DAY 5: Prepared bank summary for "Choudhary Machine Tools"

DAY 6: Prepared bank summary for "PallaviChadda"

DAY 7: Prepared bank summary for "HardikJetwa"

DAY 8: Started working on Tally erp software and started posting purchase/sale vouchers
for "J.P GRAPHICS"

DAY 9: Prepared bank summary for "Laiba Fashions" for financial year 2016-2017

DAY 10: Collection of documents from client.

DAY 11 : Posted Receipt’s and payment vouchers for “ALKA ENTERPRISES” for
financial year 2015-2016 & 2016-2017

DAY 12: Posted journal entries for “suniljambhare”

DAY 13: Created login email id and password for first time income tax payers

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DAY 14: Posted Receipt’s and Payment vouchers for “Sunil Jambhare” for financial year
2016-2017

DAY 15: Learnt basics of e-tax login website i.e ( how to check 26AS,E-verify ITR,
account recovery, notices ,orders, status of ITR and also paid advance tax for clients by
filling Form 280 from e-tax login website.

DAY 16: learnt how to edit and fill various pre prepared formats of Computation of p&l,
balance sheet, statement of income

DAY 17: Computation of income statement, and tax liability for “Sunil Jambhare” for
financial year 2016-2017

DAY 18: Collection of documents from client.

DAY 19: Computation of income statement and tax liability for “Shakti enterprises”

DAY 20: Collection of documents from client.

DAY 21: Collection of documents from client.

DAY 22: Prepared bank summary for “Pooja thakkar”

DAY 23: Posting purchase sale entries with creating new provisions for CSGT and SGST
in Tally software for “Khanna Graphics”

DAY 24: Posting purchase sale entries with creating new provisions for CSGST, SGST
and IGST in Tally software for “Choudhary Machine Tools”

DAY 25: Posting purchase sale entries with creating new provision for CGST, SGST and
IGST in Tally software for “A-1 general stores”

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DAY 26: Filed a letter to IT Department for sending notice for pending tax liability even
after paying the tax long ago and also called and talked on IT department customer care
helpline , also handled a case of “ITR termed as Invalid” as the taxpayer did not do the
verification of ITR online or offline

DAY 27: Linked Aadhar card with pan card online for many clients and also prepared
bank summary.

DAY 28: Collection of documents from client.

DAY 29: Prepared bank summary for “Modi textiles”

DAY 30: Posted purchase , sale entries for “Modi Textiles” along with creating
provisions for CGST , SGST and IGST.

DAY 31: Handed over the files and documents of clients to the reporting officer and also
there was a special farewell organized for me by my co-workers.

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 REPORTING OFFICER AND HIS PROFILE

Name:- CA Ronak Jain

Education:- ICAI
CA, Accounting and Finance

Knowledge and Experience integrates in the understanding areas:-

• Structuring of Business Entities.
• Transactions Advisory.
• Handling complex issues arising under the Income Tax Act.
• Representation before I.T. and State Authorities i.e. ITO, CTI (A) and Tribunal
levels in respect of cases of clients.
• Advising regarding various documents like partnership and LLP deeds, Company
Documentation, Investor Agreements, MOU’s, License Contracts.
• Crafting project reports (IM’s) and Fund raising in form of Debt and Equity.
• Budgeting, Cash Flow Management and Ratio and Trend Analysis.
• Handling Tax Audits, Stock Audits, Internal Audits, Compliance and Techno-
Commercial Audits.
• Analyzing existing operations of clients and identifying the potential cost saving
opportunities by modification to or re-organizing the operations prevailing in the
organization.
• Carrying out Audits focusing on the areas that are prone to high risks including
Revenue Leakages, Cost Control and Process Efficiency Improvement/
Optimization, Business Process Re-engineering.

Additional:-
Smart Notes - Mumbai University - Graduation text books (HRM and Exports)
Lazy Bone Publications 2014

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Languages:-
• English
• Hindi
• Marathi

Top Skills:-
• Financial Analysis and Reporting
• Tax
• Accounting
• Strategic Financial Planning
• Corporate Finance
• Project Finance
• Auditing
• Internal Audit
• Banking
• Valuation
• Investment Banking
• Portfolio Management
• Business Valuation
• Mergers and Acquisitions

Conclusion

Based on the discussion above, I can say that through this opportunity of practical
training, I, as a student of BMS Finance, have gain knowledge required to accustom
myself with the real world business and accounting problems.

The function of this organization has helped me to understand Departmental Goals &
Objectives.  The explanation of financial terms such as vouchers, purchase, sales, bills etc
& their posting in actual work are now better analyzed and well understood.

The inter-relation with other departments, handling clients, analyzing the balance sheet of
Companies, verifying certain bills of Private ltd. etc. has enabled me to inculcate the

Page | 45
knowledge and the know- how of tackling the situations and also how to react in
situations needing immediate action.

This has given me the confidence and the zeal which would be really helpful in my future
business venture. I owe a lot to this practical training.  

The practical implementation of financial terms helped me to understand Finance in a

better way as compared to theoretical approach.

Soo, this has proved to be an all round help for my future plans.

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