INTERNSHIP REPORT ON

NAME OF THE COMPANY/ORGANIZATION

Submitted to Bengaluru City University

In partial fulfillment for the award of B.Com Degree

by
SHEKAR V
REG. NO: U18CZ21C1261

Under the guidance of

SRI JAGADEESH S
Associate/Assistant Professor,
Department of Commerce
GOVERNMENT RAMNARAYAN CHELLARAM COLLEGE
OF COMMERCE AND MANAGEMENT
(Affiliated to Bengaluru City University)

PALACE ROAD, BENGALURU-560 001

 EVALUATION OF INTERNSHIP REPORT
For submission to Bengaluru City University

Student Mentor/Supervisor

Name:Shekar.v Name: Sri Jagadeesh S

Reg No:
Signature:
U18CZ21C1261

Signature:

Date: Date:

Evaluation Summary

Project Viva-Voce Total

Max. Marks 60 40 100

Marks. Allotted
Name of examiner Sign:
 COMPANY
CERTIFICATE
 GOVERNMENT RAMNARAYAN CHELLARAM COLLEGE
OF COMMERCE AND MANAGEMENT
(Affiliated to Bengaluru City University)
PALACE ROAD, BENGALURU-560 001

COLLEGE CERTIFICATE

This is to certify that this Internship report on (Name of the

Organization)” S.R. & M.R. ASSOCIATES[charted accountants] “ is carried out
by SHEKAR V
(Name of the Student), student of VI semester B.Com, bearing Reg. No
U18CZ21C1261. He/ She has successfully completed his/her 4 Weeks organizational
study.

The Internship report is submitted to the Bengaluru City University in the Academic
Year 2023-24, in partial fulfillment for successful completion of VI Semester B.Com
and award of Bachelor of Commerce Degree of Bengaluru City University.

Place: Bengaluru Dr. B. Chandrashekara

Date: PRINCIPAL
 SUPERVISOR’S CERTIFICATE

This is to certify that the content of this report on “Name of the

Organization S.R. &M.R.ASSOCIATES ” carried out by Name of the
Student SHEKAR V, student of VI semester B.Com, bearing
Register No. U18CZ21C1261, is a bonafide work carried out by the student under my
supervision during the academic year 2023-24 in partial fulfillment for the completion
of VI Semester B.Com, of Bengaluru City University.

This project/Internship report study is an original work carried out by the said
student and there is no plagiarism. This project /Internship report has not been
submitted for the award of any other degree/ diploma in this institution or any other
institution.

Place: Bengaluru SRI JAGADEESH S

Date: Name of the Supervisor

 DECLARATION BY STUDENT

I hereby declare that this Internship report on “Organizational Study with

particular reference to Data Entry ,TDS and GST working on Excel ” is an original
record of my experience while conducting the internship study at Name of the
organization S.R. &M.R. ASSOCIATES[chartered accountants] .

The organizational study was carried out by me, in partial fulfillment for the successful
completion of VI Semester B.Com of Bengaluru City University. This report is not
submitted to any other university for the award of any Diploma /Degree etc.

Place: Bengaluru Name of the Student

Date : SHEKAR V
 ACKNOWLEDGEMENT

I am deeply indebted to Name of the executive MR NATRAJA for giving me an

opportunity to carry out the organizational study at Name of the organization S.R.
&M.R. ASSOCIATES[chartered accountants] and for giving vital support and
guidance to complete this endeavor.

I would like to express my gratitude to our Principal Dr. B. Chandrashekara, for his
constant support and encouragement.

I am extremely grateful to my Supervisor, SRI JAGADEESH S , Assistant/ Associate

Professor, Department of Commerce, for his/her support and timely guidance provided
for the completion and preparation of this report.

This endeavor would not have been possible without the support of my parents. My
special thanks to them.

I would also like to thank my friends for their encouragement and moral support
throughout the work.

Name of the Student

SHEKAR V
 LIST OF CONTENTS

Chapter Content Page No.

No.
1 Introduction 1-6

2 Profile of the Organization 7 - 16

3 Functions/Operations of the Organization 17 - 22

4 Learning Outcomes, Suggestions and Conclusion 23 - 26

Bibliography

Annexures
• Log Sheets
• Any other (given by company)
 CHAPTER 1
INTRODCTION

Understanding the Basics: Introduction to Chartered Accountancy :

Chartered Accountancy in India is a tough but highly respected career choice due to its
challenging path and rewarding prospects. Check this career guide introducing the basics of
Chartered Accountancy.
Chartered Accountancy (CA) is a highly sought-after career in India. It’s a challenging journey
to embark on, but once achieved, it offers an excellent career trajectory, attractive income, and
the admiration of others. The respect for CAs doesn’t stem solely from their title or earnings but
mainly from the difficulty of attaining this qualification.

Becoming a CA is undeniably one of the most demanding professions out there. We believe in
providing candid and genuine career guidance, so we want to begin by acknowledging the tough
path ahead.

If you’re determined and committed, let’s delve into this career guide!

Chartered Accountancy :
Chartered accountancy, also known as accountancy, is all about handling an organization’s
money matters. This job includes tasks like keeping financial records, creating budgets,
conducting audits, devising business strategies, and dealing with taxes.
The key distinction between an accountant and a chartered accountant is the level of expertise.
Chartered accountants undergo rigorous training over several years and pass numerous exams
covering various aspects of accounting to earn their prestigious title.

Role of Chartered Accountant :

Chartered accountants are experts in finance who operate across different parts of the economy.
They handle the money matters of organizations, offer financial guidance, and assist in financial
management. This can include working with businesses, individuals, or government entities.

1
Why Choose a Career in Chartered Accountancy :
One compelling reason to consider a career in chartered accountancy is the excellent pay and job
security it offers. In a world where money plays a vital role, businesses rely on professionals to
handle their finances, assist with tax filings, and conduct audits.
As a chartered accountant, you’ll find a multitude of job opportunities available across various
industries. Finance management is a necessity for every organization, and chartered accountants
are the go-to experts for this essential function.

Opportunities in Chartered Accountancy :

As a chartered accountant, you have a wide range of career opportunities:

1.Businesses and Industries: You can work for companies in different sectors.

2. Chartered Accountant Firms: Joining established CA firms is an option.

3. Consultancy Firms: You can work with consulting companies.

4. Institutions: Some institutions also hire chartered accountants.

5. Capital Market Services: Opportunities in the financial market are available.

6. Financial Institutions: Banks and other financial institutions seek skilled CAs.

7. Independent Practice: You can work on your own and provide services to clients.

Chartered accountants are in high demand in these fields. You can assist organizations with
their finances, taxes, and audits, whether you work for a single business or offer independent
services.

Financial institutions often seek chartered accountants for various roles, providing another
avenue for employment. Consulting firms assign CAs to clients to help them achieve their
financial goals, making it a great option if you want to work with multiple clients.

Advantages and Disadvantages of a Career in Chartered Accountancy :

Advantages:

1. High Earnings: Chartered accountants can earn a six-figure salary.

2. Strong Demand: There is a high demand for chartered accountants in the job market.

2
 3. Growing Opportunities: The field offers growth and various career prospects.
4. Stable Income: You can expect a stable income.

Disadvantages:

1. Ongoing Learning: Continuous learning is essential to keep up with financial changes.

2. Monotonous Hours: The job can involve long and repetitive working hours.
3. Year-End Deadlines: Deadlines at the end of the financial year can be challenging.
4. Stressful Work: The profession may be stressful due to workload.
Deciding whether a chartered accountancy career suits you depends on your personality and
preferences.

Eligibility for Chartered Accountancy :

Becoming a Chartered Accountant can be your goal whether you’re finishing high school or
have completed your undergraduate or postgraduate studies. The paths are similar, but if you’re
a college graduate, you can skip some initial steps.
Path After High School (Foundation Course Route):

1. Enroll in the CA Foundation Course after completing high school.

2. Complete a 4-month study period and take the CA Foundation Examination.

3. Enroll in the CA Intermediate Course after passing the CA Foundation Exam.

4. Finish a 4-week Integrated Course on Information Technology and Soft Skills (ICITSS)

before starting your articleship.

5. Study for 8 months in the CA Intermediate course and appear for the exam (two exam

groups, pass at least one).

6. Begin a 3-year articleship after passing one group of the CA Intermediate Exam and

complete ICITSS during your articleship.

3
 7. Clear the remaining group of the CA Intermediate Exam (if needed).

8. Enroll in the CA Final Course.

9. Complete a 4-week Advanced Integrated Course on Information Technology and Soft

10. Skills (AICITSS) during your articleship and before the final exam.

11. Take the final exam after your articleship or within the last 6 months of it.

12. Finish your articleship.

13. Pass the CA Final Examination.

14. Enroll as a Chartered Accountant with the ICAI.

Path After Graduation/Post-Graduation (Direct Entry Route):

1. Enroll in the CA Intermediate Course.

2. Complete a 4-week Integrated Course on Information Technology and Soft Skills

(ICITSS) before starting articleship.

3. Register for a 3-year articleship or practical training.

4. Appear for the CA Intermediate Examination after 9 months of training.

5. Clear both groups of the CA Intermediate Examination.

6. Register for the CA Final Course.

4
 7. Complete a 4-week Advanced Integrated Course on Information Technology and Soft

Skills (AICITSS) during the last two years of your articleship and before the final exam.

8. Take the final exam after your articleship or within the last 6 months of it.

9. Complete your 3-year training.

10. Pass the CA Final Examination.

11. Enroll as a Chartered Accountant with the ICAI.

These are the steps you’ll follow on your path to becoming a Chartered Accountant, depending
on when you start your journey.

Roles in Chartered Accountancy Careers :

In the world of chartered accountancy, various roles come with distinct responsibilities:

1. Financial Accounting: This involves handling financial accounts, conducting internal

audits, managing payroll, sending invoices, and overseeing tax matters.

2. Auditing: Duties encompass performing statutory audits in accordance with the

Company Act and conducting internal audits for financial accuracy.

3. Cost Accounting: This role entails forecasting, budgeting, and controlling expenses to

ensure efficient financial management.

5
 4. Tax Management: Accountants provide guidance on tax matters, aligning strategies

with changes in business plans to optimize tax outcomes.

5. Consultancy: Chartered accountants offer valuable advice on corporate law related to

finance, project planning, and business strategies for profitability, expansion, and

effective information systems management.

These diverse roles are integral to the field of chartered accountancy, each contributing to the
financial well-being and compliance of businesses.

List of institutes of chartered accountants :

• Association of Chartered Certified Accountants (global).

• Bahamas Institute of Chartered Accountants.

• Chartered Professional Accountants of Canada as a result of merger of Canadian

Institute of Chartered Accountants (CICA). Society of Management Accountants of

Canada (CMA Canada) and Certified General Accountants of Canada (CGACanada) in

2014.

• Chartered Accountants Australia and New Zealand as a result of merger of New.

Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered.

Accountants Australia (ICAA) in 2013 .

6
 CHAPTER 2

PROFILE OF ORGANISATION

PARTICULARS DETAILS

Name of the firm S.R .& M.R. .ASSOCIATES

Date of 2007
Establishment

Head office Rajajinagar

CEO/president Nagaraju S G

Board of director Sailendra Konwar Dutta

Auditing & Assurance, Internal

Audit, Business Consultancy,
Services Tax Representation &
Consultancy and other services.

Clients 4000

Experince 37

GST NO 29AAEFS0042A1ZS

7
Welcome to our esteemed firm - S.R & M.R Associates, Chartered Accountants, stepping in to
the silver jubilee year in 2023. With a rich legacy of excellence and a deep commitment to
providing comprehensive financial solutions, we are here to assist you in navigating the complex
world of finance and accounting. Our team of highly skilled, experienced CAs and other
Professionals, brings a wealth of knowledge and expertise to address your diverse business
needs. Whether you require Assurance, taxation, financial advisory, or any other accounting
services, we are dedicated to delivering tailored strategies and accurate insights that will
empower your organization to thrive in today's competitive landscape. Trust, professionalism,
and confidentiality are at the core of our approach, ensuring that your financial affairs are
managed with utmost integrity. As sustainable financial .

I) Mission And Vision

Mission:
Mission is to create synergies through the amalgamation of the
various professional values with a focus on delivering value based services that result in t
heoptimization of client worth, business prospects and growth.

Vision:
Firm continuously strives to be the Premier Accounting and Consultancy firm that
provides excellent service to their clients and an excellent quality of life for their
associate

II) Historical Background of the group

This company was started in Moga. The company is providing financial services to its customers
since 1989 as it was started by CA Jagi iwan Lal in 1989. Firstly there was 2 partners Ca Jagi
iwan Lal and Ca Rohit Singla after the marriage of Ca Rohit Singla his spouse Ca Sonali Singla
also becomes the partner of this firm

Lal & Associates has been able to create long lasting relationships with their clients
through loyalty and trust. They help their clients to achieve their commercial and personal goals.

8
This enables Lal& Associates to match capabilities with those needed by our customers to meet
the challenges of tomorrow’s marketplace. It is a company which deals in taxation.

II) Historical Background of the group

This company was started in Moga. The company is providing financial services to its customers
since 1989 as it was started by CA Jagi jwan Lal in 1989. Firstly there was 2 partners Ca Jagi
jwan Lal and Ca Rohit Singla after the marriage of Ca Rohit Singla his spouse Ca Sonali Singla
also becomes the partner of this firm.

Lal & Associates has been able to create long lasting relationships with their clients
through loyalty and trust. They help their clients to achieve their commercial and personal goals.
This enables Lal& Associates to match capabilities with those needed by our customers to meet
the challenges of tomorrow’s marketplace. It is a company which deals in taxation.

III) Names & Location of Group Companies

Lal & Associates is located backside Welkin garden, Gandhi Road, Moga. There areno other
branches of the company.

IV) MARKETS
Lal & Associates is dealing with domestic markets (i.e. local market). Lal & Associates is a
Charted Accountants firm which is serving the clients of Moga city as well as cities like
Amritsar, Ludhiana, Tarn-Taran, Jalandhar etc.

V) SERVICES
Assurance Services
Statutory Audits
- It is a type of audit to determine whether an organization
is providing a fair and accurate representation of its financial position by examininginfor
mation such as bank balances, bookkeeping records and financial transaction

9
audit
- It is a systematic and timely examination of financial transactions on a regular basis to
ensure accuracy, authenticity, compliance
with procedures and guidelines. Lal & Associates has done various concurrent audits of
banks like Oriental bank of commerce, Central bank of India etc

Tax Audits-
is a review of accounts of taxpayers with business or profession from an income tax
point of view such as incomes, deduction, compliance with tax laws, etc.

Internal and Management Audits-

These type of services helps organizations achieve their objectives. It is concerned with
evaluating and improving the effectiveness of risk management, control and governance
processes in an organization

Concurrent audit
- It is a systematic and timely examination of financial transactions on a regular basis to
ensure accuracy, authenticity, compliance
with procedures and guidelines. Lal & Associates has done various concurrent audits of b
anks like Oriental bank of commerce, Central bank of India etc

Tax Audits-
is a review of accounts of taxpayers with business or profession from an income tax
point of view such as incomes, deduction, compliance with tax laws, etc.

10
Internal and Management Audits-
These type of services helps organizations achieve their objectives. It is concerned with
evaluating and improving the effectiveness of risk management, control and governance
processes in an organization.
Direct & Indirect Taxation
Corporate and personal tax compliance including income-
tax assessments, Appeals before the Commissioner (Appeals) and the Income-tax
Appellate Tribunal.

Filing of Income-tax and Wealth-tax returns of residents and non-residents individuals,

domestic and foreign companies and other entities.

 Domestic Tax Planning.

 GST compliance.

 Personal Advisory Services.

 Personal financial planning.

 Insurance and pension planning.

 Formation of trust.

 Acting as arbitrator.

 Wills

11
Accounting & Related Consultancy

 Design, implementation and review of accounting manuals.

 Advice on various accounting issues

Company Law Matters

 Formation of Indian Companies

 Advising on various matters under the Companies Act, 1956

Secretarial Services

 Maintenance of statutory records and registers

 Maintenance of minutes book.
 Assistance in preparation and filing of various forms with registrar of companies

Other Services
Among the many other duties undertaken by a Chartered Accountant, mention may be
made of service as an arbitrator for the settling of disputes and those connected with
insolvency work, is such as the preparation of statements of affairs and the duties of a
trustee in bankruptcy or under a deed of arrangement.

Types of clients

Clients of the chartered accountant’s firm are mostly the taxpayers who want to file the
return or avail any other service. Proprietors, Partnership firm, Service providers,
manufacturing firms, commission agents are the clients who avail the service of

12
accounting and regular filing of returns. These parties are the taxpayers and have to pay
taxes under GST as per their registration under GST. Regular GSTIN holders have to
approximately file 3 returns per month, so they have to avail the services of Chartered
Accountants. Other taxpayers who opted for composition scheme under GST have to file
taxes quarterly and these are also done by services of Chartered Accountants.

13
 CHAPTER 3
Function/Operations of the Organization

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many
indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service
Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

In other words, Good and service tax is levied on the supply of goods and services. Goods and
Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is
levied on every value addition. GST is a single domestic indirect tax law for the entire country.

Before the Goods and Services Tax could be introduced, the structure of indirect tax levy in
India was as follows:

Under the GST regime, the tax is levied at every point of sale. In the case of intra-state
sales, Central GST and State GST are charged. All the inter-state sales are chargeable to
the Integrated GST.

Now, let us understand the definition of Goods and Service Tax, as mentioned above, in
detail.

Multi-stage

An item goes through multiple change-of-hands along its supply chain: Starting from
manufacture until the final sale to the consumer.

Let us consider the following stages:

 Purchase of raw materials

 Production or manufacture

14
  Warehousing of finished goods

 Selling to wholesalers

 Sale of the product to the retailers

 Selling to the end consumers

Objectives Of GST

To achieve the ideology of ‘One Nation, One Tax’

GST has replaced multiple indirect taxes, which were existing under the previous tax regime.
The advantage of having one single tax means every state follows the same rate for a particular
product or service. Tax administration is easier with the Central Government deciding the rates
and policies. Common laws can be introduced, such as e-way bills for goods transport and e-
invoicing for transaction reporting. Tax compliance is also better as taxpayers are not bogged
down with multiple return forms and deadlines. Overall, it’s a unified system of indirect tax
compliance.

To subsume a majority of the indirect taxes in India

India had several erstwhile indirect taxes such as service tax, Value Added Tax (VAT), Central

Excise, etc., which used to be levied at multiple supply chain stages. Some taxes were governed
by the states and some by the Centre. There was no unified and centralised tax on both goods

and services. Hence, GST was introduced. Under GST, all the major indirect taxes were

subsumed into one. It has greatly reduced the compliance burden on taxpayers and eased tax
administration for the government.

15
To eliminate the cascading effect of taxes

One of the primary objectives of GST was to remove the cascading effect of taxes. Previously,
due to different indirect tax laws, taxpayers could not set off the tax credits of one tax against the

other. For example, the excise duties paid during manufacture could not be set off against the
VAT payable during the sale. This led to a cascading effect of taxes. Under GST, the tax levy is

only on the net value added at each stage of the supply chain. This has helped eliminate the

cascading effect of taxes and contributed to the seamless flow of input tax credits across both
goods and services.

To curb tax evasion

GST laws in India are far more stringent compared to any of the erstwhile indirect tax laws.

Under GST, taxpayers can claim an input tax credit only on invoices uploaded by their

respective suppliers. This way, the chances of claiming input tax credits on fake invoices are
minimal. The introduction of e-invoicing has further reinforced this objective. Also, due to GST

being a nationwide tax and having a centralised surveillance system, the clampdown on

defaulters is quicker and far more efficient. Hence, GST has curbed tax evasion and minimised

tax fraud from taking place to a large extent.

To increase the taxpayer base

GST has helped in widening the tax base in India. Previously, each of the tax laws had a

different based on turnover. As GST is a consolidated tax levied on both goods and services
both, it has increased tax-registered businesses. Besides, the stricter laws surrounding input tax

credits have helped bring certain unorganised sectors under the tax net. For example, the
construction industry in India.

16
Online procedures for ease of doing business

Previously, taxpayers faced a lot of hardships dealing with different tax authorities under each
tax law. Besides, while return filing was online, most of the assessment and refund procedures

took place offline. Now, GST procedures are carried out almost entirely online. Everything is
done with a click of a button, from registration to return filing to refunds to e-way bill

generation. It has contributed to the overall ease of doing business in India and simplified

taxpayer compliance to a massive extent. The government also plans to introduce a centralised
portal soon for all indirect tax compliance such as e-invoicing, e-way bills and GST return filing.

An improved logistics and distribution system

A single indirect tax system reduces the need for multiple documentation for the supply of

goods. GST minimises transportation cycle times, improves supply chain and turnaround time,

and leads to warehouse consolidation, among other benefits. With the e-way bill system under
GST, the removal of interstate checkpoints is most beneficial to the sector in improving transit

and destination efficiency. Ultimately, it helps in cutting down the high logistics and

warehousing costs.

To promote competitive pricing and increase consumption

Introducing GST has also led to an increase in consumption and indirect tax revenues. Due to the
cascading effect of taxes under the previous regime, the prices of goods in India were higher

than in global markets. Even between states, the lower VAT rates in certain states led to an
imbalance of purchases in these states. Having uniform GST rates have contributed to overall

competitive pricing across India and on the global front. This has hence increased consumption
and led to higher revenues, which has been another important objective achieved.

17
4. Advantages Of GST

GST has mainly removed the cascading effect on the sale of goods and services. Removal of the
cascading effect has impacted the cost of goods. Since the GST regime eliminates the tax on tax,
the cost of goods decreases.

Also, GST is mainly technologically driven. All the activities like registration, return filing,
application for refund and response to notice needs to be done online on the GST portal, which

accelerates the processes.

There are three taxes applicable under this system:

 CGST: It is the tax collected by the Central Government on an intra-state sale

(e.g., a transaction happening within Maharashtra)

 SGST: It is the tax collected by the state government on an intra-state sale (e.g., a

transaction happening within Maharashtra)

 IGST: It is a tax collected by the Central Government for an inter-state sale (e.g.,

Maharashtra to Tamil Nadu)

18
  In most cases, the tax structure under the new regime will be as follThe dealer has to co

New Old Regime Revenue Distribution

Regime
Transaction

Sale within the CGST + VAT + Central Revenue will be shared equally between the
State SGST Excise/Service tax Centre and the State

Sale to another IGST Central Sales Tax + There will only be one type of tax (central) in case

State Excise/Service Tax of inter-state sales. The Centre will then share the

IGST revenue based on the destination of goods.

Tax Laws before GST

In the earlier indirect tax regime, there were many indirect taxes levied by both the state
and the centre. States mainly collected taxes in the form of Value Added Tax (VAT).

Every state had a different set of rules and regulations.

Inter-state sale of goods was taxed by the centre. CST (Central State Tax) was applicable
in case of inter-state sale of goods. The indirect taxes such as the entertainment tax,

octroi and local tax were levied together by state and centre. These led to a lot of

overlapping of taxes levied by both the state and the centre.

19
 For example, when goods were manufactured and sold, excise duty was charged by the

centre. Over and above the excise duty, VAT was also charged by the state. It led to a tax

on tax effect, also known as the cascading effect of taxes.

The following is the list of indirect taxes in the pre-GST regime:

 Central Excise Duty

 Duties of Excise

 Additional Duties of Excise

 Additional Duties of Customs

 Special Additional Duty of Customs

 Cess

 State VAT

 Central Sales Tax

 Purchase Tax

 Luxury Tax

 Entertainment Tax

 Entry Tax

\\\

20
CGST, SGST, and IGST have replaced all the above taxes.
However, certain taxes such as the GST levied for the inter-state purchase at a concessional rate of 2%
by the issue and utilisation of ‘Form C’ is still prevalent.

It applies to certain non-GST goods such as:

i. Petroleum crude;

ii. High-speed diesel

iii. Motor spirit (commonly known as petrol);

iv. Natural gas;

v.Aviation turbine fuel; and

vi. Alcoholic liquor for human consumption.

It applies to the following transactions only:

 Resale

 Use in manufacturing or processing

TDS full form is tax deducted at source . Under this mechanism, if a person is liable to make
payment to any other person will deduct tax at source and transfer the balance to the deducte.
The TDS amount deducted will be remitted to the Central Government.

DS helps in keeping a check on tax evasion. Not only this, in this mechanism, taxpayer is not
required to pay a lumpsum amount as annual tax at the end of the financial year.
To understand TDS meaning better, let’s take an example. If the nature of payment is
professional fees and the specified tax rate is 10%. ABC Ltd makes a payment of Rs 20,000/-
towards professional fees to Mr. X, then ABC Ltd shall deduct a tax of Rs. 2,000/- and make a

21
net payment of Rs. 18,000/- (20,000/- deducted by Rs. 2,000/-) to Mr. X. They will directly
deposit the amount of Rs. 2,000/- deducted by ABC Ltd to the credit of the government.

There are rules concerning not just income tax return filing but also concerning TDS. If an
individual or organization meets with these rules adequately, they will be able to avoid penalty,
fees or interest. The main rules related to TDS:

1. One of the first essential rules is that Tax Deducted at Source needs to be deducted at the
time when the payment either gets due or when the actual amount is made, whichever is
earlier
2. Delay in deduction of TDS will attract interest @ 1% per month until the tax is deducted
3. Every person, whether an employer or otherwise, needs to credit the tax deducted to the
government’s account by the 7th day of the following month
4. In case of late or non-payment of TDS, an interest @ 1.5% per month will be levied until
the tax has not been deposit.

TDS returns need to be filed every quarter. In case of late or non-filing of the return, a fine or
fees of Rs. 200/- per day under section 234E of the Income Tax Act, 1961 until you finally file
the return. However, this sum should not exceed the amount of tax to be paid. Following are the
due dates of filing TDS returns:

One of the most common types of payment made by individuals is salary to employees.
As per the current laws governing income tax, there is no fixed rate of TDS deduction
from salary income. It depends on the income tax slabs applicable to the employee’s
taxable income. The employer then calculates the tax liability based on the 'Average rate
of Income Tax.'

The average rate refers to the total tax liability divided by the total income of the
employee. To arrive at the total tax liability, the employer will consider any investment
made by the employee before deducting tax on salary.

Data entry is a technical skill that includes the process of entering data and updating
information into an electronic service or database. An individual who enters data does so
by directly inputting data into a company database with a computer, mouse, keyboard,
scanner or other data entry tool.

Some important data entry skills that most employers seek include:
 Typing speed.
 Typing accuracy.

22
  Communication skills.
 Time management.
 Attention to detail.
 Ability to research and collect data.
 Understanding of basic software.
 Self-motivation

Select the cells into which you want to enter the same data. The cells do not have to be
adjacent. in the active cell, type the data, and then press Ctrl+ enter. You can also enter the same
data into several cells by using the fill handle to automatically fill data in worksheet cells.

Provides a record of information collected via a form, log, or electronic submission that is used
for data entry into a database or spreadsheet. May include financial data, research data, employee
information, survey responses, questionnaires, student information, etc.

A Data Entry Test is an assessment that provides an in-depth evaluation of test-takers' skills for
data entry roles. The test focuses on basic computer proficiency, typing skills, attention to detail,
and analytical and problem-solving ability.

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 CHAPTER 4
LEARNING OUTCOMES

• Learning outcomes :
An achieved outcome in a CA (Chartered Accountant) internship could be gaining
practical experience and developing skills in areas such as financial analysis, auditing,
taxation, and regulatory compliance. Additionally, completing assigned tasks accurately,
contributing to team projects, and receiving positive feedback from supervisors are also
considered achieved outcomes. Furthermore, building professional networks, enhancing
problem solving abilities, and gaining insights into real-world business operations are
valuable outcomes of a CA internship. Ultimately, the goal is to acquire the necessary
knowledge and expertise to excel in the field of accounting and finance.

I asked my CA if I could take any of the seniors in the team for the meeting just in case I
muffed but he bluntly refused. He refused saying that the others in the team were not
fluent enough with their communication to hold a meeting with a corporate professional
of that stature and representing one of the best firms of India, we needed to maintain a
reasonably good standard of our meetings. I got all the more nervous because now he had
put this extra boulder of responsibility on my shoulders.

CA internship helps students in developing the required skills for applying theoretical
knowledge to practical situations and mould them into true professionals by providing
them with the necessary experience to handle clients in the real world and helping them
develop a professional attitude and better communication skills. also serves as a
stepping-stone for those candidates who are planning to start their own practice post CA
qualification. It is at the option of the candidate to choose the field in which he/she wants
to pursue his/her article ship based on his/her area of interest.

The scope of work of internship can be summed up in the following points:

1. Accounting and Preparation of Financial Statements:

During internship, students are required to familiarise themselves with the basic accounting
software which their clients are using and they may also get an opportunity of hands-on
experience in those software for accounting of those clients’ day to day transactions. Also,
some CAs undertake the work of accounting and preparing financial statements of their

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 clients which one should learn at the time of internship so that they can become confident
in implementing the same in future.

2. Audits :

During internship ,an articled assistant may come across different types of audit assignment
like tax audits, bank audits, stock audits, internal audits, statutory audit, etc. Which he/she
might be expected to undertake. These audits help in developing a questioning and a
skeptical mind. These assignments also give opportunities to have meetings with client
officials and resolve various audit points thereby improving one’s presentation and
communication skills. Audit includes vouching and verification of samples on test basis to
verify the accuracy of the financial statement area or the population in hand. It will also
help in understanding the business operations of the clients in detail.

3. Taxation Matters:

Taxation is divided into two main fields i.e. Direct Tax (particularly Income Tax) and
Indirect Tax (particularly GST). Taxation matters include different types of work like
computation and preparation of Income Tax Returns (ITR) of various entities, ITR Form
filing on income tax portal, filing of GST Returns, filing of TDS Returns, calculation of
capital gains, providing tax consultancy, preparing submissions and replies to the notices
issued by the income tax department/GST department and representing to the department
on client’s behalf, etc. It also requires timely compliances of filing various forms within
prescribed due dates. Taxation also opens up niche profiles like international taxation,
transfer pricing, etc. Which provide expertise in specific areas to the articles.

4. Company Formation :

Chartered Accountants are authorized to approve and certify all the documents that are
required in company registration process. Many firms undertake the responsibility for
digitally signing forms for ascertaining Director Identification Number, getting the
approval of the company name from MCA as per the rules, drafting of Memorandum of
Association and Articles of Association, etc. Getting an experience working in this area
during internship will definitely open up his/her mind with the practicality of the issues
being studied in the Course.

5. ROC Compliances :

The annual ROC compliances are detailed reporting of the business procedures that every
registered company/LLP in India should submit within the due date prescribed under the
Companies Act, 2013 and the Companies Rules. The basic work profile includes running

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 through the Ministry of Corporate Affairs (MCA) website, learning to file different ROC
forms with required attachments, digital signature and final submission.

6. Project Financing:

Project finance is a long-term financing of any business enterprise generally of the nature
of infrastructure and industrial projects based upon the projected cash flows of the project.
Firms prepare projected cash flows, tests financial feasibility, finalize sources of funds, vet
detailed project report, etc. Working in this area can help an Article develop a financial
perspective of different businesses along with the pragmatic dealing with the important
ratios.

The Benefits Of Internships period:

1. Explore a whole new world.

2. Help you choose the right career.
3. Explore your career path.
4. Boost your self-assurance.
5. Expand your network.
6. Gain experience in your field of interest.
7. Discover new interests.
8. Learn new skills.
9. Gain an edge when applying for jobs.
10. Strengthen your resume.

SUGGESTIONS:

1. Give extra information about the GST on Excel,TDS ( Tax Deducted at Source)
2. Proper communicate to the internship students .
3. Upgrading technology.
4. Strictly ask to employees to collect the information from the clients.
5. Give discount to clients who come earlier
6. Inform client time to time that they have to provide information on time and ask strictly to
them that they are not responsible if any error occurred in future due to late information

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CONCLUSION :

Throughout my internship, I faced various challenges that demanded learning industry

knowledge and technical skills. Balancing the demands of a unique sales environment
while diving deep into the complexities of financial services was challenging but provided
remarkable opportunities for growth. The most valuable lesson I learned was the
importance of effective communication. Learning how to conversate with my co-workers
and advisors about financial concepts and presenting them underscored the necessity of
clear and tailored communication. These experiences honed my interpersonal skills and
highlighted the art of adapting messages to diverse audiences.
In the end, I can conclude that by working in the organization I have gained a lot about the
functionality of industry. This internship has helped me gain practical knowledge in the
field of finance. By seeing the books of different organizations I came to know how the
transactions are recorded in the books by different types of organizations. This experience
gained through working in the industry will help gain confidence and improve the skills of
how to interact with the boss.

Thankyou for giving in the opportunities to the CA association.

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 BIBLIOGRAPH

 This report in based on my observations and the information I collected.

 I collected information by asking the office staffs.

 I studies the entire office work during my internship period and gained

exprince.

 I visited the SR & MR Associantes website for accurate information