SUMMER TRAINING PROJECT REPORT

ON
STUDY ON FINANCIAL TRANSACTIONS DONE THROUGH TALLY

SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF DEGREE OF

MASTER BUSINESS ADMINISTRATION

SUBMITTED BY
FASIH AHMAD
ROLL NO.2301022090
UNDER THE GUIDANCE OF
DR. YASIR ARAFAT ELAHI
(ASSISTANT PROFESSOR)

DEPARTMENT OF BUSINESS MANAGEMENT

INTEGRAL BUSINESS SCHOOL

INTEGRAL UNIVERSITY

LUCKNOW UTTAR PRADESH 226026

SESSION-2024-25

TABLE OF CONTENT
S.N TITLE PAGE NO.
i. TITLE PAGE

ii. DECLARATION

iii. CERTICATE BY GUIDES (INDUSTRY &UNIVERSITY

iv. ACKNOWLEDGEMENT

1. EXECUTIVE SUMMARY

2. OBJECTIVES OF INTERNSHIP

3. CONCEPTUAL BACKGROUND OF TOPIC

4. COMPANY PROFILE

5. APPLICATION OF THEORIES, CONCEPT & SKILLS

6. GST AND PAYROLL

7. ON THE JOB LEARNING’S

8. SWOT ANALYSIS

9. ORGANIZATIONAL STRUCTURE

11. MISSION OF FIRM

13. VISION OF FIRM

14. REFERENCES
15. APPENDIX

1. Introduction

A Chartered accountant is one who is specialized in accounting, auditing and

taxation. He also serves as a management and corporate caretaker. In recent
times, accountancy has become popular as a profession. The services of a CA
are required in money matters even in a small business. Moreover, according
to the Company Act only CA's in professional practice are allowed to be
appointed as auditors of companies in India. A chartered accountant is a
person who is accepted as a member of the Institute of Chartered Accountants
of India (ICAI) after having passed the Final examination of the Chartered
accountancy course conducted by the institute. The Institute of Chartered
Accountants of India (ICAI) is a statutory body established by an Act of
Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of
1949) for regulating the profession of Chartered Accountancy in the country.
The Institute, functions under the administrative control of the Ministry of
Corporate Affairs, Government of India. The ICAI is the second largest
professional body of Chartered Accountants in the world, with a strong
tradition of service to the Indian economy in public interest.

ICAI Vision: - To be World’s leading accounting body, a regulator and

developer of Trusted and Independent Professionals with World Class
Competencies in accounting, assurance, taxation, finance and business
advisory services.

ICAI mission: - ICAI will leverage technology and infrastructure and partner
with its shareholders to:

a) Impart world class education, training and professional development

opportunities to create global professionals
b) Develop an independent and transparent regulatory mechanism that
keeps pace with changing time

c) Ensure adherence to highest ethical standards taxation, finance and

business advisory services.

d) Establish ICAI members and firms as Indian multi-national service

providers.
 financial markets, investments, valuations, banking, regulations etc. It’s too
many things, but mostly for supporting roles only.

Filing of return

The main task with the Chartered Accountant is the filing of return. Chartered Accountant is a
professional who is authorized by Certificate of Chartered Accountants of India and is a
authorized person who can file the returns on the behalf of his clients. There are different
types of returns which are filed by the persons. Some returns filed are for the business and
some are for the individual. All the persons having the taxable income of more than Rs.
250000 are bound to file a return under Income Tax Act.
The CA profession is contributing a lot to the economy. But mostly it’s a
supporting role, not a leading role. The major role in the economic
development is played by entrepreneurs, businessmen and the government.
People who bring together various resources to produce goods or services in
an economy.

Chartered Accountants don’t bring together any resources to create any

significant economic development, they are resources themselves. Most CAs
help the economy indirectly through the following activities:

Supporting in tax compliance

This includes liaison with government authorities, representing clients in

courts, ensuring smooth business operations by taking over the complex tax
compliance part. For example, without the CA profession, changes like GST
will be very hard to implement.

Financing

Creating opportunities by arranging for business finance. They are helpful in

making calculations and convincing banks about the credit worthiness of
entrepreneurs. On a large scale too, many CAs working with investment banks
help to arrange some key business deals between organizations.

Auditing

This includes the redundant but still necessary function of control procedures.
This is to prevent leakages from the economy and stand vigil to check on
creation of illegal properties, black money and frauds etc.

Accounting

Bringing together professional standards of accounting in changing business

environment and to accommodate new developments in business. This ensures
comparability, reliability and investor faith, which is good for the economy.

General business support

Things that Chartered Accountants do can be classified as general support and
consulting services. They can do this because of their knowledge about laws, taxes,
compliance,
OBJECTIVES OF INTERNSHIP
I choose to work with Shekhar CA & Co. 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.
 To improve communication skills.

 To analyse the business situation.

 To establish high standard in professionalism.

 To learn more than the theoretical knowledge.

 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 situations.

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

 To enhance 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

organization.

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

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

organization.
 To get exposure to do a work in an organization and also known about
organizational behaviour, ethical rules and regulations.
2.1 Company profile

Company

The firm YT ASSOCIATES is a firm run by Chartered Accountants

Whereby the client approaches

• to file their income tax returns

• GST returns filling
• New registration for GST
• Financial advisories

Competition

• Other CA firms

Customers
• Earning professionals (above 3Lacs annual income)
• Business persons
• Companies
• industries

Environment
• the environment was good and positive to working culture

Technology
• professional computers with good internet \
• Tally software

Industry Growth

Growth of this industry is very good as the number of Tax payers are
increasing at the very high pace as the GST has fill a lot of loopholes that’s
why people have to file returns to take Input tax credit and even due to
decrease in income tax rates mostly people want to convert their black
money in white that’s why they start filing income tax returns.
2.2 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I
gained during the studies. On my first day at firm, company in charge CA
Yusuf Tahir gave me training session about TDS returns and computerized
accounting in tally software and also shared her practical experience with me
and gave me some techniques of this process. She also guided me that how to
prepare GST return and filing data in income tax return preparation software.

Different task that I performed during my internship:

 Vouching
 Preparing books of accounts in tally
 Voucher entry
 Preparing data in excel sheet
 Theoretical learning of different type of taxation and GST
 Maintenance of account/ book keeping

Software used during internship:

 Tally software
 Ms office
 Compute Tax
 Services of the Firm:-
1. Audit and Assurance Services
 Statutory Audits: Conducting audits to ensure compliance with statutory requirements.
 Internal Audits: Regular audits to evaluate and improve the effectiveness of risk
management, control, and governance processes.
 Tax Audits: Ensuring that the financial statements comply with tax laws and
regulations.
 Due Diligence Audits: Detailed examination of financial records before any major
transactions, such as mergers or acquisitions.
2. Taxation Services
 Direct Tax Services: Assistance with income tax, wealth tax, and corporate tax
planning and compliance.
 Indirect Tax Services: Support with Goods and Services Tax (GST), customs duties,
and other indirect taxes.
 Tax Filing: Preparation and submission of tax returns for individuals and businesses.
 Tax Planning: Strategic planning to minimize tax liabilities while ensuring
compliance with tax laws.
3. Financial Advisory Services
 Financial Planning: Creating financial plans for individuals and businesses to achieve
their financial goals.
 Investment Advisory: Providing advice on investments to maximize returns and
manage risks.
 Corporate Finance: Assistance with mergers and acquisitions, capital structuring, and
raising funds.
 Valuation Services: Valuation of businesses, assets, and liabilities for various
purposes.
4. Accounting and Bookkeeping Services
 Bookkeeping: Maintaining accurate and up-to-date financial records.
 Financial Statement Preparation: Preparation of balance sheets, income statements,
cash flow statements, and other financial reports.
 Management Accounting: Providing reports and analysis for internal management
use.
 Payroll Processing: Managing payroll and ensuring compliance with payroll tax
regulations.
5. Compliance and Regulatory Services
 Company Law Compliance: Ensuring adherence to company law and corporate
governance regulations.
 FEMA Compliance: Assistance with compliance under the Foreign Exchange
Management Act (FEMA).
 Secretarial Services: Support with company secretarial matters, such as maintaining
statutory registers and filing returns.
6. Consulting Services
 Business Consulting: Providing strategic advice to improve business performance and
achieve growth.
 Risk Management: Identifying, assessing, and managing risks to safeguard the
business.
 IT Advisory: Assisting with the implementation and management of information
technology systems.
 Forensic Accounting: Investigation of financial discrepancies and fraud detectio
TOPIC: STUDY ON FINANCIAL
TRANSACTIONS DONE THROUGH TALLY BY
“YT ASSOCIATES.” (CA FIRM)
Voucher Entry: Tally simplifies the recording of various financial transactions through
different types of vouchers, such as sales, purchases, payments, receipts, and journal
vouchers.
Ledger Management: Create, maintain, and manage ledgers for different accounts,
including assets, liabilities, income, and expenses. Tally automatically updates ledgers
based on voucher entries.
Trial Balance: Generate a trial balance to ensure that the total debits and credits are
equal, helping to verify the accuracy of the accounting records.
Financial Statements: Prepare key financial statements such as Profit & Loss Account,
Balance Sheet, and Cash Flow Statement, providing insights into the financial health
of the business.
Inventory Management: Track and manage inventory levels, stock movements, and
valuations, including features for batch and expiry management.
GST Compliance: Automate the calculation of Goods and Services Tax (GST),
generate GST-compliant invoices, and prepare GST returns for filing.
Taxation: Manage other tax obligations, including VAT, TDS (Tax Deducted at
Source), and TCS (Tax Collected at Source), with automated calculations and
reporting.
Payroll Management: Process payroll efficiently, manage employee records, calculate
salaries, deductions, and generate payroll-related statutory reports.
Bank Reconciliation: Reconcile bank statements with company records to ensure
accuracy and resolve discrepancies.
Cost Centre and Profit Centre Accounting: Track and analyse expenses and revenues
by different departments, projects, or activities using cost centres and profit centres
Multi-Currency Accounting: Handle transactions in multiple currencies, including
automatic conversion rates and exchange rate adjustments.
Data Security: Protect sensitive financial data through user access controls,
encryption, and regular backups to ensure data integrity and security.
Financial Analysis: Use built-in analytical tools to generate customized financial
reports and conduct variance analysis to monitor performance against budgets and
forecasts.
Audit Trail: Maintain a detailed audit trail of all transactions and changes, aiding in
transparency and compliance during audits.
Task Prepared

1.Tally:
● Booking-keeping of all transactions, including creating and maintaining invoices
● Maintaining bill-wise payment information
● Processing transactions for banking, including cheque management and reconciliation
● Managing cost and profit centres
● Implementing statutory and interest calculations
● Viewing Balance Sheet, and profit and loss account
Working / Learning Outcomes

1. Proficiency in Accounting Processes

 Outcome: Gain the ability to accurately record and manage financial transactions,
including sales, purchases, payments, and receipts, ensuring that all accounting entries
are correctly posted.
2. Competency in Financial Reporting
 Outcome: Develop the skills to generate and interpret essential financial reports, such
as Profit & Loss Statements, Balance Sheets, and Cash Flow Statements, providing
insights into the financial health of a business.
3. Mastery of Inventory and Resource Management
 Outcome: Learn to efficiently manage inventory, including tracking stock levels,
managing stock movements, and generating inventory reports, ensuring optimal
resource utilization.
4. Understanding of Taxation and Compliance
 Outcome: Acquire the knowledge to handle taxation processes within Tally, including
GST, VAT, TDS, and TCS, ensuring compliance with tax laws and accurate tax filings.
5. Enhanced Payroll and Employee Management Skills
 Outcome: Gain expertise in managing payroll, including salary calculations,
deductions, and generating statutory reports, leading to efficient and compliant payroll
processes.
6. Improved Decision-Making Abilities
 Outcome: Develop the capability to analyse financial data and generate customized
reports, enabling informed decision-making and strategic financial planning for
business growth.
Company Creation On Tally
Enabling/Disabling of Tally Features
(Accounting Features)
Enabling/Disabling of Tally Features
(Inventory Features)
Various terms related to ledger-Creation alteration
etc.
EnableGST
 Enable Payroll Feature
1. Press F11 (Features) > set Maintain Payroll to Yes.
If you do not see this option:
o Set Show more features to Yes.
o Set Show all features to Yes.
2. Accept the screen. As always, you can press Ctrl+A to save.
The Gateway of Tally screen appears as shown below:

Enable Statutory Features of Payroll

To use the Provident Fund, Employee State Insurance (ESI), National Pension
Scheme (NPS), Income Tax and Professional Tax features for Indian Payroll, you
must enable Statutory Features for Payroll.
Note: The Payroll Statutory Features are available only for India. For other countries,
this option is not available.
 Press F11 (Features) > set Enable Payroll Statutory to Yes.

Note: In latest versions, you can enable the payroll statutory features for a
company located in Ladakh.

In the Provident Fund section,

1. Enter Company code Company Code format is
RegionCodeOfficeCodeEstCodeExtensionCode [DL] [FBD]7digits 3digits
 Example: Company PF Account Number to be entered asDLFBD0012345012. as
allotted by the PF department.
2. Enter Company account group code as specified by the PF department.
3. Enter Company security code as specified by the PF department.
In the Employee State Insurance section,
1. Enter Company code as allotted by the Employee State Insurance Corporation (ESIC).
2. Enter the name of the ESI branch office.
3. In the Standard working days per month field, enter the number of days to be
considered for the calculation of daily wages, and monthly gross amount for ESI
benefits. If this field is left blank, the system considers the Calendar Period as the
basis for calculation.
Note: ESI Eligibility Amount is specified in the Stat file.
In National Pension Scheme section,
1. Specify the Corporate registration number as allotted by the Central Record
keeping Agency (CRA) during registration.
2. Specify the Corporate branch office number allotted by the Central Recordkeeping
Agency (CRA) during registration.
In the Income Tax section,
1. Specify the 10 digit TAN assigned to the employer in Tax deduction and collection
Account Number (TAN).
2. Specify the TAN registration number.
3. Specify the name of the Income tax circle or ward, to which the employer is
associated.
4. Select the Deductor type as:
o Government for central or state government companies.
o Others for other companies.
5. Enter the name of Deductor branch/division.
6. Enter the Name of person responsible for TDS deduction in the company.
7. Enter the father’s name of the person who is responsible for TDS deduction in the
company, in the field Son/daughter of.
8. Specify the official Designation of the person who is responsible for TDS deduction
in the company.
9. Specify the PAN.
SWOT ANALYSIS
 Strength
 Prime location of office
 In hand experience
 Flexible working environment
 Personal interaction
Weakness
 Lack of technological support or system as per the requirements
 New firm
 Less clients
 Rules and regulation
Opportunities:
 Good network
 Satisfied customer referring others
 Long term relation with clients
Threats:
 Intense rivalry
 Online service provider
 Economic condition

Create Single Employee

1. Gateway of Tally > Create > type or select Employee >
and press Enter.
Alternatively, press Alt+G (Go To) > Create
 Master > Employee > and press Enter.

2. Enter the Name of the employee. By default, the system

displays the same value in the Display name in reports
as.
3. Modify the Display name in reports as, if required.
4. Select the Employee Group in the field Under.
5. Enter the Date of joining.
Note: The Date of resignation/retirement option is available
only on the Employee Alteration screen. After you enter the
Date of resignation/retirement, you can also select a Reason
for leaving.
6. Set the Define salary details option to Yes, and
press Enter to open Salary Details Creation screen.
 7. In the Salary Details Creation screen, you can specify
salary details of an employee.

o The relevant Pay Heads from the List of Pay

Heads in the Pay Head column, and enter values for
the required pay heads.
o Define the salary structure, and press Enter to
navigate to the Employee Creation screen.
8. Enter remarks, if any, in the Notes field.
Note: This option will be available only if the option Provide
Notes for Employees is enabled in the Employee
Configuration screen.
9. Enter the employee’s PAN in the Income Tax Number
(PAN) column. When the PAN is not available, enter one
of the terms given below, based on the corresponding
reason:
o PANAPPLIED – If the employee has given a
declaration stating that he/she has applied for PAN,
but are yet to receive the same.
 o PANINVALID – If the PAN format provided by the
employee is incorrect.
o PANNOTAVBL – If the employee has not given any
declaration or PAN number.
10. Enter the employee General Information,
employee’s Bank Details for salary processing, Payment
Details, Statutory Details, Passport & Visa Details and
Contract Details.
11. Note:
12. ? Date of Birth is the basis to determine if the
Employee is a senior citizen while Gender is used to
arrive at the correct Income Tax computation (based on
the slab).
13. ? If your bank master is enabled for e-payments,
you can choose any of the e-payments options (e-fund
transfer, e-cheque, or e-DD) during voucher creation for
payroll payments.
14. ? Starting from the financial year 2020-21, you can
select Applicable Tax Regime for a employee. The new
tax regime is based on the section 115BAC, with a new
optional tax slab and no deductions and exemptions.
15. In Statutory Details, you must select applicable tax
regime and enter the Income Tax Number (PAN),
Aadhaar Number, Universal Account Number (UAN),
EPS Account Number, PF Account Number and ESI
Number. This information is required for printing
Employee Count (No. of Employees) in the PF & ESI
Challans and other Statutory Reports.
To update the Permanent Retirement Account Number
(PRAN) of the employees covered under the National Pension
Scheme (NPS), enable the Applicable for NPS option and
specify the PRAN in the PR Account Number field.

16. Accept the screen. As always, you can

press Ctrl+A to save.

Note: For International Companies, only Income Tax Number

option is available under Statutory Details. For UAE, only
Labour Card Number, Emirates ID number and Emirates ID
expiry date options is available under Statutory Details.
You can configure the salary structure using the Salary
Details screen.

Employee Configuration
Press F12 (Configure) to change the default display for
the Employee Creation screen.

 Set the option Provide aliases for Name to Yes to add

aliases for the employee.
 Set the option Provide language aliases for
Name to Yes to add the aliases in other languages as
selected (only while using Multilingual feature)
 Set the option Provide display name for
Employee to Yes, to print a different name for an
employee while printing reports. This option is useful
when the same name is shared by two or more
employees.
 Set the option Add Notes for Employees to Yes to add
notes or remarks for an employee.
 Set the option Show Statutory Details to Yes to enter the
PAN, PF, PR, EPS Account Number, the Date of Joining
and Relieving.
 Set the option Provide Passport and Visa
Details to Yes to enter the passport and visa details of the
employee.
  Set the option Provide Contract Details to Yes, to enter
contract details such as Work Permit Number, Contract
Start Date and End Date.

Create Multiple Employees

1. Gateway of Tally > Charts of Accounts > type or
select Employees.
2. Press Alt+H (Multi Masters) > select Multi Create and
press Enter.
3. Select the employee group under which you want to
create all the employees, in the Under Employee
Group field. If an independent employee is to be created,
select All Items in this field.
4. Select the employee category in which you want to add
the group, in the Category field. The default
category Primary Cost Category appears selected in this
field.
5. Specify the name of the employee in the Employee
Name field.
6. Select the employee group into which you want to add
the employee in the Under field.
7. Select the Regular Tax Regime (old regime) or Tax
Regime U/s 115BAC (new regime) in the Applicable Tax
Regime column.
8. Enter the employee’s PAN in the Income Tax Number
(PAN) column. When the PAN is not available, enter one
 of the terms given below, based on the corresponding
reason:
o PANAPPLIED – If the employee has given a
declaration stating that he/she has applied for PAN,
but are yet to receive the same.
o PANINVALID – If the PAN format provided by the
employee is incorrect.
o PANNOTAVBL – If the employee has not given any
declaration or PAN number.
9. Enter the joining date of the employees in the Date of
Joining field.
The Multi Employee Creation screen appears, as shown
below, displaying the details of employees you added.

10. Press Ctrl+A to accept the changes.

In the Multi Employee Alteration screen, there is an
additional column provided to capture the effective from
date for the tax regime selected. The Multi Employee
 Alteration screen appears as shown below:

Note: In Multi Employee Creation and Multi Employee

Alteration screens, you can disable tax regime details by
setting the option Show Tax Regime to No under F12
(Configure). Further, you can enter date of leaving in the
alteration screen by enabling Show Date of Leaving option.

Tax Regime History

With two different income tax slabs for the employees to
choose from, the employee can change the tax regime in
middle of a financial year. TallyPrime allows you to choose
either tax regime at any point of time. You are prompted to
enter the date of revision every time the tax regime is changed
for an employee. Additionally, you can keep track of the all
the tax regimes applied to the employee’s income using the
Tax Regime History.
The button Alt+W (Tax Regime History) is provided
in Employee Alteration and Multi Employee
Alteration screens. Click the button to view Tax Regime
History screen with details of the tax regime applied for
different periods with applicable from date.
 GST
What is Goods and Service Tax Act 2017?
GST is an Indirect Tax which has replaced many Indirect
Taxes in India. The Goods and Service Tax Act was
passed in the Parliament on 29th March 2017. The Act
came into effect on 1st July 2017; Goods & Services Tax
Law in India is a comprehensive, multi-stage,
destination-based tax that is levied on every value
addition.
In simple words, Goods and Service Tax (GST) is an
indirect tax levied on the supply of goods and services.
This law has replaced many indirect tax laws that
previously existed in India.
Types of taxes under GST
There are currently three types of GST
 CGST – Central GST – Applies to sales within the state –
goes to Central Government
 SGST – State GST – Applies to sales within the state –
goes to State Government
 IGST – Integrated GST – Applies to sales outside the
state – goes to Central Government
For example, if you sell something within the state, 50%
of the GST will be CGST and 50% of the GST will
be SGST. But when you sell something outside a state,
100% of it will be IGST which will go to the Central
Government.
 OBJECTIVES OF GST
 To concentrate and conform One Country – One Tax.
 To ensure consumption-based tax instead of
Manufacturing.
 To ensure Uniform GST Registration, payment and Input
tax Credit.
 To eliminate the cascading effect of Indirect taxes on
single transaction.
 To ensure the subsume all indirect taxes at Central and
State Level under.
 To reduce tax evasion and corruption.
 To increase productivity.
 To increase Tax to GDP Ratio and Revenue surplus.
 To increase Compliance.
 To reduce economic distortions.
 Boost to exports: If Indian market will be competitive in
pricing, then more and more foreign players will try to
enter the market, which results in more numbers of
exporters and benefits to Indian Market. As far there is
no tax rate is finalized, buys GST is much needed in the
countries where, it lacks
transparency and complex taxation system. GST will
take away cascading effect of various taxes that are
charged on sale/ production/ purchase and so. Products
reaches to customers at very high rate as compared to
 manufacturing, so with GST there will be only one tax
and it will reduce burden to pay on manufacturers.

Advantages of GST
Advantages for the government:
 Will help to create a unified common national market for
India, giving a boost to foreign investment and “Make in
India” campaign;
 Will mitigate cascading of taxes as Input Tax Credit will
be available across goods and services at every stage of
supply;
 Harmonization of laws, procedures and rates of tax
between Centre and States and across States;
 Improved environment for compliance as all returns are
to be filed online, input credits to be verified online,
encouraging more paper trail of transactions at each level
of supply chain;
 Similar uniform SGST and IGST rates will reduce the
incentive for evasion by eliminating rate arbitrage
between neighbouring States and that between intra and
inter-state sales;
 Common procedures for registration of taxpayers, refund
of taxes, uniform formats of tax return, common tax
base, common system of classification of goods and
services will lend greater certainty to taxation system;
 Greater use of IT will reduce human interface between
the taxpayer and the tax administration, which will go a
long way in reducing corruption;
 It will boost export and manufacturing activity, generate
more employment and thus increase GDP with gainful
employment leading to substantive

economic growth;
 Ultimately it will help in poverty eradication by
generating more employment and more financial
resources.

To create ledgers
After creating a company and activating GST features,
you need to create ledgers that will enable you to pass
accounting entries in Tally ERP 9.
Step Go to Gateway of Tally > Accounts Info >
1:- Ledgers > Create
Step Create ledgers such as Purchase, Sales, State
2:- GST, Central, Integrated GST, Stock item
names etc.
Step Select the appropriate group to which such
3:- ledger belongs for example state tax under
duties and taxes group.
Step Enter the other related information required
4:- and press Y or Enter to accept and save.
 RECORDS TDS TRANSACTION IN TALLY
Account for Expenses and Deduct TDS Later
Generally, deducts the tax in the same invoice in which
the expenses are accounted. But in some cases, may
follow the procedure of accounting only expenses on the
receipt of bills and later, deduct applicable tax on all such
accounted expenses in one invoice.
In this section
 Account for expenses
 Deduct Applicable TDS

Accounting for Expenses

1. Gateway of Tally > Vouchers > press F7 (Journal)
Alternatively, press Alt+G (Go To) > Create
Voucher > press F7 (Journal).
2. Debit the expense ledger and enter the amount.
As always, press Alt+C, to create a master on the fly.
Alternatively, press Alt+G (Go To) > Create Master >
type or select Ledger > press Enter.
3. Credit the party ledger and enter the amount.
As always, press Alt+C, to create a master on the fly.
Alternatively, press Alt+G (Go To) > Create Master >
 type or select Ledger > press Enter.

4. Accept the screen. As always, you can press Ctrl+A to

save.

Deduct Applicable TDS

1. Gateway of Tally > Vouchers > press F7 (Journal)
Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal).

2. Debit the party ledger and enter the TDS amount.

As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go
To) > Create Master > type or select Ledger > press Enter.
3. Enter the required details in the Bill-wise
Details screen.

4. Press Enter.
5. Credit the TDS ledger and enter the amount.
As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go
To) > Create Master > type or select Ledger > press Enter.
6. Enter the required details in the TDS Details screen.

The Journal voucher appears as shown below:

7. Accept the screen. As always, you can press Ctrl+A to

save.
 Purchase of Software
You can create the nature of payment and record the transaction.
In this section
 Nature of payment for taxable purchase of software products
 Taxable purchase of software products
 Nature of payment for the exempt purchase of software product
 Zero-Rated purchase of software product

Nature of payment for taxable purchase of software product

1. Gateway of Tally > Create > type or select TDS Nature of Payments > and
press Enter.
Alternatively, press Alt+G (Go To) > Create Master > TDS Nature of Payments > and
press Enter.
2. Enter the Name of the nature of payment.
3. Enter 194J and 94J in the fields Section and Payment Code, respectively.
4. Set the option Is software royalty to Yes.
In the TCS Nature of Payment Creation screen, press F12 (Configure) > set the
option Allow Software Royalty to Yes. to get the field Is software royalty
5. Enter the Rate of tax.

6. Enter the amount up to which tax is not applicable

for this category, in the field Threshold/exemption
limit, if any.
ORGANIZATIONAL STRUCTURE

YUSUF TAHIR
(OWNER)

MASROOR ALAM
(MANAGING PARTNER)

ROHIT KUMAR JAISWAL

NITU SINGH
(STAFF ACCOUNTANTS
(OFFICE MANAGER)
& ASSOCIATES

FASIH AHMAD
(INTERN)
Vision of Firm
The vision of a Chartered Accountancy (CA) firm encapsulates its long-term
aspirations, defining the purpose and ultimate goals that guide its operations and
shape its identity. It represents the firm’s commitment to excellence, innovation, and
integrity in financial services, serving as a beacon for both internal stakeholders and
clients.
A CA firm’s vision typically emphasizes becoming a trusted and leading name in the
financial and advisory industry. It reflects an aspiration to deliver world-class services
in accounting, auditing, taxation, and consultancy while maintaining unwavering
ethical standards. This vision often focuses on creating a positive impact on clients’
businesses, communities, and the broader financial ecosystem.
The vision also includes a commitment to fostering strong relationships based on
trust, reliability, and personalized service. It aspires to build a legacy of
professionalism that stands the test of time. For a modern CA firm, the vision extends
to embracing innovation by leveraging cutting-edge technology and data-driven
insights, ensuring services remain efficient and relevant in a rapidly evolving
economic landscape.
Further, the vision underscores the importance of professional growth and employee
development. It aims to create an environment that nurtures talent, promotes
collaboration, and inspires continuous learning, empowering the team to exceed client
expectations.
A well-articulated vision inspires the firm to anticipate market changes and
proactively adapt its strategies to meet new challenges. It reflects a broader social
responsibility, emphasizing sustainable practices and contributing to economic
progress. This long-term focus aligns the firm’s activities with its aspirations to
enhance financial transparency, empower decision-making, and build a future where
clients and stakeholders thrive.
Ultimately, a CA firm’s vision is about more than providing services—it is about
becoming a partner in success, a leader in innovation, and a symbol of trust in the
financial world. It serves as a guiding principle that drives the firm toward excellence,
ensuring every client interaction aligns with its core values and aspirations.
Mission of Firm
The mission of a Chartered Accountancy (CA) firm defines its purpose, laying out the core
objectives and guiding principles that shape its day-to-day operations. It is a statement of
intent that details how the firm plans to fulfill its vision and deliver value to its clients,
employees, and the broader community.
A CA firm’s mission centers around providing exceptional financial and advisory services
tailored to meet the unique needs of each client. This involves delivering accurate, timely, and
reliable solutions in areas such as auditing, taxation, financial planning, and compliance. The
mission emphasizes helping businesses and individuals navigate financial complexities,
ensuring they achieve stability, growth, and long-term success.
Integrity and professionalism are at the heart of a CA firm’s mission. The firm is committed
to upholding the highest ethical standards, ensuring transparency and accountability in every
interaction. This commitment fosters trust, which is fundamental to building lasting
relationships with clients and other stakeholders.
The mission also highlights the importance of innovation. By integrating the latest
technological advancements and data-driven strategies, the firm aims to enhance efficiency
and accuracy, providing clients with cutting-edge solutions. Staying updated with regulatory
changes and industry trends is another critical aspect of the mission, ensuring clients remain
compliant and well-informed.
Employee development and teamwork are equally central to the mission. The firm seeks to
create a supportive environment where professionals can thrive, pursue continuous learning,
and contribute meaningfully to the firm’s success. A motivated and skilled team ensures the
consistent delivery of high-quality services.
Additionally, the mission reflects a commitment to social responsibility. This includes
promoting sustainable practices, contributing to economic development, and supporting
community initiatives. By balancing profit with purpose, the firm aims to make a positive
impact beyond its immediate business goals.
In essence, the mission of a CA firm is to be more than a service provider. It seeks to be a
trusted partner, helping clients navigate their financial journeys with confidence. Through its
dedication to excellence, ethics, and innovation, the firm works to achieve measurable results,
building a foundation of trust and success for all stakeholders it serves.
REFERENCES
https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx
https://en.wikipedia.org/wiki/Vouching_(financial_auditing)
https://tallysolutions.com/about-tally/
https://www.mca.gov.in/Ministry/actsbills/pdf/Partnership_Act_193 2.pdf
https://en.wikipedia.org/wiki/The_Indian_Partnership_Act,_1932
https://www.gst.gov.in/
https://www.gst.gov.in/about/gst/history
 APPENDIX
FRAMING INTERNSHIP LEARNING OBJECTIVE GUIDE
Learning Objectives provide the structure and framework for learning outside
of the classroom during an internship experience. These objectives illustrate
how you will DO something and should be specific, strong and clear to provide
an understanding of your needs and course you are pursuing. Solid objectives
will increase the likelihood that the internship experience will be beneficial and
successful.
Q1) what have I learned in the classroom that relates to the real working world?
Basics Accounting principles, Golden rules of accounting and Golden rules of
investment
and savings
Q2) what new skills will I learn or hope to learn during the internship?
Hands on experience in creation of financial statements, and New
registration.
Q3) How will this internship help inform my understanding of career
choices within my major or specialization?
As I tend to get specialized in Finance, Accounting holds the base and the knowledge
of
accounting is necessary to understand how entries are made under what assumptions
to
help in making proper financial statements.