INTERNSHIP REPORT

GANESAN & COMPANY

(CHARTERED ACCOUNTANTS)
FROM 13TH MAY 2024 - 28TH MAY 2024

SUBMITTED IN PARTIAL FULFILMENT FOR THE AWARD OF DEGREE OF

MASTER OF COMMERCE
(BUSINESS FINANCE)
BY
SHANMUGARAJ.R
REG NO: 23351078
UNDER THE GUIDANCE OF
PROF.Dr.D. LAZAR
FACULTY ADVISOR
PROFESSOR, DEPARTMENT OF COMMERCE

SCHOOL OF MANAGEMENT
PONDICHERRY UNIVERSITY
KALAPET,PONDICHERRY
JUNE 2024
 TABLE OF CONTENTS

CHAPTERS CONTENT PAGE NO

DECLARATION 2
ACKNOWLEDGEMENT 5
1 INTRODUCTION 6
2 PROFILE OF THE 11
ORGANISATION
3 DAILY REPORT 13
4 INTERNSHIP EXPERIENCE 44

5 CONCLUSION 46

1
 DECLARATION

I, SHANMUGARAJ.R student of PONDICHERRY UNIVERSITY,

KALAPET, PONDICHERRY in M.COM BUSINESS FINANCE, hereby
declares that, this Internship Report under the GANESAN &
COMPANY is the record of my original work under the guidance
of CA student Ms. M.KALAIYARASI This report has never been
submitted anywhere else for award of any degree or diploma..

DATE:
PLACE: SHANMUGARAJ.R
REG.NO:233510
78

2
3
 ATTENDANCE LOG
NAME: SHANMUGARAJ.R ,M.COM (BUSINESS FINANCE)
REGISTER NUMBER: 23351078
DURATION: 13/05/2024 to 28/05/2024

DATE TIME IN TIME OUT

13/05/2024 9:00AM 6:00PM

14/05/2024 9:00AM 6:00PM

15/05/2024 9:00AM 6:00PM

16/05/2024 9:00AM 6:00PM

17/05/2024 9:00AM 6:00PM

18/05/2024 9:00AM 6:00PM

20/05/2024 9:00AM 6:00PM

21/05/2024 9:00AM 6:00PM

22/05/2024 9:00AM 6:00PM

23/05/2024 9:00AM 6:00PM

24/05/2024 9:00AM 6:00PM

25/05/2024 9:00AM 6:00PM

26/05/2024 9:00AM 6:00PM

27/05/2024 9:00AM 6:00PM

28/05/2024 9:00AM 6:00PM

4
ACKNOWLEDGEMENT

I would like to express my deepest gratitude and

appreciation to GANESAN & COMPANY for providing me with the
invaluable opportunity to intern at your esteemed Chartered
Accountancy firm. I am truly honored to have been selected to be
a part of your team and contribute to your organization's success.
During my internship at GANESAN & COMPANY, I have had the
privilege of working alongside a team of highly skilled
professionals and CA students who have generously shared their
knowledge and expertise with me. The guidance and mentorship I
received from everyone at the firm have been instrumental in
enhancing my understanding of the accounting industry.
I would like to express my deepest gratitude to PROF.Dr.D.
LAZAR, faculty advisor and Professor, Department of Commerce ,
for giving me this opportunity to do this internship and providing
all the valuable guidance and support that I required to complete
my internship.

SHANMUGARAJ R
REG.NO:23351078
MCOM (BF)

5
 CHAPTER -1

INTRODUCTION

6
Meaning of internship

This report presents a comprehensive overview of my

internship experience at GANESAN & COMPANY. From 13/05/2024 to
28/05/2024, I had the opportunity to immerse myself in the
dynamic world of accounting and finance, gaining valuable
insights into the practical applications of theoretical concepts
learned in academic settings. The primary objective of this
internship was to enhance my understanding of the roles and
responsibilities of chartered accountants in a professional
environment and to observe how the firm operates to provide
financial advisory and auditing services to its diverse clientele.

Throughout the internship, I actively participated in various

departments, observed day-to-day operations, and engaged in
tasks ranging from financial analysis and tax compliance to audit
procedures. This report aims to outline the firm's organizational
structure, shed light on the tasks I undertook, and provide a
reflection on the learning experiences and challenges I
encountered at the firm. By combining theoretical knowledge with
practical exposure, this internship has significantly contributed to
my professional growth and provided me with insights that will
undoubtedly shape my future career path in the field of chartered
accountancy."

This internship report provides an in-depth account of my

internship experience at GANESAN & COMPANY, a renowned
Chartered Accountancy (CA) firm. During my tenure at GANESAN &
COMPANY, I had the privilege of working alongside accomplished
professionals, gaining practical exposure to the intricacies of
accounting, auditing, taxation, and financial advisory services.
In this report, I aim to present a comprehensive overview of
my internship journey at GANESAN & COMPANY, delving into the
firm's organizational structure, work culture, and the range of
services it offers to clients. Through a combination of hands-on
projects, collaborative teamwork, and mentorship, this internship

7
has been a transformative experience in shaping my
understanding of the CA profession.

OBJECTIVE OF STUDY

 Practical skill development

 To learn more than the theoretical knowledge.
 To improve communication skill
 Problem solving and critical thinking
 Contribution to organizational goals
 Professional development
 Learning from mentors and colleagues
 Personal growth and self-reflection
 To learn book keeping practices of different companies.
 To promote my personal knowledge and professional
preparation for future

8
IMPORTANCE

 Industry Insights: CA firms deal with a wide range of clients

from various industries. This exposure can provide insights
into different sectors, business operations, and financial
practices.

 Resume Building: Interning at a reputable CA firm adds

credibility to your resume, making you a more attractive
candidate to potential employers in the future.

 Certification Support: Many CA firms offer guidance and

support for the Chartered Accountant certification process,
including helping you prepare for exams and meet the
practical experience requirements.

 Networking: Building relationships with professionals in the

firm can expand your professional network, potentially
leading to mentorship, job referrals, or future collaboration.

 Hands-On Experience: Interning at a CA firm allows you to

apply theoretical knowledge gained in your studies to real-
world scenarios, enhancing your practical skills and
confidence.

 Exposure to Clients: You'll have the opportunity to interact

with clients, understand their financial needs, and contribute
to solving their accounting and financial challenges.

 Career Direction: Working in a CA firm exposes you to

different roles within the accounting and finance field, helping
you discover your strengths and interests for your future
career path.

9
  Staying Updated: The accounting and finance industry is
constantly evolving due to regulatory changes and
technological advancements. A CA firm can help you stay
updated on these changes, giving you a competitive edge.

 Personal Growth: Overcoming challenges and adapting to a

professional environment during your internship can
contribute to your personal growth and development.

WHY I CHOOSE THIS FIRM

Selecting a CA firm for your internship can provide valuable

hands-on experience, exposure to real-world accounting practices,
and an opportunity to learn from seasoned professionals. It can
also enhance your networking opportunities within the industry
and potentially lead to future job prospects.

10
 CHAPTER-2

PROFILE OF THE ORGANISATION

11
 PROFILE OF THE COMPANY
A brief outline about the institution wherein internship has
been undertaken is given below

OVERVIEW:

GANESAN & COMPANY

NAME OF THE FIRM GANESAN & COMPANY

YEAR OF ESTABLISHMENT 1971
ADDRESS 23,JAWAHARLAL NEHRU STREET,
PONDICHERRY -605 001.
Telephone.no: 0413 – 2336884 /
2332015 / 2338975
e-mail id : gandco71@gmail.com,
gandco.ca@gmail.com.

NATURE OF SERVICES 1.) Auditing Services Statutory

Audit, Internal Audit, Bank Audits,
Inspection Audit.
2.) Management Consultancy
Services.
3.) Other Professional Services. 4.)
Financial services and Taxation.

INDUSTRY Financial Services

HEADQUARTERS Pondicherry,India.

12
 CHAPTER-3

INTERNSHIP DAILY REPORT

13
 INTERNSHIP DAILY LOG

DAY 01- 13/05/2024

Today I started my 15 days internship at GANESAN & COMPANY

CA firm. Since it was my first day as an intern, one of the CA
student introduced me to others and also gave me an overall idea
about the firm and its functioning. After that, I got some invoices
and bills regarding GST, and they told me to analyze them and
record them through Microsoft Excel.

I have made cross-checked the invoices and also made an

understanding of how each invoice is recorded. The invoices I got
were related to the day-to-day purchases and sales of different
clients. The first task I have is to analyze the invoices and
separate the sales and purchase invoices separately.

I have checked the invoices and made a clear understanding

regarding the sale and purchase invoices. As today is the first day
I got only this job and I have done my part well .

14
DAY 02-14/05/2024

On this day of the internship learned basic concepts of GST

GST (Goods and Services Tax) on Indian Tax Scenario. The Good
and services tax (GST) is the biggest and substantial indirect tax reform
since the year 1947. The main idea of GST is to take over existing taxes
like value-added tax, excise duty, service tax and sales tax.
GST will be levied on manufacturing of sales and consumption of
goods and services and is expected to address the tumble effect of the
existing tax structure and result in uniting the country economically. Its
main objective is to maintain a plebeian between the basic structure and
design of the CGST, SGST and SGST between states.
GST is a new story of VAT which gives a widespread setoff for input
tax credit and contains many indirect taxes from state and national level.
The main aim of GST is to create a single, unified market which will benefit
in the development of country's economy. India is a democratic country and
therefore the GST will be implemented parallel by the central and state
governments respectively.
In this article, I have discussed GST and highlighted on the
objectives of it. Consequently, I also put a light on the possible challenges,
threats, and opportunities that GST brings to strengthen the free market
economy. Finally, the paper examines and draws out a conclusion.

15
DAY 03-15/05/2024

On the last day of my internship, one of my colleagues

described and showed me how to register GST online and also the
documents which are required for GST registration
DOCUMENTS REQUIRED
• PAN card
• Email id
• Mobile number
• Passport size photo
• Rent agreements copy (if the building is rental)
• Tax receipt (if the building is owned by themselves)

• 1. www.gst.gov.in

• 2. Service > Registration> New Registration

• 3. Click New Registration >Fill Each Question Carefully
>Type Captcha Proceed
I am a – Taxpayer
State/UT- Business State
District – Business District
Legal Name of Business- PAN Name of Proprietor

PAN No- ABCDE1234X Email ID- Mobile No-

4. Verify OTP > Enter Mobile OTP and Email OTP>Proceed

• 5. Note down the Temporary Reference Number

(TRN)>Proceed

• 6. Enter TRN in the prescribed area>Type captcha> Proceed

• 7. Verify OTP >Enter OTP> Proceed

16
• 8. Dash Board> My Saved Application > Click action button
>
Enter details of

• Business-like name and place etc.> Save and Continue

• 9. Promoter/Partners> Give personal information of

proprietor and Upload photo Save and Continue
• 10. Authorized signatory > Enter Details of the Signatory like
his Name, PAN, etc. Save and Continue
• 11. Principal place of business>enter details of main office
place of business >select nature of possession and upload
the relevant document (rental agreement/tax receipt)>save
and continue
• 12.goods and service > add service or goods using name or
code >save and continue
• 13. State-specific information >enter professional tax
employee code, no, tax registration no, state excise license
> save and continue
• 14. check the entered details are right
• 15.verification>tick the check box>select signatory >enter
place >submit with EVC >Enter OTP

17
DAY 04-16/05/2024

On the third day of the internship, learned how to file GSTR

Filing.

Process.

1. Entered all the tax invoices into the Excel application.

2. Arranged data accordingly to file GSTR1.

3. Log in to the GST site(www.gst.gov,in)

4. Select file return >select the financial year.

5. Set the quarter as1 April

6. Select GSTR1

7.Click on prepare online

8.added B2B and B2C invoices>add record

18
9.enter recipient’s name

10. add HSN summary (HSN-harmonized system of nomenclature)

11.select document issued>enter proceed to file

12. file GSTR 1 using either DSC (Digitally signature certificate) or

EVC (electronic verification code).

19
DAY 05-17/05/2024

On this day of the internship learned voucher entry in tally

prime. entered voucher entry of ‘REENA MEDICALS’ Using tally
prime.

Process

1. Open Tally Prime Gold App

2. Data 1> SAREENA MEDICALS 2023-24> Vouchers>

Purchase(F9)

3. Type Purchase Voucher Number (E.g.: WG/2024-25(18475)

4. Press F2 Button and set the date according to the Purchase

Voucher Given

5. Press Enter key> Select Legal name/Trade name in Party A/c

Name> Enter

6. Select Purchase with GST percentage in the Particulars column

(E.g.: Purchase 5%)>

Enter the Taxable amount as per the Purchase Voucher

7. Select CGST percentage in the Particulars column (E.g.: CGST

2.5%)> Enter> Amount of CGST will
automatically generate

20
8. Select SGST percentage in the Particulars column (E.g.: SGST
2.5%)> Enter >Amount of CGST will automatically generate

9. Check Whether the amount shown in the total column is the

same as the Total amount in the purchase voucher if it is equal
then save it by pressing ctrl+A Entered The remaining
vouchers in that day.

21
Day 06-18/05/2024

On this day of internship Prepared the Trading, Profit and Loss

account and Balance sheet of GRANCE MARBLES & GRANITES LLP.
All the details were given in the form of trail balance and also
given a pre-made format of the BALANCE SHEET and TRADING,
PROFIT & LOSS A/C.

22
DAY 07-20/05/2024

On this day of the internship learned how to apply for pan card
through online

Process
1.open income tax site.(www.incometax.gov.in)

2. click on the home page

3. select instant e-pan

4. click on Get new e-pan

5. enter the Aadhar number>continue

6. an OTP is sent to the mobile number which is linked with the

Aadhar card

7. click ok

8. click on check status /download pan

9. enter Aadhar number >continue

Another method to apply for pan card online is via the UTIISL
website

23
Step1; fill out the pan card application available on the UTTIISL
website

Step 2; pay the application fee on successful payment, and the

acknowledgment will be displayed.It will also be sent to your
email id

Step3; send the documents to the UTIISL Office by courier within

15 days of online submission of form 49A

DOCUMENTS REQUIRED

• Identity proof

• Address proof

• Date of birth proof

• Registration certificate in case of companies, firms,huf, and

association of persons

24
Day 08-21/05/2024
On the 08th day of the internship, one of my colleagues in
the firm helped me to carry out the registration under Income tax.
Details to be entered in the registration form
1) MANGALATH SREEDHARAN
2) NAME: Mangalath Sreedharan
3) MOBILE NO: 85890***
4) FATHER’S NAME: Thankachan
5) ADDRESS: Alakkuzhha house ***
6) CITY; Kozhikode PINCODE: 673577
7) STATE: Kerala
8) DATE OF BIRTH: 27/02/19**
9) PAN: BDIPJ949G
10) RESIDENTIAL STATUS: Resident
11) EMAIL: mangalath*******@gmail.com
12) Process
1. Open incometaxindiaefilling.gov.in
2. Click the Register option Select Taxpayer Enter PAN number
Validate
3. Enter basic details that as the Last name, Middle name First
name, Date of Birth, Gender, and Residential status Continue
4. Enter Contact Details such as Primary Mobile number, Primary
Email, and Landline, Address(House name, Post office, Pin
code, City, State, etc.)Continue

25
5. Validate Number and Email Id with OTP which has been sent
to the primary mobile number and Email id Continue
6. Verify Details which appear in the site if it’s Correct Click
Continue
7. Password setting set password Confirm Password Set
personalized message Register Proceed to login
8. Login using PAN as user id and Password which is set.
2) MUHAMMED IRSHAD
NAME: Muhammad Irshad
MOBILE NO: 96337***
FATHERS NAME: Abdulla
ADDRESS: Kunnathu House ***
CITY: Kozhikode
PINCODE: 673006
STATE: Kerala
DATE OF BIRTH: 05/05/19**
PAN: CGZPC8278H
RESIDENTIAL STATUS: Resident
EMAIL: mirshad*******@gmail.com Repeated the same procedure
for registration in income tax site.
3) MUHAMMAD SHAFI
NAME: Muhammad Shafi
MOBILE NO: 99892***
FATHER’S NAME: Ahmed
ADDRESS: Erakkal house ***
CITY: Kozhikode
PINCODE: 673301

26
STATE: Kerala
DATE OF BIRTH: 11/08/19**
PAN: AXZPM5298G
RESIDENTIAL STATUS: Resident
EMAIL: shafi*******@gmail.com

27
DAY 09-22/05/2024

VOUCHING OF RECEIPT BOOK AND BANK STATEMENT of

RUBY SUPERMARKET

On the 13th day manager was assigned to check the receipt

book and bank statement. That is the statement for the year
2022-2023. Difficulty in the vouching of bank statements is that
sometimes combined amounts come in the bank statement
because some customer paid their amount in a single transaction
and outstanding amounts are paid in a single day but it is
recorded in the receipt book as different days.

28
DAY 10-23/05/2023

Today I got some new invoices. Invoices should be sorted

out and it has to be recorded in the Excel software in the
respective firm’s Excel sheet.
Whenever a trade happens on an invoice, an account
payable and an account receivable account is opened. And
recording payments is essential for the company records and
financial statements.
Each and every client have separate folders which help to
find out the previous years’ workings and accounting
treatments easily.
Today all the invoices are recorded through Excel. In some
cases, invoices will be recorded in Tally software. If the clients

29
are sending the invoices in tally, then the same will be recorded
through tally.
After completing the recording of invoices, I made workings
of the same. Workings are done in Excel in the respective client’s
folder.

And TDS
TDS is a direct taxation mechanism which was introduced to collect
taxes from the source of income itself or at the time of income payout. TDS
full form is Tax Deducted at Source. Under this mechanism, if a person
(deductor) is liable to make payment to any other person (deductee) will
deduct tax at source and transfer the balance to the deductee. The TDS
amount deducted will be remitted to the Central Government. Deductee can

30
check the Tax Deducted at Source (TDS) amount in the Form 26AS or TDS
Certificate issued by the deductor.
TDS 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 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.

Section 194 C:-

Section 194C deals with the provisions for tax deduction at

source at the time of payment to contractors/sub-contractors.

This section says that any person who pays money to the resident
contractor (or subcontractor) for carrying out any work (including
the supply of labor ) is required to deduct tax on such payment.
The above condition also requires the existence of a contract
between the contractor and the contractee. The contractee can
include the following -

 Central Government or any State Government

 Any local authority
 Corporations established under Central, State, or Provisional
Act
 Company

31
  Cooperative society
 Authority in India for housing or city planning
 Society registered under the Society Registration Act, of 1980
 Trust
 University or deemed university
 Firm

Section 194 J:-

Section 194J under the income tax covers professional fees
TDS or technical fees services. Section 194J covers doctors,
accountants, engineers, interior designers, architects, and also
people associated with the advertising field. In this guide, we will
explain to you all the provisions related to section 194j of Income
Tax Act.

However, individuals or HUFs will be required to deduct TDS if

they are liable to audit u/s 44AB (a) and (b).

The person here means :

1. Central or State Government

2. Local Authority
3. Corporation
4. Company
5. Cooperative Society
6. Trust
7. University
8. Registered Society
9. Firm

32
 10. Individual/HUF/AOP/BOI must get accounts audited u/s
44AB (a) and (b)

Section 194 I:-

Section 194-I states that a person(not being an individual or
HUF) responsible for paying rent income to a resident is liable to
deduct tax at the source. The threshold limit for tax deduction is
₹2,40,000 from the Financial Year 2020-21. The meaning of rent
and the types of rental payment is detailed in Section 194-I.
Rent refers to any payment made related to tenancy, lease,
sub-lease, or an agreement for the use of:

 Land

 A building that includes factory building

 Land appurtenant to a building that includes factory building

 Machinery

 Plant

 Equipment

 Furniture

 Fittings

33
DAY 11-24/05/2024
On the last day of my internship, one of my colleagues described
and showed me how to register GST online and also the
documents which are required for GST registration

DOCUMENTS REQUIRED
• PAN card
• Email id
• Mobile number
• Passport size photo
• Rent agreements copy (if the building is rental)
• Tax receipt (if the building is owned by themselves)

• 1. www.gst.gov.in

• 2. Service > Registration> New Registration

• 3. Click New Registration >Fill Each Question Carefully
>Type Captcha Proceed
I am a – Taxpayer
State/UT- Business State
District – Business District
Legal Name of Business- PAN Name of Proprietor

PAN No- ABCDE1234X Email ID- Mobile No-

34
 4. Verify OTP > Enter Mobile OTP and Email OTP>Proceed

• 5. Note down the Temporary Reference Number

(TRN)>Proceed

• 6. Enter TRN in the prescribed area>Type captcha> Proceed

• 7. Verify OTP >Enter OTP> Proceed

• 8. Dash Board> My Saved Application > Click action button

>
Enter details of

• Business-like name and place etc.> Save and Continue

• 9. Promoter/Partners> Give personal information of

proprietor and Upload photo Save and Continue
• 10. Authorized signatory > Enter Details of the Signatory like
his Name, PAN, etc. Save and Continue
• 11. Principal place of business>enter details of main office
place of business >select nature of possession and upload
the relevant document (rental agreement/tax receipt)>save
and continue
• 12.goods and service > add service or goods using name or
code >save and continue
• 13. State-specific information >enter professional tax
employee code, no, tax registration no, state excise license
> save and continue
• 14. check the entered details are right
• 15.verification>tick the check box>select signatory >enter
place >submit with EVC >Enter OTP

35
DAY 12-25/05/2024

ITR 1
ITR Form 1 is also known as the Sahaj Form. The filing of
the ITR-1 form is mandatory for all the individual taxpayers in
India who are having income up to INR 50 lakh. The individuals
who are earning their income from salary, pension, house
property, and other sources must file a simple one-page ITR-1
Form. The ITR-1 SAHAJ Form is comprised of six major sections
starting from Part A. Individuals in India can submit the form
either online or offline.

ITR 2
ITR-2 Form filing is only mandatory for individuals and HUFs
who are receiving income apart from the ‘Profits and Gains from
Business or Profession’. In more specific terms, filing ITR-2 Form is
mandatory for the individuals who are earning income from the
salary or pension, house property, capital gains, investments,
foreign assets, agricultural income (more than 5,000) and income
from other sources, including winnings from lotteries, bets on
Race Horses, and other forms of legal gambling. Both online and

36
offline submission options are available for individuals to submit
the form.

ITR 3
ITR-3 Form, unlike ITR-2 Form, is applicable for the
individuals and HUFs, who are having gains and profits from the
business or profession. More specifically, the individuals and HUfs
who are carrying on a business and earning income from house
property, salary or pension, and other sources are eligible for ITR-
3 Form. ITR-3 forms can be filed both online and offline by the
individuals. The offline option is only available for the ones who
are aged 80 years or more. Apart from these, the individuals who
are having less than INR 5 lakh income and do not claim a refund
on ITR can opt for the offline option.

ITR 4
ITR-4 can be filed by a Resident Individual / HUF / Firm
(other than LLP) who has:

 Income not exceeding ₹50 Lakh during the FY

 Income from Business and Profession which is computed
on a presumptive basis u/s 44AD, 44ADA or 44AE
 Income from Salary/Pension, one House Property,
Agricultural Income (up to ₹ 5000/-)
 Other Sources which include (excluding winning from
Lottery and Income from Race Horses):
o Interest from Savings Account
o Interest from Deposit (Bank / Post Office /
Cooperative Society)
o Interest from Income Tax Refund
o Family Pension
o Interest received on enhanced compensation
o Any other Interest Income (e.g., Interest Income
from Unsecured Loan)

37
ITR 5
Filing your Income Tax* Returns (ITR) can be stressful if you
don't understand its basics. Many first-time taxpayers believe that
submitting a tax return is the same for everyone, regardless of
whether they are individuals, Limited Liability Partnerships (LLPs), or
Hindu Undivided Families (HUFs). But the fact is quite different.
There are different types of ITR forms for different types of entities.
And one such form is income tax ITR 5.

ITR 6
ITR-6 filing is a crucial annual compliance requirement for
corporate entities in India. The Income Tax Return form is
specifically designed for companies other than those claiming
exemption under section 11 (Income from property held for
charitable or religious purposes). Filing ITR6 accurately and on
time is essential to ensure compliance with the Income Tax Act
1961 and avoid penalties and legal complications. To simplify the
ITR6 filing process and assist businesses in meeting their tax
obligations efficiently, IndiaFilings provides a wide range of
services tailored to suit the specific requirements of corporate
entities.

ITR 7

It is the moral duty of every organization and taxpayer to file

an income tax return and pay the taxes. The budget 2020 income
tax amendments have stated that the ITR is important to be filed

38
in case the electricity bill is more than 1 lakh and more than 2 lakh
for foreign travel expenses. The income tax return form 7 is to be
filed by all the Charitable /Religious trusts u/s 139 (4A), Political
party u/s 139 (4B), Scientific research institutions u/s 139 (4C),
University or Colleges or Institutions or Khadi and Village
industries u/s 139 (4D). These organizations have to file the form
for claiming the exemptions.

DAY 13-26/05/2024

FRAMEWORK OF GST AS INTRODUCED IN INDIA:

Dual GST:
India has adopted a Dual GST model in view of the federal structure of
the country. Consequently, Centre and States simultaneously levy GST on taxable
supply of goods or services or both, which takes place within a State or Union
Territory. Thus, tax is imposed concurrently by the Centre and States, i.e., Centre
and States simultaneously tax goods and services. Now, the Centre also has the
power to tax intra-State sales & States are also empowered to tax services. GST
extends to whole of India including the State of Jammu and Kashmir.
CGST/SGST/UTGST/IGST:
GST is a destination- based tax applicable on all
transactions involving supply of goods and services for a consideration subject to
exceptions thereof. GST in India comprises of Central Goods and Services Tax
(CGST) - levied and collected by Central Government, State Goods and Services
Tax (SGST) - levied and collected by State Governments/Union Territories with

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Legislatures and Union Territory Goods and Services Tax (UTGST) - levied and
collected by Union Territories without Legislatures, on intra-State supplies of
taxable goods and/or services. As a general rule, where the location of the supplier
and the place of supply of goods or services are in the same State/Union territory, it
is treated as intra-State supply of goods or services respectively.
Further, where the location of the supplier and the place of supply of goods or
services are in (i) two different States or (ii) two different Union Territories or (iii)
a State and a Union territory, it is treated as inter-State supply of goods or services
respectively. Inter-State supplies of taxable goods and/or services are subject to
Integrated Goods and Services Tax (IGST). IGST is the sum total of CGST and
SGST/UTGST and is levied by Centre on all inter-State supplies.

DAY 14-27/05/2024

Legislative Framework:
There is single legislation – CGST Act, 2017 -
for levying CGST. Similarly, Union Territories without Legislatures
[i.e., Andaman and Nicobar Islands, Lakshadweep, Ladakh, Dadra
and Nagar Haveli & Daman and Diu and Chandigarh] are
governed by UTGST Act, 2017 for levying UTGST. States and
Union territories with their own legislatures [i.e., Delhi, Jammu

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and Kashmir and Puducherry] have their own GST legislation for
levying SGST.
Though there are multiple SGST legislations, the basic features of
law, such as chargeability, definition of taxable event and taxable
person, classification and valuation of goods and services,
procedure for collection and levy of tax and the like are uniform in
all the SGST legislations, as far as feasible. This is necessary to
preserve the essence of dual GST.

Classification of goods and services:

HSN (Harmonized System of Nomenclature) is used for
classifying the goods under the GST. Chapters referred in the Rate Schedules for
goods are the Chapters of the First Schedule to the Customs Tariff Act, 1975.
A new Scheme of Classification of Services has been devised wherein the services
of various descriptions have been classified under various sections, headings and
groups. Each group consists of various Service Codes (Tariff).

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DAY 15-28/05/2024

Simplified tax structure:

 Ease of doing business:

Simpler tax regime with fewer exemptions
along with reduction in multiplicity of taxes under GST has led to
simplification and uniformity in tax structure
The uniformity in laws, procedures and tax rates across the
country makes doing business easier.

 Certainty in tax administration:

Common system of classification of goods and services
across the country ensures certainty in tax administration across India.
Easy tax compliance:

 Automated procedures with greater use of IT:

There are simplified and automated procedures for various
processes such as registration, returns, refunds, tax payments. All interaction is

42
primarily through the common GSTN portal, therefore, less public interface between
the taxpayer and the tax administration.

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 Reduction in compliance costs:
The compliance cost is lesser under GST as multiple record-
keeping for a variety of taxes is not needed, therefore, there is lesser investment of resources
and manpower in maintaining records. The uniformity in laws, procedures and tax rates
across the country goes a long way in reducing the compliance cost.

Advantages for trade and industry:

 Benefits to industry:

GST has given more relief to industry, trade and agriculture through a
more comprehensive and wider coverage of input tax set-off and service tax set- off,
subsuming of several Central and State taxes in the GST and phasing out of CST. The
transparent and complete chain of set-offs which results in widening of tax base and better
tax compliance also leads to lowering of tax burden on an average dealer in trade and
industry.

 Mitigation of ill effects of cascading:

By subsuming most of the Central and State taxes into a single tax and
by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it
helps in mitigating the ill effects of cascading, improving competitiveness and improving
liquidity of the businesses.

 Benefits to small traders and entrepreneurs:

GST has increased the threshold for GST registration for small
businesses. Further, single registration is needed in one State. Small businesses have also
been provided the additional benefit of composition scheme. With the creation of a seamless
national market across the country, small enterprises have an opportunity to expand their
national footprint with minimal investment.

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 CHAPTER-4

INTERSHIP EXPERIENCE

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INTERNSHIP EXPERIENCE

Internships are an important part of any business degree

program. They give us real world experience and knowledge that
augments what you learn in the classroom and provide valuable
insight to the career we want to pursue. Even more importantly,
they can help us build connections and sometimes even lead to
that first job. Many top companies expect new hires to have
internship experience. So, in some instances, the internship isn’t
just a nice to have, it’s a must.
Entry-level positions are increasingly competitive, and
without a strong resume, it’s difficult to find a job after graduation
without some experience. Internships give you that realworld
introduction to business that can complement your degree and
can set us apart from other job candidates.
When we highlight them on our resume, be sure to detail
specific projects you completed, the skills you applied during the
internship, and success metrics for everything that we did.
Internships help you meet and work with professionals you can’t
meet in the classroom. These early career connections can offer
career guidance, advice, introductions, and mentorship. When it
comes time to apply for jobs, they can also act as references.

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 CHAPTER-5

CONCLUSION

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CONCLUSION

This Internship has been a very useful experience in which I

learned the functions of the CA firms. However, I do think that
there are some aspects of the Job that I could have done better
and that I need to work on. The two main things that I learned
after my experience in this auditing firm are the importance of
time management and being self-motivated. I have learned some
soft skills such as tally prime, etc., and I am thanking the
organization for granting me permission to proceed with my
internship in their firm. I have gained some personal experiences
other than theoretical knowledge through this internship.

LIMITATION OF INTERNSHIP

 Internship duration was not sufficient.

 Not being involved with the activities of the firm for

a long period.

 Issues due to the lack of knowledge in

specific software.

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…Thank you…

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