Summer Internship Report

Jagriti Awasthi

SRMBS (MBA, Final Year)

Offer Letter

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 Acknowledgement
I, Jagriti Awasthi, would like to convey my gratitude to the Management, Director, Dean
and Teachers of SR Management Business School for emphasizing on the 45 days
Summer Internship Program and giving me the platform to interact with industry
professionals.

I would also like to thank Mrs. Pragya Singh and Mr. Rajeev Nain, Directors of Firstentry
(Synvest Ventures Private Limited) for giving me the opportunity to work with them and
to understand the industry norms.

I extend my warm gratitude and regards to everyone who helped me during my

internship.

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 Table of Contents

S.No Particulars Page

. No.
1 Offer Letter 1

2 Acknowledgement 2

3 Executive Summary 4

4 About the Organization 5

5 About the Services 5

6 Opportunities 6

7 Learning as well as 6-9

Practical working
8 Conclusion 9

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Executive Summary

The 45 days Summer Internship Program at SRMBS is a vital part of the 2-year MBA
Course. Since majority of the students come without any prior work experience, the
Summer Internship adds worth to their CVs by giving each student immense learning. At
SRMBS, a student can bag an internship through various means since the institute gives
us ample opportunities to interact with industry experts.

I got my internship through a site which deals in several financial services. The site
name is Firstentry which is dealt by SYNVEST Ventures Private Limited. Our interaction at
started with the current trends of Service industry and how the services can be providing
easily under one roof. Further to our discussion, Mr. Rajeev Nain, Director of Firstentry
mentioned that Firstentry is the startup which provide several types of services under one
roof. Those people who are free launcher can easily associate with this company and
serve the people with their services.

Initially I was hired for different financial work like banking, reports, income tax,
companies filing work etc.

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About the Organization

Firstentry (Synvest Ventures Private Limited) is a team of experienced professionals

including Chartered Accountants, Company Secretaries, Cost Accountants, Corporate
Lawyers and Management Graduates. Firstentry team has vast experience of handling
the issues specific to startups and SMEs and has helped many such businesses by
providing right solution & addressing their pain areas in the past.

Due to limitation of resources and unawareness of current business trends small

businesses lose out to the advantage which big business can afford easily. At
Firstentry we try to bridge this gap and use the latest technologies and methods to
bring value to the businesses of SMEs. We at Firstentry takes care of every business
need which is essential to manage your business and critical for the compliance of
regulatory requirement. Here, we study and analyze your requirement at expert level
and utilize the latest technology to provide cost effective and best solution.

About the Services- Provided By company

• Startup Advisory.
• Company Registration.
• GST Registration.
• Shop & establishment.
• Trademark.
• Patent & copyright.
• EPF & ESIC Registration.
• Importer exporter code.
• MSMEDA/SSI Registration.
• All Business Licenses & permits.
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Opportunities
During these 45 days, I was given the opportunity to perform the
following roles:
For Organization:
 Understanding the work like making vouchers, making entries in cash book.
 Interacting with clients.
 Visited Income Tax Department to done meeting with Deputy Commissioner of
Income Tax and GST Department to understand the process of GST Case.
 Maintain a daily banking details of clients.
 To understand several types of audit.
 Get Information, knowledge about Ministry of Corporate Affairs (MCA) working. This
portal belongs to working of Companies. All the rules and regulation are followed based
on Companies Act 2013.
 Coordinating with seniors while finalizing the income statements of individuals, partnership
firms and Companies.
 Analysis of data.
 Filing of returns.

Learning

The 45-days Summer Internship exposed me to various aspects of Financial workings. I spent the initial
week to read about the Income Tax Rules and laws, Companies rules and laws, About GST etc.

Monthly filings of GST it helps increasing my knowledge towards new laws and rates. In India the rule
of one tax one nation is going on at prior basis. So, it is very important for every student who learnt
about finance. Learning about the banking transaction is also helpful for me.
Knowing how to create bills, how to do audit, how to make vouchers also helpful for the
financial working.

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Working on Practical Things- Incorporation of Company:
During the training I have learned about practical things. Following is one of them with proper
description
Private limited company is the most prevalent and popular type of corporate legal entity in India. Private
limited company registration is governed by the companies act, 2013 and the companies
incorporation rules, 2014.
To register a private limited company, a minimum of two shareholders and two directors are
required. MCA has recently implemented major changes to the process and made it very simple to
incorporate a company.
To register a private limited company, a minimum of two adult persons are required to act as directors
of the company. A private limited company must have a minimum of 2 directors and can have a
maximum of 15 directors. One of the directors of a private limited company must be an Indian citizen
and Indian resident. The other director(s) can be a foreign national.
Two persons are also required to act as shareholder of a company. The shareholders can be natural
persons or an artificial legal entity. Hence, a company can be owned by two corporates, which are
domiciled in India or abroad.

Private Limited Company Registration Process:

The following process for company registration in India:
 RUN Name Approval: First name approval is obtained for the proposed company names from
the ministry of corporate affairs. Up to 2 names can be provided. In case of rejection of both
names, an opportunity is provided for resubmission of the form with 2 more names. The name
must be acceptable to the MCA as per the companies act 2013.
 Digital Signature: Digital signature must be obtained for the proposed directors of the company.
Digital signature is required for signing of the incorporation application. However, digital
signature is not required for obtaining name approval. Hence, this process of obtaining digital
signature can run parallel to the name approval process.
 Incorporation Application Submission: On obtaining the digital signature, the incorporation
application can be submitted in Spice Form, MOA and AOA with the MCA. There is no
requirement for obtaining RUN name approval for submission of spice form. Hence, if RUN
name approval was not obtained, if the name is available, the company would be incorporated.
In case of non-availability of name, the incorporation documents must be resubmitted. Hence, its
advisable to obtain RUN name approval before submission of spice form.
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  Private Limited Company Incorporation: On submission of the incorporation application,
private limited company incorporation certificate along with PAN and TAN is provided within 1-2
business days by the MCA.

Private Limited Company Registration Documents Required

To register a private limited company,
The company’s proposed directors would have to submit the following documents as identity proof:
 PAN card: PAN card copy of the proposed directors of the company will be required for
company registration. PAN or permanent account number is a unique identification number
issued by the department of income tax in India. It is mandatory for directors who are Indian
nationals to submit PAN during the incorporation process.
 Address proof: in addition to the PAN card copy, the proposed director must submit an address
proof. The address proof submitted must have the name of the director as mentioned in the PAN
card and the most current address of the director.
Passport
Election card or voter identity card
Ration card
Driving license
Electricity bill
Telephone bill
Aadhaar card
 Residential proof: in addition to the address proof, a residential proof must be submitted during
the incorporation of the company to validate the current address of the director.
• Bank statement
• Electricity bill
• Telephone bill
• Mobile bill

Registered office proof:

In addition to providing identity, address and residential address for the directors, proof must be
provided to validate the registered office address of the company. The following documents must be
submitted as proof of registered office.

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 • The registered document of the title of the premises of the registered office in the name of the
company; or
• The notarized copy of lease / rent agreement in the name of the company along with a copy of
rent paid receipt not older than one month;
In addition to the above, the following must also be provided as proof of registered office:
• The authorization from the landlord (name mentioned in the electricity bill or gas bill or water bill
or property tax receipt or sale deed) to use the premises by the company as its registered office.
This is usually referred to as NOC from landlord; AND
• Proof of evidence of any utility service like telephone, gas, electricity, etc. Depicting the address
of the premises in the name of the owner or document, which is not older than two months.
Conclusion:
In every month the Taxpayers pays taxes in form of GST. In month of July the salary
holders paying the taxes to government for meeting its expenses towards the public.
Now a days somewhere financial services helps the people to understand the initial
working of every financial institutions as well as government about financial policies.
There working can be easily understand with associating with that corporate
organizations who dealt in financial services under one roof.
Now I am concluding with this point that taxes are the root life of government to bear all
the expenditure.
Incorporation is the legal process used to form a corporate entity or company.
A corporation is the resulting legal entity that separates the firm's assets and income
from its owners and investors. In India every month there are no. of companies
incorporated. In month of June and July around more than 200 new companies
incorporated. So, with the help of given description we can easily incorporate a
company at MCA portal and avail different tax benefits.