Prestige Institute of Management and Research, Indore

(An Autonomous Institution Established in 1994, Accredited with Grade ‘A++’ NAAC(UGC) ISO
9001: 2008 Certified Institute, AICTE / UGC Approved Programs affiliated to DAVV, Indore)

(Batch 2021 – 2023)

Summer Internship Project Report on

“Finance, Accounts & Taxation”

Faculty Mentor: Submitted By:

Dr. Amitabh Joshi Palak Aren

Class- MBA – FA - II Semester - Sec. A

Scholar No. 1121813611

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2
 STUDENT DECLARATION

I, Palak Aren, hereby declare that the presented Summer Internship Project Report titled
“Finance, Accounts & Taxation” is uniquely prepared by me after the completion of 49
days of Internship at Dinesh Nema & Associates, Guna

I also confirm that the report is prepared only for my academic requirement and not for any
other purpose. It must not be used with the interest of opposite party of the corporation.

I also hereby declare that I have read and understood the evaluation method (rubric) of
Summer Internship Project.

PALAK AREN

(MBA-FA, II Semester, Section A)

ScholarNo.:1121813611

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 CERTIFICATE

This is to certify that Palak Aren, the student of Master of Business Administration
(Financial Administration) of Prestige Institute of Management and Research, Indore has
completed Summer Internship Project Report titled “Finance, Accounts & Taxation "
under my guidance and supervision. As per my knowledge the work carried out by her
is original and genuine. I wish further success to her/him.

………………………..

DR. Amitabh Joshi

Prestige Institute of Management & Research,

Indore

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 ACKNOWLEDGEMENT

I would like to acknowledge and extend my gratitude to the following Persons who have made the
completion of this project possible:

Firstly, I’d like to thank Prof. Dr. Amitabh Joshi, PIMR, Indore who inspired me and guided me
throughout the period of Project Work that enabled the successful completion the project.
I am also grateful to Dr. Debasis Malik, Director, Prestige Institute of Management and Research,
Indore, for providing all necessary facilities in bringing out the project report.

Furthermore, I would also like to acknowledge with much appreciation the crucial role of the staff,
who gave the permission to use all required equipment and necessary materials throughout the period.

Last but not least, my thanks go to my trainer Mr. CA Vivek Sahu who have invested his full time
and effort in guiding me in achieving the goal during my internship tenure. I have to appreciate the
guidance given by the other supervisor as well as the panels who improved my presentation.

I hope that I have manifested my sincere attempts to represent all the information and other things to
the best of ability.

Palak Aren

MBA FA-A II Sem.

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 Table of Contents:-

S. No. Particulars Page

No.
1. Chapter 1: About the Industry / Sector
1.1 Introduction of Sector 7-8
1.2 Leading CA firms in India 8-10
2. Chapter 2: About the Organization
2.1 History of the organization 11
2.2 Mission and Vision 11
2.3 Services offered 11-12
2.4 Organizational Structure 12-13
3. Chapter 3: Departmental Description:
3.1 Accounts Department 14
3.2 Taxation Department 14-15
3.3 Audit Department 15-16

4. Chapter 4: Strengths and Weakness of the Organization

4.1 Strengths 17
4.2 Weakness 17-18
5. Chapter 5: Learning and Weekly overview of internship
activities
6.1 Learning form Internship 19-20
6.2 Weekly Overview 21-27
6. Chapter 6: Conclusion and Suggestion 28

7. Appendices and References 29-30

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 Chapter 1

About the Industry

1.1 Introduction
Dinesh Nema & Associates, Guna operates as a chartered accounting firm in accordance with the rules
and guidelines and code of conduct established by the ICAI for CA firms (the Institute of Chartered
Accountants of India).

The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) created the Institute of Chartered
Accountants of India (ICAI), a statutory body, to regulate the practice of chartered accounting in the
nation.

It is the sole organization in India that issues licenses and oversees the practice of accounting and
financial auditing. The ICAI stands out for being the second-largest organization of its kind in the world,
behind the American Institute of Certified Public Accountants. Its main office is in New Delhi. There are
also five regional councils for it, and they are in Mumbai, Chennai, Kolkata, Kanpur, and New Delhi.
Additionally, it has 164 branches scattered across around the nation. Additionally, it maintains a foreign
office in Dubai and 33 chapters operating out of India.

A CA business is a place where knowledgeable, skilled individuals collaborate and offer answers to
questions or complete work connected to:
• Accounting
• Taxation
• Auditing
• Investment Advisory
• Business Advisory, etc.

Hierarchical Structure of most of the CA Firm:-

In a hierarchy, each person in a group, business, or organization has a separate standing. Each member,
with the exception of the top and bottom members, has a neighbour whose level is either higher or lower.
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In this usage, the word "higher" refers to superior rank, more power, or greater influence.

People at higher levels possess more power and control than those at lower levels. They are also more
capable of forming decisions. People higher up the business ladder give orders to others lower down.
The CA businesses' organizational hierarchy is as follows:
• Partners
• Directors
• Senior Managers
• Managers
• Supervisors
• Senior Trainee Students
• Junior Trainees

Different tasks are performed at each level of the firm. Partners are frequently the company's founders. The
majority of business names contain the names of the partners. They are essentially the primary issuer and
signer.

Any report issued by the company. Most communication between partners and top managers.

Senior Manager is a certified public accountant with more than ten years of expertise. Senior managers
question managers, who often oversee audit field activities, etc., before making and finalizing any audit
reports that will be produced with their assistance.

Supervisors and trainees are primarily responsible for field work, information gathering, and the execution
of policies through the adoption of new rules and regulations.

1.2 Leading CA firms in India:-

• Deloitte= is the world's largest professional services network in terms of revenue. It is the biggest
professional services network in the world based on the number of professionals as well.
More than 200,000 professionals in more than 150 countries get audit, tax, consulting, enterprise
risk, and financial advising services from Deloitte. Many of the most respected brands in the world

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 turn to them for advice.

• PWC= Price Waterhouse Coopers, one of the Big Four auditors, is neck-and-neck with Deloitte,
EY, and KPMG for the title of second-largest professional services network in the world in terms of
revenue, according to a poll conducted in 2014.
The Firm is committed to assisting in the solution of challenging problems and spotting
opportunities. Entertaining people come from all walks of life, including the arts, business,
economics, engineering, finance, health, information technology, law, and more.

• KPMG= KPMG is one of the biggest professional services firms in the world and has its
worldwide headquarters in Amstelveen, Netherlands.
Along with Deloitte and EY, it is one of the Big Four auditors. KPMG has 162,000 specialists
working for them who provide three services: audit, tax, and advising.

• Ernst & Young= A international professional services company with its headquarters in
London, United Kingdom, is known as EY. It is one of the four largest audit firms in the world and
has been listed as the third-largest professional services firm globally in terms of revenue.
.
• BDO International= has the fifth-largest accounting network in the world, according to the
ranking.
It is among the top public accounting companies and a global network of professional services.
Serving both domestic and foreign clientele is its area of expertise.

• RSM International= the 7th largest firm providing audit, tax, and consulting services in the
professional services network. It takes pride in being the sixth-largest international provider of tax
services.

• SS Kothari Mehta & Co.= The fact that this firm has been around for more than 55 years is
its best quality. One of the most well-known companies in Delhi, SS Kothari has branches in more
than one hundred different nations.
It provides services in a variety of fields, including BPO, tax advisory services, merger and
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 acquisition, statutory audit services, corporate laws, and more.

• Luthra & Luthra= is a Delhi-based company with six other partners. The Company was
founded in 1979.
One of the top organizations in India, it has been offering its services in the areas of audit,
consultancy, tax, and corporate law. It is required to offer its customers top-notch services.
This company is renowned for working with 18 highly skilled professionals to offer its services in a
variety of disciplines, including taxation, corporate laws, foreign exchange compliance, and SEBI-
related services.

• Lodha & Co.= Lodha & Co. is skilled at offering professional services to numerous corporate
clients, including public sector enterprises, central banks, banks, insurance firms, etc. They are
active both domestically and abroad.
• This is another established business that dates back to 1941 and has locations all over India.
Kolkata (Calcutta), Chennai (Madras), Hyderabad, Mumbai (Bombay), New Delhi, and Jaipur are
among the places where they are active.

• Sahni Natrajan & Bahl (SNB) = Delhi-based SNB is a national Indian firm that offers its
services in the fields of audit, consultancy, accounting, and related fields. It was founded in 1981
and is now regarded as one of India's top firms. having a New Delhi headquarters and offices in
Bangalore and Mumbai.
It is renowned for offering services in numerous fields, including corporate laws, taxation, auditing,
and internal audit.

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 Chapter 2

About the Organization

2.1 History of the organization:-

Since the beginning of their adventure in 2004, Dinesh Nema & Associates, Guna has made sure that the
customer is at the heart of both their business operations and ideology.

The company has been offering expert services in the fields of direct and indirect taxes, project financing,
stock audits, bank audits, regulatory compliance, and consulting in general.

The company is an amalgamation of specialist abilities designed to provide knowledgeable counsel and
individualized proactive services. Because of the frequent interactions between those connected to the firm
and other professionals and members of the industry, it is able to keep up with modern advancements and
cater to the demands of its clients.

2.2 Mission & Vision

Mission

The mission of the firm is to deliver the best experience to their customers so that they can build up a loyal
customer base.

Vision

The company's mission is to continue to grow, to rank among the most reputable professional firms
recognized by the ICAI, and to continually strive for social progress.

2.3 Services Offered

• Project financing report= Report is being prepared for new ventures that contains estimated
profitability, cash flows, ratios and loan repayment schedule which is duly signed by CA and is
represented in the banks for the procurement of required funds.
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 • Income Tax Return(employed)= It can be filed with the help of form 16 and form 16 A. Form 26
AS will help in getting information about the TDS on salary.

• Income Tax Return(self employed)= ITRs are being filed for the ones who run their businesses.

• GST Returns= GSTR 1 AND GSTR 3B are being filed on respective dates periodically and any
delays attracts penalties.

• TDS Returns= TDS return are to be filed as per income tax so Dinesh Nema & Associates also
offers this facility.

• Tally Accounting= journal entries are being recorded on tally software

• Preparation of Accounts= Income statement and Balance Sheet Statements are also being
prepared by the firm on behalf of their clients.

• Audit= various Audits are done such as bank audit, stock audit, internal audit, trust audit, etc.

• Consultancy service= consultancy services are also being offered regarding various issues faced
by the firms such as establishment of new firm, procurement of finance, depreciation, etc

2.4 Organizational Structure:-

The company has a staff of specialists with extensive expertise as well as trainees that are dedicated to
achieving the company's goals. The owner CA Dinesh Nema and his company partner CA Vivek Sahu
have been managing daily operations. They are joined by a number of staff members, article trainees, and
interns. From their registered office in Guna, they have been conducting business and offering their
invaluable services to the community (M.P.) Each employee is responsible for a variety of responsibilities
completed.
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So, the organizational structure of Dinesh Nema & Associates is as follows:-

Proprietor CA Dinesh Nema

Partner CA Vivek Sahu

Head of TDS

Staff Members

Article Trainees

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 Chapter 3

Departmental Description

3.1Accounts Department:-

This section takes on tasks linked to financial statement preparation so the company can assess the status of its
clients' enterprises. Services range from straightforward bookkeeping using the double entry system to
intricate tasks like gathering and presenting customer financial and non-financial data.

Roles and responsibilities of accounts department:-

1. Using programmes like Tally ERP 9, Busy, etc., we record a client's financial and non-financial
transactions.

2. The preparation and presentation of financial statements based on the transactions made by any entity
over a specific period of time (typically one financial year), i.e., the preparation of financial statements
such as a balance sheet, profit and loss account, cash flow statement, and any necessary annexures (as
per Schedule III and VI to the Companies Act, 2013, as applicable).

3. Ensure that the accounting procedures as outlined in the Act are followed consistently.

4. Making sure that all transactions made by the company are properly recorded, including payroll,
payments, expenses, incomes, and other activities.

5. Keeping a backup of all customer and company financial records to be ready for any loss of data that
may occur for any cause.

3.2 Taxation Department:-

Taxation Department is responsible for the calculation of tax liabilities of clients and filing of Income returns
with the Government of India.
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Roles & responsibilities of Taxation Department:-

1. Filing of ITR using softwares like spectrum, compuoffice, etc.

2. Filing of GST return

3. Filing of TDS

4. Ensuring that the financial statements filed with the Income Tax Department are free from any
misstatements and present a true and fair view of the entity’s state of affairs.

5. Ensuring that correct amount of tax is deposited with the authorities and no evasion of tax has been
made

6. Collection of required documents from the clients.

3.3 Audit Department:-

In order to confirm that a process or quality system is operating in accordance with specifications, auditing is
defined as an on-site verification activity such as an inspection or examination. A specific function, procedure,
or phase in the production process may be the focus of an audit rather than the entire business. Some audits are
conducted for specific administrative goals, such as document, risk, or performance audits, or to monitor the
status of completed remedial actions.

An audit is an unbiased review of the financial data of any company, regardless of size, whether it is profit-
oriented or not, with the goal of offering an opinion on it.

To make sure that financial statements are prepared in conformity with the applicable accounting standards,
audits are done.

Roles and Responsibilities of Audit Department:-

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1. Checking of the arithmetical accuracy of the books of accounts.

2. Matching opening balances with last years audited statements.

3. Verification of the authenticity and the validity of transactions in the books of accounts.

4. Ascertaining that a proper distinction has been made between items of capital and of revenue nature.

5. Verification of the title, existence and value of the assets appearing in the Balance Sheet.

6. Verification of the liabilities stated in the Balance Sheet.

7. Checking the results shown by the Statement of Profit and Loss and to see whether the results are
shown true and fair.

8. Reporting on the accurateness of the financial statements and ensuring that they present a True & Fair
view of the affairs and the financial position of the entity.

9. Preparation of Audit Report

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 Chapter 4

Strengths and Weakness of the organization

4.1 Strengths:-

• There is no racism on the basis of caste, gender or color. Everyone is treated same which make better
coordination and cooperation in the firm and thus making it a good working culture.

• Employees are dedicated and disciplined towards their job. They are self-motivated and responsible
for every work. They are very enthusiastic towards their work and even if proprietor is not there in the
office then too they don’t skip their work.

• Proprietor is humble towards his clients and employees.

• The firm has a good customer base

• The sole proprietorship status of the firm gives it the advantage of quick and effective decisions and so
conflict of opinion is eliminated.

• More emphasis on online mode of documentation

4.2 Weakness:-

• Limited staff members

• The firm has many competitors. Cut throat competition in the market is a threat for firm which may
affect the survival of firm.

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• Lenient working atmosphere

• Use of old softwares like spectrum which are slow leading to wastage of time.

• Lack of Innovation

• Poor Marketing

• Use of older techniques rather than using advanced ones

• Unfamiliarity with excel functions

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 Chapter 5

Learning and weekly overview of activities:-

5.1 Learnings from Internship

My experience with Dinesh Nema & Associates, Guna has been an eye opening one in terms of teaching me
the various complexities the CA Firm undergoes in their operations. So, It was a fruitful experience for me.

So, Following are the major learnings from my Internship:-

• Application of theoretical knowledge= I’ve learned about the Application of theoretical knowledge
into practical world such as journal entries, excel, accounting concepts, income tax, etc.

• Analysis of business situation= Analyzing financial statements, tax reports of firms.

• Learning about Income Tax= This is one of the major learnings from my internship. I’ve learned
filing Income tax return, about various deductions available, new and old tax regime, etc.

• Boosting of confidence = Since It was my 1st experience of working in the real world so It has
helped me in boosting confidence within me that I am capable of working. Earlier, I lack this
confidence to work in the real world.

• Time Management= The internship has taught me the importance of time and how to manage it well
as I had to manage the preparations for placement along with my Internship.

• Increasing my efficiency= Increasing my efficiency to work and still remaining enthusiastic is

another learning from this internship.

• Working on deadlines= I was provided with deadlines regarding submission of CMA report, Project
reports, ITR so It has helped me to boost up my speed and complete task as per the given deadline.

• Working with other staffs in harmony without any conflict

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 • Technical Knowledge= Working on softwares like excel, tally, spectrum, compuoffice has equipped
me with sufficient knowledge of working with these softwares.

I have tried my best to enhance my skills and apply my domain and functional knowledge. CA Dinesh
Nema, CA Vivek Sahu, Staff members and article trainees guided me with their expertise during the tenure
of my internship.

Different tasks that I performed during my internship are as follows:-

• Preparation of Project Report for Finance

• Preparation of Credit Monitoring Assessment (CMA) Report

• Preparation of Income Tax Return

• Vouching

• Recording Journal Entries in Tally from invoices

• Recording of Journal entries in Tally from bank statement

• Preparation of Financial Statements in Excel

• Softwares used during internship: MS Office, Spectrum, Compuoffice

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 5.2 Weekly overview:-

Weekly Overview of Work Performed at Internship

Day Date Work Performed

➢ Brief Introduction about firm and its services

Friday 08/07/2022
➢ Observing others working
➢ Reading and understanding Project Report

➢ Learned to make entries in Tally

Saturday 09/07/2022
➢ Learned Tally shortcuts
➢ Studied data of several clients from Tally

10/07/2022
Sunday
Week off

11/07/2022 ➢ Entering Transactions in Tally from the bank

1st Week

Monday
statement.

12/07/2022 ➢ Entering Transactions in Tally from purchase and

Tuesday
sale invoice

➢ Preparation of Profit and Loss Account in Excel

Wednesday 13/07/2022
from Tally
➢ Preparation of Balance Sheet in Excel from Tally

14/07/2022
Thursday
➢ Accounting in Tally

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 Weekly overview of work performed at Internship

Day Date Work Performed

15/07/2022 ➢ Learned to prepare CMA Report

Friday
➢ Went through several CMA reports

16/07/2022
Saturday
➢ Preparation of CMA Report for Arora Foods

17/07/2022
Sunday
Week off

➢ Preparation of CMA Report in which I was required

Monday 18/07/2022
to prepared forecasted p&L & balance sheet and
then calculate several ratios.
2nd Week

➢ Analyzed the forecasted financial of firm and made

Tuesday
19/07/2022 necessary changes to the file as assisted by the
mentor.

20/07/2022 ➢ Computation of ratios and verifying whether the

Wednesday
ratios are fit to sanction CC limit.

➢ Completion and submission of CMA report work

Thursday
21/07/2022 which was assigned to me.
➢ These include: Arora Foods, Shri Durga Trading
Company, Akash Sanitaryware

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 Weekly overview of work performed at Internship

Day Date Work Performed

➢ Theoretical knowledge about ITR

Friday 22/07/2022
➢ Learned the to use softwares like spectrum and
compuoffice for ITR filing

➢ Learned to create masters, changing passwords, extracting

Saturday 23/07/2022
previous ITRs
➢ Downloading 26 AS and AIS and studying them

24/07/2022
Sunday Week off
3rd Week

➢ Obtaining required information from the clients for the

Monday 25/07/2022
preparation of ITR
➢ Preparation of individual returns

➢ Preparation of ITR for HUFs

Tuesday 26/07/2022
➢ Obtaining required information from firm such as their financial
statements, depreciation charts, etc.

27/07/2022 ➢ Preparation of ITR for salaried person

Wednesday
➢ Obtaining required information from clients

28/07/2022 ➢ Learned to transfer data from one software to other and use
Thursday
it in filing ITR.

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 Weekly overview of work performed at Internship

Day Date Work Performed

29/07/2022 ➢ Depositing tax online through various banking channels and

Friday
providing clients with its printout.

30/07/2022
Saturday
➢ Income Tax Return

31/07/2022
Sunday
➢ Income Tax Return
4th Week

Monday 01/08/2022
Holiday

02/08/2022 ➢ Learned various concepts of Project report such as making

Tuesday
loan repayment schedule, concept of capitalization, etc.

02/08/2022 ➢ Started working on preparing project report of Shri Durga

Wednesday
Trading Company

04/08/2022 ➢ Completed project report for shri Durga trading company

Thursday
and submit it to the proprietor.

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 Weekly overview of work performed at Internship

Day Date Work Performed

05/08/2022 ➢ Prepared project report of “Polyhouse”

Friday

06/08/2022
Saturday
➢ Prepared project report for Gyan ganga Hospital

07/08/2022
Sunday
Week off

08/08/2022 ➢ Prepared project report for a Moonstone resort

Monday
5th Week

09/08/2022
Tuesday
Holiday (Muharram)

Wednesday 10/08/2022
➢ Prepared Project report for Arora Foods

Thursday 11/08/2022

Holiday (Rakhi)

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 Weekly overview of work performed at Internship

Day Date Work Performed

Friday 12/08/2022 ➢ Prepared project report for Agrawal Trading Company

13/08/2022 ➢ Prepared project report on GB Agrawal Pulse Mill

Saturday

Sunday 14/08/2022 Week off

Holiday (Independence day)

6 th Week

Monday 15/08/2022

➢ Prepared project report for Decologic

Tuesday 16/08/2022

Wednesday 17/08/2022 ➢ Manual Audit for a Trust

Thursday 18/08/2022 ➢ Learned to do vouching

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 Weekly overview of work performed at Internship

Date
Day Work Performed

Friday 19/08/2022
Holiday (Janmashtami)

20/08/2022 ➢ Resumed with vouching

Saturday
7th Week

21/08/2022 Week off

Sunday

22/08/2022 ➢ Got familiar with Audit Checklist

Monday

23/08/2022 ➢ Audited a HUF “Amarjeet enterprises”

Tuesday

24/08/2022 ➢ Visited a school for Audit

Wednesday

Thursday 25/08/2022 ➢ Audit

………………
Palak Aren

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 Chapter 6

Conclusion and suggestions

Suggestions:-

Though the organization is doing really good but still there are some flaws in their style of working.

So, In my opinion, following are some recommendations for the organization:-

➢ Adoptions of modern technologies

➢ Usage of advance excel functions

➢ Infrastructure of office premises should be developed

➢ They should start offering financial incentives and other incentives to the trainees so that they start
showing sincere efforts in their work.

➢ Firm lacks in marketing so it should start doing that so that will help them to grow their business to a
greater heights.

Conclusion:-

The summer internship project helped me to understand how the business works in practical life. It was a
fruitful experience for me as it adds on required skills in me that will helped me out in my campus recruitment
drive.

My biggest learning from my internship was Time Management. Also, it helped me in improving my excel
skills and sitting for a long time in front of screen and still staying enthusiastic.

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References

➢ https://caportal.saginfotech.com/blog/top-11-ca-firms-in-india-2022/
➢ https://www.icai.org/Overview.html
➢ https://asq.org/quality-resources/auditing

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