“Internship at Arvind Bhanushali & Co (Tax Consultant)”

A Project Submitted to
Somaiya Vidyavihar University for partial completion of
the degree of Bachelor of Commerce in Accounting and
Finance under the Faculty of Commerce & Business Studies

By

Hiral Deepak Gajra

SEAT NO: [31010220078]

Under the Guidance of

[Dr. Vinit Joshi]

S K SOMAIYA COLLEGE
SOMAIYA VIDYAVIHAR
UNIVERSITY
VIDYANAGAR, VIDYAVIHAR (E).
MUMBAI - 400077

2022-2023

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 Certificate
This is to certify that Ms Hiral Deepak Gajra has worked and duly completed her
Project Work for the degree of Bachelors of Commerce in Accounting and Finance
under the Faculty of Commerce and Business Studies in the subject of ACCOUNTING
AND FINANCE and his project is entitled, “Internship at Arvind Bhanushali &
co (Tax Consultant)” under my supervision.

I further certify that the entire work has been done by the learner under my guidance
and that no part of it has been submitted previously for any Degree or Diploma of
any University.

It is his own work and facts reported by his personal findings and investigations.

Signature Signature Signature

Of Course Of
Project Guide Coordinator Project Director

Name of External Examiner Signature of External Examiner

Department Stamp
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 Declaration by the learner

I, the undersigned Hiral Deepak Gajra hereby declare that the work embodied in this project work
titled “(Internship at Arvind Bhanushali & Co (Tax Consultant)” forms my own contribution to
the research work carried out under the guidance of (Dr. Vineet Joshi) and is a result of my own
research work. This work has not been previously submitted to any other university for any
degree/diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly indicated as such
and included in the bibliography. I, hereby further declare that all information of this document has
been obtained and presented in accordance with academic rules and ethical conduct.

Name and Signature of the learner

Hiral Deepak Gajra

Certified by
(Pratik A Bhanushali)

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 Acknowledgment

To enlist who all those who have helped me is difficult because there are numerous of them
and the depth is enormous.

I would like to acknowledge the following as being idealistic channels and fresh dimensions
in the completion of this project.

I take this opportunity to thank Somaiya Vidyavihar University for giving me chance to do
this project.

I would like to thank my Director, CA Monica Lodha providing the necessary facilities
required for completion of this project.

I take this opportunity to thank our Coordinator, CA Muskkan Kukreja for her moral
support and guidance.
I would also like to express my sincere gratitude towards my project guide, Dr. Vinit Joshi
whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference books and
magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me in the
completion of the project especially my Parents and Peers who supported me throughout my project.

HIRAL DEEPAK GAJRA

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  Table of Contents

I. DECLARATION..........................................................................................2
II. CERTIFICATE...........................................................................................3
III. ACKNOWLEDGEMENT.......................................................................4
IV. EXPERIENCE LETTER.........................................................................5
1. CHAPTER 1: Introduction........................................................................7
1.1 Introduction of Tax Consultancy................................................................8

1.2 About the Industry.....................................................................................10

1.3 Company Profile..........................................................................................12

2. CHAPTER 2: Conceptual Discussion..................................................................................13

2.1. Objective of the Study..........................................................................13

3. CHAPTER 3: Job Description...........................................................................14

4. CHAPTER 4: Learning and Jobs Performed..................................................................15

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4.1 Overview of TDS……………………………………………………….….23

4.2 Overview of Vouching…………………………………………………….29

4.3 Overview of Tally ERP9……………………………………………….….32

4.4 26AS Form ……………………………………………………………..…36

4.5 Overview of GST …………………………………………………….…...43

4.6 Overview of Taxation ……………………………………………….……47

CHAPTER 5: Learning, Conclusion & Suggestions ………………………………………….55

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 Chapter 1. Introduction

1.1 Introduction of Tax Consultancy

What does it mean to be Tax consultants?

Tax consultants are professionals who specialize in tax law and financial-related counseling.
They advise clients on income tax returns and a range of financial matters, including trust,
estate and retirement taxes. They also must stay informed on the most recent tax requirements
and law changes, both on the federal and state levels.

Not unlike individuals, businesses and their owners also need help with taxes. In fact, corporate
tax law is often more intricate than the rules surrounding individual income. As a result, many
tax consultants specialize in business tax services. This can involve minimizing a company’s
tax liability, ensuring the company is taking advantage of all tax benefits and more.

What is the role of a Tax consultants?

Tax consultants offer a variety of services to their clients. These can include:

1. Preparing your tax return

2. Looking for deductions to lower your tax burden

3. Minimizing your tax liability in retirement

4. Dealing with taxes on rental property income

5. Helping manage your capital gains taxes

6. Sorting through the tax implications of life events, like marriages, divorces, deaths and
births

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 Scope of Tax consultants

You can work as a Tax consultants in the following fields:

• Businesses and industries

• Chartered accountant firms

• Consultancy firms

• Institutions

• Capital market services

• Financial institutions

• Independent practice

Maintaining records
• Keeping accurate records is not only a good business practice, but it is also a legal
requirement, even if the company is small.

• The best- Tax Consultant provide help and guidance to businesses.

• They can serve as a powerful tool for analyzing and visualizing the company’s economic
condition in the past and future, in addition to making it legally compliant.

Their hand in auditing processes

• Audits are required for all entities, and while they are complicated and time- consuming,
they must guarantee that the business remains compliant with all regulations.

• Good Tax Consultant collaborate with their clients to enhance their book keeping and risk
management so that the year-end audit is free of surprises.

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 1.2 About the Industry
What is the work of Tax Consultancy in industry?

There are four specializations that a Tax Consultant chooses from namely financial accounting
and reporting, management accounting, applied finance, and taxation

Tax Consultant act as a trusted adviser who manages the business by giving it a financial
direction strategically.

They generate financial statements monthly and annually which is highly useful in making
decisions regarding the performance of the company

As they are familiar with certain rules, regulations, and laws, they are responsible for
implementing changes and solving the financial problems of the company

They work as management accountants, business analyzers, sales managers, and corporate
leaders in business and industry. Tax Consultant in the public sector have a huge role to play as
they look after public spending by strategically monitoring and allocating resources.

Some Tax Consultant also work as consultants and freelancers as it helps them to grow with
the different projects, following the changing market trends and the new forces.

Company’s Financial Adviser

A Tax Consultant acts as a financial adviser in the company. He/she provides authentic and
factual advice and information to the client. They render advice to the clients related to business
development, tax planning, financial risks, business acquisitions, and mergers. They advise on
the matter of selecting executive personnel in the field of marketing, production, data
processing, general administration, accounts, etc.

Conduct Financial Audits

They are responsible to check and prepare financial statements and ledgers which is
considered one of the primary practices of a Tax Consultant. Auditing exposes a Tax
Consultant to work in different sectors and increases their skills along with experience.
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Acts as a financial accountant

The Tax Consultant participate in financial decisions regarding mergers and

acquisitions as well as pay visits to the customers or suppliers to talk and business or
set up a new account. The role of financial accountants requires a remarkable knowledge
of finance and account.

Perform Budget Analysis

They prepare and maintain financial budgets and statements of the organization. There are
plenty of negotiations involved in the work of budget analysis so candidates need quantitative
as well as soft skills.

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 1.3. Company Profile

Company name: Arvind Bhanushali & Co (Tax Consultant).

We are a Tax Consultant Firm with team of qualified and motivated professionals, offering
integrated one-stop services. We primarily focus on Advisory, Audit & Assurance, and
Management Advisory, Consultation in Taxation, Economic and Other related laws and
Transaction Advisory Services.

We have exceptional and leading-edge expertise in the areas of, Goods & Services Tax, Income
Tax Return Filling.

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 CHAPTER 2: Conceptual Discussion

2.1 Objective of Internship

As partial fulfilment of the requirements of the Bachelor of Accounting & Finance program of
S.K. Somaiya University, I was assigned Arvind Bhanushali & Co (Tax Consultant) as an
intern for 22 Days internship program.

The primary objective of the internship is to generate a thorough understanding of the workplace
relationship, performing of the activities and engaging oneself in the working environment.

In a way, it was more to get practical implication of all the studies, theories that I had
acquired so far. This would help me to pave a way towards growth in my academic as well as
personal development. Apart from general objectives, the specific objectives are highlighted
below:

 To acquire exposure in the working environment resulting in the development of practical

knowledge, confidence and diplomacy.
 To learn and apply theoretical knowledge practically in the workplace.
 To develop interpersonal, managerial and communication skills.
 To come up with the possible strategies to gain competitive advantage.
 To be a valuable asset for the organization by contributing positive aspects
 To fulfil the partial requirements for the Bachelor of Accounting & Finance program of
S.K. Somaiya University.

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 3. Job Description

Organization: Arvind Bhanushali & co (Tax consultant)

Address: Office No. 704, The Ambience Court Sector 19, Vashi Navi Mumbai 400 705,

TEL: 9167009908

Email: arvindbhanushali99@gmail.com
Position: Internee

Work Hours: Monday to Friday – 12:00 PM to 6:30 PM

Name and Designation of Internship Supervisor at Arvind Bhansuhali & CO, Senior
Accountant: Miss. Nidhi Kirti Bhanushali.

Name and Designation of Internship Supervisor at S. K. Somaiya University: Mr. Vinit Joshi

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 4. Learning and Jobs performed

I was an intern at Arvind Bhanushali & CO (Tax Consultant) approximately for 22 Days, under
the supervision of Nidhi Kirti Bhansuhali. My internship here has been one of the most
significant learning experiences in my life. This organisation give access to the skills, education
and resources that I need to develop into a full potential woman

The First week of internship period was spend on basic concept of book keeping and
accounting. I was also introduced to the bank statements and client data. To get better
acquainted with the excel and word I was assigned to basic data entry and balance sheets.

After getting well versed with the computers and numbers and keyboard techniques, they
taught me the basic direct taxation and filling, calculation of taxable amounts. Since I
am finance background, I was familiar with taxation basics . It includes making bank
statements, balance sheets, and client data filling.

In following weeks, I learned how to use Tally ERP 9 for data filling like creating new
company account, vouching, making ledgers, transferring bank transactions and basic system
and shortcuts keys of tally ERP 9. This was totally new software for me and I often end up
making new mistakes eventually rectifying them.

Tally ERP 9

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Further they taught me about the income tax filling, how it is done? , Where it is done?
When it is done? , What is 16A form? , What is 26AS form, How to download it?

How income tax is calculated?

Income tax is the tax levied by the government on an individual’s income. This term
individual here applies to a person, Hindu Undivided Family, company, co- operative
societies and trusts. And, the tax slabs are decided based on one’s income and age.

Now, taxable income is income of an individual minus the tax exemptions, deductions
and rebate. These processes are laced with complicated calculations and adjustments, so
we take you through them to make the math simple.

Step 1: Calculate your gross income

First, write down your annual gross salary you get. This will include all the components
of your salary including House Rent Allowance (HRA), Leave Travel Allowance
(LTA) and special allowances, like food coupons and mobile reimbursements etc.

Next, take out the exemptions provided on the salary components. The major
exemptions you get are HRA i.e., House Rent Allowance and LTA i.e., Leave
Travel Allowance.

For HRA, remember you can claim HRA ONLY if you live in a rented house and can
submit valid rent receipts as proof. You can easily fill out and download rent receipt
from the ETMONEY website and submit it after affixing revenue stamp and getting it
signed by your landlord or landlady to claim HRA benefit. If you have your own
accommodation or live with parents, then HRA is fully taxable.

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Also, your tax exemption under HRA is taken as the lowest of the following amounts:

HRA received from an employer

Actual rent paid less 10 percent of basic monthly salary

50 percent of basic salary if the taxpayer is living in a metro city

40 percent of basic salary if the taxpayer is living in a non-metro city

The good news is that you no longer need to use pen and paper to calculate your HRA
exemption amount. All you need to do is use the online HRA calculator to know your exempt
and taxable HRA Details. After this, remove the standard deduction of Rs 50,000 (every
salaried individual is entitled to this deduction) to arrive at the net salary amount.

Next, you need to add income that you might have received from other sources. This could be
rental income, interest earned from deposits, capital gains you might have received etc.

The amount you arrive at is your gross total income.

Step 2 – Arrive at your net taxable income by removing deductions

Tax deductions allow you to reduce your taxable income further by investing, saving or
spending on certain items.

First is the Standard Deduction of Rs 50,000 (mentioned in the previous section), which can
be availed by all, without making investment or expenditure on any defined products.

Next, deduct investment and expenses eligible under Section 80.

Under Section 80C, which is the biggest pool for deduction, you can claim up to Rs 1.5 lakh
deduction for various investment and expenditure. Investments in PPF, Mutual Funds, EPF,
Sukanya Smriddhi Yojana, premium paid for term insurance are some of the most popular ways
to claim this deduction. Also, if you have a home loan, the principal amount paid back in the
year can be claimed as deduction under this section. Further your EPF, which is a part of your
salary, falls in the category.

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If you are investing in NPS, you can claim another Rs 50,000 deduction under Section 80CCD
(1B), which is over and above the Rs 1.5 lakh limit under Section 80C. Apart from this, if you
have paid premiums towards the health insurance policy of your family and your parents, you
can claim that amount as deduction under Section 80D.

In case of a home loan, the interest portion of the EMI paid for the financial year can be claimed
as a deduction, up to a maximum of Rs 2 lakh, under Section 24. Again, this is over and above
the deduction on the principal amount under Section 80C.

Step 3: Arriving at your net taxable income

By subtracting all the eligible deductions from the gross taxable income, you will arrive at
your total income on which you need to pay tax basis your tax slab.

This slab rate is different for senior citizens. Those who are over 60-years-old with upto Rs 3
lakh net income, the tax rate is nil. And for very senior citizens, who are over 80-years-old, up
to Rs 5 lakh net income, the tax rate is nil. Basically, the applicable tax rates depend on your age
and net income.

We will now get into the crucial step of calculating your tax.

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STEP 4 – Calculate Your Taxes

Now, one pays tax on his/her net taxable income.

For the first Rs. 2.5 lakh of your taxable income you pay zero tax for the
next Rs. 2.5 lakhs you pay 5% i.e., Rs 12,500
For the next 5 lakhs you pay 20% i.e., Rs 1, 00,000

For your taxable income part which exceeds Rs. 10 lakhs you pay 30% on entire amount

Step 5: Consolidate your net tax

Rebate under Sec 87A: Tax rebate is a form of tax incentive provided by the
government to individuals earning an income below a specified limit. In case your total taxable
income after deductions doesn’t exceed Rs 5 lakh, you can claim rebate under Sec 87A of Rs
12,500.

Now if your taxable income is more than Rs 5 lakh, you can add the health and education cess
of 4 percent to your tax amount to see the final amount you will pay. For people in the very
high-income bracket, i.e. between Rs 50 lakh and Rs 1 crore, they need to pay a surcharge of 10
percent. And, for income between Rs 1 and Rs 2 crore, surcharge is 20 percent.

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 Where it is done?

One can register or file income tax returns or pay income tax through Government of India
official site https://www.incometax.gov.in/iec/foportal/

When it is done?

What is 16A form?

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax
by the employer on behalf of the employees. These certificates provide details of TDS /
TCS for various transactions between deductor and deductee. It is mandatory to issue these
certificates to Tax Payers.

What is 26AS form, How to download it?

Perform the following steps to view or download the Form-26AS from e-Filing portal:

1. Login to ‘e-Filing’ Portal https://www.incometax.gov.in/iec/foportal/

2. Go to the 'My Account' menu, click 'View Form 26AS (Tax Credit)' link.
3. Read the disclaimer, click 'Confirm' and the user will be redirected to TDS-CPC Portal.
4. In the TDS-CPC Portal, Agree the acceptance of usage.
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5. Click 'Proceed'.
6. Click ‘View Tax Credit (Form 26AS)’
7. Select the ‘Assessment Year’ and ‘View type’ (HTML, Text or PDF)
8. Click ‘View / Download’

I specifically would like to acknowledge and extend my sincere thanks for Nidhi Kirti
Bhanushali and the other supervisors and colleagues who participated in this Internship. I am
profoundly changed and motivated to further my studies and career in the hopes that I might one
day dedicate my efforts in a long-term capacity to help individual such as those we engaged
with in this organisation.

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 4.1 Overview of TDS

TDS is the amount of tax which is deducted by the employer or deductor from the
taxpayer and is deposited to the Income Tax Department on behalf of him/her. The TDS
rates are set on the basis of the age bracket and income of different individuals.

What is TDS?

TDS or Tax Deducted at Source is a specific amount that is reduced when a certain
payment like salary, commission, rent, interest, professional fees, etc. is made. The
person who makes the payment deducts tax at the source, while the person who receives
a payment/income has the liability to pay tax. It lowers tax evasion because the tax will
be collected at the time of making a payment.

When should TDS be deducted and who is liable to deduct?

If you are making any sort of payment specified under the Income Tax Act, then TDS
will be deducted at the time of these payments. However, no TDS will be deducted if
you are an individual or Hindu Undivided Family (HUF), and your books are not
required to be audited.

In case of rent payment by an individual or HUF member, where the amount payable
exceeds Rs.50,000, then a TDS at 5% will be deducted even if your books are not liable
for a tax audit. You will not be required to apply for a Tax Deduction Account Number
(TAN) if you are liable to have TDS deducted at 5%.

If you are a working professional then your employer will deduct TDS as per the
applicable income tax slab rates. The bank with whom you hold a working account will
deduct TDS at 10%. However, if they do not have your PAN details, then TDS

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 At 20% will be deducted. For the majority of payments, TDS rates are set in the
Income Tax Act the payer deducts TDS as per the rates applicable.

You will not be required to pay any tax if you submit your investment proofs to your
employer and your total income that can be taxed is below the total taxable threshold.
Thus, no TDS will be deducted in this case. You can also submit Form 15G and Form
15H to the bank if the total taxable income is below the total taxable limit. The bank in
this case will not deduct any TDS on your interest income.

In case you failed to submit the investment proof to your employer and the bank
deducted the TDS, you can file a return and claim a refund of it, provided your total
taxable income is below the total taxable limit.

Example of TDS

Let's assume that a start-up company pays Rs.90,000 as rent every month to whoever
owns the property. The TDS applicable to the amount is 10%, so the company must
subtract Rs.9,000 and pay Rs.81,000 to the property owner. In this case, the owner of the
property will receive Rs.81,000 following TDS. The owner can add the gross amount of
Rs.90,000 to his income, thereby allowing him to take credit for the Rs.9,000 that has
already been deducted by the company.

 All about Tax deduction at source (TDS)

Types of TDS
Here are some of the income sources that qualify for TDS:

 Salary
 Amount under LIC
 Bank Interest
 Brokerage or Commission
 Commission payments
 Compensation on acquiring immovable property

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  Deemed Dividend
 Insurance Commission
 Interest apart from interest on securities
 Interest on securities
 Payment of rent
 Remuneration paid to the director of a company, etc
 Transfer of immovable property
 Winning from games like a crossword puzzle, card, lottery, etc

What is the TDS rate on salary?

TDS rates on salary are the same as the tax slab rates applicable to individuals. If you are less
than 60 years of age, your TDS liability will be nil in case your income is less than Rs.2.5 lakh.
Individuals who earn between Rs.2.5 lakh and Rs.5 lakh will be subject to TDS at 5%, while
those who earn between Rs.5 lakh and Rs.10 lakh will have a TDS liability of 20%, and those
who earn more than Rs.10 lakh will be subject to a TDS rate of 30%

Under the new tax regime, no TDS will need to be paid for an annual income of up to Rs.2.5
lakh. In case the annual income is between Rs.2.5 lakh and Rs.5 lakh, the TDS liability is 5%.
In case the annual income is between Rs.5 lakh and Rs.7.5 lakh, the TDS liability is 10%. In
case the annual income is between Rs.7.5 lakh and Rs.10 lakh, the TDS liability is 15%. In case
the annual income is between Rs.10 lakh and Rs.12.5 lakh, the TDS liability is 20%. In case the
annual income is between Rs.12.5 lakh and Rs.15 lakh, the TDS liability is 25%. In case the
annual income is above Rs.15 lakh, the TDS liability is 30%.

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 TDS Due Dates of FY 2020-21 for Return Filing
Here are the due dates for TDS Payment filing for FY 2020-21:

Quarter Period Due Date for

filing
Quarter1 April 2020 to 30 June 2020 31 March 2021

Quarter 2 July 2020 to September 2020 31 March 2021

Quarter 3 October 2020 to December 2020 31 January 2021

Quarter 4 January 2021 to March 2021 30 June 2021

Penalty for Late Filing TDS Return

Here are the penalties levied by the Income Tax Department for the failure to
submit or defaults in submitting your TDS return/statements:

Failure to submit your returns: Under Section 272A (2) of the Income Tax Act, a
penalty of Rs.100 will be levied for each day that the returns remain unsubmitted,
subject to a maximum of the TDS amount.

Failure to file your returns on time: Under Section 234E of the Income Tax Act, a
penalty of Rs.200 will be levied for each day that the returns remain unfiled, subject
to a maximum of the TDS amount.

For defaults in the filing of TDS statement: Under Section 271H of the Income Tax
Act, a penalty of Rs.10,000 to Rs.1 lakh will be levied in case the deductor defaults at
the time of filing TDS return within the due date.

For incorrect details: Under Section 271H of the Income Tax Act, a penalty of
Rs.10,000 to Rs.1 lakh will be charged in case the deductor submits incorrect
information pertaining to PAN, challan particulars, TDS amount, etc.

For non-payment of TDS: Under Section 201A of the Income Tax Act, interest will
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 also be levied along with the penalty in case TDS is not paid within the due date. In
case a part of the tax amount or the whole of it is not deducted at source, interest
will be charged at 1.5% every month starting from the date on which the tax was
deductible to the date on which the tax is actually deducted.

Steps to check TDS Deduction Status

One needs to follow the steps mentioned below to check their status of TDS

Visit the official website of the Income Tax Department.

1. Provide your details and login to the portal.
2. Under the 'My Accounts' tab, click on 'view Form 26AS (Tax Credit)'.
3. Select the year and PDF format to download the file.
4. Your downloaded PDF file is password protected. The password here will be the date
of birth mentioned on your PAN. For example, if your date of birth is 5 March 2000
then the password will be 05032000.
5. You can then view all the details related to the TDS deduction.

6. You can use your bank's net banking facility to check whether your TDS has been
deducted provided your PAN is linked to it.

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 What is a TDS Certificate?

TDS Certificates are of two types: Form 16 and Form 16A. Under Section 203 of the
Income Tax Act, 1961, a certificate must be provided to the deductee showing the
amount that has been subtracted as tax. The deductor is liable to provide this form to
the deductee.

For salaried class: In case of salaried employees, employers are required to provide
them with Form 16 with a mention of the amount that has been deducted as TDS.
Form 16 contains a host of details such as the computation of tax, the deduction of
tax, and the payment of TDS. Employers must issue this form to their employees
before May 31 of the following financial year.

For non-salaried class: The deductor provides the deductee with Form 16A, and it
contains all the details regarding the computation of tax, the deduction of TDS, and
payments.

Advantages of TDS

Some of the advantages of TDS are:

 It ensures that people do not evade payment of taxes.

 TDS acts as a steady source of revenue for the Government.
 It is much more convenient for the deductee as the tax amount payable is
automatically deducted.
 The burden on Tax Collection Agencies to collect tax significantly reduces.

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 4.2 Overview of Vouching

Definition:

Vouching is a procedure followed in the process of the audit to authorise the credibility
of the entries entered in the books of accounts. In simple and easier words, it is a
precise investigation of the presented documents of the firm by an auditor to check the
correctness and accuracy of such documents. It is the foremost step of the auditing
process based on which auditor performs his work and prepare an audit report.

For understanding the process of vouching in detail it is essential to understand the

concept of the voucher.

Concept of voucher

The documentary pieces of evidence such as counterfoil, cash memo, receipts and
pay-in-slips used for recording transactions in books of accounts is defined as a
voucher. The transactions supposed to be recorded only if relevant evidences are
available.

For Example, Purchase transaction should have these supporting documents for
preparing voucher:

 Invoice bill
 Quotation
 Purchase order
 Requisition slip
 Entry gate pass (while receiving goods)

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 Types of vouchers

In general, vouchers are of two types:

Primary Vouchers: The bills or the documents that are available in the original copy
are known as primary vouchers.

Collateral vouchers: These are the bills which are available in a duplicate copy.

Sources of Vouchers

There are two sources of vouchers:

Internal vouchers: The vouchers prepared by the company inside its premises are
termed as internal vouchers, such as sales invoice.

External vouchers: The vouchers created outside the organisation are termed as
external vouchers, such as bank statement.

Vouching of Cash Transactions

Here, we will review some entries of the cash book

Recorded in Debit Side (Cash Receipts)

1. Opening Balance: Closing balance for the last financial year will be the opening balance or
cash-in-hand for the current financial year.

2. Cash Received from Debtors: Points to be considered for vouching the cash received
transactions-

3. Actual date and time of cash received should be entered.

4. The responsible authority should accredit any discount allowed to the customers.

5. Loan Repayment: The following points should be considered: Interest received on loan
should be credited to interest received account.

6. Substantiation of bank statement, i.e., verification of bank statement is necessary as the

client can also deposit the amount directly in the bank.

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7. Rent Received: Following transactions should be vouched properly:

8. Records of the different rental properties should be maintained separately to record the
rental income earned from various properties.

9. Tax deducted at source should be properly accounted for if deducted by the party.

10. Commission Received: It can be vouched as follows- Agreement verification of the

commission being received. Computation of commission receivable.

Recorded in Credit Side (Cash Payments)

1. Opening Balance: Credit opening balance represents bank overdraft because cash-in-hand
of a company can never be negative.

2. Payment to Creditors: Examination of creditors payment can be done in following ways-

3. Creditors account statement should be inspected. Any issue of receipt by creditors should be
inspected. Any advance payment should be evidently quoted.

4. Payment of Salaries: It can be examined in the following ways- Salary register of the
employees should be managed month wise.

5. Amendments in the amount of TDS, advance payment, insurance, and funds should be
noted.

6. Purchase of Plant and Machinery: It can be vouched as follows- Excise duty treatment,
according to excise rules.

7. Go thoroughly to the purchase invoice or receipt of the machinery.

8. All the charges incurred along with purchase such as freight inward, commission charges
should be properly verified.

9. Income Tax: Following points should be considered for income verification-

10. All the tax challans, whether it is of advance tax or self -assessment tax should be checked.

11. Check if any demand notices from the income tax department. Check if any assessment
orders by the income tax department.

32
 4.3 Overview of Tally ERP9

Tally. ERP 9 has been developed by Tally. ERP Pvt. Ltd., a Bangalore-based
Company in India. It’s a very user-friendly and popular Accounting Software that runs
on MS Windows and also computes for Indian VAT, TDS and Service Tax. It can even
maintain your accounts and Inventory simultaneously. A few key features of Tally. ERP
9 are listed below...

Codeless Accounting System: Normally for other Accounting Software’s, a certain

code is used for identifying any particular ledger, for example, Ledger Code
B2081indecates “Printing & Stationary”.

Unlimited Accounting Period: It means you can maintain the records for more than one
Financial Accounting Period, for example, you can maintain the record for the financial
Year (F.Y.) 05-06 and 06-07 for the same company.

Simultaneous Operation of multiple companies: It means you can update the data
record for more than one Company simultaneously, for example: at the same you can
update the data for all of your companies in the same group.

Accounting for the Complete Group of Companies: You can prepare a

consolidated balance sheet for all the members of your group companies.

Top-Level security for each company: You can create different levels of users and
restrict their activities by assigning them rights, For example, you can create a user for
data entry, who can only enter the transaction, but cannot view the report.

Facilities with Tally. ERP 9

 Data Import and Export Facility: You can import or export any particular data from one
Company to another Company.
 Audit Facility: Using this facility you can check the recorded voucher and make
modifications as per requirement.

33
 Budgeting: Allows you to analyse the variance (difference between actual and
standard) for expenses, income, etc.
 Scenario Management: Can be used for projected Profit and Loss A/c and Balance
Sheet.

Bank Reconciliation Statement

Price List, Ageing Analysis for Stock Item: Rate of Product can be defined with its
quantity.

Cost Centre and Cost Category-wise Account Analysis: These features are very
useful for Unit –wise analysis, for Example: You may want to analyse employee-
wise cost, Brach-wise Cost etc.

Usefulness in Manufacturing Business: Useful for calculation of Cost of Goods

Sold.

Ratio Analysis, Cash Flow, Funds Flow E-capabilities

Foreign Currency: Useful for calculation of foreign gain and loss using foreign
currency.

Defining the Bill / Voucher Entry Setup.

Columnar Reporting related to Stock and Accounts.

Adherence of Purchase and Sales procedure such as Order, Challan, Bill.

Credit Control: Credit Control is possible for a customer.
Tracking through Receipt / Delivery
Notes. Profitability Analysis of Stock.
Accounts for...

(a) Indian VAT

(b) TDS

(c) E-TDS

(d) Service Tax

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Application Areas of Tally. ERP 9

Due to these unique Features and Multifarious facilities, Tally. ERP 9 is widely used by
different kinds of Business Companies and other Organizations for maintaining the
Accounts of...

# Company

# Individual

# Charitable Trust

# Trader

# Manufacturer

# Enterprise

# Partnership Firm

# Shop

# Transport

# Service Industries

# Nursing Home

# Petrol Pump

# Pharmaceuticals

# Departmental Stores

# Whole-Seller

# Insurance Agents

# Restaurant

# School

# Institutions

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 # Tutorials

Advantages of Computerized Accounting over Manual Book-keeping

Manual Book-keeping has to bother for all the following steps:

1. Creating Ledger and carrying forward their closing balances.

2. Recording Cash Transactions in a Cash-Book and Bank Transactions in a Bank

Book.

3. Recoding other Non-Cash Transactions in a Journal Book.

4. After recording you have to calculate the balances of the Ledgers.

5. Preparing Trial Balance to prepare Final Accounts.

6. Deriving Nominal Account from the Trial Balance in the Profit and Loss Account.

7. Posting Real & Personal Accounts in the Balance Sheet.

36
 4.4 26 AS FORM

Form 26AS or your tax credit statement is one of the most important documents when it
comes to filing your taxes. You can now view and download Form 26AS from the TRACES
website in a convenient and hassle-free manner.

What is Form 26AS?

Form 26AS is an annual statement that includes all the details about the tax deducted at source
(TDS), information regarding the tax collected by your collectors, the advance tax you have
paid, self-assessment tax payments, information regarding the refund you have received over a
financial year, regular assessment tax that you have deposited, and information regarding
high-value transactions so far as mutual funds, shares, etc. are concerned.

Latest Update: A New Form 26AS format was introduced and came into effect on 1st June
2020. The new format will contain the details of all the financial transactions and will also
provide information about the specified financial transaction (SFT), and pending tax
proceedings.

Information that can be interpreted from Form 26AS:

 Amount of tax deducted on your income

 Details regarding the tax collected
 Details of any tax paid in advance
 Self-assessment of the tax payment
 Regular assessment of the deposited tax
 Details regarding shares, mutual funds, high value transactions, etc.
 Tax deducted on selling immoveable property
 Details regarding yearly turnover
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  Details regarding received income tax refund

How to Download Form 26AS?

You can visit the TRACES website to download Form 26AS. Alternatively, you can visit
https://www.incometax.gov.in/iec/foportal/, log in with your user ID and password. You can also
download Form 26AS using the net banking facility of the banks mentioned above.

Here is a step-by-step procedure to download Form 26AS using your income tax department
account:

The procedure to download Form 26AS from the new income tax portal is
mentioned below:

 Visit https://www.incometax.gov.in/iec/foportal/.
 Click on 'Login'.
 Enter the User ID. You must enter the Aadhar number of PAN to complete the login process.
Before you can log in, you must complete the registration process.
 Once you have entered the User ID, click on 'Continue'.
 Select 'e-file'.
 Next, click on 'Income Tax Returns'.
 Next, click on 'View Form 26AS'.
 Select 'Confirm' next.
 On the next page, click on 'Proceed'.
 Next, click on 'View Tax Credit (Form 26AS)'.
 Choose the 'View Type' and 'Assessment Year' next.
 Choose the format next.
 Select 'View/ Download' to complete the process.

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How to View Form 26AS?

Form 26AS can be checked on the TRACES portal. It is linked with your PAN, and you can
check Form 26AS from FY 2019-20 till the previous financial year, through your net banking
account. The banks that have registered with NSDL to enable users to view Form 26AS
include the following:

 Axis Bank

 Corporation Bank

 IDBI Bank

 State Bank of India

 Saraswat Co-operative Bank

 State Bank of Travancore

 Bank of Baroda

 Kotak Mahindra Bank

 Indian Bank

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 Union Bank of India

40
 Citibank

 Bank of Maharashtra

 Indian Bank

 State Bank of Patiala

 Federal Bank

 Bank of India

 City Union Bank Limited

 Oriental Bank of Commerce

 UCO Bank

 ICICI Bank

 Indian Overseas Bank

 State Bank of Mysore

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Different Parts of Form 26AS

Form 26as has 7 parts, viz. Part A, Part B, Part C, Part D, Part E, Part F, and Part
G. Here are the different parts of Form 26AS:

Part A: Information regarding TDS

Part A of your tax credit statement contains information regarding TDS on your salary,
pension income, interest income, prize winnings, etc. It also contains the deductor's Tax
Deduction and Collection Account Number (TAN) as well as the number of TDS that was
subtracted and deposited.

Part A1: Information regarding TDS for Form 15G/Form 15H

Part A1 of Form 26AS contains information regarding your income where TDS has not been
subtracted when you have submitted Form 15G/Form 15H. The status of the TDS deduction
can be verified if you have submitted the aforementioned form. 'No transactions present' will be
displayed on this section in case you have not furnished Form 15G/Form 15H.

Part B: Information regarding tax collected at source

Part B of Form 26AS contains information on the tax collected at the source by the seller.
Entries will be made in Part B only if you are a seller who has collected tax at the source.

Part C: Information regarding tax paid (apart from TDS and TCS)

In case you have made any tax deposits yourself, details regarding the same will appear in
Part C of Form 26AS. Information regarding self-assessment tax and advance tax will also be
present in this part of Form 26AS. It will also include details regarding the challan used to
deposit tax.

Part D: Information regarding paid refund

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Part D of Form 26AS will contain details regarding refunds if any. It will also contain
information regarding the assessment year that is pertinent to the refund, the mode of payment,
the amount as well as the interest paid along with the date on which the payment was made.

Part E: Information regarding AIR Transaction

High-value transactions are expected to be reported by banks and financial institutions to the
tax authorities. Part E of Form 26AS will contain information regarding purchases of high-
value mutual funds, purchase of high-value corporate bonds, property purchases, etc.

Part F: Information regarding tax deduced on the sale of immovable property

Part F of Form 26AS contains information regarding the TDS you have deducted and
deposited in case you have purchased a property.

Part G: Information regarding TDS defaults

Part G of Form 26AS contains information regarding the processing of statements

. Part H: Turnover details

Part H contains information regarding turnover according to GSTR-3B

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Things to Verify in Your TDS Certificate with Form 26AS

Some of the things you must verify in your TDS certificate with Form 26AS are given
below:

 Do not forget to check whether certain details mentioned in your form are correct or not.
Make sure your name, PAN, Deductor's TAN, refund amount paid to you, and TDS amount on
Form 26AS are correctly mentioned. These details are extremely important and in case any of
the details are found to be incorrect, you will find difficulties in filing your income tax returns.

 You will have to verify that your TDS as shown in the certificate has been received by the
Central Government of India. You can do this by comparing the TDS data on the Form AS data
with your pay slips data.

 Check whether the TDS shown in Form 16/16A is also reflecting on your Form 26AS correctly.
If the TDS is not reflecting in your Form, then it means that the deductor has deducted the TDS
but is yet to submit it to the IT department. In such a case, get in touch with your deductor
immediately and get the issue resolved at the earliest

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 4.5 Overview of GST

What is Goods and Services Tax (GST)?

It is a destination-based tax on consumption of goods and services. It is proposed to be levied at

all stages right from manufacture up to final consumption with credit of taxes paid at previous
stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is
to be borne by the final consumer.

What exactly is the concept of destination-based tax on consumption?

The tax would accrue to the taxing authority which has jurisdiction over the place of
consumption which is also termed as place of supply.

Which of the existing taxes are proposed to be subsumed under GST?

The GST would replace the following taxes:

Taxes currently levied and collected by the Centre:

 Central Excise duty

 Duties of Excise (Medicinal and Toilet Preparations)
 Additional Duties of Excise (Goods of Special Importance)
 Additional Duties of Excise (Textiles and Textile Products)
 Additional Duties of Customs (commonly known as CVD)
 Special Additional Duty of Customs (SAD)
 Service Tax

45
  Central Surcharges and Cesses so far as they relate to supply of goods and services

State taxes that would be subsumed under the GST are:

 State VAT
 Central Sales Tax
 Luxury Tax
 Entry Tax (all forms)
 Entertainment and Amusement Tax (except when levied by the local bodies)
 Taxes on advertisements
 Purchase Tax
 Taxes on lotteries, betting and gambling
 State Surcharges and Cesses so far as they relate to supply of goods and services

The GST Council shall make recommendations to the Union and States on the taxes,
cesses and surcharges levied by the Centre, the States and the local bodies which may be
subsumed in the GST.

46
Which authority will levy and administer GST?

Centre will levy and administer CGST & IGST while respective states / UTs will levy and
administer SGST / UTST.

Why was the Constitution of India amended recently in the context of GST?

Currently, the fiscal powers between the Centre and the States are clearly demarcated in the
Constitution with almost no overlap between the respective domains. The Centre has the
powers to levy tax on the manufacture of goods (except alcoholic liquor for human
consumption, opium, narcotics etc.) while the States have the powers to levy tax on the sale of
goods. In the case of inter-State sales, the Centre has the power to levy a tax (the Central Sales
Tax) but, the tax is collected and retained entirely by the States. As for services, it is the Centre
alone that is empowered to levy service tax.

Introduction of the GST required amendments in the Constitution so as to simultaneously

empower the Centre and the States to levy and collect this tax. The Constitution of India has
been amended by the Constitution (one hundred and first amendment) Act, 2016 recently for
this purpose. Article 246A of the Constitution empowers the Centre and the States to levy and
collect the GST.

47
What are the benefits which the Country will accrue from GST?

Introduction of GST would be a very significant step in the field of indirect tax reforms in India.
By amalgamating a large number of Central and State taxes into a single tax and allowing set-
off of prior-stage taxes, it would mitigate the ill effects of cascading and pave the way for a
common national market. For the consumers, the biggest gain would be in terms of a reduction
in the overall tax burden on goods, which is currently estimated at 25%-30%. Introduction of
GST would also make our products competitive in the domestic and international markets.
Studies show that this would instantly spur economic growth. There may also be revenue gain
for the Centre and the States due to widening of the tax base, increase in trade volumes and
improved 10 11 tax compliance. Last but not the least, this tax, because of its transparent
character, would be easier to administer.

48
 4.6 Overview of Taxation

 What is Taxation?

Taxation refers to the fees and financial obligations imposed by a government on its residents.
Income taxes are paid in almost all countries around the world.
However, taxation applies to all payments of mandatory levies, including on income,
corporate, property, capital gains, sales, and inheritance.

Taxation is involuntary; hence it does not require consent from the residents. Therefore, the
government may resort to the use of force and threats to implement successful taxation.

Levies generated through taxation are not bound to any specific service delivery, and they are
legally recognized because the compelling establishment is a government authority and not a
private institution. Taxation procedures vary across governing structures and periods.

In modern times, taxation is also applied to physical assets and specific contracts, such as
business transactions. However, modern tax policies are greatly influenced by political forces.

Summary

 Taxation occurs when a governmental authority imposes levies on citizens and business
organizations.
 Fees paid through taxation are compulsory and may not be linked to any service delivery.
 Revenues collected are used to finance government expenditures.

Understanding Taxation

Taxation is a form of financing of government activities in almost every country. The

International Centre for Tax and Development (ICTD) estimates that 80% of overall government
funding in half of the countries around the world is accounted by tax revenues. Governing
authorities are able to increase taxation levels by changing taxation rules and expanding tax
bases.

Primarily, the revenue collected is utilized for the welfare of taxpayers; this means that the
specific benefit received is independent of the individual payment.
However, there are some exceptions, such as payroll taxes, where the taxpayer will directly
benefit from medical coverage and retirement benefits.
49
 Taxation patterns differ greatly among developing and developed countries. Higher tax revenues
are collected in developed countries than in developing countries due to efficient taxation
compliance mechanisms and effective tax collection methods.

However, both of these factors are directly affected by the competency of the political system.
Generally, developed countries rely more on income taxation to realize most of their national
output, more so than developing countries who rely heavily on consumption and trade taxes.

Types of Taxation

The following are the different types of levies imposed on residents by the
government:

Income Taxes

Income taxes are levies imposed on the total financial income of an individual, such as wages,
investments, and salaries. Most income taxes increase with the rise in the taxpayer’s earnings.
This means that higher-income earners pay more taxes than low-earners. This is also referred to
as progressive taxation.

1. Corporate Taxes

Corporate income tax is levied on business income. The burden of corporate tax is shared
between the business, its consumers, and the employees through setting higher prices and paying
low wages. To encourage business growth, most governments levy businesses a corporate tax
rate of below 30%.

2. Payroll Taxes

Payroll taxes are levies imposed on employees’ income to finance social security funds.
Normally, the payroll tax amount is automatically deducted from the income and paid by the
employer on behalf of the employee.

3. Capital Gain Taxes

Capital gains taxes are levied on capital assets, which include personal properties and
investments like stocks, homes, bonds, cars, or jewellery. When an asset increases in value,
such as rising stock prices, it is referred to as capital gain.

50
 Therefore, when an individual benefits from a capital gain, tax is paid on the profit earned.
 Income Tax Return (ITR)

A tax return is defined as a form or different types of forms filed with a taxing authority which reports
income, expenses, and other pertinent tax information. Tax returns make it simple for tax payers to
calculate their tax liability, schedule tax payments and request refunds for the overpayment of taxes. All
tax payers who are filing their income tax returns are required to determine the type of income tax return
(ITR) form they need to fill before actually filing their returns. The form to be filled is solely dependent
on the income that the taxpayer earns or in certain cases if the tax payer holds assets in a country other
than India or earns any form of income from a country other than India.

 Different types of ITR forms

In total, there are almost 9 types of ITR forms available for a tax payer to file his taxes. However, only
the following forms are to be taken into consideration by individuals when filing returns as per the
Central Board of Direct Taxes in India:

ITR-1

ITR-2

ITR-2A

ITR-3

ITR-4

ITR-4S

The following income tax return forms are applicable only for companies and firms:

ITR-5

ITR-6

ITR-7

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 ITR-1

Also known as the Sahaj form, this income tax return form is to be filed
solely by an individual taxpayer. Any other assesse liable to pay tax is not
eligible to avail of this form for filing their returns.

This form is applicable for the following people:

a person who earns his income via salary or through other means such as
pension

A person who earns his livelihood from a single housing property

An individual who has no income from no other business or who have no

income from the sale of any assets i.e. capital gains

Individuals who do not own any assets or property in countries apart from
India

An individual who has no source of income from any country outside India

A person whose income from agriculture is below Rs.5, 000

A person whose source of income is from various investments or sources

like investments, schemes or fixed deposits etc.

Individuals who have not earned income from any windfall such as
lotteries, horse racing etc.

People who want to accumulate their spouses or underage child’s income

with their own, as long as the income to be clubbed is in accordance with
the criteria mentioned above.

ITR-2A

Introduced in the assessment year 2015-16, The ITR-2A form is a new

income tax return form. This form can be used by a Hindu Undivided
Family (HUF) or an individual taxpayer. The ITR-2A form is applicable
for the following people:

People whose source of income i through salary or through means such as

52
pension

People who are also earning income from more than one housing property

A person who has no income from any other business or who have no
income from the sale ofany assets i.e. capital gains

People who tend to earn income from different investments or sources such
as Fixed

Deposits, Investments, and Shares etc.

A person who does not own any property or assets in countries other than
India

A person who does not have a source of income from any country outside
India

A person whose income from agriculture is below Rs.5,000

Individuals who have not earned income from any windfall such as lotteries
or horse racing

ITR-2

The ITR-2 Form is a type of ITR form which is generally used by

individuals who have accrued income through the sale of assets or
property. Also, this form is useful for individuals who earn income from
countries outside India. In most cases, individuals or Hindu Undivided
Families (HUF) can avail of this form to file their IT returns. This form is
applicable for the following persons: People who earn income through
salary or through means such as pension

A person whose source of income is through the sale of assets or property in India i.e.
capital gains

A person who tends to earn income from more than one housing property

People who don’t earn money from any business venture

53
A person who own assets in countries outside of India

People who earn income from countries outside of India

A person whose income from agriculture is above Rs.5,000

A person who gets his income from any windfall like lotteries or horse racing

ITR-3

The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided Family,
who solely operates as a partner in a firm but who do not conduct any business under
the firm. This is also applicable for individuals who do not earn any income from the
business conducted by the firm. This form is usually filed by those taxpayers whose
taxable income earned from business is only in the form of the following:

Salary

Commission

Bonus

Interest

Remuneration

ITR-4

54
This type of ITR form is useful for those individuals who conduct a business or who
earn income through a profession. This form is applicable for all types of businesses,
undertaking or profession, Without any limit on the income earned. Taxpayers can
also club any income they receive from windfalls, speculation, salaries, lotteries,
housing properties etc., along with the income earned from
their business. An individual with any profession, right from shopkeepers, doctors or
designers to agents, retailers and contractors, is eligible to file their ITR using this
form.

ITR-4S

Also known as Sugam form, the ITR-4S form can be used by any individual or Hindu
Undivided Family (HUF) for filing their income tax returns. This form is applicable
for the following persons:
Individuals who earn income from any business

Individuals who earn income from a single housing property

Individuals who do not earn income through the sale of assets or property in India i.e.:
capital gains

Individuals whose income from agriculture is below Rs 5, 000

Individuals who do not own any assets or property in countries other than India

Individuals who do not earn income from any country outside India

This form is useful in special circumstances and is applicable to businesses where any
income earned is based on a presumptive method of calculation.

ITR-5

55
The ITR-5 form is used only by the following bodies to file income tax returns:

Firms

Limited Liability Partnerships (LLPs)

Body of Individuals (BOIs)

Association of Persons (AOPs)

Co-operative Societies

Artificial Judicial Persons

Local Authorities

ITR-6

Except those companies or organisations that claim tax exemption as per Section 11,
the ITR-6 form is used only by all companies. Organisations that can claim tax
exemptions as per Section 11 are organisations in which the income received is
accumulated from the property used for the purpose of Religion or charity. This
particular income tax return form is only available to be filed online.

ITR-7

56
Those individuals or companies that are required to submit their returns under the
following sections are required to file their income tax returns through ITR-7:

Section 139(4A) - Under this section, returns can be filed by individuals who receive
income from any property that is held for the purpose of charity or religion in the
form of a trust or legal obligation

Section 139(4B) - Under this section, returns are to be filed by political parties
provided their total income earned is above the non-taxable limit

Section 139(4C) - Under this section, returns are to be filed by the following entities:

Any institution or association mentioned under Section 10(23A)

Any association involved with scientific research

Any institution mentioned in Section 10(23B)

Any news agency

Any fund, medical institution or educational institution

Section 139(4D) - Under this section, returns are to be filed by entities such as
colleges, universities or any other such institution wherein income returns or loss are
not required to be provided in accordance with other provisions outlined in this
section.

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 CHAPTER 5: Learning, Conclusion & Suggestions

An internship is an experience related to your interests or your major, and has an educational
component. Internships typically give students a chance to explore their occupational interests.
An internship is a time-limited, hands-on training opportunity providing meaningful, job-related
experiences, expanding student education outside of the classroom. An internship program must
offer course work that promotes an experiential learning process and supports the academic
agenda of each student.
Internships are another increasingly common form of experiential learning. Experiential
learning also requires the supervision or a mentoring/teaching relationship with on-site
students taking part in a learning experience. Internships share many similarities with service
learning, in that both experiences are
Organized around the students’ experiences with their communities, and they look for the type
of pedagogy that maximizes what students will learn through experiences outside the classroom.
The main goal of internship programs (IPs) is to engage students in planned, instructionally
related workplace learning experiences that integrate knowledge and theory with practical
applications and skills development in professional settings. Internships, or other forms of
experiential education, for undergraduate and graduate students, have been a part of
American higher education from the very beginning.
Student learning outcomes are defined by the knowledge, skills, and abilities a student has
gained or learned at the end of (or through) their practicum or internship experience. The
students learning plan provides the structure that students will utilize during their internship,
and will be used in the assessment of their learning at the end of the term. The learning goals
should reflect what the student is going to learn/experience during their placement in an
internship.
At the end of your term, your supervisor will ask to assess if you have met your learning
objectives. The internship program staff will email an expedited reply saying, you’re
learning objectives were approved or not approved, with comments/suggestions. To help
you start to understand the concept of learning objective.
The mentors assist students in meeting class requirements, including, but not limited to,
helping students complete learning objectives, checking hours, and compiling evaluations of
internship work. Non-academic internships, which students receive no credit for, are generally
limited to providing work experience to students; no measurable outcomes for learning are
provided.

58
Including reflective activities that will challenge students to determine
what they learned from both the positive and negative experiences of
their internships will set them up for the challenges of future
interactions that they are likely to encounter when working with others
on the assignment

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60