Mahesh Udhwani and Associates

SUMMER INTRERNSHIP REPORT

ON
“MAHESH UDHWANI &
ASSOCIATES ”

Submitted By

Roshan Vishnani
(8021010562) SYBBA
SEMESTER -IV

Submitted to

BACHELOR OF BUSINESS ADMINISTRATION PROGRAMME,

FACULTY OF COMMERCE,
THE MAHARAJA SAYAJIRAO UNIVERSIYTY OF BARODA

SUBMITTED FOR
PARTIAL FULFILMENT FOR THE AWARD OF THE BBA GUIDED BY

(Alka ma’am) (Vaishali ma’am)

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Certificate

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Declaration

The summer internship project report submitted by me is mandatory for

BBA degree of Maharaja Sayajirao University Of Baroda comprises only
my original work and due acknowledgement have been made to materials
used in the report.

…………………………….
Roshan Vishnani
PRN: 8021010562

BBA
Faculty Of Commerce
THE MAHARAJA SAYAJIRAO UNIVERSITY OF BARODA, Gujarat

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Acknowledgement

I, Roshan Vishnani, hereby declare that this internship report entitled as

Mahesh Udhwani & Associates is submitted to the department of
Bachelor of Business Administration. The Maharaja Sayajiorao
University , Vadodara in partial fulfillment if the requirements for the
degree of bachelor of Business Administration. I hereby declare that
this report is prepared based on an internship done by me in Mahesh
Udhwani & Associates, as a part of my summer internship program, for
4 weeks I ensure the authentication of the contest and facts used in
report. I assure you that the data taken will be used only for academic
purposes and it shall not be used for any other commercial purposes.
Suggestions, emtioned in the report are as per my opinion, which are on
my findings and are correct to best of my knowledge. This internship
report neither in whole nor in part has been submitted for any degree.

With Regards,
Roshan Vishnani
Date:12-07-2023

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TABLE OF CONTENT
Particular Page no.

Certificate of Internship 2

Declaration 3

Acknowledgement 4

Introduction 5

INDUSTRY OVERVIEW 7

Roles and Responsibility of CA 11

13
About Firm

Vision, Mission,Value 14

Services 15

LEARNINGS FROM INTERNSHIP PERIOD 26

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INDUSTRY OVERVIEW

The financial sector is a section of the economy made up of firms

and institutions that provide financial services to commercial and
retail customers. This sector comprises a broad range of industries
including banks, investment companies, insurance companies, and
real estate firms and Chartered Accountants firms.

A finance department is the unit of a business responsible for

obtaining and handling any monies on behalf of the organization.
The department controls the income and expenditure in addition to
ensuring effective business running with minimum disruptions.

What does a finance department do?

A finance department has specific responsibilities to carry out

daily. Its primary functions include:

1. Accounting

Daily account record keeping is a finance department function that

entails reconciling a company's financial registers to make suitable
business decisions. Through bookkeeping and income statement
preparations, the unit supports the management in filing requisite
financial data that's useful in managing funds.

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2. Examining financial statements and reporting

By analyzing a company's financial statements, the finance

department evaluates economic trends, identifies its future
investment and cultivates long-term business plans. It uses and
synthesizes financial analysis information to assist in business
decision-making.

3. Preparing and forecasting budgets

The finance department plans and implements the company's

financial year budget. The department also conducts research and
collects data that assists in the organization's temporary and
permanent financial forecast. The information is essential in
planning and providing informed decisions critical to expansion,
such as staff training and asset procurement.

4. Managing operations systems

The finance department plays a significant part in acquiring,

updating and maintaining the latest operations systems to improve
efficiency. A systems change may include automation of various
functions or digitalization of some organization's systems.
Some of the departments that manage the finance of a company
are:

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(i) Accounting dept

(ii) Cost accounts dept
(iii) Audit dept
(iv) Financial planning & budgeting dept
(v) Cash department and
(vi) Credit department.

(i) Accounting dept:

This department is under the charge of an accountant is responsible

for keeping records of each and every transaction involving any
actual or book transfer of funds, i.e. of all items of income and
expenditure. This department also prepares final accounts and
financial statements like Profit and Loss a/c. Balance sheet. Annual
Reports etc., at the end of the financial year after the accounts have
been audited by the auditors of the company.

(ii) Cost accounts dept:

This department deals with all types of costing and various matters
concerning the financial problems in the area of manufacturing or
production.

(iii) Audit dept:

This department carries on audit of accounting and financial records, detects the
discrepancies in the same and prevents and corrects errors and malpractices. It examines
each and every expense and tries to direct the attention of the management towards the
unnecessary and unauthorized expenditure.

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(iv) Financial planning & budgeting dept:

The department is responsible for preparing plans designed to

procure funds and their optimum utilization. These plans are
presented in the form of a budget. A budget is a tool of planning as
well as an instrument of control. Actual financial activities are
controlled by this department by using the budget as the standard
or norm.

(v) Cash department:

The department, under the charge of treasurer, receives all cash

funds and makes all disbursements on behalf of the company. The
treasurer also manages the issues of shares and debentures, and
public deposit etc.

(vi) Credit department:

The department also functions under the over-all charge of the

treasurer. It supervises all sales on credit and makes efforts towards
timely collection of credit policies of the company and collects
information about the creditworthiness of the customers.

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Roles and Responsibility of CA

A CA has the role of elaborating capital budgeting, Tax planning,

budget forecasting, preparation of books of accounts, financing,
and additional actions. They have the role of implementing GST.
The major responsibilities of a CA are:

1. Company’s Financial Adviser

A chartered accountant 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.

2. Conduct Financial Audit

They are responsible to check and prepare financial statements and

ledgers which are considered one of the primary practices of a
chartered accountant. Auditing exposes a chartered accountant to
work in different sectors and increases their skills along with
experience. They submit reports and recommendations after the
audits which are essential for decision making.

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3. Acts as a Financial accountant

The chartered accountants 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.

4. Safeguards the Reputation of the Company

They are in charge of preventing and checking any fraud or

financial irregularities in the company. The financial statement
which is prepared by a chartered accountant monthly or annually is
responsible for building up a reputation in the market. It displays
the financial fluctuations, incomes, and expenses of the company.

5. 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. They check organizational spending and plan the budget
strategically intending to make a profit at the end of the day

About Us

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Mahesh Udhwani & Associates was formed in May 2009 and has expanded its
diverse areas of services over the years. We render professional services with high
ethical standards. With a highly experienced team of professionals, we provide
comprehensive solutions in the entire range of assurance, taxation, compliance,
regulatory and business advisory services. We believe in delivering value added
services to our clients with enthusiasm and “out of the box” thinking which stems
from the blend of young, experienced, and dynamic team members. Diligence is
assured by cumulative years of firm’s experience and vision which is captured by
pre-empting client’s needs. We have established our presence in field of Internal
Audits, Process Audit, Governance Audits, Taxation, Customs, Foreign Trade,
Business and Corporate Legal. Our expertise in profession is appreciated by clients
who are spread over states of Gujarat, Maharashtra, Haryana, Telangana and
Madhya Pradesh in India and in Europe, New Zealand, and Asia Pacific Region
outside India. We hold peer review certificate issued by the Institute of Chartered
Accountants of India (‘ICAI’) which certifies that the firm has complied with
Technical, Professional and Ethical standards while undertaking its assurance
services. We are also empaneled with CAG (Comptroller and Auditor General of
India) for conducting audit of Public Sector Undertakings and are also accredited as
Category I firm by Professional Development Committee of Institute of Chartered
Accountants of India (‘ICAI’) under Multipurpose Empanelment for conducting
audits of Nationalized Bank branches.

 Mission
To provide a complete array of services to our clients through a qualified,
motivated, and effective work force. Our mission is to be the preferred business
partner in quality, co-stand clients’ needs through the integration of people,
technology and business solutions.

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 Vision
To achieve incessant pursuit of excellence, integrity, independence, consistency and
creativity in our services. We aim that our services become a benchmark for other
organizations in the industry and intend to continue pushing the boundaries of
possibilities each day to ensure that our clients stay one step ahead of the
competition.

 Values
From staying true and transparent to earning the unshakable trust from our success
stories, we are committed to adhering to the highest standards of ethics and
professionalism. We respect all our clients, employees and business partners and
treat
them as we did like to be treated. We believe in teamwork for effective working and
better our firm by developing our people.

Our Services:
The broad spectrum of our services includes –

 Management Audit and Consultancy

Increase in complex business processes, regulations, governance, and market

competition has eventually increased complexity in running and managing the business.
We, at our firm, use cross-functional system-based approach with focus to improve the
systems and controls in an effective manner rather than merely faultfinding exercise. Our
team is well versed with all major ERP environments for effective audit. Process flow in
an organization is mapped along with their internal controls as part of audit, rather

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than checking into routine accounts. Our Management Audit service broadly covers –

Risk Assessment and Controls

- Preparing and reviewing SoPs and Workflows.

- Developing Risk Control Matrices (‘RCM’)
- Internal Financial Control based on COSO framework. - Review of controls and
Gap Detection.

Forensic Audit and Fraud detection

- Conducting forensic audits.

- Detecting revenue and supply frauds.
- Detecting non-compliance with anti-corruption laws.
- Anti-Money Laundering measures set-up.

 Audit and Assurance

With the increase in corporate financial and legal frauds, various statute demands
extensive reporting and disclosure requirements.

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This requires detailed financial information analysis along with proper understanding of
business and market factors that affect the businesses in short term as well as in long
term.

We perform audits under:

- Companies Act, 2013 (Internal Audit, Statutory Audit etc.)

- Income Tax Act, 1961 (Tax Audit, Transfer Pricing Audit etc.)
- Goods and Service Tax Act, 2017;
- Banking Regulations Act, 1949 (Concurrent audit of Bank Branch, Statutory audit
of Bank Branch, Stock Audit allotted by Banks) and
- Foreign Exchange Management Act 1999 (Transaction audit, Due diligence etc.);
and
- many more.

 Direct Taxation

We, as tax advisor, offer following services –

Tax Planning and Advisory

- Pre-Transaction Advisory.
- Tax Risk Assessment.
- Corporate Tax Planning.
- Designing employee salary structure.

Compliances

- Corporate Tax Returns.

- Withholding tax Returns.
- Individual tax returns.

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- Tax Incentives claims certification.

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- Verification of Employee claims and their TDS compliance.

Income Computation Disclosure Standards (‘ICDS’)

- Handling inter play of Accounting Standards (AS) and Income Computation &
Disclosure Standards (ICDS).
- Gaps identification and analysis.
- Income adjustments and their impact on tax liability.

Representation & Litigation

- Preparing submissions and responding to notices.

- Support and Strategies for litigation.
- Representation before Tax Authorities.

 International Taxation

Cross border transactions have tax implications in India as well as with the Contracting
Country. Also, tax and revenue authorities of contracting countries are becoming more
vigilant towards international transactions and share information with each other. We have
expertise in managing cross border transactions which includes services of –

- Pre-transaction Advisory.
- Withholding tax compliances.
- Compliances for outward remittances – Form 15CA and CB certification.
- Cost sharing and cost contribution agreements.
- India Tax Compliances by Overseas Entities.
- Expatriate taxation & Taxation for Non-Resident Indians.

Tax Treaties (DTAA)

Cross border transactions require thorough analysis of Tax Treaties for effective tax planning

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and obtaining credit of taxes paid overseas. Tax planning is incomplete

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without evaluation of Tax Treaties. Treaties are further supported by Multilateral

Instruments (‘MLI’) which is a mechanism to update the network of thousands of bilateral tax
treaties that make up the international tax system. It aims to reduce opportunities for
multinational corporations to reduce their tax burden through Base Erosion and Profit
Shifting (‘BEPS’). Our team helps Multinational Enterprises (MNEs) in -
- Impact analysis of Tax Treaties along with that of Multilateral Instrument
(‘MLI’).
- Impact analysis of Base Erosion and Profit Shifting (‘BEPS’) Action Plans.
- Aligning transactions with OECD requirements, where applicable.

Permanent Establishments

The concept of PE is recognised by most of the countries and has been incorporated by
them in their domestic tax provisions and international tax treaties.

We help the entities in determination of its PE existence, and ensuring related compliances
thereof.

 Transfer Pricing

With companies having presence in multiple jurisdictions, number of business

transactions within the group entity are increasing.
Due to complexity of cross border business between related parties which may lead to
shifting of tax base, determination of transaction at Arm’s Length is key compliance
requirement. We render services of –

Overall Planning and Compliances

- Pre-transaction advisory.
- Analysis of intercompany / intra group contracts for implication under Transfer
Pricing Regulations.
- Devising long term strategy for transactions with AEs.
- Assisting in maintenance of TP documentation.
- Preparing Transfer Pricing study report.
- Conducting Transfer Pricing audit.

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- Preparing and submitting CbCR and Master File under BEPS action 13. - Safe
harbour planning.

Representations and Litigations

- Assisting in transfer pricing assessments.

- Representations to TP officer.

 Goods and Services Tax

(GST) Our services mainly include

– Compliances

- Periodic return filings.

- Annual return filing.
- GST Audit and Reconciliations.
- Periodic refund applications.
- Application for new registrations and amendment to existing registrations.
- Management of Works Contracts (e.g. Turnkey projects).

Advisory and Verification

- Pre-Transaction advisory and tax optimisation.

- Concurrent verification of documents.
Operational hand holding of complex business transactions e.g. Works Contract.
- Impact Analysis of GST provisions.
- Entitlement of tax incentives / exemptions and compliances with related T&C.
- ITC entitlement and its optimum utilisation.

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Representation & Litigation

- Assisting in departmental audit and assessments.

- Representation to GST Council.
- Representation before GST authorities and appellate authorities.
- Advance Rulings.

 Customs and Foreign Trade Laws & Regulations

We have a dedicated team of Chartered Accountants and other competent
professionals who have in depth knowledge of customs and foreign trade laws and
related compliances. The team has experience in handling all types of cross border
transactions, including but not limited to, Import, Re-import, Export, Re-export, High Sea
Sales, Merchanting Trade etc. and their implications under customs and other allied laws.
The laws mainly handled by our team include -

• Customs Act
• SEZ Act
• Foreign Exchange Management Act,
• Foreign Trade (Development and Regulation) Act,
• Foreign Trade Policy and Procedures etc.

Our team is capable of handling entire gamut of services under above laws. Few of
specialised services that we provide under this basket are -

Advisory and verification

- Import and Export of goods and services including dealing with neighbouring
countries under specific treaties.
Product Classification

We have a specialised team having required skill and knowledge in field of product
classification. Our Team is well versed with -
General Rules of Interpretation, Section and Chapter Notes and Explanatory Notes
issued by World Custom’s Organisation.

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- Classification under ITC(HS).

- European Union Classification Nomenclature (EUCN)

Export Controls

- India Export Control Regulations

- European Union and US Export Control Regulations

Export Oriented Units

Our team has over 10 years of experience in handling matters related to 100% Export
Oriented Units (‘EOU’). Since EOUs are given number of incentives in terms of duty
exemption etc., the compliances that they have to ensure are also stringent. We assist
clients in setting up of EOU, conversion of domestic unit into EOU, compliances including
submission of performance reports, liasoining with licencing authority and other
procedural aspects of running an EOU compliantly and efficiently.

Refund and Incentives

- Application for duty drawback.

- Application and securing refund of excess duty payment.
- Export Incentives under MEIS and SEIS / RoDTEP scheme.
- Application for Authorized Economic Operator (AEO) License.
- Manufacture and Other Operations in Warehouse Regulations,2019 (MOOWR,
2019 scheme).

Representations and Litigations

- Representations to Customs and DGFT authorities.

- Assisting in handling Consultative Letters, Show Cause Notices and Customs
Audit.
- Liasoining with RBI and AD bankers.

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- Condonation and compounding of offences.

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Free Trade Agreements

- Advising on applicable agreement to the given set of import and export transaction.
Developing Guidelines and SoP for application for Certificate of Origin.
- Determination of Country of Origin.
- Making online application for obtaining Certificate of Origin.

Other services

- Handling matters related to Special Valuation Branch.

- Handling Merchanting Trade Transactions.
- Project Export Management compliances under provisions of FEMA (‘PEM’
compliances) which deals with export of engineering goods on deferred payment
terms and execution of turnkey projects abroad.
- Verification of Letter of Credit under UCP 600 and ISBP.
- Advisory related to use of INCOTERMS 2020.
- Software Exports and its compliances with Software Technology Parks of India
(‘STPI’).
- EPCG and Advance authorisation Licences and compliances thereunder.

 Legal and Secretarial Practices

Our Legal team can handle –

- Registration & Incorporation of companies.

- Yearly compliances under Companies Act, 2013/2017.
- Drafting agreements encompassing various aspect of business.
- Supporting Compliances under Law of Contracts, Corporate Laws and Secretarial
Audit.

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- Representation with National Company Law Tribunal (‘NCLT’)

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 Project Financing

We support our clients in obtaining finances from banks or other financial institutions. Our
support has been for following type of finances -

- Term Loans
- Working Capital
- Corporate Loans
- Loan against Property
- Home Loan
Project
Finance
- Business Loan
- Construction Finance

 Data Protection Laws

For our client having business connections with Europe and who process data received from
Europe, compliances with GDPR is imperative. Since entering into force in May 2018, the
EU General Data Protection Regulation (GDPR) applies to all entities in European Union
and the European Economic Area (EEA). Due to the extended territorial scope GDPR, it is
also applicable to entities outside EU and EEA which process personal data of a “Data
Subject” in EU and EEA. Losses of personal information and sensitive data can lead to
regulatory fines and significant risk to an organisation’s reputation. We advise our clients
on various matters related to GDPR. We have a qualified team of GDPR professionals who
have undergone formal training. The proposed Personal Data Protection regulation of India
is not significantly different. We support our clients in gearing up for its implementation.

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 Business Valuation

The need for a business valuation can arise for several reasons like foreign direct
investment, lawsuits, business restructuring, business transfers, or net-worth
certification. We do business valuations depending on the type of transaction undertaken
by our client.

 Shared Service Centre (‘SSC’)

Typically, a shared service centre is a ‘business unit’ or ‘department’ of a geographically

spread corporation or organization that provides various common back office services from
a centralised location. While concept of SSC is not new for large Multi Nationals
Enterprises, with the changing world, even the medium to small MNEs look forward to
having best synergies from centralised talent pool. A shared services centre could have
multiple functional or cross functional services running a back office or support services e.g.
Finance, HR, Legal, Facility, IT Services. Large corporations have found it to be a very
useful strategy to:

 reduce cost, use economies of scale

 bring in standardization (process and quality control) and
 increase efficiency through centralized services

We are working as SSC for one of our MNE clients for legal and compliance support.
Started with a small size pilot project, we are now a key support to the centralised
Legal & Compliance department of the client, catering to its various needs in the field
of legal, compliance and data protection.

With our expert team having experience of working with MNE, we can be a low-cost
high-quality solution for SSC for range of back-office support services.

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 Engineering; & Automobile;  Banking; Key

 Chemical and &  Hotel;
Pharmaceutical;
Education  Software development;
 Real Estate Welfare;
 Sports & Culture;
Construction. Travel, Tourism &
 Hospitals Leisure;
Entertainment

Industries served

Our Support
We are supported by team of professionals and colleagues holding
bachelorette and master’s degree in finance and legal. We have on our roll
11 Chartered Accountants and 2 Company Secretaries having expertise in
different subjects of Chartered Accountancy and Corporate Legal. In
addition to this, we are strengthened by 60 other teammates (Graduates
and above) assisting us in various tasks. We have with us, 30 Article
assistants (trainees) pursuing their Chartered Accountancy profession and
undergoing practical trainings under leadership of partners and fellow
Chartered Accountants.

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