UNIVERSITY OF LUCKNOW

DEPARTMENT OF BUSINESS ADMINISTRATION

SUMMER INTERNSHIP PRESENTATION
“STUDY OF ACCOUNTS AND FINANCE”
UNDER THE GUIDANCE OF:-
DR. ANKITA SHRIVASTAVA

SUBMITTED BY:-
MOHAMMAD ABBAS ZAIDI
MBA 3RD SEMESTER (FINANCE)
2210019025440
 COMPANY PROFILE

A wide range of accounting and financial services are offered by S.S &
Associates, Chartered Accountants to clients in the public, private, and
corporate sectors.

The company has grown to be centered on a group of experts with a

wealth of knowledge in auditing, accounting, taxation, company law, and a
host of other financial services that are provided to the clients to help
them with difficult problems and, through those efforts, support the
development of society as a whole.
 OBJECTIVE OF STUDY

 To study about Taxation in AKRSS & Associates.

 To study about the procedure of Auditing in the organization.
 To learn about the GST.
 To learn more than theoretical knowledge.
 To plan for the future and learn how to adjust in an organization.
 Create and cultivate my professional network
 To implement my overall accounting skills practically via entering accounting data online.
 To secure a challenging position to expand my learnings, knowledge, and skills.
 ACTIVITIES UNDERTAKEN DURING INTERNSHIP

 Income tax return filing

 Maintaining Data in MS Excel
 Practical knowledge of Tally Prime
 DETAILED DESCRIPTION OF ACTIVITIES
SELECTION OF APPROPRIATE ITR FORM
As per the income tax laws, filing of ITR is mandatory if an individual has done certain specified transactions or has a
gross total income above the basic exemption limit for FY 2022-23 (AY 2023-24).
•ITR-1
One can file a return in ITR-1 in case of
individual having:
1.Income from other sources
2.Salary
3.Pension
4.Income from up to one house
5.Agriculture Income is less than Rs. 5,000
6.Total Income is less than Rs. 50 lakhs
•ITR-2
One can file a return in ITR-2 in case of
individual or HUF having:
1.Income is more than Rs. 50 lakhs from items in
ITR 1
2.Income from capital gains
3.Foreign Income
4.Agricultural Income is more than Rs. 5,000
5.Income from Business or Profession under a
Partnership firm
•ITR-3
One can file a return in ITR-3 in case Individual or HUF
having:
1.Income from items mentioned in ITR 2
2.Income from Business or Profession under a Proprietorship
Firm
•ITR-4
One can file a return in ITR-4 in case individual or HUF
having:
1.Section 44AD – Business (Deemed Profit-8% or 6%)
2.Section 44ADA –Profession (Deemed Profit-50%)
3.Section 44AE – Transporters (Deemed Profit- Rs.
7500/vehicle per month)
•ITR-5
One can file a return in ITR-5 in case individual
or HUF having:
1.Firm
2.Limited Liability Partnerships
3.Association of Person
4.Body of Individuals
5.Artificial Juridical Persons
6.Local Authority or Co-operative Society
• ITR-6
For Companies other than companies claiming exemption
under section 11 (Income from property held for charitable or
religious purposes), this return has to be filed electronically
only.

• ITR-7
For persons including companies required to furnish return
under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or
139(4E) or 139(4F)
1. Income of religious and charitable trusts that comes under
Section 139 (4A)
2. Income of Political Parties under Section 139 (4B)
3. Earning of Scientific research institutions as per Section 139
(4C)
4. Income of education institutions such as university, college,
or other institutions that comes under Section 139 (4D)
 Maintaining Data in MS Excel

• MS Excel use for preparing financial

statements and creating balance sheet.
• It comes with basic spreadsheet functionality
and many functions for performing complex
mathematical calculations.
• It includes templates for creating budgets,
cash-flow statements and profit-and-loss
statements, which are some of the most basic
documents used in accounting.
• We can import sales data and invoices from
many sources into one central workbook to
support accounting activities.
 TALLY PRIME

• Creating a Journal Entry : Journal entries are usually used for

finalization of accounts.
• Creating Ledgers: A ledger is the actual account head to
identify your transactions and are used in all accounting
vouchers. For example, purchase, payments, sales, receipts,
and others accounts heads are ledger accounts.
• Trial balance is a summary of all the ledger accounts.
• Trading and Profit & loss account consists of all the ledger
accounts having a nature of the purchase, sales, direct
expense and income, indirect expenses and income.
• In Balance Sheet all the ledgers except the one which you
have already considered for the Trading and Profit &
loss account should be considered.
• Verification of Vouchers report in TallyPrime provides the
Verification facility to the user by displaying all the
transactions.
 LEARNINGS FROM THE ORGANISATION

 I gained knowledge about tax laws and the fundamentals of submitting Tax..
 I learned about the auditing process.
 had learned that good communication comprises of many various sub-skills, ranging from appropriate
patterns of body language and eye contact to the capacity to write clear and accurate reports.
 I learned how to make a strategy for starting the day at work and completing the task given by my
supervisor.
 CONCLUSION

 Overall, I found this internship to be beneficial. I’ve gained new knowledge and abilities, as well as met
a lot of new individuals. Several of my learning objectives were met. I can confidently state that my
grasp of the workplace has grown significantly. I gained knowledge of professional practice. I learned
about the various aspects of working for a CA firm.As I have seen in many organizations, finance is a
key aspect in project progress. I learned more about taxation as a result of my research.
 However, I believe there are some elements of the job where I could have done better and where I
need to improve. I need to have more self-assurance in implementing accounting principles. I realized
that I could have finished the assignment earlier. Furthermore, the technical aspects of the job were
faulty, and I was repeatedly asked to repair them.There is still much to learn and improve.
THANK YOU