Table of Contents

Sr.No. Content Page no.

1. Introduction 1

 What is an Internship? 1

 Objectives of the Internship program 1

 Scope of Study 2

 Need of Study 4

2. Internship Report Content 6

 Learning objectives 6

 Job description 6

3. Company Profile 7

 On the job learning's 9

 Limitations 12

4. Research Methodology 13

5. Conclusion 17

6. Reference 18

7. Appendix 19
1.
INTRODUCTION

What is an
internship?
An internships provide an opportunity for students to apply what they have
learned in institutions to practical work experiences related to their academic or
career goals, in other words it is an opportunity offered by an employer to
interns, to work at a firm for a fixed period of time. Interns are usually
undergraduates or students, and most internships last between a month and three
months. It is usually part time if offered during a university semester and full
time if offered during the vacation periods. An internship would give you
practical skills, workplace experience and greater knowledge of that industry, in
exchange for employer benefiting from your labor. An internship can be either
paid or voluntary. The trendis increasingly (and rightly) towards the former, as
voluntary internships are often cited as exploitative. As you would expect,
internships that pay well are usually the most competitive.

OBJECTIVE OF INTERNSHIP PROGRAMME

I choose to work with NISHAD SHUKLA & ASSOCIATES for my internship
program. During this internship I have learnt many new skills and got an
opportunity to explore corporate world. Before i only had theoretical knowledge
about work in organization but now I have gained more of practical working
experience. Now I have knowledge about the organization’s working
environment and how organization’s work and achieve their goals and
objectives. This internship has also provided me with the better understanding
of business and also about the elements of strategic thinking, planning and
implementation, and how these things are applied in a real world organization
environment.
Following are the objectives that I have in my mind before working as an
internee.
 To improve communication skills
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies
 To compare practical aspects with theoretical aspects
 To enhance my personal knowledge and professional preparation for future.
 Develop a solid work ethics and professional manner as well as
commitment to ethicalconduct and social responsibility.
 Develop organizational skills to complete the project in a timely manner.

Page | 1
SCOPE OF STUDY

1. To provide consultancy and accounting services as per the procedures & rules
described in companies Act’1956.

2. Changes required to be incorporated for preparation of final accounts as per

the companies Act and the guidelines of ICAI required to be followed.

3. Ensuring the day to day accounting transactions of payments, receipts, sales

and purchases, other miscellaneous expenses and inventory accounting are
entered in SAP on daily basis. Working knowledge with regards to basic data
entry, report generation in SAP environment are essential.

4. Preparation, maintenance and updating of Fixed Assets Register as per the

Standard Accounting Bench marks

5. To generate monthly trial balance including priced stores ledger, funds flow
statement and final accounts (profit and loss account, Balance Sheet quarterly,
Half Yearly and annual final accounts) along with necessary schedules as
required by the Internal Audit, Statutory Audit, Tax Audit and as per Corporate
Office Guidelines.

6. Evolve the costing system with the help of departmental staff and suggest the
suitable methods for setting up of standards for regular costing system.

Page | 2
7. Preparation of Half year and Annual Budget and consolidation thereof, and
analysis of variance based on actual vs budgeted and actual vs target.

8. Scrutinizing all ledger accounts at regular intervals in SAP environment.

9. Passing regular journal entries, making month end provisions, month end
closings and preparation of Monthly Profit and Loss account to submit the same
to Corporate Office.

10. Responsible for Statutory compliance under various acts such as Companies
Act, Income Tax Act, Central Excise, Service Tax,, CST etc .

Page | 3
 NEED OF STUDY

It Helps in Evaluating the Performance of Business

Your financial records reflect the results of operations as well as the financial

position of your small business or corporation. In other words, they help you

understand what’s going on with your business financially. Not only will clean

and up to date records help you keep track of expenses, gross margin, and

possible debt, but it will help you compare your current data with the previous

accounting records and allocate your budget appropriately.

It Ensures Statutory Compliance

Laws and regulations vary from state to state, but proper accounting systems and

processes will help you ensure statutory compliance when it comes to your

business.

The accounting function will ensure that liabilities such as sales tax, GST,

income tax, and pension funds, to name a few, are appropriately addressed.

Page | 4
It Helps to create Budget and Future Projections

Budgeting and future projections can make or break a business, and your

financial records will play a crucial role when it comes to it.

Business trends and projections are based on historical financial data to keep

your operations profitable. This financial data is most appropriate when

provided by well-structured accounting processes.

It Helps in Filing Financial Statements

Businesses are required to file their financial statements with the Registrar of

Companies. Listed entities are required to file them with stock exchanges, as

well as for direct and indirect tax filing purposes. Needless to say, accounting

plays a critical role in all these scenarios.

Page | 5
 2. INTERNSHIP REPORT CONTENT

LEARNING OBJECTIVES
 To understand the process of different functions in the organization
 To gain more knowledge regarding taxation and accounting
 To gain field experience working with CA.
 To be aware revised IT laws and tax slabs

JOB DESCRIPTION
I have tried my best to enhance my abilities and apply the knowledge that I
gained during the studies. On my first day at firm, company in charge gave me
briefing about TDS returns and computerized accounting in tally software and
also shared his practical experience with me and gave me some techniques of
this process. He also guided me that how to prepare GST return and filling
data in income tax return preparation software.

Different task that I performed during my internship

 Vouching
 Preparing books of accounts in tally
 Voucher entry
 Preparing Data in Excel Sheet
 Theoretical learning of different types of Taxation and GST
 TDS return preparation

Software used during internship

 MS office
 Tally software

Page | 6
 3. COMPANY PROFILE

 VINAY & COMPANY (Chartered Accountants)

 CA. Vinay jain
 Address; Agarwal building, 419/1, mall road, Kanpur UP 208001
 Phone - +91 9415068206

VINAY & COMPANY is a chartered accountancy firm rendering comprehensive

professional services like audit, accounting services, management consultancy, tax
consultancy and more. It is a firm consisting of chartered accountant and other
financial experts. The firms aim in providing sound financial services to their
clients and assistingthem in their business operations and growth

Services offered
 Company registration- is the primary process by which business owners
establish or incorporate their company. The process enables us to set a
mark of reputation among its customers and the stakeholders.
 GST registration- Registration of any business entity under the GST
Law implies obtaining a unique number from the concerned tax
authorities for the purpose of collecting tax on behalf of the government
and to avail Input tax credit for the taxes on his inward supplies.
 Project financing- helping the potential business to prepare project
reports for loan financing, to ensure that they get best eligible amount in
shortest time.
 GST returns- GST return is a document that will contain all the details
of company sales, purchases, along with taxes. Once we file GST returns,
we need to pay the resulting tax liability.
 TDS returns- Income tax requires TDS deduction file the TDS returns
on periodic basis by mentioning TAN no.

Page | 7
 Income tax (salaried and business) - CA helps the employees for better
tax planning and reduce the TDS. It is a requirement for business and
companies for filing income tax returns. So CA helps in reducing non-
compliance of income tax laws.
 Tally accounting- tally is most used accounting software, and with the
help of that CA handles the accounting of different businesses.
 Audit- 'An audit is independent examination of financial information of
any entity, whether profit oriented or not, and irrespective of its size or
legal form, when such examination is conducted with a view to
expressing an opinion thereon’

Page | 8
 ON THE JOB LEARNINGS

Networking
During my internship, the organization working environment was very
favorable where communicating and asking for clarification was easy. Most of
employees where nepali so communicating with them was easy and made
learning process a fun. Few times, I even got
chance to go for auditing which gave chance to know more about the corporate
circle
What was learned?
I learned how to communicate and build relationships with the people I worked
with. I learned how to introduce myself, talk about my interests, knowledge and
skills with entrepreneurs and business owners, as well as how to ask questions
and gain a better understanding of businesses not only in the co-working space,
but also others in the market. This process overall helped me develop my
professional network and emphasized the
importance of creating these connections.

Tally entries
Tally is an ERP accounting software package used for recording day to day
business data. It helps in maintaining financial records of the company that
includes all receipts and payments along with taxes and deductions. At first,
we were briefed regarding how to use tally and
enter the data on it for few days. Later they provided us with raw data and punch
data in tally.
What was learned?
Since tally is one of important software in business world. And getting the
opportunity to
learn regarding that would help me boost my career in future.

Data entries in excel sheet

I punched data’s of customers like their bank transactions, sales, purchases and
so on in excel
sheet
What was learned?

Page | 9
Through this, I learned regarding segmentation of data’s into different heads.
It also helpedme knowing many technical aspects of MS excel and also
improved typing speed with more
precision.

Following the organization culture

Every organization despite their size has its own culture. It’s essential to
observe others and
learn how they engage and interact with co-workers, or help them with projects
and task.
What was learned?
During my internship in that organization, I was able to adopt quite well in their
working environment as employees were kind and helpful. It also helps me
know how the organization culture actually feels like. A simple example can
be a bio matric for attendance,
which aid me in knowing the value of time.

Page | 10
Keeping a journal
During my internship, I had a journal and took notes every day about new
things I learned,
feedback I was given by CA, strength and weakness I noticed, and things I
wanted to researchand learn more about.
What was learned?
Keeping journals helped me understand myself more and identify the areas that
I needed to
improve in.

Communication skills
Communication is the key to success in a professional environment.
What was learned
I learned that it’s important to communicate with CA or other employee via
phone or email or SMS if I have questions or if I don’t know how to work on a
task. Asking for help and clarification is better than pretending to be
understood. As an intern, good communication
will help with productivity, efficiency, engagement and growth.

Page | 11
 LIMITATIONS

 Duration of the internship was quite small.

 Working hours were 8, so was’t able to invest my time into other

important tasks.

 At times the data available for study can be too large, which makes it a
time consuming tasks.

 Sometimes it happens that the server & internet connection is low &
accounting tasks are put on hold.

 In bank statements, sometimes closing balances doesn’t match, so it

becomes a time consuming task to reverify previous balances by checking
or altering tally entries.

 Sometimes server issue comes from the main system which disables all
other systems work which makes the work delay.

Page | 12
4. RESEARCH METHODOLOGY
In mainly, I used two types of data collection methods for this research
purpose

1. Primary data

2. Secondary data

1. Primary data

This report has prepared through extensive use of primary data. It is

collected from group of people who are related with this company the
following method are used in collecting primary data.
Primary data is the data that is collected for the first time through
personal experiences or evidence, particularly for research. It is also
described as raw data or first-hand information. The mode of assembling
the information is costly, as the analysis is done by an agency or an
external organisation, and needs human resources and investment. The
investigator supervises and controls the data collection process directly.

Page | 13
2. Secondary data :

Secondary data is collected from the company’s collected from the

company’s manuals report and brochures through company’s records.
Secondary data is a second-hand data that is already collected and recorded
by some researchers for their purpose, and not for the current research
problem. It is accessible in the form of data collected from different sources
such as government publications, censuses, internal records of the
organisation, books, journal articles, websites and reports, etc.

This method of gathering data is affordable, readily available, and saves cost
and time. However, the one disadvantage is that the information assembled
is for some other purpose and may not meet the present research purpose or
may not be accurate.
The type of research which I have used is the qualitative research,
Qualitative research describes qualities or characteristics. It is collected
using questionnaires, interviews, or observation, and frequently appears in
narrative form. For example, it could be notes taken during a focus group
on the quality of the food at Cafe Mac, or responses from an open- ended
questionnaire. Qualitative data may be difficult to precisely measure and
analyse. The data may be in the form of descriptive words that can be
examined for patterns or meaning, sometimes through the use of coding.
Coding allows the researcher to categorize qualitative data to identify
themes that correspond with the research questions and to perform
quantitative analysis.

Page | 14
 Observational data

Observational data are captured through observation of a behavior or

activity. It is collected using methods such as human observation,
open- ended surveys, or the use of an instrument or sensor to monitor
and record information -- such as the use of sensors to observe noise
levels at the Mpls/St Paul airport. Because observational data are
captured in real time, it would be very difficult or impossible to re-
create if lost.

Page | 15
Features of Computerized Accounting Systems

The characteristic features of computerized accounting systems are as follows –

a. Components of computerized accounting systems are software programs

which are installed on a company machine, network server or accessed
remotely with the help of the Internet.

b. Such a system allows accounting professionals to set up income and

expense accounts such as purchases and sales accounts, salary
distribution account, advertising expenses account, etc.

c. The process of computerized accounting systems includes programs that

can be used to manage and control bank accounts, prepare company
budgets, etc.

d. Depending upon the program and how advanced it is, accountants can
also construct tax documents, handle company payroll, and manage
project expenses properly.

e. Programs in this system can be customized as per user demands. This

feature helps every accounting professional to meet the requirements of
their firm.

Page | 16
5. CONCLUSION

The internship report is prepared to explain the different tasks performed during
the time such as vouching, data entry in tally, TDS returns, GST filings and
returns. Though all this jobs are challenging and need more focus and
concentration to perform. And activities like vouching and tally are very useful
and will add more value towards the person’s performance and resume in
future. Yet, all this required more practice, which cannot be accomplished in
ashort time period.

Furthermore, VINAY & COMPANY team were very helpful and ready to assist
us in our learning’s. Despite, the firm being small with fewer members there
was good cooperation among them. However for better operations and growth
firm need to opt for better technologyand need to have more training programs.

All this are the crucial findings through in-depth study of the different operations
of the firm.

Page | 17
6. REFERENCES
Daily Activity Log Records (DALR)

Week 1 The first week was basically knowing about organizational culture
and adapting to it. It also includes gaining theoretical knowledge
regarding income tax rules and regulations. We along with staff
went to Sikkim State legal Service Authority for vouching.

Week 2 Second week revolves around practicing the calculation of tax

liability of income from salaries in notebooks. Few days after that,
we moved on with calculation on excel sheet.

Week 3 This week involved entering the bank statements of customer in

excel sheet.Also calculation of GST in excel sheet with the
prescribed format and involved practicing the filing of GST returns
through the portal. And also crossing the statements with sales,
purchase vouchers and entries from Tally and making connection if
needed.

Page | 18
 7. Appendix

Q1. What have I learned in the classroom that relates to the real working world?

Accounting theories, basic Accounting principles, Golden rules of

accounting and Goldenrules of investment and savings all this actually
applied in the corporate world. A simple golden rule is being applied while
preparing the cash books.

Q2. What new skills will I learn or hope to learn during the internship?

Gain practical experience relating to GST return, vouching, and basics of

tally and so on. And will be able to get on hand experience on the
functioning of the corporate world. An internship under CA also helped me
realized my own strengths and weakness. This internship period also help me

Q3. How will this internship help inform my understanding of career choices
within mymajor or specialization?

Since I did my under graduate in B.Com. This internship will not only add up
into my CV boosting my strengths in finance world but also gaining
knowledge regarding GST, TDS and income tax will expand my job
opportunities in coming future.

Page | 19