School of Business and Management

Internship Diary
Academic Year 2023-24

Name of the Student: Tanya

Register Number: 2221228

Class: 4BBA B

Contact (Mobile No): 9478438495

Email Id: tanya.bharat@bba.christuniversity.in

 Internship Details

Name of the Organization: International Tractors Ltd. (Sonalika)

Address: Sonalika Group, Hoshiarpur, National Highway 70, Chak

Gujran, Punjab, 146022

Duration of the Internship: 6 weeks

Company Supervisor

Name: Vishal Gupta

Designation: Chartered Accountant

Contact Number: 9914327275

Email Id: info.vishalg@gmail.com

 Weekly Report (Week No: 3)

Week No: 3 Dates From 16th May 2024 To: 25th June 2024

Day 1 of the Week - Activities Performed in the Organization:

I concentrated on learning the fundamental ideas behind submitting an income

tax return (ITR) on the first day. This includes receiving a summary of the
actions needed to finish an ITR, including obtaining the relevant financial
records, figuring out total income, claiming deductions, estimating tax
liabilities, and ultimately submitting the return online. Iwas able to
understand the overall procedure and the sequential procedures needed in
making sure that taxes are filed accurately and on time thanks to this
thorough overview.

Day 2 of the Week - Activities Performed in the Organization:

The second day was devoted to studying the various revenue streams that
must be taken into account when submitting an ITR. I researched every
category, including capital gains, company or profession, income from
property, revenue from salaries, and income from other sources. It was
essential to comprehend these many heads because it helped me learn how to
categorize income correctly and the specific forms and sections related to each
type of income.
Day 3 of the Week - Activities Performed in the Organization:

I studied the income tax assessment proceedings on the third day, paying
particular attention to the different parts that control these procedures. I
gained knowledge of the several assessment kinds, including scrutiny, regular,
and self-evaluations. I also studied the particular provisions of the Income
Tax Act that specify the steps and prerequisites for every kind of assessment,
which improved my comprehension of how the authorities
review and examine tax returns.

Day 4 of the Week - Activities Performed in the Organization:

Documentation pertaining to the first two phases of the income tax return
procedure and the assessment appeal process was completed on the fourth
day of work. I made sure that all the information was appropriately
documented by creating thorough records and summaries of income,
deductions, and tax computations.

Day 5 of the Week - Activities Performed in the Organization:

Roaster Day off for employees

Learning from the week:

ITR Concepts: Gained a comprehensive understanding of the stepsinvolved

in filing an Income Tax Return.

Income Heads: Learned about the different categories of income,

including salary, property, capital gains, business, and other income.

Assessment Proceedings: Developed an understanding of the types and

procedures of income tax assessments, including relevant sections.

Documentation: Improved skills in documenting income tax returns and

assessment appeal processes.