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: 5)

Week No: 5 Dates From 16th May 2024 To: 25th June 2024

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

The first day of week five was focused on reading an intimation made to the
Sonalika seeking the completion of the assessment in compliance with the
Income Tax Act in order to comprehend the income tax assessment process.
This required carefully reading the intimation notice's precise methods and
legal procedures, which gave insight into how the tax authorities communicate
and handle assessments.

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

The second day was dedicated to gathering the fundamental information that
the income tax department asked for, as detailed in the notice . The team
learned how to compile and arrange the required financial records and data
under Mr. Vishal Gupta's (DGM Finance and Accounts, Head-
Taxation) direction. This required knowing the precise data points that were
needed, like income information, deductions, and past-due tax payments, and
making sure they were gathered correctly.
Day 3 of the Week - Activities Performed in the Organization:

Continuing from the previous day, all the data needed for the evaluation
procedure was gathered. This required checking that all data was correct and
up to date, thoroughly reviewing financial records, and coordinating with
pertinent agencies to obtain any missing information. The team, made sure that
the data collection procedure adhered to the guidelines in the notice and was
methodical.

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

all collected data was compiled and meticulously checked to ensure its
accuracy and completeness. This entailed making sure all necessary
documents were included, cross-checking the material for consistency, and
arranging the data into a logical framework. In order to guarantee that the data
complied with the guidelines and specifications established by the income tax
department for the assessment procedure, this step was essential.

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

On the fifth day, the collected data was scanned electronically in accordance
with the income tax department's established restrictions and submitted for
evaluation. To make sure the data was accurately digitized and uploaded in
compliance with the department's policies, the team employed specialized web
tools and platforms. This last stage was crucial to ensuring that the assessment
process could run properly and that the tax authorities could review all the
relevant data.

Learning from the week:

Assessment Process: Gained a thorough understanding of the income tax

assessment procedure through detailed reading of intimation notice.
Data Preparation: Under the direction of Mr. Vishal Gupta, I learned the
fundamentals of gathering the necessary financial data for tax assessments.
Methodical Data Collection: Acquired expertise in methodically gathering
essential financial data and liaising with pertinent departments.
Data verification: Improved capacity to gather and verify data for correctness .