A Project Report

on

“Taxation, Finance and Auditing at MDMS & Associates”

School of Banking, Financial Services and Insurance

Batch 2018- 2021

Faculty Mentor Submitted By:

Dr. Navdeep Barwal Juhi Marmat

2018BBBF018
 Symbiosis University of Applied Sciences, Indore
School of Banking, Financial Services and Insurance

TO WHOMSOEVER IT MAY CONCERN

This is to certify that the Summer Project Study Report, titled “Taxation, Finance and Auditing”
submitted by Mr./ Ms. Juhi Marmat as partial fulfillment of requirement of the three-year BBA
(2018-2021) is a bonafide work carried out by the student at our Institute.

This Summer Project Study is his/her original work and has not been submitted to any other
University/Institute.

Dr. Navdeep Barwal Dr. Kapil Shrimal

Faculty mentor Director

Date: 23/5/21
Place: Indore
 Declaration Certificate by Student

DECLARATION BY THE STUDENT

I, Juhi Marmat, student of BBA batch (2018-2021) declare that the project entitled “Taxation,
Finance and Auditing”, is my own work conducted under the supervision of Dr. Navdeep Barwal as a
partial fulfillment of Summer Internship Program for the course of BBA submitted to
…………………………………………………… and Symbiosis University of Applied Sciences, Indore
Department: School of Banking, Financial Service and Insurance

I further declare that to the best of my knowledge the project does not contain any part of any work
which has been submitted for any other project either in this institute or in any other without proper
citation.

Place: Indore
Date: 23/5/2021 Signature of the Candidate
 Executive Summary
A. The Company
Name–MDMS & Associates
FRN–025779C
Constitution–Partnership Firm
Number of Partners–4(Four)
Founded in year 2018, MDMS & Associates is a Chartered Accountants firm providing Audit and
Assurance, Taxation, Finance and Advisory services.
Our philosophy is of partnering with our clients and not being a distant service provider. Since businesses
are inherently different, we tailor our services to meet client’s specific needs. We recruit, train, motivate
and retain highly capable and sharpest talent, who bring quality in their work and deliver the best solutions.
We help dynamic organizations unlock their potential for growth by providing meaningful, forward-
looking advice. Proactive teams led by approachable partners, use insights, experience and instinct to
understand complex issues for clients and help them to find solutions.
Under the able direction of 4 partners, MDMS’s team strength is uniquely positioned to provide you
quality opinions and services.

Vision: Our vision is to provide tailor made solutions for our clients and help them to pave a path towards
success.
We believe in transforming the traditional way of practice and bring in an atmosphere where clients are not
treated different but as a part of our own organization.

Mission: Our mission is delivering value-based services that result in the maximization of client’s worth
and the enhancement of business prospects and growth.
The mission is communicated to our team equipped with knowledge experience and integrity. We believe
in continuous development and collaborative growth, strive to succeed by exceeding client expectations of
affordability, quality and time-bound delivery schedules and help clients gain increased momentum in their
growth and effectiveness.

B. The Problem or Opportunity

Finance Sector in India flourishes itself with ample amount of opportunities with CA firms being a pillar of
finance sector who either work with corporates or on there to work this finance sector. The internship
tenure of 14 weeks has brought out another opportunity for me to take a deep dive into finance sector more
closely by understanding the inspection level of auditing, taxation which is another important focused area
for government and financial advisory services. In the internship I encountered accounting, taxation, direct
and indirect both related problems and learned how to solve with great guidance under the young talents.

C. Methodology
The methodology included using all guidelines prescribed, methods and executed the course with the
management and worked out accordingly. It included working effectively and efficiently with accuracy to
come to the solution and perform all the task assigned as per our mentors.
Following of all standards, ethics and audited methods helped me to perform each task and gaining
knowledge about the taxation in our country.

D. Key parts of the report & your findings and solutions provided in the report.
Key part of the report includes the theoretical knowledge about the Indian taxation system and the working
in a practical way and complementing the actual cases being faced and worked as per our mentors to
provide the clients the best possible solutions. It provided us the command on finance sector in terms of
taxation with client specific problems.

E. Benefits to the company/institution through your report.

Through this internship report, CA firm can help other internship seekers with our experience working with
them and they can employ more such interns in future and can help them in learning about taxation and
GST and other finance related work. They could use them as reference to other people with their positive
experience, give positive image in the market.
The benefit of dedicated internship will provide them with immediate positive working environment and
great deal of help in their work. This can help them know how to delegate BBA interns the work and assess
their capabilities.
 TABLE OF CONTENTS

S. No Particulars

1. Internship Objective

2. Company Profile

3. Weekly overview of internship objectives

4. Introduction

5. Internship Discussion

6. Conclusion

7. Bibliography
 INTERNSHIP OBJECTIVES

The study is undertaken with the following objectives:

General objective: To complete the internship program. As per requirement of BBA program
of Symbiosis University of Applied Science, a student need to work in a BFSI organization for
minimum 14 weeks to acquire practical knowledge about real business operations of a
company.

Specific objective:
To work at entry level position in a challenging environment where I can learn and use my
skills in areas of accounting and audits.
- Practical knowledge of taxation and audit of GST and financial statements, review of
code of corporate governance.
- Possess practical knowledge of MS Office including Ms. Word, PowerPoint and Ms.
Excel
- To develop skills & techniques directly applicable to our career.
- To build the strength, teamwork spirit and self confidence in student life.
- To enhance the ability to improve one’s creativity skills and sharing ideas.
- To build a good communication skill with group of workers and to learn proper behavior
of corporate life in industrial sector.
- Meet professional role models and potential mentors who can provide guidance,
feedback, and support.
- Expand network of professional relationships and contacts.
- Develop a solid work ethic and professional demeanor, as well as a commitment to
ethical conduct and social responsibility.
 COMPANY PROFILE

SWOT Analysis:
STRENGTH
1. Good reputation in the market
2. Expertise in taxation, audit and GST.
3. Skilled workforce
4. Brand name
5. Customer loyalty
6. Well trained management

WEAKNESS
1. Decline profile margin
2. Company has little market presence
3. Small staff
4. Weakness in retaining talent

OPPORTUNITIES
1. Employment chances
2. New technologies available to improve system
3. Higher demand
4. Complex tax laws enhancing opportunities

THREATS
1. Increase in competition
2. Brand recognition
3. Online facilities
4. Change of needs of customers
5. Risk involved
6. External changes (government, politics etc.)
 WEEKLY OVERVIEW OF INTERNSHIP ACTIVITIES

 SUMMARY OF WEEKLY REPORT OF 5th January to 8th January 2021

Task Assigned Learning Outcome of the week

Brief introduction to Tally and feed I got to learn about how to use tally and its benefits in
entries maintaining accounting entries for companies.
Understand concept of TDS, TCS and I got to learn about how TDS, TCS and RCM work in
RCM taxation and how it plays an important role in filing
income tax and GST returns.
Preparation of Reconciliation of GST data I got to learn about how to reconcile tally data and
and Books data GST data (which is auto populated 2A- extracted by
system) and track the difference.
Work on Client’s data and understand their I learned how to manage monthly data of a client for
working filing GST 3B returns of previous month adhered to the
deadlines and formatting in excel.

SUMMARY OF WEEKLY REPORT OF 11th January to 15th January 2021

Task Assigned Learning Outcome of the week

File GSTR 1 of Oddivile (client) I learned about how to file GSTR1 in which sale
information of previous month is put into the portal and
then filed using EVC.
Understand the concept of LUT I learned about the concept of LUT which is used for
companies exporting their services and an undertaking is
being filed.
Analyze shareholding of a client and find I learned how to analyze shareholding of long and
out the concluding amount short term transactions and take out the final amount
which could be used to file IT returns.
Understand the concept of TDS on GST I learned about how TDS impact the GST related returns
and how one can pay TDS in respect of GST.

SUMMARY OF WEEKLY REPORT OF 18th January to 22nd January 2021

Task Assigned Learning Outcome of the week

File GSTR1 and GSTR 3B of a Client I learned how to fie GSTR1 and GSTR 3B and file
them respectively according to the rates and calculation
made from the raw data obtained from client.
File Nil Return of client (P Pampers) I got to know how to file nil return of a client in case
of no sale and purchase made by the client.
File TDS of clients using Compu Tax I learned how to file TDS of a client and remove all
 the errors for final filing.
Frame Financials of a Company (Sandesh I got to know how to frame financials of a company
Yarn ) using their tally data which can be used as a basis for
future decisions and predictions.

SUMMARY OF WEEKLY REPORT OF 25th January to 29th January 2021

Task Assigned Learning Outcome of the week

Understand the concept of 80GG of I learned about the concept of 80GG used for rent paid
Income Tax Act, 1961 and its conditions which could be used by the client in
their filings.
Understand the concept of GST returns I learned about how all the returns work on GST
working portal and how an individual file GST return for their
business and ITC and output liability works.
Understand the concept of Form 10BA I learned about what are the details required to fill
form 10BA and its use for taking exemption in rent
paid.
Prepare Financials of KIC and Oddiville Prepared provisional balance sheet and profit and loss
statement of the clients using tally

SUMMARY OF WEEKLY REPORT OF 1st February to 5th February 2021

Task Assigned Learning Outcome of the week

Understand the concept of GSTR 9 I learned about how GSTR 9 (annual return) is filed at
the end of the year by the client.
GST Audit of Nakoda I started working on GST Audit of client (Nakoda) by
reconciling purchase and sale books and portal.
Reconciliation of Books and 2A I learned how to reconcile books and 2A (partywise) to
track down the differences and discuss it with client.

SUMMARY OF WEEKLY REPORT OF 8th February to 12th February 2021

Task Assigned Learning Outcome of the week

Request for PAN Reprinting and changes As per the client records, I put forward the request on
in PAN portal for reprinting of PAN and changes as per
AADHAR.
GST Audit of Nakoda I continued working on GST audit while discussing it
with my mentor and take it further with changes
mentioned by them.
Working of unregistered sales of a client I worked on GST Working provided by client (classic
Shoes) for filing GSTR 3B of the respective month.
GSTR 3B Working of a client I worked on raw data provided by client and continued
their working for January for filing their returns and
 track the difference (if any).

SUMMARY OF WEEKLY REPORT OF 15th February to 19th February2021

Task Assigned Learning Outcome of the week

E- Verify of ITR Returns I learned how to e-verify the IT returns of individuals
by verifying via OTP and file it successfully.
GST Audit of Shubham Jewels I started working on GST Audit of another client
(shubham Jewels) with reconciliation of purchase and
sales with books and portal.
Collection of Documents of Shuttlers Hub I learned what are the documents required for loan
for Loan processing processing in case of partnership and gathered them by
contacting with clients.
Performed 2A Reconciliation of client I performed 2A reconciliation with portal and books
(Shri Vidya Sagar Enterprises) party wise and prepared a comparative sheet for
analysis.

SUMMARY OF WEEKLY REPORT OF 22nd February to 26th February 2021

Task Assigned Learning Outcome of the week

GST Audit of Elami Plywood I worked on GST Audit of Elami Plywood by
reconciling the data provided by client and data present
on the portal.
Rule 89 of GST I got to learn about the concept of 89 of GST and how
it is implemented.
GST Audit of Parda Agencies I worked on GST Audit of Parda Agencies and tracked
down the differences through GST portal data and
client’s information.

SUMMARY OF WEEKLY REPORT OF 1st March to 5th March 2021

Task Assigned Learning Outcome of the week

Formation of Net worth Statement of Got to know about how a networth statement of a
Clients client is being formed by deducting assets from
liabilities, a declaration is being made in name of the
client.
Updating Cash Book I worked on the cash book of our own firm and updated
it in tally and excel maintained.
Updated Provisional Financials I worked on the provisional financials of the
companies and updated as per the changes made and
updated depreciation as per the companies act 2013.
 SUMMARY OF WEEKLY REPORT OF 8th March to 13th March 2021

Task Assigned Learning Outcome of the week

GSTR 1 of Elami and Shakti Plywood I worked on monthly tally data of clients and updated
their GSTR 1 on portal and filed them using EVC or
DSC.
Check on Income tax updates I checked on any income tax updates on the site and
studied them for how we can use them for our clients.
MSME Registration of a Client Got to know about how to register someone on MSME
which will help them avail the benefits provided by the
government in different sectors.
ITR Returns I worked on previous ITR Returns and then formulated
ITR Returns for upcoming assessment year for loan
purposes.
Reconciliation of GST with portal and Worked on data of clients (Elami and BAOF) and
books performed party wise and month wise and tracked down
the differences for discussion with the clients.

SUMMARY OF WEEKLY REPORT OF 15th March to 20th January 2021

Task Assigned Learning Outcome of the week

Formulation of Bank Summary I got to learn how to frame bank summary from the bank
statement which include incoming transactions which
could be used in GST and track the sales made.
Worked on Tally of Brain Inventory I worked on Tally data of the client and made changes
with reference to the heads of different expenses and
income.
CMA of Client I got to know how to make CMA of a client which
includes financial statement and future predictions
regarding revenue and expenses.
Collect Documents of Sandesh Yarn for I collected the documents required for a company for
Loan Processing taking up the loan for further expansion and arranged
them in order of requirement.

SUMMARY OF WEEKLY REPORT OF 22nd March to 26th March 2021

Task Assigned Learning Outcome of the week

Working of NIT Enterprises Worked on client’s data for previous month returns and
formulate how much sales to show in respect of raw data
and bank summary
Understand the concept of Late fees on GST I learned how to calculate late fees, penalty and interest
not filed for unfiled GST Returns for the client and then add up
with the remaining Tax Liability calculated.
Income Tax Updates I checked on income tax updates like DTSV and
further related updates and how it could create
 important impact for the client.

SUMMARY OF WEEKLY REPORT OF 29th March to 5rd April 2021

Task Assigned Learning Outcome of the week

GSTR 3B of Client I worked on GSTR returns of client by taking GSTR 1
as base and filed the return respectively for the client.
IT Returns of Client I worked on IT Returns of client by taking previous year
returns as base and filed their respective returns.
Create Client Master and update Bank I worked on compu tax and created client master of the
details on Compu Tax client which is the unique identification for the client
and update respective details of the client.
Arrange Bank Statements and ITR Returns I worked on client data and arranged bank statements of
of a client for loan processing different accounts held by individual and KYC
documents for loan processing for the client.

INTRODUCTION

Chartered Accountant is a one of the growing sectors in India. In a scenario where more and more
CAs are entering into practice, it is opportune for you as well to fulfil aspirations of establishing
one’s own firm. There, it’s come where I met 4 young CA aspirant and my mentor who guided
me in every path of my internship. I worked in MDMS & Associates, Indore. I thought to get
internship out of my box and gain new knowledge about Chartered accountancy. I joined the firm
on 5th January, 2021. Internship prolong for 14 weeks that is from 5 th Jan, 2021 to 5th April, 2021.
In my internship tenure I have performed different work and tried my best to enhance my ability
and apply the knowledge that I gained during my course.
 When I started my internship session it was the peak time for CA firm, because new clauses were
introduced by government due to Covid-19. The firm is located in central premises of Indore in
South Tukoganj.
Values shared by firm:
1. Partnership: Instead of being a distant service provider, we collaborate with our clients in all our
engagements, work with them as a team and take ownership and responsibility of things, to create
long-lasting partnerships.
2. Integrity– Our services are aimed at protecting our client’s interests. By adopting transparent
processes and adhering to highest ethical standards, we ensure client confidentiality and our own
credibility. Whilst collaborating with our clients, were main absolutely independent to deliver
unbiased opinions.
3. Diligence– We take initiative to complete tasks rather than waiting to be told what to do. We
identify our own goals and the goals of people that we work for and strive to realize those goals.
4. Discipline– We believe in discipline as it helps us to stay focused on reaching our goals, gives us
the gumption to stick with difficult tasks, and allows us to overcome obstacles and discomfort as
we push ourselves to new heights.

The work I completed during the internship:

1. Indian Taxation
a. Filing
b. Compliance Service
c. Appellate Proceedings
2. Audit and Assurance
a. GST Audit
b. Stock Audit
c. Internal Audit
d. Tax Audit
3. Financial advisory
a. Project Report
b. Loans
4. Consultancy
5. Accountancy
 INTERNSHIP DISCUSSION

Getting internship done from renowned CA firm was a great opportunity and learned new concept
about Indian taxation and GST Audit. This internship not only help me with gathering knowledge but
also helped me knowing that in today’s era it’s crucial of every individual to know important of their
own finance.

Objective achieved through:

1. Networking contact: It helped me to interact with professional people and different industrial senior. Its
boost my confidence to talk to stranger who is more experience than me.
2. Potential Job: I gain knowledge about Indian taxation system and GST. It challenged me in every step
of the process and giving excel in every performance. It will be easier for me to find job with having
work ethics, skills, creativity, ability to work with others and overall fit with a company.
3. Expose me to the environment and expectation pf performance on the part of accounting practice.
4. Enhance and expand the knowledge of the taxation, GST and accounting.

Skills learned during internship:

1. Communication skill
2. Advancing Excel, Word and PowerPoint
3. Teamwork
4. Networking
5. Soft skill
6. Boost confident
7. Problem solving skill
8. Work ethics: One won’t really learn about work ethics until we are in a tangible work environment. In
college, we are used to making excuses for late submissions, short attendance and what not! But it is
only when we are introduced to the actual environment that we learn work ethics.
9. Adaptability skill: Not everyone is adaptable from the beginning. Being adaptive to my surroundings
easily is one of the most useful soft skills not only desirable to employers but also important to my
self-growth.
10. Time management: It helps me learn to manage my time better by maintaining a balance between my
work and personal life, without harming any of them.
 Learnings during internship in details:

INCOME TAX
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or
profits earned by them (commonly called taxable income). Income tax generally is computed as the
product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of
the taxpayer and the type of income.
Taxable income of taxpayer’s resident in the jurisdiction is generally total income less income
producing expenses and other deductions. Generally, only net gain from sale of property, including
goods held for sale, is included in income. Income of a corporation's shareholders usually includes
distributions of profits from the corporation. Deductions typically include all income producing or
business expenses including an allowance for recovery of costs of business assets. Many jurisdictions
allow notional deductions for individuals, and may allow deduction of some personal expenses. Most
jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to
other jurisdictions on such income. Non-resident is taxed only on certain types of income from
sources within the jurisdictions, with few exceptions.

How to file Income Tax Return (ITR)?

1. Collect required documents such as TDS certificates (Form16/16A), capital gains statement
The first step is to collect all the documents you will need to file your ITR such as Form 16, salary
slips, and interest certificates etc. The documents will help you compute your gross taxable income
and will provide you with the details of tax deducted at source (TDS) from your income
Form 16 is a TDS certificate given by your employer, if tax is deducted from your salary income.
Similarly, your bank is required to issue Form-16A for TDS deducted on interest payment to you on
fixed deposits. Ensure that all the TDS certificates received by you from all the deductor are in the
TRACES format.

2. Download and check Form 26AS

Form 26AS is your tax passbook which consists of all the details of the tax that has been deducted
from your income during the FY and deposited against your PAN. You must cross-check your TDS
certificates with Form 26AS to ensure that tax deducted from your incomes such as salary, interest etc.
is deposited with the government and against your PAN.

3. Rectify the errors in Form 26AS, if any

 If the amounts shown in the TDS certificates (Form-16, Form-16A etc.) and Form 26AS do not match,
then you must take up the matter with your deductor to get the errors rectified. The deductor can be
your employer, bank or others and request him to correct the details.
If the error is not rectified, then you will not be able to claim the credit on that tax which is deducted.
Chartered accountants advise that one should keep track of your Form 26AS during the financial year
to avoid any discrepancies at time of filing ITR.
If your TDS is deducted but not deposited with the government and your deductor is not paying heed
to your complaints, then the Central Board of Direct Taxes (CBDT) has issued certain circulars
regarding the same. The circulars state that income tax officers must not harass the deductee.

4. Compute total income for the financial year

Once you have collected all the documents needed and verified all the taxes that are deducted from
your income, you are required to compute the total income chargeable to tax.
Total income is computed by adding incomes from five different heads and claiming all the relevant
deductions allowed under the Income-Tax Act and setting off losses, if any.
Remember filling salary details in ITR is easier as the information required can be easily found in
Form-16. In addition to that, you are required to provide source wise bi-furcation of the incomes
taxable under the head Income from other sources.

5. Compute your tax liability

After computing your total income, you must calculate your tax liability by applying the tax rates in
force for FY as per your income slab. With new tax regime and old tax regime both in force, tax payer
has the option of choosing which regime they want to use and accordingly file income tax.

6. Calculate final tax payable, if any

Once you have computed your tax liability in the earlier step, deduct the taxes that have been already
paid by you through TDS, TCS and Advance Tax during the year.

7. File income tax return after all taxes are paid

Once taxes, if any due, are paid by you, you can start the process to file your ITR. If you want to claim
any refund from the tax department, you can do so only if you file your ITR. Therefore, you will have
to file your ITR even if you are not mandatorily required to do so as per rules. While filing your ITR
ensure that you are using the correct ITR form to file it. If you file your ITR using the wrong form,
then it will be termed as a defective return and you will be required to file it again.
8. E-verification acknowledgement
If you verify your ITR using an electronic method, then you will immediately receive the confirmation
from the tax department regarding verification of your ITR. If you have sent ITR-V via post to the I-T
department, they will send you an email confirming that your ITR-V has been received by the I-T
department, i.e., your return stands verified. The email will be sent to the email address you have
registered in your e-filing account on the income tax department's e-filing website.

GOODS AND SERVICES TAX

Introduction
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect
taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was
passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods
and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on
every value addition. GST is a single domestic indirect tax law for the entire country.
Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central
GST and State GST are charged. All the inter-state sales are chargeable to the Integrated GST.
Components of GST
There are three taxes applicable under this system: CGST, SGST & IGST.

 CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a
transaction happening within Maharashtra)

 SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction
happening within Maharashtra)

 IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Maharashtra
to Tamil Nadu)

GST Registration
For any entity operating business in India, to fill GST and take the benefits and file indirect tax in the
country, registration on GST portal is necessary.
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill
states) is required to register as a normal taxable person. This process of registration is called GST
registration.
For certain businesses, registration under GST is mandatory. If the organization carries on business
without registering under GST, it will be an offence under GST and heavy penalties will apply.
 GST registration usually takes between 2-6 working days.
Who should register on GST Portal?

 Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)

 Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-
Eastern States, J&K, Himachal Pradesh and Uttarakhand)

 Casual taxable person / Non-Resident taxable person

 Agents of a supplier & Input service distributor

 Those paying tax under the reverse charge mechanism

 Person who supplies via e-commerce aggregator

 Every e-commerce aggregator

 Person supplying online information and database access or retrieval services from a place
outside India to a person in India, other than a registered taxable person

Working of GST Portal

After registering the business or entity on GST portal, one can file GST returns to avail the benefits of
ITC input after fulfilling all the conditions required.
There are three components which are required to file quarterly or monthly on the portal as per the
conditions fulfilled.

 GSTR 3B:

GSTR-3B is a self-declared summary GST return filed every month (quarterly for QRMP scheme). It
must be filed by a registered taxpayer from July 2017 onwards.

 A separate GSTR-3B must be filed for every GSTIN

 The GST liability must be paid on or before the date of filing GSTR-3B, earlier of its due date
 The GSTR-3B once filed cannot be revised
 Even in case of a zero liability, GSTR-3B must be compulsorily filed

During the tenure of internship, I filed GSTR 3B of different clients as per their sales and purchases to
register their output liability and input tax credit.
Late fees and Penalty
A late fee is charged for filing GSTR-3B of a tax period after the due date. It is levied as follows:
 Rs.50 per day of delay

 Rs.20 per day of delay for taxpayers having nil tax liability for the month

In case the GST dues are not paid within the due date, interest at 18% per annum is payable on the
amount of outstanding tax to be paid.

 GSTR 1:

GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except
a few as given in further section. It contains details of all outward supplies i.e., sales. The return has a
total of 13 sections, listed down as follows:

 Tables 1, 2 & 3: GSTIN, legal and trade names, and aggregate turnover in the previous year
 Table 4: Taxable outward supplies to registered persons (including UIN-holders) excluding
zero-rated supplies and deemed exports
 Table 5: Taxable outward inter-state supplies to unregistered persons where the invoice value is
more than Rs.2.5 lakh
 Table 6: Zero-rated supplies as well as deemed exports
 Table 7: Taxable supplies to unregistered persons other than the supplies covered in table 5 (net
of debit notes and credit notes)
 Table 8: Outward supplies that are nil rated, exempted and non-GST in nature
 Table 9: Amendments to outward supplies that are taxable and reported in table 4,5 & 6 of the
earlier tax periods’ GSTR-1 return (including debit notes, credit notes, refund vouchers issued during
the current period)
 Table 10: Debit note and credit note issued to unregistered person
 Table 11: Details of advances received or adjusted in the current tax period or amendments of
the information reported in the earlier tax period.
 Table 12: Outward supplies summary based on HSN codes
 Table 13: Documents issued during the period.

GSTR 1 only holds the sales details of the taxpayers which should reconcile with the details of GSTR
3B. These details need to be filed monthly by the taxpayers. A return filed cannot be revised. If any
mistake is being made, then it can be rectified in the next month filing. For example, if any wrong
figure is filed in December month filing, then it can be rectified in January month.
Late fees for GSTR 1
As per the GST law, a late fee for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per the
CGST Act and Rs. 100 as per SGST Act). The late fee will be charged from the date after the due
 date. However, after going through the notifications issued up to February 2021, the late fees continue
to be levied at a reduced fee of Rs. 50 per day and Rs 20 per day (for nil return). Note that on the GST
portal, the late fee on GSTR-1 is currently not being demanded as a part of payment challan in PMT-
06 at the time of filing GSTR-3B. However, the tax officer may raise a notice demanding late fee for
the period of delay at the time of assessment of returns.

 GSTR 2A

GSTR 2A is a purchase-related tax return that is automatically generated for each business by the GST
portal. When a seller files his GSTR-1, the information is captured in GSTR 2A   It takes information
of goods and/or services which have been purchased in a given month from the seller’s GSTR-1. You
are required to verify (and amend) this return before filing in on GST Portal. 
Since GSTR 2A is an auto generated statement, it needs to reconcile with GSTR 3B and if there is
excess ITC or less ITC claimed, that needs to be rectified in the upcoming returns filed by the
taxpayer.
These components constitute the monthly or quarterly returns filed by the taxpayer on a regular basis
of the previous month. In terms of filing, for easing the process of filing for the taxpayer, government
introduced quarterly returns monthly payment scheme which as follows:
New scheme- quarterly returns monthly payment (QRMP)
As a part of the ‘Ease of Doing Business’ Initiative, the CBIC has come with a new Scheme for filing
GST Returns named Quarterly Return Monthly Payment Scheme under Circular No. 143/13/2020-
GST on 10th November 2020. This helps the small taxpayers whose yearly turnover is less than INR
5 Crore. This scheme allows the Taxpayers to File returns Quarterly and tax payment Monthly
effectively from January 2021.
Eligibility:
A taxpayer (taxpayer/persons) who is registered on the GST Portal and is filing the return in Form
GSTR-3B and has an aggregate yearly turnover of up to 5 Crore INR of the preceding financial year
are eligible for this new scheme of QRMP. Some classes of Taxpayers are by default in the criteria of
this scheme are automatically redirected in this scheme. 
When can a taxpayer Opt-Out?
In case the taxpayer exceeds the aggregate turnover of 5 Crore INR during any quarter of the current
FY, then they need to opt-out from the scheme and they need to file the return every month, on the
common portal from the succeeding quarter. If the aggregate turnover again falls below 5 Crore then
they can again opt for this scheme.

Reverse change mechanism

 Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the
receiver becomes liable to pay the tax, i.e., the chargeability gets reversed.

When is Reverse Charge Applicable?

A. Supply from an unregistered dealer to a registered dealer
If a vendor who is not registered under GST, supplies goods to a person who is registered under GST,
then Reverse Charge would apply. This means that the GST will have to be paid directly by the
receiver to the Government instead of the supplier. The registered dealer who has to pay GST under
reverse charge has to do self-invoicing for the purchases made. For Inter-state purchases the buyer has
to pay IGST. For Intra-state purchased CGST and SGST has to be paid under RCM by the purchaser.
B. Services through an e-commerce operator
If an e-commerce operator supplies services then reverse charge will be applicable to the e-commerce
operator. He will be liable to pay GST. For example, UrbanClap provides services of plumbers,
electricians, teachers, beauticians etc. UrbanClap is liable to pay GST and collect it from the
customers instead of the registered service providers. If the e-commerce operator does not have a
physical presence in the taxable territory, then a person representing such electronic commerce
operator for any purpose will be liable to pay tax. If there is no representative, the operator will
appoint a representative who will be held liable to pay GST.
C. Supply of certain goods and services specified by CBEC
CBEC has issued a list of goods and a list of services on which reverse charge is applicable.  
Self-invoicing is to be done when you have purchased from an unregistered supplier AND such
purchase of goods or services falls under reverse charge.
This is due to the fact that your supplier cannot issue a GST-compliant invoice to you, and thus you
become liable to pay taxes on their behalf. Hence, self-invoicing, in this case, becomes necessary.
TDS and TCS on GST
TDS refers to the tax which is deducted when the buyer of goods or services, such as government
departments, makes payments under a business contract. On the other hand, TCS refers to the tax
which is collected by the electronic commerce operator when a seller supplies some goods or services
through its website and the payment for that supply is collected by the electronic commerce operator.
Who is liable to deduct TDS under GST?

 A department or an establishment of the Central Government or State Government; or

 Local authority; or

 Governmental agencies; or
 Such persons or category of persons, notified by the Government.

 Public sector undertakings, or

 A society established by the Central or any State Government or a Local Authority and the
society is registered under the Societies Registration Act, 1860, or

 An authority or a board or any other body which has been set up by Parliament or a State
Legislature or by a government, with 51% equity (control) owned by the government.

What is the rate of TDS to be deducted under GST?

The rate of TDS notified under the GST laws is 2% (1% CGST+1% SGST or 2% IGST) on the
payments made to the seller of taxable goods or services

From a deductee or supplier’s standpoint, there will an automatic reflection in his electronic ledger
once the deductor files his/her returns under the TDS system. The deductee can claim credit in his
electronic cash ledger of this tax deducted and use it for payments of other taxes, at his convenience.
TDS majorly helps in bringing the unorganized sectors to comply with the tax provisions and keeps
frauds at bay.
Likewise, TCS in GST regulates the online sellers, keeps a check on the transactions and ensures
timely deposit of tax with the government.
TCS on Sale of Goods
Provisions of TCS on sale of goods applies when any seller receives consideration for the sale of
goods from a buyer of an amount exceeding INR 50 lakh in a single financial year and turnover of
such seller in the preceding financial year exceeds INR 10 crore.
However, TCS does not apply in the case where:

 Goods are exported outside India or imported in India;

 Buyer is liable to deduct tax at source (TDS) on such goods;

 Buyer is Central Government, State Government, Embassy, High Commission, Legation,

or trade representation of a foreign state;

 Buyer is a local authority as per section 10(20) of the Act;

 The goods are already covered under the existing provisions of TCS (e.g., alcoholic liquor,
tendu leaves, scrap, motor vehicles, etc.)
 Rates and Administration
TCS is required to be collected on receipt of sale consideration in excess of INR 50 lakh at the rate
of 0.1% (0.075% for the period between 1 October 2020 to 31 March 2021). However, in case the
buyer does not furnish PAN/Aadhar, the rate shall be 1% (will this not be 0.75%).
The TCS so collected by the seller is required to be deposited with the government by the 7th day of
every month following the month in which TCS is collected.

GST AUDIT
Audit under GST involves examination of records, returns and other documents maintained by a GST
registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input
tax credit availed and assess other such compliances under GST Act to be checked by an authorized
expert. GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax
liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed
his tax liability a robust audit mechanism is a must. 
Operations under GST Audit
Vouching: Vouching is a procedure followed in the process of the audit to authorize the credibility of
the entries entered in the books of accounts. In simple and easier words, it is a precise investigation of
the presented documents of the firm by an auditor to check the correctness and accuracy of such
documents. It is the foremost step of the auditing process based on which auditor performs his work
and prepare an audit report.
Preparing reconciliation between:

 Financials Statements audited and provisional financials made by the accountant or CA and match the
turnover and purchase details
 Books and GSTR 3B (for determining net tax liability left for filing by the tax payer in the FY)
 Books and GSTR 3B (for determining input tax liability left to be filed by the tax payer against what is
there in the books maintained)
 Books and GSTR 2A (for determining the net differences in the auto generated statement and books
maintained by the taxpayer)
 Party Wise reconciliation between GSTR 2A and books to determine the difference ITC
  These corrections and differences tracked by auditor needs to be filed in GSTR 9C with the comments
to be put forward

Accounts that need to be Review:

 Sales Register

 Stock Register

 Purchase Register and Expenses ledgers

 Input tax credit availed and utilized

 Output tax payable and paid

 E-way bills generated during the period under Audit, if in compliance with rules.

 Any documents that record communications from the GST department relating to the year.

Review of comments by GST Auditor:

The Auditor must report any tax liability pending for payment by the taxpayer, identified through the
reconciliation exercise and observations made on GST audit. Taxpayers can settle taxes as
recommended by the auditor in Form DRC-03.
Submission of GST Audit report & Annual return:
The finalized GSTR-9C can be certified by the same CA who conducted the GST audit or it can also
be certified by any other CA who did not conduct the GST Audit for that particular GSTIN. The
following must be reported and certified by the GST Auditor or the certifier:

 Whether or not all the requisite accounts or records are maintained.

 Whether or not the Financial Statements are prepared as per the books of
accounts maintained at the principal place of business or additional place of business of the taxpayer.

 Certify the accuracy of information in GSTR-9C.

 To list down the audit observations or reservations or comments, if any.

GSTR 9C
Every registered person whose aggregate turnover during a financial year exceeds two crore rupees
shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and
shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in
FORM GSTR-9C.
Who must prepare & submit GSTR-9C?
GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. It must be
filed on the GST portal or through a facilitation center by the taxpayer, along with other documents
such as the copy of the Audited Accounts and Annual Return in form GSTR-9. This statement is
applicable to all those taxpayers who must get their Annual Accounts audited under the GST laws.
Audit under GST applies to those registered persons whose Annual aggregate turnover exceeds rupees
two crores^ in that FY. ^The limit is enhanced to Rs.5 crore for the GSTR-9C of FY 2018-19 as per
the CBIC notification dated 23rd March 2020.

ADDITIONAL WORK PERFORMED OTHER THAN TAXATION:

FINANCIAL CONSULTANCY
A financial consultant is essentially the same as a financial advisor. They often offer a number of
services, with their financial advice being based on the client’s specific needs and goals. In some
cases, a financial consultant may have more financial planning experience than the typical financial
advisor. Financial consultants usually provide investment services as well, though.
In our Firm, we prepared provisional financial statements of the clients to provide them financial
consultancy for their business. Provisional financial statements are basically prepared from the books
provided by the clients which acts as a basis for future investments and expenses by the clients which
could increase their turnover and what could be more done for future business developments.
In short, financial consultants offer personalized advice to help investors build wealth. They may offer
financial planning, identify well-suited investments and guide insurance decisions. They often direct
the buying and selling of investments, like stocks and bonds, on their clients’ behalf. Some may also
sell financial products.

BUSINESS CONSULTANCY
Business consultants are essentially professional advisors. Organizations and firms in all industries
hire outside business consultants to help them solve particular problems or to get advice on the best
way to handle certain aspects of their business. Once employed, a business consultant will
 professionally analyse the business and create solutions designed to help the company reach their
goals. While most business consultants work as independent contractors, it is possible to hire an in-
house employee.

OTHER TOPICS DISCUSSED

LUT IN GST
Letter of Undertaking is prescribed to be furnished in the form GST RFD 11 under rule 96 A, whereby
the exporter declares that he or she will fulfil all the requirement that is prescribed under GST while
exporting without making IGST payment.

Who needs to file LUT in Form GST RFD-11?

GST LUT is to be submitted by all GST registered goods and service exporters. The exporters who
have been prosecuted for any offense and the tax evasions exceeding Rs 250 lakhs under CGST Act or
the Integrated Goods and Service Act, 2017 or any existing laws are not eligible to file the GST LUT.
In such cases, they would have to furnish an Export bond.
Here the motive of the government was to expand the export base by providing reliefs on exports.
Under CGST Rules 2017, any registered person can furnish an Export bond or LUT in GST RFD 11
without paying the integrated tax. They can apply for LUT if:

1. They intend to supply goods or services to India or overseas or SEZs

2. Are registered under GST

3. They wish to supply goods without paying the integrated tax.

Process for filing LUT Certificate

The first step in furnishing an LUT in GST refund process is to log into your profile on the GST
portal.

 Under the ‘Services’ tab, the ‘User Services’ drop-down has the option of ‘Furnish Letter of
Undertaking (LUT)’.

 Once this is selected, the first thing to do is to select the financial year. This is where a manually
furnished LUT can also be uploaded in PDF or JPEG format.

 Next, a self-declaration must be filed, in which one undertakes to:

o Complete the export of goods/services within three months of the date of issue of export
invoice, or such further period as allowed by the Commissioner

o Adhere to the GST laws with respect to exports

o In case of failure to export, pay the IGST along with interest at the rate of 18% from the
invoice date to the date of payment of IGST

 You are required to fill in the names of two independent witnesses, along with their occupations
and addresses.

 In the next screen, enter the place of filing. Once this procedure is complete, you may preview
the form.

 The application can be signed with a registered digital signature certificate or via electronic
verification code. Both options appear on the form. Once signed and submitted, the form cannot be
edited.

 You can download the letter of undertaking application from the GST portal.

SECTION 80G DEDUCTION FOR RENT PAID

Usually, HRA forms part of your salary and you can claim deduction for HRA. If you do not receive
HRA from your employer and make payments towards rent for any furnished or unfurnished
accommodation occupied by you for your own residence, you can claim deduction under section
80GG towards rent that you pay. Here are a few conditions that must be fulfilled-

 You are self-employed or salaried

 You have not received HRA at any time during the year for which you are claiming 80GG HRA
component should not form part of your salary to claim 80GG.

 You or your spouse or your minor child or HUF of which you are a member – do not own any
residential accommodation at the place where you currently reside, perform duties of the office, or
employment or carry-on business or profession.

 In case you own any residential property at any place, for which your Income from house
property is calculated under applicable sections (as a self-occupied property), no deduction under
section 80GG is allowed.

You will be required to file Form 10BA with details of payment of rent. Deduction –the lowest of
 these will be considered as the deduction under this section-
(a)    Rs 5,000 per month
(b)   25% of the total Income (excluding long-term capital gains, short-term capital gains under section
111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is
before making a deduction under section 80GG).
(c)    Actual rent less 10% of Income Do take benefit of this section – provided all conditions have
been fulfilled by you. 

LEAVE TRAVEL CONCESSION (LTC)

It is an exemption for allowance/assistance received by the employee from his employer for travelling
on leave.
Conditions for Claiming LTC:

 Actual journey is a must to claim the exemption

 Only domestic travel is considered for exemption i.e., travel within India. No international
travel is covered under LTA

 The exemption for travel is available for the employee alone or with his family, where ‘family’
includes the employee’s spouse, children and wholly or mainly dependent parents, brothers, and
sisters of the employee. Further, such an exemption is not available for more than two children of an
employee born after 1 October 1998. Children born before 1 October 1998 do not have any restriction.
Further, in cases of multiples births on second occasion after having one child is also not affected by
this restriction.

Eligible LTC Exemption

The exemption is available only on the actual travel costs i.e., the air, rail or bus fare incurred by the
employee. No expenses such as local conveyance, sightseeing, hotel accommodation, food, etc., are
eligible for this exemption. The exemption is also limited to LTA provided by the employer.
Block Year
A block year is different from a financial year and is decided by the Government for LTA exemption
purposes. It comprises of 4 years each. The very first 4-year block commenced from 1986. List of
block years are 1986-1989, 1990-93, 1994-97, 1998-2001, 2002-05, 2006-09, 2010-13 and so on. The
block applicable for the current period is the calendar year 2018-21. The previous block was the
calendar year 2014-17.
Carryover of Unclaimed LTA
In case an employee has not availed exemption with respect to one or two journeys in any of the block
of 4 years, he is allowed to carryover such exemption to the next block provided he avails this benefit,
in the first calendar year of immediately succeeding block.
Procedure to Claim LTC
Procedure to claim LTA is generally employer specific. Every employer announces the due date
within which LTA can be claimed by the employees and may require employees to submit proof of
travel such as tickets, boarding pass, invoice provided by travel agent etc. along with the mandatory
declaration. Though it is not mandatory for employers to collect proof of travel, it is always advisable
for employees to keep copies for his/her records and also to submit to employer based on LTA policy
of the company/to tax authorities on demand.

TCS ON JEWELLERY SALE

Section 206C(1D) provides for TCS obligation on sale of jewellery, sale of bullion, and residuary limb
being any other goods (other than bullion or jewellery), if the value of consideration received in cash
exceeds specified limits as under:
For sale of jewellery, cash consideration exceeding Rs. 5 lakhs for sale of bullion and any other goods
in residuary category, cash consideration exceeding Rs. 2 lakhs
The Finance Bill 2017 proposes to omit specific reference to jewellery’ from section 206C(1D) such
that post amendment, TCS obligation would be in respect of cash sale of “bullion” or “any other
goods (other than bullion)” of an amount exceeding Rs. 2 lakhs. The proposed amended provision
would read as under:
“(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of
bullion or jewellery [or any other goods (other than bullion or jewellery) or any other goods (other
than bullion) or providing any service], shall, at the time of receipt of such amount in cash, collect
from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,
—
(i) for bullion, exceeds two hundred thousand rupees; or
(ii) for jewellery, exceeds five hundred thousand rupees; [or]
(iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two
hundred thousand rupees:”
An issue arises as to whether the proposed amendment intends to take out sale of jewellery completely
from TCS levy or intends to retain the TCS levy on jewellery but with lower threshold of Rs. 2 lakhs.
A plain reading of the amended s. 206C(1D) (as reproduced above) would suggest that jewellery
would now be covered under residuary clause “any other goods (other than bullion)” with lower
threshold of Rs. 2 lakhs. The understanding, that the proposed amendment lowers the threshold of
 cash sale of jewellery from 5 lakhs to 2 lakhs, is also in line with the provisions of proposed 269ST
restricting the amount of receipt in cash receipt by any person in excess of Rs. 3 lakhs. There seems to
be no reason to exclude cash sales of jewellery beyond Rs. 2 lakhs from out of TCS levy- more
particularly, jewellery is identified as source of investing black money.
However, the Explanatory Memorandum while dealing with the proposal in the Finance Bill, 2017 on
introduction of section 269ST suggests as “It is also proposed to consequentially amend the provisions
of section 206C to omit the provision relating to tax collection at source at the rate of one per cent of
sale consideration on cash sale of jewellery exceeding five lakh rupees.”

FORM 26QB
Form 26QB is a return-cum-challan form for the payment of Tax Deducted at Source (TDS) to the
government for deductions made under Section 194-IA of the Income Tax Act, 1961. This section of
the Act specifically deals with transactions involving the sale of immovable property and the
applicable TDS along with Form 26QB needs to be submitted within 30 days counted from the end of
the month in which TDS was deducted. For instance, if the transaction occurred on 14th March then
Form 26QB must be mandatorily submitted by 30th April.

Key Features of Form 26QB under Section 194-IA

The Income Tax Act, 1961 has laid out a few key rules regarding sale and purchase of immovable
property. In such transactions covered under Section 194-IA, the buyer, also known as the deductor, is
required to deduct TDS if the transaction value is more than Rs. 50 lakhs. Subsequently, the deductor
will required to issue Form 16B to the deductee (seller).
All the requirements for Form 26QB have been listed under Section 194-IA. They are:

 Under Section 194-IA, the buyer must deduct TDS at the rate of 1% of the total sale amount at
the time of completing the transaction.

 TDS u/s 194-IA is not applicable to transactions involving agricultural land.

 TDS on immovable property sale is not applicable for transactions valued at less than Rs.50
lakhs. For transactions beyond this limit, TDS is deducted on the entire transaction amount. For
instance, if the property cost Rs.52 lakhs then you have to pay TDS on Rs.52 lakhs and not Rs.2 lakhs
(Rs.52 lakhs – Rs.50 lakhs).

 If the payment is made in instalments then TDS is deducted proportionately on each individual
instalment.
 The buyer does not need to obtain Tax Deduction Account Number (TAN) to deduct and
deposit TDS. However, PAN is mandatory for both the seller and the buyer in case TDS deduction
occurs using Form 26QB.

 The buyer is supposed to deposit TDS and submit form 26QB within 30 days from the end of
the month in which TDS was deducted.

 In case there are multiple buyers and sellers involved in the transaction, the deductor will be
required to submit multiple Form 26QB.  

 After deducting and depositing TDS, the buyer must furnish a TDS certificate to the seller
within 15 days of the transaction in lieu of the tax deducted and deposited to the government.

 The buyer must then obtain Form 16B and furnish it to the seller.

Results/ observations/ work experience:

I thoroughly enjoyed my internship this semester and now have very valuable experience under my
belt. I know this will help when looking for jobs and needing references. I was dreading it in the
beginning, but now I am so happy it was required.

We all know that practical experience is the best, and internships give students that hands-on
experience they need. I feel that quality internships are essential to develop key skills that you can't
get in a classroom. Skills such as multitasking, communicating, learning to deal with diversity, and
dealing with deadlines are different when you are working for someone else, not yourself like you do
in college. It is also a great way to network with people in the industry. My boss and co-workers
were great about giving me contacts and referring me to open positions in the industry.

I learned that customer service is hard. You can’t please everyone. There are people in this world that
are simply difficult. I have learned that stressing over little things will not get me anywhere. I have
learned to work well as a team and that without my counterparts the work would not get done.
Another aspect that I learned throughout my internship is to never be afraid to ask lots of questions.
By asking questions I got answers.

It would be beneficial to encourage students to find their internship based on their future career goals.
It's not always necessary to stick to what's listed or given to us to find the perfect internship. I found
my internship on my own. MDMS does not usually have interns, and never posts listings on the web
site. I really wanted an internship that would prepare for my chosen career path, and didn't find
anything that interested me on the web site or in the e-mails that were sent out.

"I think that an internship is extremely valuable to a student. It is a small taste of the real world. It
helped reinforce my knowledge of responsibility, focus, drive and ambition. I had to be responsible
for people’s taxation, audit, getting to work on time, fulfilling my word and completing all of the tasks
that I was assigned. I learned focus. I learned drive during really long days of events. I got tired, but
didn’t give up. The only way to gain experience, and move up in the working world is to be driven,
focused and to have a will to never give up.

"I never realized how important experience is in the working world. Obviously in the college bubble
we are warned of many things, but until we actually face them, they are just that, warnings. The work
world is grueling and it is now obvious as to why it is so important to do what you love. Because even
with jobs that you love there will be days when you just want to quit. Starting out in the working
world is also humbling, being the "new kid", having to do all the work that no one else wants to do
and having the crappy schedules.

It provides a different perspective and a context for academic learning, an opportunity to put theory
into practice. It helped me to develop ideas for my future planning. It helped me to chose my career
and broader perspective to look forward.

Challenges that I faced during the internship:

I faced lot of challenges during my internship as I was new to this field where I had minimal
information/or knowledge about the topic. But it was fun and fascinating doing this internship. During
starting of internship, I was hesitated to ask question as I thought if I ask the question, I would be
judged but my supervisor told me that ‘don’t assume: always ask or check if you’re not sure. You will
avoid silly mistake and crumbly bridges. Communication is one of those internship challenges that can
actually hinder your internship time. In starting, I faced awkward introduction- You’re introduced to a
lot of people. Actually, too many people to remember the names and their department/designations.

I might politely say, hello but I don’t really know what to say next. So, I remain awkwardly quiet.

There is change in lifestyle that can be quite jarring. A balance between work, academics, and
personal life also seems to be a challenge.

Sometime supervisors forget that we are newbie to the field, sometimes it gets difficult to understand
what they said need to go through lot of deep understanding to particular topic.
 CONCLUSION

Internship is a bridge between theoretical knowledge and practical knowledge. Now that I have
completed my Internship, I believe the experience I have gathered working in the official environment
will be proven vital for me to go ahead in my professional life. During my internship I have realized
how finance have been contributing more and more to the development of cooperate world.
Past 14 weeks has brought lot of change in my life which help me in increasing my knowledge and
also helpful in coming future.
There were lot of new thing I learnt in doing this internship such as:
Improve communication skills.
Analyze the business situation.
Establish high standard in professionalism.
Learn more than the theoretical knowledge.
Learn book keeping practices of different companies.
Apply the theoretical knowledge in actual organization.
Compare practical aspects with theoretical aspects.
Make quick decision in real situation.
Learn how promote and conduct research in business area.
Promote my personal knowledge and professional preparation for future. To properly integrate my
theoretical knowledge and practical work.
Plan for the future of oneself and learn how to adjust in an organization.
Know how to present your recommendations in front of your boss.
Get knowledge of opportunities and threats while entering into an organization.
Get exposure to do a work in an organization and also known about organizational behavior, ethical
rules and regulations.
 BIBLOGRAPHY

To complete this report, I have collected all the information from the partners and articles of MDMS
and Associates.
Theory information about taxation, accounting and audit are taken from below website:
1. Income Tax:
https://www.incometaxindiaefiling.gov.in/home,
https://cleartax.in/s/income-tax
2. GST audit:
https://cleartax.in/s/gst-law-goods-and-services-tax
3. Tally:
https://tallysolutions.com/tally/banking-in-tally-erp 9/#:~:text=Bank%20Entry%20in%20Tally.,-ERP
%209&text=Debit%20the%20Bank%20Ledger%20and,Debit%20%2F%20Credit%20Bank
%20%2FCash.