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Internships at aChartered Accountants company like provide valuable hands-on experience. The quality
of an internship can vary based on several factors, including the company’s commitment to training and
development, the structure of the internship program, and the opportunities for professional
growth.Internships are super important for students and fresh graduates because they offer real-world
experience and help bridge the gap between academic learning and professional work. Here are some
key reasons why internships matter:

 FINANCE
Finance, the process of raising funds or capital for any kind of expenditure. Consumers, business firms,
and governments often do not have the funds available to make expenditures, pay their debts, or
complete other transactions and must borrow or sell equity to obtain the money they need to conduct
their operations.

 ACCOUNTING
Finance, the process of raising funds or capital for any kind of expenditure. Consumers, business
firms, and governments often do not have the funds available to make expenditures, pay their debts,
or complete other transactions and must borrow or sell equity to obtain the money they need to
conduct their operations.

 FOCUS OF ACCOUNTING:
Accountants and auditors prepare and examine financial records, identify potential areas of opportunity
and risk, and provide solutions for businesses and individuals. They ensure that financial records are
accurate, that financial and data risks are evaluated, and that taxes are paid properly.

 TALLY IN ACCOUNTING:
Tally is used to maintain the financial record of the company that includes net deduction, net payment,
bonuses, and taxes. 3. Management in the banking sector: Banks use Tally to manage various user
accounts, and also calculate interests on deposits. Tally Support can make the calculation easy and
banking simpler.

 BALANCESHEET IN ACCOUNTIN:
The balance sheet is one of the three fundamental financial statements and is key to both financial
modelling and accounting. The balance sheet displays the company’s total assets and how the assets are
financed, either through either debt or equity. It can also be referred to as a statement of net worth or a
statement of financial position. The balance sis equation: Assets = Liabilities + Equity.

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 TYPES OF ACCOUNTING

1. Financial Accounting
Financial accounting involves the preparation of accurate financial statements. The focus of financial
accounting is to measure the performance of a business as accurately as possible. While financial
statements are for external use, they may also be for internal management use to help make decisions.

2. Managerial Accounting
Managerial accounting analyses the information gathered from financial accounting. It refers to the
process of preparing reports about business operations. The reports serve to assist the management team
in making strategic and tactical business decisions.
Managerial accounting is a process that allows an enterprise to achieve maximum efficiency by
reviewing accounting information, deciding on the best next steps to follow, and then communicating
these next steps to internal business managers.
In India, Chartered Accountants are regulated by the Institute of Chartered Accountants of India (ICAI)
which was established by the Chartered Accountants Act, 1949. Chartered accountants were the first
accountants to form a professional accounting body, initially established in Scotland in 1854. Chartered
accountants work in all fields of business and finance, including auditing, taxation, financial and general
management. Some are engaged in public practice work others work in the private sector and some are
employed by government bodies.

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TAX:
Tax may be defined as a “pecuniary burden laid upon individual or property owners to support the
government. a payment exacted by legislative authority. A tax “is not a voluntary payment of donation,
but an enforced contribution, exacted pursuant to legislative authority” In simple words, tax is nothing
but money that people have to pay government, which is used to provide public service.

 DIRECT TAX AND INDIRECT TAX

Direct Taxes:
A direct tax is a kind of charge, which is imposed directly on the taxpayer and paid directly to the
Government by the persons (juristic or natural) on whom it is imposed. A direct tax is one that cannot be
shifted by the taxpayer to someone else. A significant direct tax imposed in

Indirect Taxes:
If the taxpayer is just a conduit and at every stage the tax- incidence is passed on till it finally reaches
the consumer, who really bears importee Brunt of it, such tax is indirect tax. An indirect tax is one that
can be shifted by the taxpayer to someone else.
Its incidence is borne by the consumers who ultimately consume the product or the service, while the
immediate liability to pay the tax may fall upon another person such as a manufacturer or provider of
service or seller of goods. Also called consumption taxes, they are regressive in nature because they are
not based on the principle of ability to pay. All the consumers, including the economicallychallenged
bear the brunt of the Indirect taxes are levied on consumption, expenditure, privilege, or right but not on
income or property. Hitherto, a number of indirect taxes were levied in India, namely, excise duty,
customs duty, service tax, central sales tax (CST),
value added tax (VAT), entry tax, purchase tax, entertainment tax, tax on lottery, betting and Gambling,
luxury tax, tax on advertisements, etc. indirect taxes equally. India is income tax. However, indirect
taxation in India has witnessed a paradigm shift on July 01, 2017 with utterances into a unified indirect
tax regime wherein a large number of Central and State indirect taxes have been amalgamated into a
single tax – Goods and Services Tax (GST). The introduction of GST is a very significant step in the
field of.

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 GENESIS OF GST IN INDIA

 It has now been more than a decade since the idea of national Goods and Services Tax (GST)
was mooted by Kelkar Task Force in 2004. The Task Force strongly recommended fully
integrated ‘GST’ on national basis.

 Subsequently, the then Union Finance Minister, Shri P. Chidambaram, while presenting the
Central Budget (2006-2007), announced that GST would be introduced from April 1, 2010.
Since then, GST missed several deadlines and continued to be shrouded by the clouds of
uncertainty.

 The talks of ushering in GST, however, gained momentum in the year 2014 when the NDA
Government tabled the Constitution (122nd Amendment) Bill, 2014 on GST in the Parliament on
19th December, 2014. The Lok Sabha passed the Bill on 6th May, 2015 and Rajya Sabha on 3rd
August, 2016. Subsequent to ratification of the Bill by more than 50% of the States, Constitution
(122nd Amendment) Bill, 2014 received the assent of the President on 8th September, 2016 and
became Constitution (101st Amendment) Act, 2016, which paved the way for introduction of
GST in India.

 In the following year, on 27th March, 2017, the Central GST legislations – Central Goods and
Services Tax Bill, 2017, Integrated Goods and Services Tax Bill, 2017, Union Territory Goods
and Services Tax Bill, 2017 and Goods and Services Tax (Compensation to States) Bill, 2017
were introduced in Lok Sabha. Lok Sabha passed these bills on 29th March, 2017 and with the
receipt of the President’s assent on 12th April, 2017, the Bills were enacted. The enactment of
the Central Acts was followed by the enactment of the State GST laws by various State
Legislatures. Telangana, Rajasthan, Chhattisgarh, Punjab, Goa and Bihar were among the first
ones to pass their respective State GST laws.
 GST is a path breaking indirect tax reform which will create a common national market. GST
has subsumed multiple indirect taxes like excise duty, service tax, VAT, CST, luxury tax,
entertainment tax, entry tax, etc.

 France was the first country to implement GST in the year 1954. Within 62 years of its advent,
about 160 countries across the world have adopted GST because this tax has the capacity to raise
revenue in the most transparent and neutral manner.

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 CONCEPT OF GST
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. After subsuming majority indirect taxes, GST is a single domestic indirect tax law
for the entire country.

 The Journey of GST in India:

The GST journey began in the year 2000 when a committee was set up to draft law. It took 17 years
from then for the Law to evolve. In 2017, the GST Bill was passed in the Lok Sabha and Rajya Sabha.
On 1st July 2017, the GST Law came into force.

 Salient features of proposed GST

1. Dual GST
Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every
supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST),
and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a
State. The input tax credit of CGST would be available for discharging the CGST liability on the output
at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on
output. No cross utilization of credit would be permitted.

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2. Inter-State Transactions and the IGST Mechanism

The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State
supply of goods and services. The IGST mechanism has been designed to ensure seamless flow of input
tax credit from one State to another. The inter-State seller would pay IGST on the sale of his goods to
the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that
order). The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The
importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and
SGST) in his own State. The Centre will transfer to the importing State the credit of IGST used in
payment of SGST.

3. Destination-Based Consumption Tax

GST will be a destination-based tax. This implies that all SGST collected will ordinarily accrue to the
State where the consumer of the goods or services sold resides.

4. Central Taxes to be subsumed

i. Central Excise Duty
ii. Additional Excise Duty

iii. The Excise Duty levied under the Medicinal and Toiletries Preparation Act
iv. Service Tax

v. Additional Customs Duty, commonly known as Countervailing Duty (CVD)

vi. Special Additional Duty of Customs-4% (SAD)

vii. Cesses and surcharges in so far as they relate to supply of goods and services.

5. State Taxes to be subsumed

i. VAT/Sales Tax

ii. Central Sales Tax (levied by the Centre and collected by the States)
iii. Entertainment Tax
iv. Octroi and Entry Tax (all forms)

v. Purchase Tax
vi. Luxury Tax

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vii. Taxes on lottery, betting and gambling

viii. State cesses and surcharges in so far as they relate to supply of goods and services

6. All goods and services, except alcoholic liquor for human consumption, will be
brought under the purview of GST
i. Petroleum and petroleum products have been constitutionally included as ‘goods’ under
GST. However, it has also been provided that petroleum and petroleum products shall not
be subject to the levy of GST till notified at a future date on the recommendation of the
GST Council. The present taxes levied by the States and the Centre on petroleum and
petroleum products, viz. Sales Tax/VAT and CST by the States, and excise duty the
Centre, will continue to be levied in the interim period.

ii. Taxes on tobacco and tobacco products imposed by the Centre shall continue to be levied
over and above GST.
iii. In case of alcoholic liquor for human consumption, States would continue to levy the
taxes presently being levied, i.e., State Excise Duty and Sales Tax/VAT.

7. GST Council
In the GST regime, a Goods and Services Tax Council is being created under the Constitution. The GST
Council will be a joint forum of the Centre and the States. This Council would function under the
Chairmanship of the Union Finance Minister and will have Minister in charge of Finance/Taxation or
Minister nominated by each of the States & UTs with Legislatures, as members. The Council will make
recommendations to the Union and the States on important issues like tax rates, exemption list,
threshold limits, etc. The recommendations made by this Council will act as benchmark or guidance to
Union as well as State Governments. One-half of the total number of Members of the Council will
constitute the quorum of GST council.
Every decision of the Council shall be taken by a majority of not less than three-fourths of the weighted
votes of the members present and voting in accordance with the following principles:

i. The vote of the Central Government shall have a weightage of one-third of the total votes
cast, and
ii. The votes of all the State Governments taken together shall have a weightage of two-
thirds of the total votes cast in that meeting.

Every decision of the Council shall be taken by a majority of not less than three-fourths of the weighted
votes of the members present and voting in accordance with the following principles:

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8. Floor rates of GST with band

GST rates will be uniform across the country. However, to give fiscal autonomy to the States and the
Centre, there will a provision of a tax band over and above the rate of the floor rates of CGST, SGST
and IGST. Initially, the rates of CGST, SGST and IGST are expected to be closely aligned to the
Revenue Neutral Rates (RNR) of the Centre and the States.

9. Goods and Services Tax Network (GSTN )

A not-for-profit, Non-Government Company called Goods and Services Tax Network (GSTN), jointly
set up by the Central and State Governments will provide shared IT infrastructure and services to the
Central and State Governments, tax payers and other stakeholders.

10. GST Compensation

Due to a shift from origin based to destination based indirect tax structure, some States might face drop
in revenue in the initial years. To help the States in this transition phase, the Centre has committed to
compensate all their losses for a period of 5 years. Accordingly, clause 19 has been inserted in the
Constitution (122nd) Amendment Bill, 2014 to provide for compensation to States by law, on the
recommendation of the Goods and Services Tax Council, for loss of revenue arising on account of
implementation of the goods and services tax for a period of five years
.

 COMPONENTS OF GST IN INDIA

There are 4 components of GST such as CGST, SGST, IGST, and UTGST. So, the kind of tax to be paid
under GST depends on whether the nature of supply is inter-state and intra-state. When the supply of
goods or services happens within a state or intra-state transactions, both the CGST and SGST will be
claimed. In case of supply between states or inter-state transactions, only IGST will be collected, and
when it happens within union territories, UTGST will be levied. Let us understand each component in
detail:

 CGST: Central Goods and Service Tax

The Central Goods and Services Tax or CGST is an indirect tax under the GST regime that is
applicable to intrastate transactions. Governed by the CGST Act, 2017, CGST is collected by the
Central Government. Based on Section 15 of the CGST Act, this tax is levied on the transaction
value of the goods or services supplied which is the price actually paid or payable for the said
supply of goods or services. For instance, if a supplier from Mumbai has sold goods worth Rs.
10,000 to a customer in Mumbai and the GST applicable is 18%, then CGST and SGST will be
divided equally. Hence, out of the total revenue earned, Rs. 900 will go to the Central
Government towards CGST.

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 SGST: State Goods and Service Tax

SGST is an indirect tax levied on the intrastate supply of goods and services and is collected by
the State Government of the respective state under the State Goods and Services Act, 2017. As
explained above, just like CGST, under section 15 of the SGST Act, SGST is levied on the
transaction value of the goods or services supplied which is the price actually paid for the supply
of goods or services. Additionally, as per sections 12 and 13 of the SGST Act, the obligation to
pay SGST is at the time of supply of goods or services and the CGST portion will also be levied
accordingly.

 UTGST: Union Territory Goods and Service Tax

UTGST is another indirect tax imposed and collected by the respective Union Territory under
the Union Territory Goods and Services Act (UTGST), 2017 on the intra-state supply of goods or
services. Alcoholic products meant for human consumption are excluded from the list of
products under UTGST. UTGST is applicable to the supplies of goods and services that take
place in the Union Territories of Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar
Haveli, Daman and Diu, and Lakshadweep. However, it is to be noted here that SGST law will
be applicable to the union territories of Delhi and Puducherry since these territories have their
private legislature and Government.

 IGST: Integrated Goods and Service Tax

The Integrated Goods and Services Tax or IGST is another component of GST that is applicable
to the interstate supply of goods and services as well as to imports and exports between 2 states.
The IGST is governed and collected by the Central Government under the IGST Act. The
accumulated tax is then divided between the respective states by the Central Government.

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 OBJECTIVES OF GST

1. Building a Common Market with Uniform Taxation

The Goods and Services Tax unifies India's market under a single tax regime. Doing so eliminates the
complex web of state and central taxes that vary from one state to another. This law brought uniformity
in taxation which simplified the tax structure and also ensured that goods and services flow seamlessly
across state borders without additional tax burdens.

2. Eliminating the Cascading Effect of Taxes

Before GST, businesses often faced the issue of 'tax on tax,' where the final consumer bore the burden of
multiple layers of taxation are included in the cost of goods and services. GST addresses this by
implementing a comprehensive input tax credit system, allowing businesses to claim credits for taxes
paid on input services. This mechanism significantly reduces the cascading effect, ensuring that tax is
levied only on the value addition at each stage of the supply chain, leading to lower costs for consumers
and a more transparent taxation process. .

3. Simplifying the Taxation System

GST simplifies the taxation system by collectively bringing multiple indirect taxes into a single tax. This
simplification reduces the administrative burden on businesses and the government, making tax
compliance easier and more efficient. The GST regime is supported by a digital-first approach, with all
processes, including registration, tax filing, and refunds, being managed online through the GST portal.
This digital infrastructure not only makes compliance straightforward but also minimizes human errors
and enhances the speed of processing tax-related matters.

4. Combining Many Indirect Taxes into One

One of the transformative aspects of GST is its ability to absorb most of the existing indirect taxes that
were previously levied by state and central governments, such as excise duty, service tax, VAT, and
others. This consolidation has significantly reduced the multiplicity of taxes, compliance obligations,
and the likelihood of double taxation, thereby simplifying the tax landscape for businesses. It has also
streamlined the government's tax administration process, making it more effective in tax collection and
enforcement.

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5. Widening the Tax Base

By setting a lower threshold for GST registration compared to previous indirect tax regimes, GST has
brought a larger number of businesses into the tax net. This expansion of the tax base is not only about
increasing tax revenues but also about creating a more equitable tax system where the tax burden is
shared more broadly. A wider tax base contributes to the formalization of the economy, as more
businesses become compliant with tax regulations. This formalization is beneficial for businesses as it
enhances their access to credit and other financial services, while also increasing the government's
revenue that can be used for public welfare and infrastructure development.

 GST RATES IN INDIA

• 0.25%- cut and semi polished stones are included under this tax slab.

• 5%- Sugar, Tea, PackedPaneer, Coal, Edible Oils, Raisins, DomesticLPG, Roasted coffee beans,
Skimmed milk powder, Cashew nuts, Foot wear, Milk Food for babies, Coffee (except instant).
• 12%-Butter, Ghee, Computer, Processed food, Almonds, Mobiles, Fruit juice Packed Coconut Water,
Umbrella.

• 18%- Hair oil, Capital goods, Toothpaste, IndustrialIntermediaries,Soap,Ice-cream, Pasta,Toiletries,

Cornflakes,Soups,Computers, Printers.
• 28%- Small cars, Luxury and sin items like BMWs, cigarettes

WHY GST IS IMPLEMENTED AND WHAT IS THE REASON TO IMPLEMENT

GST IN INDIA GST
was implemented to unify India's tax system, making it more efficient and transparent. The main
reasons were

❖ To simplify the complex tax structure and reduce confusion

❖ To eliminate the cascading effect of taxes, where taxes were charged on taxes

❖ To increase tax compliance and reduce evasion

❖ To boost economic growth by encouraging trade and commerce

❖ To bring India in line with global tax practices

In essence, GST aimed to create a seamless, pan-India market, where goods and services could be
traded freely, without multiple taxes and regulations. This would promote economic growth, increase
revenue, and make India a more attractive destination for investment and trade.

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 GST Return Forms:

 GSTR-1
GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and
services made. In other words, it contains the invoices and debit-credit notes raised on the sales
transactions for a tax period. GSTR-1 is to be filed by all normal taxpayers who are registered
under GST, including casual taxable persons.
Any amendments to sales invoices made, even pertaining to previous tax periods, must be
reported in the GSTR-1 return by all the suppliers or sellers registered under GST.
The filing frequency of GSTR-1 is currently as follows:
(a) Monthly, by 11th* of every month- If the business either has an annual aggregate turnover
of more than Rs.5 crore or has not opted into the QRMP scheme.
(b) Quarterly, by 13th** of the month following every quarter- If the business has opted into
the QRMP scheme.
*Till September 2018, the due date was the 10th of every month.
**Till December 2020, was the end of the month succeeding the quarter.

 GSTR-2A
GSTR-2A is a view-only dynamic GST return relevant for the recipient or buyer of goods and
services. It contains the details of all inward supplies of goods and services i.e., purchases made
from GST registered suppliers during a tax period.

The data is auto-populated based on data filed by the corresponding suppliers in their GSTR-1
returns. Further, data filed in the Invoice Furnishing Facility (IFF) by the QRMP taxpayer, also
get auto-filled.
Since GSTR-2A is a read-only return, no action can be taken in it. However, it is referred by the
buyers to claim an accurate Input Tax Credit (ITC) for every financial year, across multiple tax
periods. In case any invoice is missing, the buyer can communicate with the seller to upload it in
their GSTR-1 on a timely basis.
It was used frequently for claiming ITC for every tax period until August 2020. Thereafter, the
buyers are required to refer to the GSTR-2B, a static return, to claim the input tax credit for
every tax period. However, some taxpayers still find referring to the GSTR-2A beneficial at the
time of filing the annual GST return.

 GSTR-2B
The GSTR-2B is again a view-only static GST return important for the recipient or buyer of
goods and services. It is available every month, starting in August 2020 and contains constant
ITC data for a period whenever checked back.
ITC details will be covered from the date of filing GSTR-1 for the preceding month (M-1) up to
the date of filing GSTR-1 for the current month (M). The return is made available on the 12th of
every month, giving sufficient time before filing GSTR-3B, where the ITC is declared.

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The GSTR-2B provides the action to be taken against every invoice reported, such as to be
reversed, ineligible, subject to reverse charge, references to the table numbers in GSTR-3B

 GSTR-2
GSTR-2 is currently a suspended GST return, that applied to registered buyers to report the
inward supplies of goods and services, i.e. the purchases made during a tax period.
The details in the GSTR-2 return had to be auto-populated from the GSTR-2A. Unlike GSTR-
2A, the GSTR-2 return can be edited. GSTR-2 is to be filed by all normal taxpayers registered
under GST. However, the filing of the same has been suspended ever since September 2017.

 GSTR-3
GSTR-3 is again currently a suspended GST return. It was a monthly summary return for
furnishing summarized details of all outward supplies made, inward supplies received and input
tax credit claimed, along with details of the tax liability and taxes paid.

This return would have got auto-generated on the basis of the GSTR-1 and GSTR-2 returns filed.
GSTR-3 is to be filed by all normal taxpayers registered under GST, however, the filing of the
same has been suspended since September 2017.

 GSTR-4
GSTR-4 is the annual return that was to be filed by the composition taxable persons under GST,
by 30th April of the year following the relevant financial year. It has replaced the erstwhile
GSTR-9A (annual return) from FY 2019-20 onwards.
Prior to FY 2019-20, this return had to be filed on a quarterly basis. Thereafter, a simple challan
in form CMP-08 filed by 18th of the month succeeding every quarter replaced it.
The composition scheme is a system in which taxpayers dealing with goods and having a
turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed rate on the turnover declared.
Further, the service providers can avail a similar scheme as per CGST (Rate) Notification 2/2019
dated 7th March 2019 if their turnover is up to Rs.50 lakh.

 GSTR-5
GSTR-5 is the return to be filed by non-resident foreign taxpayers, who are registered under
GST and carry out business transactions in India. The return contains details of all outward
supplies made, inward supplies received, credit/debit notes, tax liability and taxes paid.
The GSTR-5 return is to be filed monthly by the 20th of each month under GSTIN that the
taxpayer is registered in India.

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 GSTR-5A
GSTR-5A refers to a summary return for reporting the outward taxable supplies and tax payable
by Online Information and Database Access or Retrieval Services (OIDAR) provider under GST.
The due date to file GSTR-5A is the 20th of every month.

 GSTR-6
GSTR-6 is a monthly return to be filed by an Input Service Distributor (ISD). It contains details
of input tax credit received and distributed by the ISD. It will further contain details of all
documents issued for the distribution of input credit and the manner of distribution.
The due date to file GSTR-6 is the 13th of every month.

 GSTR-7
GSTR-7 is a monthly return to be filed by persons required to deduct TDS (Tax deducted at
source) under GST. This return will contain details of TDS deducted, the TDS liability payable
and paid and TDS refund claimed if any.
The due date to file GSTR-7 is the 10th of every month.

 GSTR-8
GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST who
are required to collect tax at source (TCS). It contains details of all supplies made through the e-
commerce platform, and the TCS collected on the same.
The GSTR-8 return is to be filed on a monthly basis by the 10th of every month.

 GSTR-9
GSTR-9 is the annual return to be filed by taxpayers registered under GST. It is due by 31st
December of the year following the relevant financial year, as per the GST law. It contains the
details of all outward supplies made, inward supplies received during the relevant financial year
under different tax heads i.e. CGST, SGST & IGST and a summary value of supplies reported
under every HSN code, along with details of taxes payable and paid.
However, there are few exceptions such as taxpayers who have opted for the composition
scheme, casual taxable persons, input service distributors, non-resident taxable persons and
persons paying TDS under section 51 of the CGST Act.

 GSTR-9A
Ever since GSTR-4 (annual return) was introduced from FY 2019-20, this return stands
scrapped. Prior to that, GSTR-9A filing for composition taxpayers had been waived off for FY
2017-18 and FY 2018-19.

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 GSTR-9C
GSTR-9C is a self-certified reconciliation statement between the books of accounts and the
GSTR-9 that is to be filed by every registered person under GST whose turnover during a
financial year exceeds the prescribed limit of Rs.5 crore. The deadline to file this statement is the
same as the due date prescribed for GSTR-9, i.e., 31st December of the relevant financial year.
GSTR-9C is to be filed for every GSTIN, hence, one PAN can have multiple GSTR-9C forms
being filed.

 GSTR-10
GSTR-10 is to be filed by a taxable person whose registration has been cancelled or surrendered.
This return is also called a final return and has to be filed within three months from the date of
cancellation or cancellation order, whichever is earlier.

 GSTR-11
GSTR-11 is the return to be filed by persons who have been issued a Unique Identity Number
(UIN) in order to get a refund under GST for the goods and services purchased by them in India.
UIN is a classification made for foreign diplomatic missions and embassies not liable to tax in
India, for the purpose of getting a refund of taxes. GSTR-11 will contain details of inward
supplies received and refund claimed.

 GST Composition scheme

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers
can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can
be opted by any taxpayer whose turnover is less than Rs. 1.5 Crore.

Can Adopt the Composition Scheme:

The composition scheme is available to small taxpayers with a turnover of less than Rs. 1.5
crore, except in the case of special category states where the limit is Rs. 75 lakhs. The following
businesses can opt for the composition scheme ²:
➢ Manufacturers of goods
➢ Dealers
➢ Restaurants (not serving alcohol)
➢ Service providers with a turnover limit of Rs. 50 lakhs

 Place of supply
The place of supply for a GST transaction is the location of the person receiving the goods or services.
In case of goods, the place of supply is where the goods are delivered. So, the place of supply of goods
is the place where the ownership of goods changes. What if there is no movement ofgoods. In this case,
the place of supply is the location of goods at the time of delivery to the recipient. In case of services,
this means the supplier has taken the address and other details of the recipient at the time of supply of

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services. However, in case the address of recipient does not exist on record, then place of supply of
service would be the location of the supplier.

 ITC (Input tax credit)

'Input Tax Credit' or 'ITC' means the Goods and Services Tax (GST) paid by a taxable person on any
purchase of goods and/or services that are used or will be used for business. ITC value can be reduced
from the GST payable on the sales by the taxable person only after fulfilling some conditions.

Who can claim ITC?

The input tax credit can be claimed only by a person that has a GST registration and has filed the GSTR
2 returns. The dealer should possess the tax invoice or the debit note that is issued by the supplier of
input or the input services. The said goods or services or both should be received.

ITC can be claimed by a person registered under GST only if he fulfils ALL the conditions as
prescribed.

➢ The dealer should be in possession of tax invoice.

➢ The said goods/services have been received.

➢ Returns have been filed.

➢ The tax charged has been paid to the government by the supplier.

➢ When goods are received in instalments ITC can be claimed only when the last lot is received.

➢ No ITC will be allowed if depreciation has been claimed on tax component of a capital good.

➢ A person registered under composition scheme in GST cannot claim ITC.

 Time of supply
Time of supply is a relevant measure under the GST law for every transaction entered into by the
supplier of goods and services. Time of supply means the point in time when goods/services are
considered supplied’. When the seller knows the 'time', it helps him identify due date for payment of
taxes.

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 Time of supply of goods & services under forward charge:

Forward charge is a mechanism in which the supplier has to levy tax and remit the same to the credit of
the central or state Government. Under the current tax regime, tax is levied and collected on most
transactions using the forward charge mechanism (also called Direct Charge).

 Time of supply of goods under forward Charge

The liability of GST (CGST and SGST/UTGST or IGST, as applicable) will arise at the earliest of the
following:

• Date of invoice: The date on which the supplier issues the invoice

• Due Date to issue invoice: The last date on which the supplier is required to issue the invoice
with respect to the supply of goods. In case of supply of goods involving the movement goods, the
invoice needs to be issued at the time of removal. In other cases, at the time of delivery of goods to the
recipient.

• Receipt of payment: The date on which payment is received. The point of taxation in this case
will be the earliest of the date on which payment is accounted in the books of accounts of the recipient
or the date on which payment is credited to his bank account.

 Time of supply of services under forward charge

The liability of GST (CGST and SGST/UTGST or IGST, as applicable) will arise at the earliest of the
following

• Date of invoice: The date on which the supplier issues the invoice
• Due date to issue invoice: The last date on which the supplier is required to issue the invoice is 30
days from the date of supply of services. In case of a banking company, the invoice has to be issued
within 45 days from the date of supply of services.
• Receipt of payment: The date on which payment is received. The earliest of the date on which the
payment is accounted in the books of accounts or the date on which the payment is credited to his bank
account.

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 Time of supply of goods & services under reverse charge

Under the reverse charge mechanism, the recipient or buyer of goods or services has to pay tax to the
credit of the government unlike forwarding charge, where the supplier has to pay the tax. This
mechanism has primarily been introduced to ensure that the tax is collected on the sale of goods or
services from various unorganised sectors. This has helped the government to track and tax those
taxable goods and services which were so far not traceable.
In the previous regime, the relevant taxes were applicable on goods and services under Reverse Charge.
On purchases of goods made from unregistered dealers, the recipient (registered dealer) of goods had to
pay purchase tax on a reverse charge basis. Similarly, on certain notified categories of services, the
recipient had to pay service tax on a reverse charge basis. The burden of tax liability under reverse
charge, was applicable completely on the recipient of service or partially on the service provider and the
recipient of service, depending on the nature of the service.

 Time of supply of goods under reverse Charge

The liability of GST (CGST and SGST/UTGST or IGST as applicable) will arise at the earliest of the
following:

• Date of receipt of goods: The date on which the goods are received by the recipient
• Date of payment: The date on which payment is made. The earliest of the date on which the
payment is accounted for in the books of accounts of the recipient or the date on which the payment is
credited to his bank account

• 30 days from date of invoice: The date immediately following 30 days from the date of issue of
invoice by the supplier

 Time of supply of services under reverse Charge

The liability of GST (CGST and SGST/UTGST or IGST as applicable) will arise at the earliest of the
following

• Date of payment: Earliest of date of payment entered in books of accounts or the date on which
payment is credited to the bank accounts.

• 60 days from the date of invoice:In case payment is not made by recipient to service provider
within 60 days, the time of supply will the date immediately following the expiry of 60 days.

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 FORWARD CHARGE MECHANISMS [FCM]

In FCM, the supplier adds GST to the invoice and collects it from the buyer. The supplier

then pays the collected GST to the government. This is the most common method of GST
payment. The supplier acts as a tax collector, ensuring seamless tax compliance. Suppliers

bear GST payment responsibility.

 REVERSE CHARGE MECHANSIMS [RCM]

In RCM, the buyer pays GST directly to the government, not to the supplier. This applies to specific
cases like unregistered suppliers, import of services, and government department supplies. The buyer
claims input tax credit later. Recipients bear GST payment responsibility. RCM ensures tax compliance
in unique business scenarios.

 Tax Deducted Source (TDS) and Tax Collected at Source (TCS)

Tax Deducted at Source (TDS) is income tax reduced from the money paid at the time of making
specified payments such as rent, commission, professional fees, salary, interest etc.by the persons
making such payments. Usually, the person receiving income is liable to pay income tax.
Tax Collected at Source (TCS) is a tax payable by a seller which he collects from the buyer at the time
of sale of goods. Section 206 of the Income Tax Act mentions the list of goods on which the seller
should collect tax from buyers.

 GST REGISTRATION GST

Registration is a mandatory process for businesses to obtain a unique GSTIN. Businesses with annual
turnover exceeding 40 lakhs require GST registration. GST registration ensures compliance with GST
regulations and enables Input Tax Credit claims. The registration process involves submitting online
applications and uploading required documents.

Steps to fill up Part-A of GST Registration Application

 Step 1 – Go to the GST portal.
Click on Services. Then, click on the ‘Registration’ tab and thereafter, select ‘New Registration’.

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 Step 2 – Generate a TRN by entering the following details in Part A and Completing OTP
Validation
 Select New Registration radio button
 In the drop-down under ‘I am a’ – select Taxpayer

 Select State and District from the drop down

 Enter the Name of Business and PAN of the business

 Key in the Email Address and Mobile Number. Please note that you don't have to enter your
email id and mobile number if your contact details are linked with PAN.
 You will receive OTPs on the registered email id and mobile number or PAN-linked contact
details, as the case may be.

 Click on Proceed

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Step 3 – OTP Verification & TRN Generation

Enter the two OTPs received on the email and mobile or the PAN-linked contact details. Click on
Continue. If you have not received the OTP, click on Resend OTP.

 Step 4 – TRN Generated

You will receive the 15-digit Temporary Reference Number (TRN) now. This will also be sent to
your email and mobile or PAN-linked contact details. Note down the TRN. You need to complete
filling the part-B details within the next 15 days.

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 Step 5 – Log in with TRN

Once again go to the GST portal. Select the ‘New Registration’ tab. Select Temporary Reference
Number (TRN). Enter the TRN and the captcha code and click on Proceed.

Step 6 – OTP Verification

You will receive an OTP on the registered mobile and email or PAN-linked contact details. Enter the
OTP and click on Proceed

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Step 7 – Checking Application Status

You will see that the status of the application is shown as drafts. Click on Edit Icon

 IMPORTANCE OF INTERNSHIP:

1.Gain exposure to the professional world

University teaches you a lot but it doesn’t replicate the day-to-day flow of a professional environment.
With an internship, you get to experience what it is like to work in a real business environment .

2.Develop professional skills

During an internship, you will work alongside professionals in your field. This is your chance to learn
the skills, not from textbooks, but from experienced people who can show you the ins and outs of the
job.

3.Build your resume

A resume with just coursework listed won’t make you stand out in the Australian job market. An
internship program fills that gap. It shows employers you are proactive, take initiative, and are willing to
learn and gain experience.

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4. Network with professionals in your field

You will work alongside professionals in your field every day. This is your chance to get your name out
and make a good impression. These connections can be incredibly valuable for your career growth.
5. Explore different career options within a field
If you are not 100% sure exactly what you want to do within your field. Internships are the best way
to try things out and see what you like. You will gain real-world experience indifferent areas, letting you
see what you enjoy and what you don’t.
This can be a real eye-opener and help you refine your career goals. By graduation, you will have
a much clearer picture of your perfect career path.

 Objectives of Internship
1. Gain Practical Exposure to Accounting and Auditing
o Apply theoretical knowledge in real-world scenarios.

o Understand day-to-day operations like journal entries, ledger maintenance, bank

reconciliations, etc.

2. Understand Taxation Processes

o Learn the basics of direct and indirect taxation (e.g., income tax, GST).
o Assist in preparing tax returns and understanding tax planning.

3. Learn Audit Procedures

o Participate in internal and statutory audits under supervision.

o Understand audit planning, execution, and reporting.

4. Develop Analytical and Problem-Solving Skills

o Analyse financial data and identify discrepancies.
o Assist in preparing financial reports and audit findings.

5. Gain Familiarity with Financial Regulations

o Learn about compliance requirements under various laws (Companies Act, Income Tax
Act, GST, etc.).
o Understand how CA firms help clients stay compliant.

6. Enhance Communication and Professional Ethics

o Interact with clients and team members in a professional environment.
o Learn the importance of confidentiality, independence, and ethical conduct.

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7. Develop Software and Technical Proficiency

o Get hands-on experience with accounting software like Tally, Excel, and tax portals.

o Learn basic data management and documentation.

8. Time and Task Management

o Work on multiple assignments under deadlines.

 Scope of Internship in a CA Firm

1.Skill Development
Interning at a CA firm cultivates essential professional skills such as:

 Time Management: Balancing multiple assignments and meeting tight deadlines.

 Attention to Detail: Ensuring accuracy in financial documents and reports.
 Communication: Interacting with clients and team members effectively.
 Analytical Thinking: Interpreting complex financial data to provide insights.

2.Career Pathways Post-Internship

Completing an internship at a CA firm opens doors to various career opportunities, including:

 Auditor: Conducting financial audits for organizations.

 Tax Consultant: Advising clients on tax planning and compliance.
 Financial Analyst: Evaluating financial data to guide investment decisions.
 Management Accountant: Assisting in budgeting and performance evaluation within
companies.

 Corporate Finance Advisor: Providing strategic financial advice for business growth.
3. Accounting & Bookkeeping
• Preparation and maintenance of financial statements.

• Ledger entry, trial balance, bank reconciliation statements (BRS).

• Exposure to accounting software like Tally, QuickBooks, Zoho Books.

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4. Audit and Assurance

• Assistance in statutory audits, tax audits, and internal audits.

• Working with checklists, vouchers, invoices, and compliance procedures.

• Exposure to audit planning and documentation.

5. Taxation
• Preparation and filing of Income Tax Returns (ITR) for individuals and firms.
• Understanding GST registration, return filing, and reconciliation.

• Exposure to TDS, tax planning, and compliance.

6.Corporate Laws & ROC Filing

• Working on company incorporation, filing of ROC returns (MCA portal).
• Understanding Company Law compliance (Board meetings, annual returns, etc.).

 Focus of internship
 Gain experience:
Job listings often state that they prefer candidates with educational and job experience. If you're
new to the workforce or attending school, you may consider looking for an internship to gain the
experience required for most entry-level positions.

 Identify career goals:

An internship can give you an authentic experience in a job role by providing you with an
introductory experience to a career path, its duties and daily operations. If you enjoy your
internship, this might indicate that your career is on the right path.

 Skills Development:
Internships provide opportunities to learn new skills, enhance existing ones, and develop
professional competencies such as communication, teamwork, and problem-solving.

 Professional Networking:
Internships allow individuals to connect with industry professionals, build relationships, and
potentially gain future job opportunities.

 Resume Enhancement:
Internship experience can significantly strengthen a resume, demonstrating practical skills and
experience to potential employers.

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 Limitations of Internships:
Low Pay or Unpaid Opportunities:
My internship, particularly those in non-profit or academic settings, offer limited or no
compensation, which can be a financial strain for some students.

Demanding Workloads:
Internship may require long hours and a high level of responsibility, potentiallyleading burnout and
stress.

Limited Responsibilities:
In some cases, interns may be assigned repetitive or menial tasks, which can feel demotivating or
limit their learning opportunities.

Competitive Nature:
Finding an internship can be highly competitive, requiring strong applications, networking, and
persistence.

Organizational Challenges:
Interns may encounter challenges within the organization, such as unclear expectations, lack of
feedback, or difficulties navigating organizational structures.

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COMPANY PROFILE:
INTRODUCTION:
Chartered accountants are professional accountants who are qualified to take on several specific
activities within the spectrum of accountancy. The typical tasks of a chartered accountant include
auditing financial statements, filing corporate tax returns, and providing financial advising.

What Does a Chartered Accountant Do?

Chartered accountants are highly educated professionals who’s many job functions vary depending on
the area of accountancy they practice in. There are four main areas in which chartered accountants work:
 Taxation: Tax accounting deals with the preparations of tax returns and tax payments by
individuals, businesses, corporations, and other entities. This subsector of accounting focuses on
income or revenue, qualifying deductions, donations, and any investment gains or losses.
 Financial accounting and reporting: Financial accounting and reporting (FAR) monitors all
education and general funds, designated funds, auxiliary funds, restricted funds, and agency
funds. Accountants who work in FAR are responsible for maintaining a high level of
understanding of the rules and regulations and providing technical assistance to business and
organization.
 Applied finance: Applied finance is the practical application of financial knowledge and
methods. Chartered accountants in this subsector work for businesses and other organizations to
form profitable financial models and recommendations.

 Management accounting: In management accounting, also known as “managerial accounting,”

chartered accountants act as consultants by using the financial data of a company or organization
to inform smart decision-making and to assist in the management and performance of their
control functions.

ABOUT COMPANY:

COMPANY NAME:P Balaraju and Co. Company

LOCATION: No.125, 1st Floor, 6th C Main Road, 4th Block, Jayanagar, Bengaluru, Karnataka 560011

PHONE NUMBER:9739816665
P Balaraj and Co. Company Profile Information is operating as a Private Company - Operating. It
was officially incorporated on 01 January, 1970, making the company 0 years old. The company was
founded in the year -. It is categorised as - classified as -. Its Listing Status is -. As per the official
records of Ministry of Corporate Affairs (MCA), the Corporate Identification Number (CIN) of the
company is and Registration Number is -. Additionally, P Balaraju and Co. ’s Scrip Code is. It has

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been duly registered at Registrar of Companies -.

P Balaraju and Co. company’s details show that its current MCA status is -. As per the official
records, the company’s Authorized Capital is Rs. - and its Paid-up Capital is Rs. -. The last reported
Annual General Meeting (AGM) of the company was held on - and the last Balance Sheet was filled on
-. The list of current and past investors of the company with their respective Relationship Type, Stake
Held and % Stake can be.
P Balaraj and Co. company’s registered address is -. The company’s registered Email ID is -. P
Balaraju and Co. company’s website is.
The company is Doing Business As (DBA). It is operating in the Industrials industry.

 OVERVIEW AND LOCATION:

P Balarajand co in Jayanagar 4th block west, Bangalore financial services are essential for any business
or individual seeking to manage their finances effectively. one of the key aspects of financial services is
finding a reliable company that can provide the required services.

P Balaraju and co in Jayanagar 4th block west, Bangalore is a reputable financial service company that
offers high-quality financial services to clients in Jayanagar 4thBlock west Bangalore.
P Balaraju and co in Jayanagar 4thblock, west Bangalore has built a solid reputation for excellence and
customer satisfaction. the establishment is located near book of paradise, making it easily accessible for
clients seeking top-notch services in the area. The company is known for its convenient location and has
been serving the community for several years.

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 SERVICE OFFERED
GST Return
TDS Return
Income tax return
ITR Filing
 VISSION AND MISSION
VISION
vision is to be the most highly respected professional firm where company seek to build strong and
lasting relationships with company clients by providing them quality services which are personalized,
reliable and value driven. Where clients will be confident that their interests and business are being
cared for by a trusted firm that enjoys working with them and one another. A firm that will offer
comprehensive business and tax related services and assist enterprises to tackle complex situations in
the fast-changing scenarios of business with the power of rightful decision making.

MISSION
 Company will provide businesses, entrepreneurs and individuals with the highest quality
accounting, auditing, tax planning and business advisory services delivered in a timely, efficient
and innovative manner by a professional team that clearly enjoys working together to exceed
their clients’ needs and expectations.
 company will provide intelligent, dynamic and practical advice to company clients, to help them
to attain their full potential, improve the profitability of their business and to meet the challenges
of the business and economic world.
 Company will aim to add value to the community.
 Company will predominantly work with organisations in the charitable and voluntary sectors as
partners to help them achieve their desired outcomes.
 Company will use company extensive knowledge of law and regulations to help company clients
comply in areas of charity and company financial reporting and taxation. Client’s expectation
will be that we will always get this right.
 Company will partner with other like-minded professionals to bring company clients advice and
guidance in areas where we are not qualified or experienced.
 Company will at all times be mindful of our professional independence and company duty of
confidentiality.
 Company will embrace an ethical and environmental code which enhances the community in
which we work.
 Company will be generous.
 Company will be clear about company billing policy and fees and leave no areas of doubt about
companyclient’s investment in us, their responsibilities and company responsibilities.
 Company will strive on building relationships and social networks with clients & colleagues.

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VALUES
 Honesty, integrity and ethics in all we do
 Teamwork in an atmosphere of mutual respect
 Employ talented, caring and responsible people
 Develop leaders for the growth and health of our Firm
 Provide an enjoyable work environment
 Give back to the communities we serve

SWOT ANALYSIS :-
STRENGTHS—
1. Predictable revenue competition.
2. Recurring clientele innovation.

3. Expertise turnover.
4. Flexibility on Economy.

5. Enhanced efficiency.

WEAKNESS -
1. Limited staff and resources.

2. Limited technological adaption.

3. Limited marketing and brand awareness.
4. Limited Geographic research.

5. Inadequate specialization.

OPPORTUNITIES –
1. Growing demand from SMEs and startups for accounting and compliance services.

2. Expansion into advisory roles.

3. Increasing GST, Tax compliance and audit needs.

4. Outsourcing potentials for cost effectiveness.

5. Adoption of cloud based accounting and automation tools.

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TCS on Sales of Goods under Income Tax:

1st Oct 2020

TCS is the tax collected by the seller when goods are being sold to the buyer. Section 206C of the
Income Tax Act lays down the terms and conditions under which tax has been collected.
Amendment has been made in section 206C (1H) of Income Tax, that if any seller of goods whose
turnover exceeds Rs. 10 Cr. in the preceding FY, then he is liable to collect TCS a 0.1% (0.075% till
31.03.202 1), on the sale value exceeding Rs. 50 lakhs for each buyer. It is very important to note that
TCS is to be paid by the seller on a receipt basis.
This section is applicable from 1st October 2020 onwards. So, sales made on or after 1.10.2020 shall
only be liable for TCs.

However, the 50 lakhs threshold limit to be calculated from 1.4.2020. Please note that receipt of the
outstanding amount as on 30th September shall not be considered for calculating receipts liable for TCS.
If the amount received during the FY exceeds Rs. 50 Lakhs from a single buyer then amount over and
above 50 lakhs will be the value for the collection of tax from such buyers. The threshold limit of Rs. 50
lakhs per buyer is to be calculated each year.

If the buyer does not quote his PAN/AADHAR number to the supplier, TCS will be collected @1%,
instead of 0.1% applicable.
TCS collected by the seller must be deposited before the 7th of each month, for the preceding month and
file quarterly return in Form 27EQ on or before the 15th of the next month after the end of the quarter.

TCS shall not be collected under section 206 C(1H), if

" TCS is applicable under any other sub-section, or if TDS is
already deductible on it
" Goods are exported out of India

" Sale to Central or State government, Local authority, etc

" Sale to a person importing goods into India or any other

person as the Central Government may notify.

TCS is not applicable to the GST amount levied in the invoice.

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 CLIENTS:
Proprietor’s.

Panter’s.
Limited Liability Partnership.
Real-estate.

Service sector.

 Objectives of P. Balaraju & Co., Chartered Accountants

1. Deliver Comprehensive Financial Services:
Provide a wide range of services including auditing, taxation, accounting, and financial consulting to
meet diverse client needs.

2. Ensure Regulatory Compliance:

Assist clients in adhering to all applicable financial laws and regulations, ensuring accuracy and
timeliness in compliance matters.myHQ Digest

3. Promote Ethical Standards:

Uphold the highest levels of integrity and professionalism in all engagements, fostering trust and
long-term relationships with clients.

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4. Support Client Growth:

Offer strategic financial advice and insights to help clients achieve their business objectives and
drive sustainable growth.

5. Invest in Continuous Learning:

Encourage ongoing professional development to stay abreast of the latest industry trends and
regulatory changes, ensuring the delivery of up-to-date and effective solutions.

6. Leverage Technology:
Adopt modern accounting tools and technologies to enhance service efficiency, accuracy, and client
satisfaction.

7. Contribute to the Profession:

Engage in activities that advance the field of accountancy, including mentoring upcoming
professionals and participating in industry forums.

Work experience in a Chartered Accountant (CA) firm provides valuable insights into the practical
aspects of accounting, auditing, taxation, and financial management. It serves as a bridge between
academic knowledge and real-world application, allowing interns and trainees to gain hands-on
exposure to professional practices and industry standards.

I am interested in GST so I choose to work under CA firm.The implementation of the Goods and
Services Tax (GST) in India marked a significant shift in the country's taxation system, aiming to unify
various indirect taxes into a single, streamlined process. Given its profound impact on businesses and
the economy, I find GST to be a compelling area of study. By focusing on GST during my internship, I
aim to deepen my understanding of its practical applications and compliance requirements, thereby
enhancing my ability to contribute effectively to the field of taxation.so, I started to searching CA firm I
selected this firm I am particularly impressed by your firm's commitment to innovation and excellence
in the field of taxation and finance. Your reputation for fostering a collaborative environment and
providing opportunities for hands-on experience aligns with my career aspirations. I am eager to
contribute to and learn from a team that values continuous improvement and client-centric solutions.
During my tenure at the CA firm, I had the opportunity to observe and assist with various services such
as statutory and internal audits, preparation and filing of tax returns, bookkeeping, compliance with GST
and other regulations, and financial reporting. This experience helped me develop key professional skills
including attention to detail, analytical thinking, time management, and client communication.
Working under the guidance of qualified Chartered Accountants, I was also able to understand the
ethical and legal responsibilities of the profession. The structured environment of the firm, combined
with its dynamic work culture, provided a strong foundation for my career in finance and accounting.

I had the privilege of gaining work experience under P. Balaraju & Co., where I underwent a 15-day
training program that provided valuable insights into professional practices and real-world applications.
During this period, I was exposed to various aspects of the company's operations, including project

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planning, documentation, field observations, and teamwork. The experience allowed me to bridge the
gap between academic knowledge and industry requirements. I was guided by experienced professionals
who were supportive and encouraged me to learn actively. The work environment was disciplined and
collaborative, which helped me enhance my communication, problem-solving, and technical skills.
Overall, the experience at P. Balaraju& Co. was enriching and has greatly contributed to my personal
and professional development.

DAY 1
My timing was 10:30 to 6 pm, first day they introduced themselves and I introduced myself after that
our guide employee Rakesh talked about company and what work done in the company.
Firstly, they thought to login to GST portal and download the GSTR2B it purchases bill after they give
me a sheet with password and company name, they gave around 90 companies.

Some companies consist only sales bill and some of the companies consist purchase bill. In
GST,GSTR2B refers to purchase bill, GSTR1A sales bill.
Firstly, I download all the companies B2B.

COMPANIES NAMES THEY GAVE TO DOWNOLAD GSTR2B AND GSTR1A:

 R.S AIRTECHNOLOGIES
 SHRUTI TRADERS
 GARUDAATHRI DEVELOPERS
 METAMOR
 INTEDEETA
 SHARAVENTURES
 COSMO ESTATES
 OMSRI GRANITES
 SAI ORA ENTERPRIESE
 SHOBHAVATHI
 ARJUN CM
 MK INDUSTRIES
 VENUGOPAL
 RAMAKRISHNA ENTERPRISES
 GUNA MURTHY
 NAGASAG ENTERPRISES
 BHARATH M
 THE KUMAR COLLAB
 ARKHA ENTERPRIESS
 MK MINNING AND AGGREGATE
 SRI LAKSHMI VENKATESHWARA ENTERPRICES

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 VARASIDDHI ENTERPRISE
 GGR GREEN ENTERPRISE
 BANAKA PROJECTS
 GANI CONSTRUTIONS
 SAGAR C
 GANI ARFA ENTERPRISE
 KR ELECTRONICS
 SUPREME SECURITY
 RC SEEDS AND ENTERPRISES
 SAPTASHREE SHELTERS
 AKHASHREE DEVELOPERS
 AISHWARYA DEVELOPERS
 MAXIMA FOODS
 SHISHIR ASSOCIATES
 VIJAY KUMAR
 RANJTH J
 AMBA AIRTRONICS
 PACIFIC ENTERPRICES
 CHIKANNA ENTERPRISE
 ROYENICKS CONSTRUCTION
 NIRMALA ENTERPRISES
 EKIYA BUILDERS AND DEVELOPERS
 SHRIDHAR
 NANDI COMPANY

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STEPS TO DOWNLOAD B2B (PURCHASE BILL):

 LOGIN
First login to GST portalhttps://selfservice.gstsystem.in/

 RETURN DASBOARD
After login we click on dashboard after login

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 PERIOD SELECT
After select return dashboard, select month, year we should select previous month and select
search.

 GST AT 2B
After that select B2B its purchase bill, after select that download GSTR 2B details.

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 GSRT2B DETAILS

These are steps for download B2B. After download they thought to create new folder. Go to the Prathap
shortcut and select GST 2024-25 and select the company which we downloaded

In that company select purchase bill of 2024-25 in that folder created the new folder under that
company. After thatopen that folder and calculated theCGST and SGST rate in excel.

 FORMULA THEY THOUGHT TO CALCULATE FOR RATE

=CENTRAL TAX /TAXABLE VALUE *100*2
First day they thought only this. I learnt it clearly and started working on this first day I was tensed and
nerves. After some time, I took some time to learn this all and I learnt on 1st day only.

LEARNING OUTCOME:
Gaining hands-on experience with the GST portal enhances one's ability to efficiently locate and
download B2B invoices, a vital skill for ensuring timely compliance and accurate record maintenance.y
accessing and reviewing B2B purchase bills, businesses can accurately claim ITC, which is essential for
reducing tax liability and maintaining cash flow.Regularly downloading and organizing B2B invoices
contributes to meticulous financial records, facilitating smoother audits and financial analyses.

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DAY 2
Second day they thought me tally of purchase bill which already downloaded.Purchase entry serves as
the backbone of a company’s financial record-keeping. It involves recording all purchases made by the
business, encompassing raw materials, inventory items, or services procured. Properly maintaining
purchase entries ensures that the company can track its procurement expenses, supplier information, and
the overall financial impact of purchases. Accurate purchase records facilitate budgeting, inventory
management, and compliance with tax regulations, fostering a healthy financial structure.

STEPS TO DO TALLY:
Step 1-
SELECT THE COMPANY

Step 2-
GATEWAY OF TALLY

Step 3-
DISPLAY
Step 4-

ACCOUNTS BOOK
Step 5-

SELECT MONTH
Step 6-

ALT+A
Step 7-

F9 (FUNCTIONAL KEY FOR PURCHASE)

Step 8-

INVOICE NUMBER
Step 9-
SELECT DATE

Step 10-
PURCHASE TAX

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Step 11-
ENTER AMOUNT

Step 12-
INPUT CGST AND SGST FOR INTER STATE IGST

Step 13-
ENTER (IT SHOULD BE TALLY)

I. Accessing the Purchase Voucher: To create a purchase entry in Tally, navigate to Gateway of Tally >
Accounting Vouchers > F9: Purchase. The purchase voucher screen will appear, ready for you to initiate
the entry.

II. Entering Supplier Details: Begin by inputting the supplier’s name, address, and other relevant
information in the purchase voucher. Accurate supplier details contribute to maintaining a
comprehensive supplier ledger for future reference.
III. Item Details: Proceed to enter the specifics of the items purchased, such as product names,
quantities, rates, and any tax-related information. Tally will automatically calculate the total amount,
including taxes, based on the provided inputs.
IV. Tax Information: Tally offers seamless GST compliance by calculating applicable taxes and
generating tax invoices in accordance with GST regulations. It is essential to select the correct GST rate
for each item to avoid any compliance issues.

V. Additional Expenses: If there are any additional expenses related to the purchase, such as freight
charges or packaging costs, include them in the purchase entry for accurate cost analysis.

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VI. Save the Entry: After ensuring that all details are accurately filled, save the purchase entry in Tally.
The entry will be recorded in the appropriate ledger and can be accessed for future reference or
reporting.
I learnt purchase voucher, I completed only 2 companies in that day because its first day I was doing
tally so I slowly I complete that day work, I learnt new topics day by day.

DAY 3
TALLY OF PURCHASE
I. Accessing the Purchase Voucher: To create a purchase entry in Tally, navigate to Gateway of Tally >
Accounting Vouchers > F9: Purchase. The purchase voucher screen will appear, ready for you to initiate
the entry.
II. Entering Supplier Details: Begin by inputting the supplier’s name, address, and other relevant
information in the purchase voucher. Accurate supplier details contribute to maintaining a
comprehensive supplier ledger for future reference.

III. Item Details: Proceed to enter the specifics of the items purchased, such as product names,
quantities, rates, and any tax-related information. Tally will automatically calculate the total amount,
including taxes, based on the provided inputs.
IV. Tax Information: Tally offers seamless GST compliance by calculating applicable taxes and
generating tax invoices in accordance with GST regulations. It is essential to select the correct GST rate
for each item to avoid any compliance issues.
V. Additional Expenses: If there are any additional expenses related to the purchase, such as freight
charges or packaging costs, include them in the purchase entry for accurate cost analysis.

VI. Save the Entry: After ensuring that all details are accurately filled, save the purchase entry in Tally.
The entry will be recorded in the appropriate ledger and can be accessed for future reference or
reporting.
I learnt purchase voucher, I completed only 2 companies in that day because its first day I was doing
tally so I slowly I complete that day work, I learnt new topics day by day.

LEARNING OUTCOME:
Gaining the ability to accurately input purchase transactions, including details like supplier information,
invoice numbers, dates, and amounts, ensuring that all financial data is systematically recorded.Learning
to manage inventory by recording item-wise details such as quantities, rates, and applicable taxes, which
aids in maintaining up-to-date stock records and facilitates inventory control.Applying knowledge of
Goods and Services Tax (GST) by correctly categorizing Input Tax Credit (ITC) on purchases, which is
crucial for compliance and accurate tax reporting.

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DAY 4
Completed with purchase voucher which already downloaded of B2B.

A Purchase Voucher in Tally is a fundamental tool used to record all purchase transactions, whether
made in cash or on credit. In a Chartered Accountancy (CA) firm, mastering the creation and
management of Purchase Vouchers is essential for accurate financial reporting and compliance.

LEARNING OUTCOME:
Develop the ability to meticulously document purchase transactions, ensuring financial records reflect
true business activities.

DAY 5
This day they thought to do balance sheet. they gave the bank statement so companies which already
downloaded and said to complete.

STEPS TO DO BALANCE SHEET TALLY:

Step 1-
SELECT COMPANY

Step 2-
BALANCESHEET

Step 3-
CURRENT ASSTES

Step 4-
BANK ASSTES
Step 5-

ALT+A, ALT+2
Step 6-

ACCOUNT NUMBER (LAST 4 DIGIT)

Step 7-

SUSPENSE ACCOUUNT, AMOUNT,DATE, CGST, SGST OR IGST

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Step 8-
CHEQUE NUMBER, DATE

Step 9-
NARATTION, ENTER

Step 10-
ACCEPTS

Go to Gateway of Tally > Display > Balance Sheet.

Press F12 to configure the Balance Sheet.

Press Ctrl+A to accept.
While providing the opening balance in ledgers, an equivalent contrary balance will appear
as Difference in opening balances in order to match the assets and liabilities, or debit and credit
balances. The entry passed for the difference will affect the closing balance, but the Balance Sheet will
display the difference in the amount. To balance the difference in the opening balance, you have to
adjust it with the opening balance of another ledger.
1. Navigate to the Balance Sheet:
o Go to Gateway of Tally > Display > Balance Sheet.
2. Configure Display Settings:
o Press F12 to open the configuration options.
o Adjust settings such as:
 Method of showing Balance Sheet: Choose between Liabilities/Assets or
Assets/Liabilities.
 Show Vertical Balance Sheet: Set to Yes for a vertical format.
 Show Percentages: Display each line item as a percentage of the total.
 Show Working Capital Figures: Display current assets minus current liabilities.

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3. Set Closing Stock Manually:

o If inventory integration is disabled, manually enter the closing stock value:
 Go to Gateway of Tally > Inventory Info > Ledgers > Alter.
 Select the stock ledger and input the closing balance as of the desired date.
4. View Comparative Balance Sheets:
o Press Alt+C to add a new column for a different period or currency, facilitating
comparative analysis.
5. Display Quarterly Balance Sheets:
o Press Alt+N and select Quarterly to view the Balance Sheet segmented by quarters.

LEARNING OUTCOME:
Develop the ability to interpret a company's financial standing by analysing assets, liabilities, and
equity, offering insights into solvency and liquidity.Gain hands-on experience in navigating Tally to
generate accurate balance sheets, reinforcing skills in accounting software widely used in the
industry.Learn to analyse financial data to assess business performance, identify trends, and support
strategic decision-making processes.

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DAY 6
These 4 days I completed all the pending work what they assigned me of purchase vouchers, sales
voucher, balance sheet and all pending work, I completed all those pending in these 4 days.

DAY 7
In Tally, the Balance Sheet is a dynamic financial statement that reflects the company's financial
position, automatically generated based on the voucher entries recorded. While there isn't a specific
"Balance Sheet Voucher," the accuracy of the Balance Sheet hinges on the correct and comprehensive
entry of various vouchers.

Key Voucher Types Impacting the Balance Sheet

1. Journal Vouchers (F7): Used for non-cash transactions, adjustments, and provisions. For
instance, recording depreciation or accruals.

2. Payment Vouchers (F5): Document all cash and bank payments, affecting cash/bank balances
and expenses.
3. Receipt Vouchers (F6): Capture all cash and bank receipts, influencing cash/bank balances and
incomes.

4. Contra Vouchers (F4): Record fund transfers between cash and bank accounts, impacting the
liquidity position.
5. Sales Vouchers (F8): Document sales transactions, affecting revenue and accounts receivable.

6. Purchase Vouchers (F9): Record purchase transactions, influencing expenses and accounts
payable.
7. Stock Journal Vouchers: Used for inventory adjustments, impacting stock values reflected in
the Balance Sheet.

DAY 8
They gave the bank statement of ADHYA ENTERPRISES to complete balance sheet because that
enterprises call to GST filing. So, they gave me the bank statements to complete the balance sheet. That
whole day I did the same work because the bank statements was huge.

Press Alt+G (Go To) > type or select Balance Sheet. Alternatively, Gateway of Tally > Balance Sheet.
You can see the consolidated Balance Sheet. Press Alt+F3 (Select Company), and load the group
company.

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LEARNING OUTCOME:
Develop the ability to interpret a company's financial standing by analysing assets, liabilities, and equity,
offering insights into solvency and liquidity. Gain hands-on experience in navigating Tally to generate
accurate balance sheets, reinforcing skills in accounting software widely used in the industry.Learn to analyse
financial data to assess business performance, identify trends, and support strategic decision-making processes

DAY 9
Income tax is a tax charged on the annual income of an individual or business earned in a financial year.
The Income Tax system in India is governed by the Income Tax Act, 1961, which lays out the rules and
regulations for income tax calculation, assessment, and collection. This work was I really like they
thought me to file IT and it’s got tally and I did work correctlyand they appreciate me.

1. Go to the Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/

 Login to e-Filing portal by entering user ID (PAN), and check “Please confirm your secure
access” message displayed above then enter password and then click on “Continue”.

2. Go to 'e-File'> 'Income Tax Returns>File Income Tax Return' ink.

o Select 'Assessment Year'

o Select Online in Select Mode of Filing

o Click on Start Filing

o Select Type of assessed and click on “Continue”

o Click on “Start New Filing”

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o Select from “Individuals/HUF/Others”

o Select 'ITR Form’

o Click on proceed
o Click on “Let’s get Started

o Select applicable option from “Are you filing Income Tax Return any of the following
reason?”
o Click on Continue button

LEARNING OUTCOME:
Preparing income statements cultivates the ability to assess a company's financial health by analysing
revenues, expenses, and net income over a specific period. This understanding is crucial for evaluating
profitability and operational efficiency.Engaging in income statement preparation reinforces the
application of core accounting principles, such as revenue recognition and expense matching, ensuring
accurate representation of financial activities.

DAY 10
They thought me the suspense clear, what already done with balance sheet.

Steps to Clear a Suspense Account in a CA Firm:

1. Identify and Review Transactions:
Begin by listing all entries in the suspense account. Scrutinize each transaction to understand
why it was placed there, noting any missing information or anomalies.

2. Investigate and Resolve Discrepancies:

Delve into each transaction by cross-referencing bank statements, invoices, receipts, and other
relevant documents. Communicate with clients, vendors, or internal departments to gather
necessary details that clarify the nature of the transaction.
3. Make the Necessary Journal Entries:
Once the correct classification is determined, record appropriate journal entries to transfer the
transaction from the suspense account to its rightful account, such as accounts receivable,
revenue, or expenses. Ensure each entry is well-documented to maintain a clear audit trail.
4. Reconcile and Zero Out the Account:

After all transactions have been appropriately reclassified, reconcile the suspense account to
confirm that its balance is zero. This step verifies that all discrepancies have been addressed and
the account no longer holds any unresolved items.

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5. Implement Preventive Measures:

To minimize future entries into the suspense account, establish robust accounting procedures,
provide regular training to staff, and utilize accounting software that prompts for complete
information before recording transactions.

LEARNING OUTCOME:
Engaging with suspense accounts sharpens the ability to detect and correct errors such as
omissions, commissions, and misclassifications. This practice reinforces the importance of
meticulous record-keeping and attention to detail in accounting processes.Clearing suspense
accounts necessitates a solid understanding of double-entry bookkeeping principles. Accountants
learn to make appropriate journal entries to transfer amounts from suspense accounts to their
correct ledgers, ensuring that the accounting equation remains balanced.

DAY 11
In a Chartered Accountancy (CA) firm, suspense accounts play a pivotal role in maintaining the
integrity of financial records. These accounts act as temporary holding places for transactions that
cannot be immediately classified due to missing or unclear information. For instance, if a payment is
received without an accompanying invoice number or proper documentation, it is recorded in the
suspense account until its nature is determined. This practice ensures that all financial activities are
accounted for, preventing discrepancies in the books and facilitating accurate financial reporting.
Regular monitoring and timely clearance of suspense accounts are essential to uphold the accuracy and
reliability of financial statements, which is crucial for audits and informed decision-making.

LEARNING OUTCOME:
By resolving entries in suspense accounts, professionals ensure that the balance sheet accurately reflects
the company's financial position. This accuracy is crucial for stakeholders who rely on financial
statements for decision-making.

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DAY 12
This day they thought the sales voucher

1. Go to Gateway of Tally > Accounts Info. or Inventory Info. > Voucher Type > Create.
2. Enter the Name of the voucher.

3. Select the type of voucher as Sales.

4. Enter the abbreviation in the Abbreviation field, if required.
5. Select the Method of voucher numbering from the Methods of Numbering list, which appears as
shown below

6. Enable Use effective dates for vouchers to enter effective dates for vouchers.
7. Enable Make this voucher type 'Optional' by default to set your voucher to optional voucher by
default.

8. Enable Allow narration in voucher to give a common narration for voucher. A common narration
screen for voucher appears as shown below:

9. Enable Provide narration for each ledger in voucher if you want to give a separate narration for each
entry of a voucher. This would be applicable for a multiple entry voucher where you want separate
details for each entry. The narrations for each entry appear as shown below:

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For Delivery Note, Receipt Note, Sales order, Purchase order, Physical Stock, Stock Journal, Rejection
in and Rejection Out, the option Provide narration for each ledger in voucher is not available.
10. Enable Print voucher after saving to print every voucher after entering it.
11. Set Use for POS invoicing to Yes to use the sales invoice as POS invoice.

12. Set the Default title to print on invoice to print the same title for POS invoice.
13. Select the bank in Default bank option to print the default bank ledger when the option.

14. Enter the Default jurisdiction to be printed on the invoice, if required.

15. Create a voucher class in the Name of Class field, if required.

The completed Voucher Type Creation screen appears as shown below:

16. Press Enter to save.

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LEARNING OUTCOMES:
Develop the ability to accurately document sales transactions, including customer details, invoice
numbers, dates, and amounts, ensuring that all financial data is systematically recorded.Gain insights
into managing inventory by recording item-wise details such as quantities, rates, and applicable taxes,
which aids in maintaining up-to-date stock records and facilitates inventory control.Apply knowledge of
Goods and Services Tax (GST) by correctly categorizing Output Tax on sales, which is crucial for
compliance and accurate tax reporting.

DAY 13
They thought this day to GST file lets known about step by step.

STEPS TO GST FILE:

1.Login to the GST Portal:
Access the GST Common Portal (https://www.gst.gov.in/) using your registered credentials (username
and password).

2.Select GSTR Form:

Choose the appropriate GSTR form based on your business activities and filing frequency. For example:
 GSTR-1: For reporting outward supplies (sales)

 GSTR-3B: For monthly summary returns

 GSTR-9: For annual returns

3.Prepare GSTR:
Enter the relevant details in the selected GSTR form, such as:
 Details of outward supplies (sales) including invoice-wise details, B2B (business-to-
business) and B2C (business-to-consumer) transactions

 Details of inward supplies (purchases) including eligible Input Tax Credit (ITC)
 Tax payable, ITC claimed, and any other adjustments

4.Validate Data:
Validate the data entered in the GSTR form to ensure accuracy and completeness. The GST Portal may
provide validation checks to identify errors or discrepancies that need correction.

5.Generate Summary:
Generate a summary of the GSTR form to review the total tax liability, ITC available, and any other
relevant information before submission.

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6.Submit GSTR:
After verifying the details, submit the GSTR form electronically on the GST Portal. Once submitted,
the GSTR cannot be edited, so it's essential to review the information carefully before submission.

7.Payment of Taxes (if applicable):

If there is any tax liability after adjusting InputTax Credit, make the payment through the GST Portal
using the available payment options, such as net banking, debit/credit card, or over-the-counter
payment.

8.Acknowledgment and Filing Reference Number (FRN):

Upon successful submission, a unique acknowledgment number and Filing Reference Number (FRN)
are generated. Keep these numbers for future reference and record-keeping purposes.

9.File Nil Return (if applicable):

Even if there are no transactions during the filing period, businesses registered under GST are required
to file a nil return to maintain compliance.

10.Download Filed Return:

After filing, download the filed GSTR form and acknowledgment receipt for your records. This serves
as proof of filing and compliance with GST regulations.

11.Reconciliation and Compliance:

Periodically reconcile the filed GSTRs with internal records, conduct audits, and address any
discrepancies or errors to ensure ongoing compliance with GST regulations.

LEARNING OUTCOME:
Gain in-depth knowledge of GST laws, including the classification of goods and services, applicable tax
rates, and the distinction between Central GST (CGST), State GST (SGST),

and Integrated GST (IGST).Learn the procedures for GST registration, amendment, and cancellation,
ensuring that businesses comply with statutory requirements.Develop the ability to accurately prepare
and file different GST returns such as GSTR-1 (outward supplies), GSTR-3B (summary return), and
GSTR-9 (annual return), using the GST portal effectively.Understand the mechanisms of claiming and
reconciling ITC, ensuring that businesses maximize their credit claims while adhering to compliance
norms.

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DAY 14
GST NIL FILE RETURN STEPS:
 Step 1: Login
 Visit www.gst.gov.in

 Login using your Username, Password, and Captcha.

 Step 2: Navigate to Returns Filing

 Go to Services > Returns > Returns Dashboard

 Step 3: Select the Return Filing Period

 Choose the financial year and month you want to file the return for.

 Click on Search

 Step 4: Click on GSTR-3B

 Under “Monthly Return GSTR-3B”, click "Prepare Online"

 Step 5: Enter NIL Values

 In all sections (3.1, 3.2, 4, 5, etc.), enter “0” (zero) where applicable.
 You can also check the box for “File NIL GSTR-3B” (if available).

 Step 6: Preview & Proceed to File

 Click on Preview Draft GSTR-3B to confirm details.

 Click on Proceed to File

 Step 7: File with DSC or EVC

 Choose either Digital Signature Certificate (DSC) or Electronic Verification Code (EVC)
 Enter OTP if using EVC (sent to your registered mobile/email)
 Click on File Return

LEARNING OUTCOMES:
Learn the importance of adhering to GST regulations by filing returns on time, regardless of
business activity. This practice reinforces the principle that compliance is mandatory for all
registered entities, ensuring the maintenance of active GST registration and avoiding
penalties.Develop hands-on experience with the GST portal, including navigating the return
dashboard, selecting appropriate return types (e.g., GSTR-1, GSTR-3B), and accurately declaring nil
transactions. This skill is essential for efficient and error-free return filing.

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DAY 15
Last day one of client camenamed Kushal enterprise he was not filed the GST return form 5 year we
were so hurryso they gave work last day to do for download purchase and sale bill and also, I did
purchase voucher and sale voucher. the client gave the bank statement for last 3 years statements; they
gave some statements to me and employees we all completed all the balance sheet and all vouchers.we
all completed all work and file the GST return and IT file.
At last, I said thank you for all who guides me and who gave these opportunities for PBalarajusir.

 OBSERVATION:
 Lengthy Screening Process:
The initial resume screening was labour-intensive and time consuming, resulting in delays in shortlisting
candidates.

 Orientation Content:
Orientation sessions were informative but lacked interactive elements to engage new hires effectively.

 Low Participation in Surveys:

Employee engagement surveys had low participation rates, limiting the ability to gather comprehensive
feedback.

 Limited Team-Building Activities:

There were few team-building activities, which are crucial for fostering a sense of community and
collaboration.

 Performance Improvement Plans:

There was no clear framework for developing and implementing performance improvement plans for
underperforming employees.

 Lack of Training:
Employees had limited access to training sessions on company policies and legal requirements.

 Team Collaboration:
Teamwork plays an important role. Seniors guide juniors, and interns are given tasks with proper
instructions and support.

 Ethical Standards:

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Confidentiality, honesty, and ethical conduct are strictly followed. There is a strong emphasis on doing
the right thing, even under pressure.

 Continuous Learning:
Even experienced staff keep updating themselves with changes in tax laws, audit rules, and financial
regulations. Learning never stops here.

 Workflow Bottlenecks:
Identified instances where certain processes are prone to delays or inefficiencies, optimally impacting
overall productivity.

 Communication Gaps:
Noticed instances of miscommunication or delayed responses between team members or with clients,
affecting project timelines and client satisfaction.

 Technology Limitations:
Observed outdated or underrealized technology tools and systems that could hinder efficiency and
competitiveness in the market

 Client Satisfaction Levels:

Gathered feedback indicating varying levels of satisfaction among areas where service delivery could
be improved.

 Resource Allocation Issues:

Noted instances of resource Underutilization on or overall location suggesting potential adjustments to
workload distribution for better efficiency.

 Compliance Concerns:
Identified instances of noncompliance with regulatory requirements or internal policies, indicating the
need for stronger risk management practise.

 FINDING
 I noticed that many concepts learned in college require adaptation to fit real-world client scenarios.
 Often involving additional checks or customized formats.
 Manual data entryespecially before batch uploadsproved time-consuming and prone to small
errors.
 While tools like Tally or Excel were used daily, advanced features were seldom leveraged, limiting
efficiency gains.
 Different team members followed slightly different formats for workpapers and client files.

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 During busy season, rapid email exchanges and ad-hoc calls sometimes led tomisinterpretation of
instructions.
 suggesting a need for brief daily huddles or checklists.
 Despite these challenges, seniors were approachableready to clarify doubts and share nuances of
client handling or technical standards.

 SUGGESTION
 The training session was good in theory but the practical session was not so clear. The session had
to be extended more for better learning.
 There was no hand-out given by the academy in prior.
 Session had to be shorter.
 There are only less employees, they should appoint more employee’s
 Implement an applicant tracking system (ATS) to automate the initial screening process, reducing
time and effort.
 Having a regular feedback system for interns can help us improve and understand where we need
to work harder or smarter.
 Conduct Regular Training Sessions, it would be helpful if the firm arranged short weekly or
monthly training sessions to update interns and staff on new tax laws, software usage, or common
mistakes to avoid.
 Adopting more cloud-based accounting tools or automation software could save time and improve
accuracy in regular tasks.

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CONCLUSION:
My internship at P BALARAJU CA FIRM has been an enriching experience that bridged the gap
between academic theories and real-world accounting practices. Engaging in tasks such as
preparing purchase vouchers, analysing balance sheets, filing GST returns, and managing suspense
accounts provided me with a comprehensive understanding of the financial operations within a CA
firm.
The challenges encountered during this period taught me resilience and adaptability, essential traits
for a successful career in accounting. This internship has not only solidified my interest in pursuing
a career in chartered accountancy but also laid a strong foundation for my future professional
endeavours.
I also had a chance to interact with clients and answer their questions regarding tax laws and
regulations. Working in a tax consultant office as an intern provided me with valuable experience
in the field of taxation as well as gave me exposure to the professional environment and work
culture. I had a opportunity to network with professionals in the industry which is helpful in
securing future employment opportunities.
Furthermore, my internship experience exposed me to the challenges faced by businesses and
individuals when it comes to complying with GST regulations. It highlighted the importance of
accurate record-keeping, timely filing, and thorough understanding of tax laws. I also witnessed the
significance of effective communication and customer service in addressing client concerns and
providing them with the necessary guidance.
The internship was a very useful than staying at one place throughout the whole months in my
opinion; I have grained lots of knowledge and experience needed to be successful in accounting
field, as in my opinion, being Accounting is after all a Challenge and not a job.
I would like to thank BALRAJU sir for giving a better experience in practical world. I would thank
the facility and speakers for training. We learnt about GST in a better aspect.

INTERSHIP REPORT 2024-2025 58

NMKRV College for Women P BALARAJU & C0

BIBLIOGRAPHY:
https://www.latrobe.edu.au/mylatrobe/the-importance-of-internships/

https://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)#:~:text=Goods
%20and%20services%20are%20divided,per%20the%20previous%20tax%20s
ystem

https://cleartax.in/s/how-to-register-for-gst

https://www.finactservices.com/genesis-of-gst-in-india/

https://dor.gov.in/concept-note-gst

https://corporatefinanceinstitute.com/resources/accounting/balance-
sheet/#:~:text=The%20balance%20sheet%20displays%20the,%3A%20Assets
%20%3D%20Liabilities%20%2B%20Equity.

INTERSHIP REPORT 2024-2025 59