Summer Internship Report

on

Internship at Accounting & Tax Consulting Firm

SUBHASH R. MAHESHWARI & CO.

(Advocates and Tax Consultant)

Submitted To:
Mahakal Institute of Management, Ujjain

Internship Period: 1 June to 15 July

Submitted By:
Amaan Ali
Roll No. : 21323936
MBA III Semester (Batch: 2021-23)

Mahakal Institute of Management

Vikram University, Ujjain (M.P.)
2022-23
 DECLARATION BY THE STUDENT

I Amaan Ali , student of the MBA (FT) III Semester (Batch- 2021-23), at Mahakal
Institute of Management, affiliated to Vikram University, Ujjain, declare that the
Summer Internship Report entitled “training development programme” is my
own work approved by the Director of the Institute. I further declare that to the
best of my knowledge, the project report does not contain any part of any work,
which has been submitted for the award of any degree.

Signature of the Candidate

Amaan Ali

Forwarded by:

Director

Mahakal Institute of Management, Ujjain (M.P.)

 SUBASH R. MAHESHWARI & CO.

(Advocates and Tax Consultant)

182/12 Tilak Marg, Indore Gate , Ujjain (M.P.)

CERTIFICATE

TO WHOMSOEVER IT MAY CONCERN

This is to certify that Mr. Amaan Ali , a student of MBA III Semester (Batch:
2021-23) in Mahakal Institute of Management, Ujjain has completed
Summer Internship in our organization from 1st June 2022 to 15th July 2022
for a period of six Weeks.

It is further certified that during Summer Training period, the candidate

attended office regularly and punctually.

During training period her behaviour and conduct were good.

Place: Ujjain

Dated: 22/07/2022
 CERTIFICATE BY FACULTY GUIDE

This is to certify that Mr. Amaan Ali student of M.B.A. III Semester (Batch: 2021-
23) of Mahakal Institute of Management, Ujjain has completed his Summer
Internship of six weeks (from 1june to 15july} and prepared this report
Internship at Accounting & Tax Consulting Firm under my guidance.

…………………………

Prof. Aparna Vashisht

 CONTENTS

 SIP Completion Certificate

 Acknowledgement
 Introduction
a) History / journey of the company
b) Company profile
c) Company management structure
d) Company Organizational Structure
e) Company’s service range
 Objectives of SIP
 Project/ Work Assigned
a) Work profile
b) Duties and responsibilities
c) Best Practice observed
d) Challenges faced
e) Learning outcome
f) Suggestions and Recommendations
 Conclusion
 Annexures
 Acknowledgement

I extend my deepest gratitude to our supervisor for his support, encouragement,

motivation, and help throughout the Summer Internship Report work. I am thankful to
Mahakal Institute of Management for providing me with the opportunity to allow us to
perform a practical field work. I express my gratitude to Vikram University, to perform
the practical activities in such esteemed organization SUBHASH R. MAHESHWARI &
CO. as an intern. The internship program was made for six weeks, which included
various tasks and learning that verged to be meaningful towards my career in Human
Resource Management Field . I express my sincere gratitude to Prof. Ajay Jaiswal, intern
supervisor for supervising me throughout my internship period.

I am very grateful to all the staffs of SUBHASH R. MAHESHWARI & CO. for their
kind cooperation and help during internship period. At the same time, I am also grateful
to all those who guided me and helped me in getting an insight into the functioning of
different departments. All the employees of SUBHASH R. MAHESHWARI & CO.
were highly supportive and motivating which made it even easier to cope with the
working environment and to gain practical experience and learn lessons.

Finally, I would also like to thank all the concerned people, my supervisor, family
members, and colleagues for their precious time, valuable suggestion and their countless
help during my internship period. I perceive this opportunity as a big milestone in my
career development. I will strive to use skills and knowledge in the best possible ways
which I gained by working as an intern in this bank.

AMAAN ALI
INTRODUCTION
 ABOUT THE COMPANY

Subhash R. Maheshwari & Co. is a leading Tax Consultancy firm in Ujjain . It is rendering
comprehensive professional services which include audit, management consultancy, tax
consultancy, accounting services, manpower management, secretarial services etc.

A well known Tax consultancy firm which is founded around 26 years ago and seed of the
institution is sown by Respected Late Shri Ram Ratan Lakotiya (Maheshwari) ji and now his
family constituted his son’s Shri Nand Kishore Ji Maheshwari , Shri Subash R. Maheshwari ,
Shri Shailendra R. Maheshwari and also the 3rd Generation is also involved in this firm
named Shri Sourabh Maheshwari is also involved in the firm.

It is a professionally managed firm. The team consists of distinguished Advocates , corporate

financial advisors and tax consultants. The firm represents a combination of specialized
skills, which are geared to offers sound financial advice and personalized proactive services.
Those associated with the firm have regular interaction with industry and other
professionals which enables the firm to keep pace with contemporary developments and to
meet the needs of its clients. Subhash R. Maheshwari & Co. has a clear vision for the future
growth and development of financial markets and services and researches to stay ahead of
these trends and developments. Subhash R. Maheshwari & Co. mould its operations and
areas of competencies and introduces services so as to assist clients in their business
operations and growth.
 MANAGEMENT STRUCTURE

Subhash R. Maheshwari & Co. is having its head office in Ujjain. Almost all the controls and
regulations are dealt at head office in Ujjain. All the offices constitute different number of
departments who basically handle their respective functions.

The major departments include:

 Audit and Assurance Department

 Computer Department
 Tax and Corporate Department
 Correspondence Department
 HR Department

Audit and Assurance Department: -

Firm provides audit and assurance services to wide range of clients which include performing
audits of financial statements of limited companies, NGOs and partnerships. Firm also
performs special assignments which include management audits, internal audits and
investigations. Audit focuses on business issues and the matters that can impact on the
financial statements, whilst also retaining the basic audit procedures that test the
information contained in the financial statements. Services are aimed to comply with the
legal requirements as defined under the various laws and regulations in Pakistan. In doing so
firm not only identify the non-compliances but also assists clients in its rectification,
designing remedial measures and provides guidance to adhere with the laws and regulations.
Firm always endeavor to meet reporting deadlines as set out by the laws and regulations or as
mutually agreed with clients, without compromising the professional, legal and ethical
requirements.

Firm's emphasis is on delivering high quality services to clients, adding value to their
business through identification of existing and potential control risks and suggesting best
possible measures in the given circumstances. Firm always places priority to deploying audit
teams to clients who are well equipped with the specific industry knowledge, experience and
are professionally sound.
Tax and Corporate Department: -

Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits
available under the laws. Firm also assist clients to comply with the tax rules and regulations
and always keep them updated with the latest developments and amendments. Tax personnel
are qualified professionals, experienced and knowledgeable. We maintain a comprehensive
tax library which always provides ready references and timely solution in complex
situations. Firm provides a comprehensive range of tax services which includes:

 Preparation and submission of annual tax returns.

 Compliance services.
 Tax advisory services.
 Representation and litigation with tax authorities.
 Personal income tax services.

In Subhash R. Maheshwari & Co. same staff is handling with tax matters as well as
corporate sector. While in corporate firm provides different kinds of services relating to
corporate sector from incorporation to winding up of a Company.

Computer Department: -

Department handles the computer related matters and assists other departments in working
properly and efficiently. Department deals with online filing of returns of income for tax
department and finalize audit reports in proper format in a presentable manner. It deals with
networking of computers in office and all other problems which may be faced by computer
users time to time.

Correspondence Department: -

It handles with all the correspondence of the firm by sending the solicited and unsolicited
information from time to time. Effectively and efficiently manage the day-to-day operations
of the Correspondence. Interact with clients to resolve policy and customer issues. Identify
trends and remove obstacles in Statement production and delivery by properly maintaining
record of all communication for future reference.

HR Department: -

This department is mainly concerned with the recruitment, hiring/firing of the firm and this
department presents the timely reports on effective utilization of the resources by the firm. A
purpose of the human resource is to keep the trained employees and recruit new energetic
staff to work. Another purpose of this department is to provide a good working environment
for staff and try to make by facilitating them and arranging some recreational activities for
them. HR knows the real worth of its employees so cares for them and motivate them to
work more efficiently and diligently.
 ORGANISATIONAL STRUCTURE

A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which

the items are represented as being "above," "below," or "at the same level as" one another
and with only one "neighbour" above and below each level. These classifications are made
with regard to rank, importance, seniority, power status, or authority. A hierarchy of
power is called a power structure. Following is the organizational hierarchy of the firm:

 Partners
 Directors
 Managers
 EA Supervisors Senior
 Trainee
 Students

Various levels of the firm have different functions. Partners are often the founders of the
firms. Most of the firms' names are associated with the names of partners. They are
basically the main parties who issue and sign any report (specifically audit report) on
behalf of the firm. Partners mostly communicate with the Senior Managers. In other
words, the progress of any report and any inquiry is made from the Senior Managers and
hierarchal structure is strictly followed to avoid any disruption.

Managers are inquired of by Senior Managers and mostly manager manage audit field
works etc. and after field work managers with cooperation of senior managers makes and
finalize any audit report to be issued. Senior Manager is a qualified Chartered accountant
having more than 10 year working experience.

Field work and information collection and implementation of policies by adopting

changes in rules & regulations is the main responsibility of supervisors and trainees.
They use different kind of techniques for error and fraud detection.
 SERVICES OFFERING

Company Registration: -

The most common business composition is to register a Pvt. Ltd. Company. Company
registration will enable limiting the person liability of promoters to the extent of paid up
capital. Promoters have to get DIN & check availability of the company name.

One Person Company: -

Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your
business within reasonable fees by experienced CA firms.

LLP Registration: -

Limited Liability Partnership (LLP) has benefit of the company registration & easiness of
partnership. It is apt for small businesses. Experienced CA firms can ease out the process
within reasonable fees.

GST Registration: -

GST registration of business is to enable selling of goods with turnover value beyond a
certain limit. Limit may differ from state to state. It is necessary to get GST Input Tax
Credit. Experienced CA firms can ease out the process within reasonable fees.

Project Financing: -

Companies need funds to grow their business. Experienced CA can prepare project report for
loan financing to ensure that you get best eligible amount in the shortest time. Generally,
fees are charged as percentage of financed amount

Corporate Services:-

 Incorporation of company
 Consultancy on Company Law matters.
 Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate re-
organizations.
 Filing of annual returns and various forms, documents.
 Clause 49 review for compliance with fiscal, corporate and tax laws
 Secretarial Matters including share transfers
 Maintenance of Statutory records
 Consultancy Services on Public/Rights/Bonus Issue of shares. Change of Name,
Objects, Registered Office, etc.
OBJECTIVE OF S.I.P.
 OBJECTIVES OF S.I.P.

I choose to work with Subash R. Maheshwari & CO. During this internship I have
learnt many new skills. Before internship I have only theoretical knowledge about
work in organization but now I have practical some practical experience of working in
organization. Now I have knowledge about the organization's working environment
and how organizations work and achieve their goals and objectives.

This internship has to gives me the understanding of Accounting and also about the
elements of strategic thinking, planning and implementation, and how these things
are applied in a real world organization environment.
Following are the objectives that I have in my mind before working as an internee.

 To improve communication skills. To analyze the business situation.

 To establish high standard in professionalism.

 To learn more than the theoretical knowledge. To learn book keeping practices
of different companies.

 To apply the theoretical knowledge in actual organization.

 To compare practical aspects with theoretical aspects. To make quick decision

in real situations.

 To learn how to promote and to conduct research in business areas.

 To enhance my personal knowledge and professional preparation for future.

 To properly integrate my theoretical knowledge and practical work. To plan

for the future of oneself and learn how to adjust in an organization.

 To know how to present your recommendations in front of your boss. To get

knowledge of opportunities and threats while entering into an organization.

 To get exposure to do a work in an organization and also known about

organizational behavior, ethical rules and regulations.

 Assist the student development of employer-valued skills such as teamwork,

strong communication and attention in details.
 Expose student to the environment & expectations of performance on part of
accountants in professional accounting practices. > Enhance & expand the
student's knowledge of particular areas of accounting.

 Expose the students to professional role models or mentors who will provide
the student with support in the early stages of the internship & provide an
example of behaviour expected in the internship workplace.

 Expand networks of professionals' relationship & contacts. > Develop a solid

work ethic & professional demeanour as well as commitment to ethical
conduct & social responsibility.

 Develop time management skills and the ability to be responsible for more
than one project at a time.
 Develop organizational skills to complete the project in a timely manner.
WORK ASSIGNED
 WORK PROFILE

Tally Entries

Following process are followed for accomplishment this task:

 Firstly, we review all records of vouchers carefully, that no any vouchers had any
queries related to adjustments.
 Then, we make a separate folder for that work.
 Then, we create a company in Tally software by that company name
 and started doing entries.
 Receipts & Payment entries are posted carefully as it carries some contra entries also.
 Then after completing entries posting recheck the data by Balance sheet, Trial
balances & Day book.
 Any queries related to this work communicated to our external mentor.

Auditing

These steps were followed by us in auditing:

 Build an audit strategy.

 Verify that all outgoing checks were properly signed, accounted for and posted to the
correct accounts.
 Ensure that all deposits were properly posted. • Review all financial statements.
 Ensure compliance with all state and federal requirements.
 Review all treasurers' reports.
 Complete the financial review worksheet.
 Suggest improvements to internal controls.
 Determine your audit opinion. Submit all documents to companies.

Taxation

Following steps are followed by us -

 All of the first, we study about the taxation and mainly headed Income Tax.
 Then, we started to prepare ITR'S statement in excel sheet according to the format
given to us.
 After that, we prepare the offline utilities of ITR'S according to the income status in
statement.
 Then, we login to the income tax site and upload that utility online,
 if user not registered then first we registered them.
 DUTIES AND RESPONSIBILTY

I have tried my best to enhance my abilities and apply the knowledge that I gained during
the studies. On my first day at firm, company in charge and my mentor in the office Mr.
Shailendra R. Maheshwari gave me training session about TDS returns and computerized
accounting in tally software and also shared his practical experience with me and gave me
some techniques of this process. He also guided me that how to prepare VAT/GST
return and filing data in income tax return preparation software. And also I have to
maintain a register for all the employee’s and also stating their performance in our office
that directly effect their wages and other bonus . which is prima facie my work profile
and relevant field study.

Different task that I performed during my internship:

 Vouching
 Maintenance of register which focuses on workers and their behavior.
 Preparing books of accounts in tally Voucher Entry
 Preparing Data in Excel Sheet
 Preparing Partnership Deed
 Intangible Assets Prepare Projected and other Balance Sheet
 Auditing Taxation
 Theoretical learning of different type of Taxation and GST
 Maintenance of accounts/book keeping.
 TDS return preparation.

Software used during internship:

➤ MS office

➤ Tally software
 BEST PRACTICES OBSERVED

✔There is no racism on the basis of any caste, creed, color or gender. Everyone is treated
same thus making it easy to co-ordinate with each other and to share views and ideas
with each other. The mentors as well as the colleagues are always ready to sort out any
problem that the interns could not resolve on their own.

✓ Everyone is disciplined and dedicated towards their job, thus provides motivation to do
our jobs perfectly and to learn and grab as much as we can. The perfect competitive
environment always motivates us to excel in our job responsibility and to perform better
than we are performing

✔The working environment is lenient in the organization. Neither the employees are
overburdened by the work given. Neither they nor the proprietor force them to work for
extra time. All the work/targets are completed by the employees in the provided time
frame.

✔The employees are always energetic and ready to do work; they don't waste their time.
They always strive for excellence with effectiveness and efficiency in their work. Even if
the proprietor is not at the office they don't skip work hours.

✓ The proprietor is really good at customer handling, he is always too humble towards
the clients even though if the clients are in bad mood or tempered, he never loses his
temper and handles them greet fully. he never abuses his employees even if they make
silly mistakes, and corrects their mistakes by smiling and sarcastically commenting on it
so the employees don't feel down and eventually improve themselves.
 CHALLENGES FACED

✓ They have a small staff with limited skill set in many areas.

✓ Less number of staff members.

✓ Developments in technology are changing this market. Subhash R. Maheshwari & Co.
needs to adopt new technology and adapt to the changed market realities.

✓Change in government policies and procedures may act as threat for company.

✔A small change in focus of large competitor might wipe out any market position
achieved.

✓ Subhash R. Maheshwari & Co. has many competitors. Under certain circumstances
stiff competition can threaten the margins and hence the survival of the firm.
 LEARNING OUTCOME

COMMUNICATION

Good communication consists of many other different sub-skills, from suitable patterns
of body language and eye contact with the ability to write clear and accurate reports.
Accurate listening and the ability to follow instructions are especially important but are
often ignored or taken for granted. Many people simply do not pay close attention to
what others say or write and do not ask follow-up questions to check their understanding.
As a result, individuals act on their own inaccurate assumptions and create inefficiencies
and frustrations at work. Communication training will help them overcome these
challenges.

GOAL SETTING AND PLANNING

Anybody can wish for something to happen, but to accomplish anything one must plan
which surprisingly few people know how to do. Planning requires setting concrete goals,
identifying workable action steps, and making a commitment to see the plan through.

Even setting the primary goal can be difficult when multiple issues are competing for
attention. Effective planning requires arranging problems by importance and delegation.
It is impossible to do everything at once, but if one focuses on the most important tasks
and ask for help, then can accomplish a lot.

SELF-IMPROVEMENT

Life in the workplace should not enforce stagnation; there should be a constant need or
desire for improvement. Satisfaction leads to a perception of repetition, which is the
essential of a job perceived as unchallenging. Employees should improve to avoid both the
frustration of inexperience and contentment with their work.

People always have room to grow, and advance behavioral skills are always welcomed. At
the upper end, one can give your workers the tools and mindset to aim for improvement
by observing their behavior, work habits, and production. Self-improvement training will
help provide feedback and criticisms that they can use to benefit their next assignments.
An essential part of promoting improvement is to communicate to the employees that
failure.

EMPATHY

Being an empathetic individual comes naturally to some, but is less natural to others.
Behaving with empathy means more than feeling bad for someone who's sad or sharing
in someone else's joy. It means being able to step into someone else's world to understand
not just what their point of view is, but also why they have that point of view.

Empathy is a behavioral skill that can help one not only keep their own Peace of mind but
can also help one to grow in your career because empathetic people tend to put others at
ease.

CONFLICT RESOLUTION

At points of imbalance and friction, the employees must be able to confront the tension
between them and resolve whatever disagreement arises. This is a twig of
communication, though it is a distinct skill that can be hard to develop due to hesitation
and the intimate nature of the workplace.

The bad habit to breed is ignoring these conflicts to the point that they grow and spread
like wild-fire, damaging relationships and the productivity of both individuals and the
team. Instead, employers should remain aware of potential conflicts and be active in
entering and facilitating these more emotional interactions, and over time, help their
workers see the bigger picture when they harbor uncertainties.
 SUGGESTIONS AND RECOMMENDATIONS

Though the organization is really good at everything and everything is well maintained
and managed. But still there are some chances of improvement whether it is a human
being or any organization till there are improvements and chances to develop and grow,
the organization must improve itself at its best.

In my opinion some of the suggestion/recommendations are:

✓ They have good opportunity to introduce the ISO standards training program which
no other firm is giving to customer.

✓ Try to adopt new technologies that their competitors are not using.

✔ Make a network that allows its customers to negotiate with them easily.In comparison
with their competitors, SUBHASH R. MAHESHWARI & CO. has an edge in making
an accurate and error free report.

✓ The local economy continues to be strong and we believe our typical clients will
continue to flourish.

✓ The company has mostly professional educated human resources, which are the biggest
threat for their competitors.

✓ Subhash R. Maheshwari & Co. strongly needs to improve its network firms so as to be
counted among one of the extensively know firms in M.P.. The partner needs to make
the best use of their goodwill to bring more clientage and reputation to firm. They need
to offer the audit services at most economical cost with the assured quality services to
retain and expand clients.

✓ The infrastructure and working condition reviews can improve the working efficiency
of the trainees. Audit and Assurance is the tough job. Some motivational meetings and
mentoring exercises would bring good feel among employees for their work. Time to
time financial bonuses or performance incentives will energize the staff.

✔The trainees are not offered extra financial or any other incentive for the extra work or
over time. This causes some sort of abstractions which immediately need to be overcome
by the management. The firm, to be more competitive in future, still has room for
improvement in Information Technology. As firm don't have any of its website to attract
customer and their timely feedback as most of the good firms have their own web and
well organized.

✔Firm also lacks in marketing perspective as it does not any marketer to market and
introduce their business, firm is getting business only on personal relations of the
partners and other firm personnel. So if firm wants to improve its business volume it
needs a professional marketer as many other big firms adopted and have complete
marketing department.

✔The employees are provided less salary than the government has asked to provide in
minimum wage act, therefore the employees must be provided at least the minimum
salary.

✔It is 6 days working in the organization; most of the organizations are using 5 days
working schedules so that employees don't feel exhausted and their efficiency increases.
So the organization must provide at least one-day leave to the employees to rest and
freshen up.

✓Most of the computers and laptops in which the work was done were old and because of
that we were unable to carry out our tasks properly. The organization must have proper
systems so that the work load can be handled efficiently.
CONCLUSION
 CONCLUSION

✓ Subhash R. Maheshwari & Co. is overall one of the profit making and reputed firm of
Ujjain. The organization since its very first day is devoted to providing quality services.
The detailed and through review of work and clients' trust shows the perfection with
which it is working.

✔The firm has earned a distinction of being placed in the category 'A' in the list of panel
of auditors maintained by Local Banks. Moreover, only these "A" category firms can
audit of listed companies.

✔The Institute of Chartered Accountants of India has also carried out the Quality
Control Review and has issued satisfactory QCR report stating that the firm has
conducted the audits of the clients in accordance with International Standards on
Auditing.

✔The firm is doing a sounded business and also the customer satisfaction and return
customer rate is quintessential good and also enables to be in the periphery for long
period.
ANNEXURES
/ BIBLIOGRAPHY
 BIBLIOGRAPHY

 https://cleartax.in/s/income-tax-slabs

 https://economictimes.indiatimes.com

 https://www.avalara.com

 https://www.business-standard.com

 https://www.google.co.in/imghp?hl=en&tab=wi&ogbl

 http://www.gstcouncil.gov.in/

 https://www.myloancare.in/tax/income-tax-slabs-rates/

 https://www.wikipedia.org/

 www.google.com