AN ORGANISATIONAL STUDY ON EPSILON ULTRA AUTOMATION & HEATING

TREATMENT PRIVATE LTD. COMPANY A SUMMER INTERNSHIP REPORT

In partial fulfillment for the award of the degree of

BACHELOR OF COMMERCE WITH COMPUTER APPLICATIONS

Submitted by

V. KATHIRVEL

REG.NO: 22CCU089

Under the guidance of

DEPARTMENT OF COMMERCE

KARPAGAM ACADEMY OF HIGHER EDUCATION,

COIMBATORE

OCTOBER 2023
BONAFIDE CERTIFICATE

This is to certify that the Internship report, entitled “ JMGM AND ASSOCIATES.,”, submitted to
Karpagam Academy of higher Education,Coimbatore in partial fulfillment of the requirements for
the award of the degree of bachelor of commerce with computer applications and independent
study work done by V.KATHIRVEL during the period of August 31st 2023 to October 15th 2023
under the guidance of Department of commerce with computer applications,
Karpagam Academy Of Higher Education,Coimbatore. This report has not formed the bassis for
the award of any Degree/Diploma/Fellowship or other similar title to any candidate of any
University.

Faculty guide Head Of The Department

Dr.J.Shanmuganatha Vadivel

Viva voice examination held on __________

Internal examiner

External Examiner
DECLARATION

I, V.KATHIRVEL hereby declare that the Internship report, entitled “JMGM AND
ASSOCIATES.,”, submitted to Karpagam Academy of Higher Education, Coimbatore in partial
fulfillment of the requirements for the Award of the degree of Bachelor of commerce with
Computer Applications is a record of original and independent Study done by me during the period
of August 31st 2023 to October 15th 2023 under the guidance of Department
of Commerce With Computer Applications, Karpagam Academy of Higher Education,
Coimbatore. This report has not formed the basis for the award of any Degree/Diploma/ Fellowship
or other similar title to any candidate of any university.

Signature of Candidate

PLACE :

DATE :
ACKNOWLEDGEMENT:

I express my deep sense of gratitude to

President, Karpagam Academy of Higher Education, Coimbatore for his constant

encouragement and motivation bestowed on me till my Completion of my project.

I express my sincere thanks to Shri. K. Murugaiah, CEO, Karpagam Group of Institutions for
Permitting me to take up this Project and for his continuous encouragement

I express my grateful thanks to, Dr. K. Ramaswamy, Chancellor, Karpagam Academy of

Higher Education, Coimbatore for his encouragement given throughout the Project

I acknowledge my heart full thanks to Dr. B. Venkatachalapathy, Vice Chancellor, Karpagam

Academy of Higher Education, Coimbatore for offering me to take up this Project.

I owe my sincere my thanks to Dr. S. Ravi, Registrar, Karpagam Academy of Higher

Education, Coimbatore who constituently encouraged me till the completion of my research work.

I am greatly indebted to Dr. P. Palanivelu, Controller of Examinations, Karpagam Academy

of Higher Education, Coimbatore for having providing the Research Opportunities to conduct
this study

I extent my sincere thanks to Dr. N. V. Balaji, Dean School of Arts, Science and Humanities,
Karpagam Academy of Higher Education, Coimbatore for his constant encouragement.

I express my grateful thanks to, Dr. J. Shanmuganatha Vadivel, Head Department of

commerce with Computer Applications, Karpagam Academy of Higher Education for his
encouragement given throughout the Project.

I express my gratitude and thanks to Department of Commerce with

Computer Applications, Karpagam Academy of Higher Education

I am deeply indebted to, Mr. Deepak Mohandas, Managing Director, for giving me Permission
and arranging for the needful help and enabling me to undertake this study in their esteemed And
reputed organization. I also express my sincere thanks to all the staff members of the organization
for Giving their valuable suggestions and helping me to complete this study. I always remember
their friendly Attitude which was one of the key factors for successfully completing the internship.

ABSTRACT :

This internship report is based on my experience at JMGM AND ASSOCIATES., a

manufacturing company located in the heart of the city. During my internship. It is a real life
experience that will enable one to behave professionally providing contents with well experienced
professionals along with exposure to the industrial standard. In the training, first of all I came to
know about the company, the work done, the products manufactured, and the standards followed
by them during the design cycle.

It has helped me a lot to understand the systematic and organized way the firm functions and has
given me the practical experience of the efforts involved in implementing a particular technology.
This period of training gave me the complete feel of professional life and also gave me immense
opportunity to learn about new technologies and increase my technical skills.
 TABLE OF CONTENT

CHAPTER DESCRIPTION PAGE.NO

NO;

I. INTRODUCTION

II. FIRM PROFILE

III. INTRODUCTION TO AUDIT

IV. JOB DESCRIPTION

V. CONCLUSION
 CHAPTER – 1

INTRODUCTION
 INTRODUCTION

An audit is an independent examination of financial information of any entity whether

profit oriented or not irrespective of its size or legal form when such an examination is conducted
with a view to express an opinion thereon.

Auditing also attempts to ensure that the books of accounts are properly maintained by the
concern as required by law. Auditors consider the propositions before them obtain evidence and
evaluate the propositions in their auditing report.
 Audits provide third-party assurance to various stakeholders that the subject matter is free
from material misstatement. The term is most frequently applied to audits of the financial
information relating to a legal person.

Other commonly audited areas includes: secretarial and compliance, internal controls,
quality management, project management, water management, and energy conservation.

As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk
management, control, and governance over the subject matter.

Benefits of Chartered Accountant

The roles and responsibilities of Chartered Accountants are very diverse. They work mainly as,

❖ Financial advisor for corporate.

❖ Implementing accounting systems and processes
❖ Formulating financial reports for submission to central/state government
❖ Ensuring compliance with the state revenue service.
❖ Auditing any business or organization
❖ Tax advice to individuals, corporate etc.,
❖ Dealing with multiple tax returns
❖ Legal, financial services and management
❖ Technical and ethical finance services.

Origin of The Report

The internship report is Prepared as a requirement for the completion of the

B.COM CA.

 The primary goal of internship is to provide a job exposure to the student and
an opportunity.
 Theoretical conceptions in real life situations. To gather this practical
knowledge we were forwarded to different organizations.

I went to JMGM AND ASSOCIATES for my internship and this study gave an
opportunity to observe and perform real world knowledge about the audit procedure
and various tasks followed by the chartered accountancy firm. During the internship
period I could relate the theoretical knowledge of auditing to practical exposure.
Objectives Of Study

• The primary objective of auditing is “to express opinion” on the

financial statements. The auditors are required to certify that the
financial statements are free from material misstatements.
• The auditors are generally referred as the doctors of economy.
Without their role and responsibilities, the financial control and growth
is not possible.
• The secondary objective of auditing is growth, which is to expand
the business at a rate that is both challenging and manageable, serving
the market with innovation and adaptability.

CHAPTER II

Firm Profile
 FIRM PROFILE

J M G M AND ASSOCIATES

CHARTERED ACCOUNTANT

ABOUT US

J M G M AND ASSOCIATES a Chartered Accountants firm, with its

office at Coimbatore. we have had the opportunity to work with some very top
and reputed CA(s), firms and clients in the industry. The firm has been set up by
young, passionate, highly proficient and dedicated professionals with team. Our
 office is equipped with latest computer systems and broadband connectivity and
ably supported by a team of self-efficient audit and article staffs.

VISION
To be India’s finest professional accounting firm.

MISSION
To be a trusted service provider, applying our knowledge to enable the best
outcomes for our clients.

OUR VALUES
Integrity, Accountability, Responsiveness, Collaboration & Transparency.

OUR MOTTO
Believe. Conceive. Achieve.

CORPORTE SERVICE

• Incorporation of company
• Consultancy on Company Law matters
• Filing of annual returns and various forms, documents
• Maintenance of Statutory records
• Change of Name, Objects, Registered Office, etc

Services Offering

• Company Registration:
• LLP Registration
• GST Registration
• Project Financing
• ROC Filling
• GST Returns
• Income Tax (Business)
• Tally Accounting
• Statutory Audit
• Tax Audit
 CHAPTER III

INTRODUCTION TO AUDIT

INTRODUCTION TO AUDIT

Auditing is a systematic and independent examination of data, statements, records,

operations and performances (financial or otherwise) of an enterprise for a stated purpose. In any
auditing situation, the Auditor perceive and recognizes the propositions before him for
examination, collects evidence, evaluates the same and on this basis, formulates his judgment
which is communicated through his audit report.”

- The Institute of Chartered Accountant of India

Planning

An Auditor should plan his work to complete his work efficiently and well within time. To
plan work accordingly, an Auditor handles the following −
 • Accounting system and policies.
• Internal control system of organization.
• Determination of audit procedures and coordinating audit work.

Honesty

An Auditor must have impartial attitude and should be free from any interest. He should
be honest and sincere to his work and he should do his work without any bias and prejudice.

Secrecy

An Auditor should keep confidential all the information acquired by him during his audit.
He should not share the information with anyone without the permission of the client information
can be shared with the client’s permission only when it is bound to be so.

Audit Evidence

An Auditor should adhere to substantive and compliance procedure for collecting audit
evidences before conducting an audit. Through substantive procedures, an Auditor may collect
evidences regarding accuracy, completeness and validity of data; and through compliance
procedure, he may collect evidences regarding internal control system as used in the client’s
organization.

Audit Plan

An audit plan outlines the objectives, scope, timing, and resources required for an audit
engagement. Audit procedures, on the other hand, are the specific tasks and tests performed by
auditors to gather evidence and evaluate the subject matter of the audit. Let's take a closer look at
each of these
Objective

Audit plan starts by clearly stating the objectives of the audit engagement. These objectives
may include expressing an opinion on financial statements, evaluating internal controls, assessing
compliance with laws and regulations, or providing assurance on specific processes or systems.

Scope

The audit plan defines the scope of the audit, which outlines the processes, or locations to
be examined. It specifies whether the audit will cover the entire organization or specific
departments, functions, or accounts.

Timing

The audit plan establishes the timeline for the audit engagement. It includes the start and
end dates of the audit fieldwork, as well as key milestones and deadlines for deliverables. The
timing should consider factors like the organization's reporting cycle.

Risk Assessment

The audit plan includes an assessment of the risks associated with the audit engagement.
This involves identifying potential risks that may affect the reliability of the subject matter being
audited, such as fraud, errors, control deficiencies, or non-compliance. The plan may outline
strategies to mitigate these risks.
 CHAPTER IV

JOB DESCRIPTION
 JOB DESCRIPTION

In the course of my internship period, I have tried my best to enhance my abilities

and apply the knowledge that I gained during my studies. During my Internship at the
firm, J M G M AND ASSOCIATES gave me a training session about GST and
computerized accounting in Tally Prime Software.

Different Task That I Have Undergone During My Internship:

Brief history of GST ;

• GST can followed by Canadian model

• GST convert into dual method
• SGST-State Goods And Service Tax
 • CGST-Central Goods And Service Tax

The total percentage of GST is 18% they convert into 9% for SGST and 9% for CGST. The
various Act under the Goods and Service Tax

o CGST-CENTRAL GOODS AND SERVICE TAX

o UTGST-UNION TERRITORY GOODS AND SERVICE TAX
o IGST-INTEGRATED GOODS AND SERVICE TAX
o SGST-STATE GOODS AND SERVICE TAX

Forms of GST

• Registration forms

• Composition scheme forms

• Forms of enrolment under section 35

• GST returns forms

• Input tax credit forms

• Refund forms

• Electronic ledgers
 • Audit forms in GST

• Advance ruling forms in GST

• Appellate authority of advance ruling forms

• Transitional credit forms

• E-way bill forms

• E-way invoicing forms

• Inspection forms

GST limited for registration;

• Persons providing services need to register if their aggregate turnover exceeds Rs20lakh
(for normal category states) and Rs 10lakh (for special category states).

• This article explains the GST registration threshold limit. Find out the earlier threshold
limits, new GST registration limits, and the persons to whom it applies. Meanwhile if you
want to check your vendor’s buyers registration status you can use our GST search tool.

• The period for applying for GST registration is within 30 days of becoming liable to obtain
GST registration. The individual shall obtain registration when the entity crosses the
threshold aggregate turnover initiates business involved in interstate supplies or involved
in e-commerce transactions.
 • The minimum threshold in India depends on the type of business and its locations.

• For business operating in most states the threshold limit for GST registration is an annual
turnover of Rs. 40lakh (for the supply goods) and Rs.20lakh (for the supply of service).

INCOME TAX

• Income Tax Slab;

UPTO 3,00,000 NIL

3,00,001 to 6,00,000 5%

6,00,001 to 9,00,000 10%

9,00,001 to 12,00,000 15%

12,00,001 to 15,00,000 20%

 ABOVE 15,00,000 30%

• Types of Income Tax;

They are convert into two types

• Direct Tax

• Indirect Tax

1. Direct Tax;

A direct tax is a tax that a person or organization pays directly to the entity
that imposed it.

A type of tax that is levied on a individual or an organization directly by the tax

authorities.

2. Indirect Tax;

An indirect tax is collected by one entity in the supply chain such as a

manufacture or retailer, and paid to the government.

The tax is passed on the manufacture or retailer as a part of the purchase

price of a good or service.

❖ Income Tax Heads;

• Income from salary

• Income from house property

• Income from profits and gains from business or profession

 • Income from capital gain

• Income from other sources

A. Income from salary;

Any salary that you receive in terms of the service you provide on a
contract of employment is applicable for taxation under the salary head.

i.House rent allowance(HRA)

ii.Conveyance allowance

B.Income house property ;

An individual firm, company income from his or her property or land is taxable under
the head of income from house property.

C.Income from profits and capital gain from business or profession;

The profits that you earn from any kind of legal business of profession are taxable under
this head.

D.Income from capital gains;

When you earn profit by transferring or selling an asset that was held as a investment
income is taxable under the head of income from capital gain.

E.Income from other sources;

 Among the five heads of income tax this one includes any otherincome that does not
have any mention in the above four heads.

BANK STATEMENT

A bank statement is a document that is issued by a bank once a month to its

customers, listing the statement impacting a bank account. The statement provides the
following information :

The beginning cash balance in the account

+ The total amount of each deposited batch of checks and cash- Funds withdrawn
from the account
- Individual check paid
+ Interest earned on the account
- Service fees and penalties charged against the account
= Ending cash balance in the account
The bank statement shows the cumulative balance of cash in the account, net of all the
preceding transactions, as of the end of each day in the reporting period. Some banks still
print these statements along with an accompanying set of images of all cleared checks.

Bank statements do not necessarily mirror the days in a calendar month. Instead,
customers may request that their bank statements cover a one-month period that ends on a
different date (for example, the 25th day of the month).

How a Bank Statement Works

A bank issues a bank statement to an account holder that shows the detailed activity in the
account. It allows the account holder to see all the transactions processed on their account.
Banks usually send monthly statements to an account holder on a set date. In addition,
transactions on a statement typically appear in chronological order.

Benefits of a Bank Statement

During the reconciliation of their bank account with the bank statement, account holders should
check for discrepancies. Account-holders must report discrepancies in writing as soon as
possible. A bank statement is also referred to as an account statement. It shows if the bank is
accountable with an account holder’s money.

Bank statements are a great tool to help account holders keep track of their money. They can
help account holders track their finances, identify errors, and recognize spending habits. An
account holder should verify their bank account on a regular basis—either daily, weekly, or
monthly—to ensure their records match the bank’s records. This helps reduce overdraft fees,
errors, and fraud.
If any discrepancies are found, they must be reported to the bank in a timely manner. Account-
holders usually have 60 days from their statement date to dispute any errors. They should keep
monthly statements for at least one year.
SUMMARY OF WORK DONE:

DATE ACTIVITES CARRIED

01/09/2023 Briefing about GST
02/09/2023 Copying GST bill to excel
04/09/2023 Log in to GST website
05/09/2023 Filing in GST website
06/09/2023 Filing in GST website
07/09/2023 Filing in GST website
08/09/2023 Filing in GST website
09/09/2023 Filing in GST website
11/09/2023 Create balance sheet in tally ERP 9
12/09/2023 Create balance sheet in tally ERP 9
13/09/2023 Create balance sheet in tally ERP 9
14/09/2023 Create balance sheet in tally ERP 9
15/09/2023 Create profit and loss in tally ERP 9
16/09/2023 Create profit and loss in tally ERP 9
20/09/2023 Create profit and loss in tally ERP 9
21/09/2023 Breifing about Income tax
22/09/2023 Log in to Income tax website
23/09/2023 Registering for Income tax
25/09/2023 Creating E-way bill
26/09/2023 Creating E-way bill
30/09/2023 Practicing in tally and excel
03/10/2023 Practicing in tally and excel
04/10/2023 Filing in GST website
05/10/2023 Filing in GST website
06/10/2023 Filing in GST website
07/10/2023 Filing in GST website
09/10/2023 Filing in GST website
10/10/2023 Filing in GST website
11/10/2023 Filing in GST website
12/10/2023 Filing in GST website
13/10/2023 Filing in GST website
14/10/2023 Discussion about C.A
 CHAPTER IV

CONCLUSION

J M G M AND ASSOCIATES is one among those successful Audit firm. I

would like to conclude that it is a very trustable Audit firm. This audit firm
showed me that how an Audit firm actually works and doing practical training
in this firm has widen my opportunities in my future career plans. I got to know
the whole process of GST and maintaining books of accounts. Being an intern
in J M G M AND ASSOCIATES helped me to acquire a plenty of useful
information. It was a good experience and memories as not only I have gained
experience, but also new friends and knowledge. I am grateful and thankful to
my senior staff who helped and guided me. J M G M AND ASSOCIATES is a
firm which provide end to end services to the client with flexibility, integrity,
transparency and speed.

THANK YOU