+

SUMMER INTERNSHIP PROJECT REPORT

ON
TAXATION AND PROJECT
FINANCING AT
SHEGAONKAR MANAPURE & ASSOCIATES

Submitted to:
Dr. Ambedkar Institute of Management Studies & Research,
Deeksha Bhoomi, Nagpur

Submitted by:
Khemchand Marotrao Gavhane

Company Guide:
CA. Amol Shegaonkar

Faculty Guide:
Prof. Rashmi Patel

2023-2024
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 CERTIFICATE

This is to certify that the investigation described in this report titled A Study on role of Taxation
& Project financing At CA Firm has been carried out by Khemchand Marotrao Gavhane
during the summer internship project. The study was done in the organization, Shegaonkar
Manapure & Associates, in partial fulfillment of the requirement for the degree of Master of
Business Administration of R. T. M. Nagpur University, Nagpur.&
This work is the own work of the candidate, complete in all respects and is of sufficiently high
standard to warrant its submission to the said degree. The assistance and resources used for this
work are duly acknowledged.

Dr. Sudhir S. Fulzele

(Director)

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3
 ACKNOWLEDGEMENT

This is a matter of pleasure for me to acknowledge my deep sense of gratitude to R. T. M. Nagpur

University, Nagpur, and Dr. Ambedkar Institute of Management Studies & Research,
Deekshabhoomi, Nagpur for giving me an opportunity to explore my abilities via this internship
program. I would like to express my sincere gratitude to my internship supervisor CA Amol
Shegaonkar, for his valuable guidance and encouragement in completing this project.
I am also thankful to all the faculty members of Dr. Ambedkar Institute of Management Studies &
Research and particularly my mentor “Prof. Rashmi Patel” for helping me during the project.
I would like to record my sincere appreciation towards all the officials and employees of
Shegaonkar Manapure & Associates, without whose kind assistance, my internship program would
not have succeeded. The facts and other vital information provided by them have contributed
towards making this project as comprehensive as possible. I am indeed thankful to them.
Finally, I am grateful to my family, friends and well- wishers for their unending support and best
wishes throughout the internship duration and the preparation of this report.

Khemchand Marotrao Gavhane

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 INDEX

Sr. No Content Page no.

PART 1-
1.
A) COMPANY PROFILE-
Brief history.
Management structure.
Achievements, awards, and latest developments. 6 - 17
Products & Services offered.
Performance & Market share.
SWOT analysis.

B) SECTOR OVERVIEW-
2 Sector size and major players.
Regulations and regulatory bodies.
Sector’s contribution to economy. 17-25
Problems faced by the sector in general and the Company in
particular.

PART 2-
3.
A) ACTUAL WORK DONE
Week wise details of the work done including the details of
any specific tasks or projects assigned by the company.
26-27
Key learning week wise.
4. B) FINDINGS AND SUGGESTIONS 28

5. C) CONCLUSION 30

6. D) BIBLIOGRAPHY 31

5
 1. COMPANY PROFILE

Chartered Accountants

Brief History

Partners- CA Amol Shegaonkar

CA Akash Manapure
Established- 2021 (partners in practice since 2014)
Office- 301,Mahajan Towers, Ashok Sq., Untkhana Road, Nagpur, Maharashtra.
Phone- 9975529500
E-mail- ca.amolsoffice@gmail.com

Shegaonkar Manapure & associates is a Chartered Accountant Partnership Firm with team of qualified
and motivated professionals, offering integrated one-stop services. They primarily focus on
Accounting, Audit & Assurance, Management Advisory, Consultation in Taxation, Economic and
Other related laws and Transaction Advisory Services.

They have exceptional and leading edge expertise in the areas of Statutory Audit of listed companies,
Statutory Audit, Internal Audit, Management Audit, Secretarial Audit, Propriety Audit Stock and
Audit Tax Audit. From the experience gained by the founding partner, it is understood that there is a
huge vacuum in the Indian professional services sector, where the firms have expertise in independent
domains but are not equipped with a holistic approach to assist the client’s business.

The genesis of the firm is to fill this vacuum and provide integrated solution to client’s business. To
6
withstand the ever increasing competition faced by corporates in the vibrant global economy coupled
with increasing responsibilities on human resources, we aim at enhancing the economic wellbeing of
an organization by providing timely services which add significant value addition to the client’s
business.

VISION: -
Our vision is simple-becoming leading consultancy firm operating worldwide. With the intent of
upholding the ethics of financial affairs, not only we streamline your economic operations, but we
also elevate the goodwill to a whole new level with our consultancy services.

MISSION: -
Becoming a leader to provide legal and financial services in economy to get more opportunity for
an organization.

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 Management Structure

The firm has around 07 staffs which includes 2Partners who are Chartered Accountants. Firm has
full time employees, and other staff which includes manager, CA Finalists, and article trainees.
The firm’s organizational structure is more of a functional organization structure and simple.
Hierarchy of the organizational structure is as follows.

 The two senior partners are in the topmost level, who also the owners of the firm. CA Amol
Shegaonkar is the main authority in the firm, who takes the final decisions. The reports are
finalized after acquiring his signature.

 CA Akash Manapure is the second key person in the firm. He manages all thetaxation,
audit, and day to day activities of the firm.

 There is a manager Mr. Sudarshan Dhumne who fall just below the senior partners. He command
the staff and articleship trainees. He also work as a Audit Assistant in firm and manages other
things also including project finance as well.

 Below the manager there are clerical staff and the trainee students who perform different tasks
assigned to them by the manager. There are seniors as well as junior student tra

The whole organization can be viewed as a single department and the work processes are done
through creation of teams/unit for particular work and service. The orders, command, and decision
flows from top to bottom while the flow of reporting is from bottom to top

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Departments-
The manager create a team comprising of junior managers and articles/trainees. The size and
duration of team depends upon the nature of service offered and the requirement of the clients.
The major departments include-

Audit and Assurance department-

Firm provides audit and assurance services to a wide range of clients which include
performing audits of financial statements of limited companies, NGOs, Business units,
and Partnership firms. Firm also performs special assignments which include
management audits, internal audits, and investigations.

Audit focuses on the 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. In doing so not only the firm identifies the non-
compliances but also assists clients in its rectification and provides guidance to adhere
with the laws and regulations.

They prioritize deploying audit teams to clients who are well equipped with specific
industry knowledge, experience, and are professionally sound. The firm’s emphasis is on
delivering high quality services to clients,
adding value to their business through identification of existing and potential risks and
suggesting best possible measures in the given circumstances.

Tax & Corporate Department-

Firm delivers taxation services to clients and assists them in obtaining optimal tax
benefits available under the laws. Firm also assists 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

acomprehensive 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 service
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• Representation and litigation with tax authorities
• Preparation and submission of monthly and quarterly returns i.e. GST

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 managing the day-to-day
operations of the Correspondence. Interaction with clients to resolve customer issues.

Identify trends and remove obstacles in Statement production and delivery by properly
maintaining records of all communications for future reference.

Project Finance Department-

It Handles by the Manager as well as audit assistance of firm, forecasting the firms with
their financial condition in next years and consult them kind of work done by these department.

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 Achievements, awards and Developments

 Shegaonkar Manapure & Associates is new established CA firm so they did not get any
big award but while talking about achievments they catch big clients for their firm and this
can be a good achievement for the firm.

Some Major Clients-

Public sector, Government Sector & Corporations:

Agriculture Produce Marketing Committee, Nagpur

Private Sector Companies:

1.Saritha Infra and Geostructures, Vishakhapattanam
2.Vidhi Industries. Nagpur

Developments-

Shegaonkar Manapure & Associates were Planned to open another branch of their firm in
Nagpur, and in future they will execute the plan.

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 Products and Services

INCOME TAX-

• The firm has an experience of more than 30 years in Income Tax consultancy. Their
clients include individuals, partnership firms, HUF’s, Co-operative Societies, LLP’s and
Companies. The services provided by them include tax advice, tax planning, filing of the
returns, representation before the tax authorities including appellate authorities.

GST- They provide services related to GST to manufacturers, distributors, retailers,

andservice providers.

The services include-

• GST Registration-

GST Registration enables selling of goods with turnover value beyond a certain limit.
The limit differs from state to state. It is mandatory to avail ITC (Input Tax Credit).

• GST Returns-

GST returns are to be filed on periodic basis to provide information on the value of
turnover, GST Liability, and mode of payment.

AUDITS-

• The firm handles tax-audits, statutory audits, internal audits, stock audits, concurrent
audits, revenue audits, bank audits, forensic audits. The firm has special skills in
Information Systems Control and Audits.

• Types of Audits conducted-

• Statutory Audit of Companies

• Tax Audit under Section 44AB of the Income Tax Act, 1961.
• Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
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• Concurrent Audits.
• Revenue Audit of Banks.
• Branch Audits of Banks.
• Audit of PF Trusts, Charitable Trusts, Schools, etc
• Audit of Co-operative Societies.
• Information Systems Control and Audits.
• Internal Audits.
• Forensic Audits.

COMPANY LAW-

• The services include incorporation of companies, OPC and LLPs, companies not-
for-profit under section 8, filing of returns, ROC filing and other matters relating to
the company law.

• Other corporate services-

• Consultancy on Company Law matters.

• Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.
• Filing of various forms, documents.
• Clause 49 review for compliance with fiscal, corporate and tax laws.
• Secretarial Matters including share transfers.
• Maintenance of Statutory records.
• Consultancy on Public/Rights/Bonus Issue of shares.
• Change of Name, Objects, Registered Office, etc.

PROJECT FINANCING-

• They advise clients on various aspects of project appraisal and management, and conduct
financial and technical feasibility for the new projects, assist clients in M&A, and prepare
the project reports.

GENERAL COUNSEL-

• General Advice to clients on various issues pertaining to commercial laws, corporate and
labor laws, taxes, finance and investments.

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 Performance

Observation-

The customers mostly give priority to the quick delivery of the required services and reporting
rather than the quality of work and reports. I must say that the delivery performance of the
organization is good as they do not cross the estimated time period and most often the necessary
work and reporting is completed before the prescheduled deadline.
I feel that the quality of the work is satisfactory from the perspective of number of times
the report gets checked and verified before the final report is handed over to the client.
Moreover, the quality of work not only depends upon the employees’ work performance but also
depends upon the role played by the clients. Due to delivery of quality work, process and period,
and the degree of customization provided as per the need of the clients, I found high degree of
customer retention.
Based on the customer retention rate and the delivery performance, the customers are fairly
satisfied with the services they acquire.

Internal business processes-

Since the organization provides auditing and consulting services, it requires high degree of
customer interaction and customization, internal business processes can not be automated and the
mass production cannot be achieved.
The quality and speed of work not only depends upon the employees’ work performance but
also depends upon the role played by the customers. Since there are no different departments,
there is no duplication of activities across departments and there arises no questioning on
process alignment.
Overall, the performance of the firm has been great and they have a good environment within the
organization and familiar with customer as well as employees.

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 SWOT Analysis

Strengths -

• Highly skilled workforce-

Main key persons are skill full and spend enough years in industry while practicing And
they invest huge resources in training and development of its employees resulting in a
workforce that is not only highly skilled but also motivated to achieve more.

• Experts in auditing and taxation-

The management is highly skilled in audits, taxation, accounting and financial markets
with years of experience.

• Loyal customers-

The customer retention rate is very high in the firm. The clients are satisfied with the
quality and efficient work delivered to them. The clients have been loyal for years and
satisfied.

• Software-
The type of tax or bookkeeping software used can be a strength, particularly ifthe software
is proprietary and has features your competitors do not have. Firm uses software for filing
returns, which is simple and convenient to use as compared to other software’s.

Weaknesses -

• Weak IT Department-
The firm has a weak IT department as there no fulltime professional to resolve
the technical issues in case of emergency.

• New Player in Industry-

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 Being a new firm in industry, they get many challenges like finding clients, hard to
compete with old players and also not easy managing the things are continuously
changing in industry.

• Competition-

The firm faces tough competition from industry experts as well as otherconsulting
agencies.

• Training procedure-

The training procedure in the firm is slow and time consuming.

Opportunities -

• Growing indirect tax practice-

Since the government implemented GST in India, many businesses have looked to CA
firms for financial advice and compliance related to GST.

• Quality of audit-

The emergence of technology such as big data and analytics provides opportunities for
CA firms to improve audit quality by reducing errors and improving the risk assessment
process.

• Expand to new markets-

The report by Institute of Chartered Accountants of India statesthat CAs in the country
are near about 3.2 lakh. Thus, it’s a perfect platform for those in business to expand to
newer markets

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 Threats -

• Technology-
Easy Internet-based programs simplify the process for the user and remove the need for
many people to seek out specialized tax or bookkeeping services.

• Competition by large industries-

The larger industry giants represent significant competition, providing incentives that
smaller companies simply do not have the means to offer, such as advance refunds.

• Safeguarding information-

Clients must trust the company with their most important financial information, failing to
recognize the company name or associate the brand as a trusted provider that will
safeguard the information can mean the loss of potential business.

2. Sector Overview

Sector Size

In a country of 6.77 crore taxpayers in 2023, close to 3 lakh Chartered Accountants serve as the
finance guides. As of 2023, there are only 3.9 lakh Chartered Accountants in India, and out of

which only 1.8 lakh members are in full-time practice that makes approx. 46% of the total
strength.

The CA’s support in tax compliance thereby liaising with government authorities,
representingcompanies in court, ensuring smooth business operations by taking over the
complex tax compliance section. Their job ranges from auditing, financial planning, tax
planning, wealth management, formulating taxation strategies, income statements and more.
From corporates to small business CAs are hired to be assist in transaction from old tax laws to
the newer ones.

The demand for Chartered Accountant in India has been on a rise. This is because more
17
businesses are being established and the government has been making policies and regulations to
monitor the market. As of March 2018, over 1.03 crore taxpayers have registered in GST
regime. However, there are not many professionals to guide these taxpayers.

There is an immediate need to tap the talent and skill them in advanced tax calculations. Training
in Artificial Intelligence to participate in the growing automation of auditing process is needed.

The demand is not just because of the change in the economy, but also because of the crucial job
roles that CAs have been catering to, for instance, Internal Audit, Tax Audit, Tax Planning, Cost
Planning, Due Diligence, Audit under various State and Central Legislatures, Government Audit,
Management Audit, etc. Around 98 lakh businesses were registered under the GST registered
under the GST regime, and every business requires a professional to manage the accounts related
matters.

Major Players
Top Chartered Accountant firms in India in 2023-

Deloitte –

• Deloitte, in terms of Revenue, is the largest professional services network in the

world. Also, on the basis of a number of professionals, it is the largest professional
services network in the world.
• Deloitte is known for providing audit, tax, consulting, enterprise risk and financial
advisory services to more than 200,000 professionals in over 150 countries. They are
theAdvisors to many of the World’s most admired Brands.
• The Consulting services of industries work on the theory of ‘Providing practical
perspectives and solutions to queries.’
• Deloitte believes in ‘Good to make it great!’ They believe in ‘helping clients to become
Leaders’.

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PWC-

• Price Waterhouse Coopers has been the world’s second largest professional services
network in terms of Revenue as surveyed and is one of the Big Four Auditors and stands
neck to neck with Deloitte, EY and KPMG.

• It has been as a multinational professional services network.

• The Firm believes in helping resolve complex issues and identifies opportunities. People
from all backgrounds such as arts, business, economics, engineering, finance, health,
information technology, law and more are entertained.

KPMG-

• Having its global headquarters in Amstelveen, Netherlands, KPMG has been considered
as one of the largest professional services companies in the world.

• It is amongst the Big Four auditors, standing along with Deloitte and EY. The
professionals employed with this firm, KPMG is 162,000 people and performs three
services, viz. audit, tax, and advisory. The tax and advisory services provided by the firm
are further divided into various service groups.

Ernst & Young (EY)-

• Ernst & Young abbreviated as EY is a multinational professional services firm having it

headquarter in London, United Kingdom.

• In terms of Revenue, it has been ranked as the world’s third largest professional services
firm surveyed in 2012 and is one of the four biggest audit firms.

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BDO International-

• BDO International stands at the fifth rank for providing the largest accountancy network
in the world.

• It is a worldwide professional services network and one of the best public accountancy
firms. It has its competency is in serving national and international clients.

• Following a survey conducted in 2014, September, BDO has its Member Firms in 151
countries and takes pride in employing around 60,000 Partners and staff in 1,328 offices
throughout the world.

Grant Thornton International-

• Grant Thornton is a UK based firm which has its branches in almost 125 countries. This
firm is known for generating very high revenue which is more than 4.5 billion dollars.

• It is providing services in assurance, tax and advisory firms. Grant Thornton is also
known for providing services in Assurance and Taxation and other consultancy services
relating the financial matters.
• It has been operating for 100 years. Grant Thornton has provided valued service to
organizations with the potential to grow and to operate internationally. It makes the
professionals adapt to market conditions and deal with complex events or transactions.

• The member office of Grant Thornton is situated in Connaught Place in New Delhi.

SS Kothari Mehta & Co.-

• The best thing about this Firm is that it has over 57 years in existence. SS Kothari has
been one of the highly reputed firms in Delhi and has its branches in 100 other countries.

• It has created a strong National presence through a network creation of 6 offices and 20
associates which covers almost all the regions of the Country. With a combination of
Partners and Associates, it has covered almost all the parts of the country.

• It offers services in BPO, Tax Advisory Services, Merger and Acquisition, Statutory
Audit Services, Corporate Laws and other different areas.

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 • .
Regulations and Regulatory Bodies

Organization is working as a Chartered Accountants firm under the rules and regulations and
code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of
India).The Institute of Chartered Accountants of India (ICAI or the Institute) was establishedas
statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the
profession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members. Fifteen members
are elected from amongst the members for a period of four years. The remaining four of
the Council members are nominated by the Government of India.

Vision of ICAI is:

The profession of Chartered Accountants in India should be the benchmark of professional
excellence upholding the principles of integrity, transparency and accountability.
Mission of ICAI:
Is to achieve excellence in professional competence, add value to businesses and
economy, safeguard public interest; ensure ethical practices and good corporate
governance while recognizing the needs of globalization.

The firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients. The Chartered Accountancy course is conducted by the
Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5
regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under
these regional centers.

Sector’s contribution to the economy

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CAs are foundation base of the economy and utilizing the financial expertise, the nation gets
right direction in various financial and economy related measures to enhance the decaying Indian
economy and enhance the economy along with industrial growth.
Chartered Accountant contributes in fields of Tax planning, capital budgeting, budget
forecasting, financing or any other activity, preparation of books of accounts, and in every field
as well. In the current scenario, after GST implementation, the role of Chartered Accountants has
become very important. From the drafting rules to provisions to implementation of GST, the role
and expertise of CAs were utilized to the fullest.
Some of the practical roles which are played by the Chartered Accountant is here:
1. Accountability
2. Social Accounting
3. Taxation
4. Capital Formation
5. Economic Planning

Chartered Accountants play eminent role in various fields. The knowledgeable advises of
Chartered Accountants are pre requisite in formation of any law relating to commerce, taxation
or legal fields. While forming a law or any act Chartered Accountants are one of the most
important committee members. They have comprehensive knowledge of various important
aspects which is important in formation of any law.

Chartered Accountants role in taxation field is commendable. They are the masters of taxation.
Due to their discernment, they help in tax planning. They provide requisite knowledge to
business entities which helps in smooth functioning of business.

Conducting business on international level involves inflows and outflow of foreign currencies. A
Chartered Accountant helps a business entity to deal with all these matters. A Chartered
Accountant has expertise in these laws and they guide a business in all these matters.

They provide required knowledge to investors as well as companies. They even have a role in
framing policies regarding laws of investment. We all know that e-commerce sector is also
growing at an increasing rate. Google tax Equalization Levy, Various provisions of TDS, TCS
attracts the e-commerce industry. A Chartered Accountant helps this sector by providing
sufficient guidance and by handling their taxation matters.

22
Next important area in which Chartered Accountants role is important in nation building is
preventing Corruption, malfunctioning, window dressing, detecting frauds in companies etc. A
nation will grow only after the end of corruption. Chartered Accountants helps to minimize the
corruption by following rules and regulations and by creating awareness in people about wrong
practices and its penal consequences.

An auditor tries to search about wrong practices done by management or staff and it is his duty to
express his opinion on it. As per orders of Comptroller and Auditor General (CAG) of India,
Chartered Accountant also express his opinion on financial statements of a government
company. Auditor’s opinion increases the trust of investors as well as it helps in restricting any
malfunction.

A Chartered Accountant is an important pillar in economic growth of nation. The View of

Chartered Accountant to solve the financial problem is different from others due to their
knowledge and expertise in field of finance taxation, stock market, and company law matters,
FOREX, etc.

Problems faced by the sector in general and the company in particular

Problems faced by the sector in general

Lack of professionals-

• Even after having a long-term scope of professional security, the accounting sector faces
a crunch of trained professionals.
• The struggle during the exams and low stipends at the entry level job, limited job
opportunities are some of the reasons that have put students away from pursuing the
professional field of Chartered Accountancy.

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Curriculum-

• The problem also lies in the curriculum which largely is theoretical and not in sync
withthe industry requirement.
• The rigorous practical exposure during the course of study is missing which makes most
of the CA feel that they are not ready for the corporate world.

Low pass percentage-

• While there is no glamour associated with CA as a career and low pass percentage is
yet another reason that the number of professionals is low.
• Due to the challenging nature of CA industry, vast syllabus and absence of strong formal
setup of classes, there is high dropout rate which leads to low pass percentage in
calculations.
• ICAI has a uniform level of scaling as per the demand. The number of students passing
the CA exams depends on the demands on the demand calculating through ICAI's survey.
• There is no formal setup for CA education, and students are dependent on coaching
centers. Aspirants from tier II and tier III cities have limited chances to qualify the CA
entrance exams because quality coaching is not available.

Economic challenges-

• Rapidly increasing costs, growing competition, and decreased client acquisition and
retention are some of CA firms’ economic challenges today.

Data security-

• CA firms need to protect critical client data as theft can lead to loss of reputation, trust,
and even clientele. Use of genuine software, invest in firewall and anti-virus solutions,
and implement robust cyber-security solutions within the organization can cost as high as
5 lakh or more.

24
 Technology-

• To retain a competitive edge in the market and curb frauds, CA firms must learn special
functions and courses encompassing Oracle, SAP, international taxation, forensic
accounting, fraud detection and anti-money laundering laws.
• They must adapt to complex technology like computing, audit technology, data analytics
to stay ahead of the curve and effectively deal with complex issues affecting business
operations.

Problems faced by the company

• Less number of staff members

• High level of competition

• Difficulty in market penetration due to high competition

• Developing a client base is not so easy in new markets

• Tight deadlines

• Changes in government policies

Future potential of the sector

The current economic environment presents many opportunities for CAs to grow their business.
In India, business entities and common people depend on a CAs advice to undertake financial
decisions. While CAs dissect complex numbers with their intelligence, Chartered Accountant
loan helps overcome financial hurdles in achieving dreams.
The future growth for a chartered accountant is huge as compared to other jobs. The rapid growth of the
money market is increasing the demand for chartered accountants. Each and every company or even
individuals in the service sector, seek assistance of a CA when it comes to the management of money. CA
basically helps businesses to keep track of all the recent changes in the law and keep the finance matters on
track with the sa

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 3. Actual Work Done

• Introduction with Partners and Manager

• Introduction with the staff.
• Introduction with kind of working within the organization.
• Familiar with terms and software uses in CA Firm.
Week
1 • Understand How Useful CA firms in Corporate.

• Working on the software use in Firm.

• Arrange primary data collected from clients.
Week • Practice on Tally Software.
2
• Applications For PAN/TAN No.
• Prepare Transaction With GST in Software.

• Learning about GST

• Learning about ITR
• Learning about the GST site
Week • Study of composition scheme under GST
3 • Learning the deductions under Chapter VI

• Learning Excel shortcuts for preparation of

FinancialStatements
• Verification of ITR filed Assisting the staff in Accounting
Week • Prepare Data for GST Filing.
4 • Verifying the data for errorless GST filling.
• Reporting to the mentor and verifying the work done

• Responding to mails and sending information regarding

Returns filed and acknowledgement.
• Working on GSTR-1 Filing.
• Learning about DSC (Digital Signature Certificate) and
Week EVC(Electronic Verification Code)
5 • Assisting the staff in solving client queries regarding GST

26
 returns.
• Extraction of Computation of returns filed.
• Keeping a track of work to be completed and Reporting to the
mentor

• Preparing the data for ITR Filing.

• Working on Excel to prepare financial statements
• Filing of GSTR-1 & GSTR-3B
Week 6 • Verifying the returns filed with the mentor
• Generating GST Challan.
• Verifying the Financial Statements with the mentor.

• Filing of ITR 1, 2 and 3

• Study of previous year Financial Statements to prepare current
year Statements for clients.
Week 7 • Consulting with the mentor regarding the preparation of
financial statements.
• Learning about project financing.
• Study of past project reports to prepare new ones.
• Extraction of Computation of returns filed.

• Filing of ITR 1 and 4

• Filing of GST returns
• Preparation of Financial statements for clients on Excel.
• Preparing the Project report using format.
Week 8 • Interacting with clients to collect information for filing GST
returns and solving queries.
• Reporting and verifying the work done with the mentor.

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 4. Findings

• There is no racism and everyone is disciplined and dedicated towards their jobs. This
gives motivation to do our jobs. The working environment is lenient in the organization.

• The employees are never overburdened by the work given. The staff is never forced to
work for extra time.

• I learned to implement the theoretical concepts practically and learned to interact with the
clients.

• I learned to interact with the higher authorities and my fellow colleagues. It was
interesting to interact with the clients and to solve their queries. This helped me to
improve my communication skills along with my knowledge.

• I learned to file income tax returns along with deductions, computation of returns,
calculation of long term and short-term gains (Investments in shares, mutual funds,
SIP). I learned to file tax returns for business units, individuals (salaried, pension,
and professionals), and HUF.

• I learned to preparing data for file GST returns, computation of taxable GST, and
generation GST Challan.

• I learned to work in teams and coordinating with the staff and higher authorities.

• I learned about project financing and how project report prepare and how it
forecasting the firms financial condition.

• As the work in a CA firm is highly sensitive, I had to verify all the work with the
manager and my mentor. They guided me and helped me correct my mistakes.

• Exposure to do a work in an organization and also known about organizational

behaviour, ethical rules and regulations.

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 Suggestions

The organization is really good at everything, disciplined and well managed. But still there are
some chances of improvement. In my opinion some of the suggestions are-

• Improvement in technical department is a must as there is no particular department or

professional for resolving technical issues in case of emergency.

• Try to adopt new technologies to stay updated.

• The partner needs to make the best use of their goodwill to bring more clientage and
reputation to firm.

• The infrastructure and working condition reviews can improve the working
efficiency of the trainees. 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.

• Firm also lacks in marketing perspective as it does not have any marketer to market and
introduce their business. So, if the firm wants to improve its business volume, it needs a
professional marketer as many other big firms have adopted and have complete
marketing department.

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 5. Conclusion

Shegaonkar Manapure & Associates is overall one of the profits making and reputed firm.
The organization since its very first day is devoted to providing quality services. The
detailed andthrough review of work and clients’ trust shows the perfection with which it is
working.

In conclusion, this internship has been a very useful experience for me. I can say that my
understanding of the job environment has increased greatly. I felt like I was able to contribute to
the firm by assisting and working on projects.

However, I do think that there are some aspects of the job that I could have done better and that I
need to work on.The two main things that I learned after my experience in this firm are the
importance of time management and being self-motivated.

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6. Bibliography

• www.commons.wikipedia.org

• www.investopedia.com

• www.orientalbirdsimages.org

• www.strava.com

• www.taxguru.in

• www.tsrawal.com

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