DECLARATION

I Shreyansh Verma , hereby declare that the internship report

on “Account & Finance” with reference to “SINGH
SAURABH & Co.” prepared by me under the guidance of my
Collage Teacher.
This is to certify that this summer internship presentation
entitled Accounts & Finance is the work that has been
prepared by me during the year 2023-2024.
I also declare that this internship report is towards the partial
fulfillment of the university regulations for the award of the
degree of “Bachelor of Commerce”.

Signature of the student:

Place:
Date:
 ACKNOWLEDGEMENT
I would like to express my sincere gratitude to all those who
have contributed to the successful completion of my internship
and the preparation of this report.
First and foremost, I am immensely thankful to SINGH
SAURABH & CO. for providing me with the opportunity to be
a part of their team. I am grateful for the guidance and support
extended to me by the entire team throughout the duration of
my internship. Their insights and feedback have been
invaluable in shaping my understanding of the industry and
enhancing my professional skills.
I would like to extend my appreciation to my supervisor CA
Saurabh Sir, at firm who welcomed me warmly and made my
internship experience enjoyable. The collaborative work
environment and the willingness of everyone to share their
knowledge have been instrumental in my learning.
I am indebted to my college, Shri Jai Narayan Degree
 TABLE
SL NO. CONTENTS
OF CONTENT PAGE
NUMBER

1 Internship offer letter

2 Certificate of internship
3 Declaration
4 Acknowledgement
5 Company’s profile
6 Introduction of the firm 7-8
7 Objective of the study 9-10
8 Working experience
9 Key Learnings
•Income Tax Return Filing 12-35
•Filing of GST return 36-75
10 Learning experience 76-77
11 Conclusion 78-79
12 References
 COMPANY’S PROFILE
Singh Saurabh
(Chartered & Company
Accountant)
FIRM SUMMARY
• Firm’s Name: Singh Saurabh & Company

• Firm’s Registration No.: 023239C

• Membership No: 538605
• Office Address: E103, Celebrity Greens,
Sushant Golf City Lucknow-226030

• Email Id: singhsaurabhco@gmail.com

• Qualification: Chartered Accountant,

B.com(University of Lucknow)
 INTRODUCTION OF THE FIRM
Singh Saurabh & Company was established in
the year 2017. Its main office is located at E103, Celebrity
Greens, Sushant Golf City,Lucknow 226030.The firm
provides a wide array of Accounting, Auditing, Taxation,
Assurance and Business advisory services to various
enterprises.It also maintains a high degree of professional
ethics and integrity and strives for total client satisfaction
at all times.
The firm believe in the philosophy and approach of the
Management to render Professional Services of the highest
standards to various clients.Its in-depth Accounting, Audit,
Tax and Financial knowledge and expertise has enabled to
deliver quality professional services to our clients
effectively and efficiently.
The firm views every client relationship like a partnership
and believes on- “One’s success is a result of Client’s
success”. The firm’s quality services are beyond
comparison.
 FIRM’S VISION
Singh Saurabh & Co. aims to enable their client to
realize and reach their potential by optimal leverage of
resources and constantly strive to better them.

FIRM’S MISSION
• The firm’s mission is to establish trust, comfort and
convenience as a one stop business solutions
provider.
• To provide simple, effective and progressive
solutions for business’s.
• To be a partner that enables and ensures business
growth.

FIRM’S HELP
To establish Trust, Comfort and Convenience as a one
stop business solutions provider.

FIRM’S SUPPORT
The firm supports to provide simple, effective and
progressive solutions to business’s
 OBJECTIVES OF THE STUDY
The objective of the study under Singh Saurabh & Co.
internship is to provide hands-on experience and training in
the field of accounting and finance. It is an opportunity for me
to apply the concepts and theories learned in the coursework
to real-world situations and gain practical skills that are
valuable in my future careers.
The ultimate aim is to be prepared for a successful career as a
Finance Personnel by providing myself with a comprehensive
understanding of accounting, auditing, and taxation practices.
The objective of a study under the above internship is to:
1.Provide practical experience: The internship provides us
with hands-on experience in the field of accounting, finance,
and taxation, which complements our theoretical knowledge
gained through coursework.
2.Apply theoretical concepts: We can apply the concepts
and theories learned in our coursework to real-world
situations and gain practical skills.
3.Enhance skills and knowledge: The internship helps us to
develop and enhance our technical, analytical, and
communication skills, which are crucial for our future careers
in the field of Finance.
4.Develop professional networks: We can make valuable
connections with industry professionals and gain insights into
the accounting and finance industry.
5.Prepare for the Market Demand as a Finance Personnel:
The ultimate goal of the internship is to prepare us for a
successful career as a finance personnel by providing us with a
comprehensive understanding of accounting, auditing, and
taxation practices.
 WORKING EXPERIENCE
I have tried my best to enhance my abilities and apply the
knowledge that I gained during the internship. On my first day
in the office, CA Saurabh Singh gave me training session
about GST 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 GST return and filing data in income tax return
software.
Different task that I performed during my internship:
• GST Registration & GST Return filling
• ITR Filling
• Preparing books of accounts in tally
• Preparing Data in Excel Sheet
• Preparing Partnership Deed
• Preparing Projected Trading Account, Profit & Loss
Account & Balance Sheet
• Theoretical learning of different type of Taxation and
GST - Maintenance of accounts/ book keeping. - MSME
Registration
Softwares used during internship:
• MS office
• Tally software
• My GST Café - Compute Tax
 KEY LEARNINGS
INCOME TAX RETURN FILLING
INTRODUCTION:
An income tax is a tax imposed on individuals or entities
(taxpayers) in respect of the income or profits earned by them
(commonly called taxable income).Income tax generally is
computed as the product of a tax rate times the taxable income.
Taxation rates may vary by type or characteristics of the
taxpayer and the type of income.
The tax rate may increase as taxable income increases
(referred to as graduated or progressive tax rates). The tax
imposed on companies is usually known as corporate tax and
is commonly levied at a flat rate. Individual income is often
taxed at progressive rates where the tax rate applied to each
additional unit of income increases (e.g., the first RS@10,000
of income taxed at 0%, the next Rs@10,000 taxed at 1%,
etc.).Taxable income of taxpayers resident in the jurisdiction is
generally total income less income producing expenses and
other deductions. Generally, only net gain from the sale of
property, including goods held for sale, is included in income.
The income of a corporation's shareholders usually includes
distributions of profits from the corporation.
Deductions typically include all income-producing or business
expenses including an allowance for recovery of costs of
business assets. Many jurisdictions allow notional deductions
for individuals and may allow deduction of some personal
expenses. Most jurisdictions either do not tax income earned
outside the jurisdiction or allow a credit for taxes paid to other
jurisdictions on such income. Nonresidents are taxed only on
certain types of income from source within the jurisdictions,
with few exceptions.
Most jurisdictions require self-assessment of the tax and
require payers of some types of income to withhold tax from
those payments. Advance payments of tax by taxpayers may be
required. Taxpayers not timely paying tax owed are generally
subject to significant penalties, which may include jail-time for
individuals. Taxable income of taxpayers resident in the
jurisdiction is generally total income less income producing
expenses and other deductions.Generally, only net gain from
the sale of property, including goods held for sale, is included
in income. The income of a corporation’s shareholders usually
includes distributions of profits from the
corporation.Deductions typically include all incomeproducing
BACKGROUND:
The concept of taxing income is a modern innovation and
presupposes several things: a money economy, reasonably
accurate accounts, a common understanding of receipts,
expenses and profits, and an orderly society with reliable
records.
For most of the history of civilization, these preconditions
did not exist, and taxes were based on other factors. Taxes
on wealth, social position, and ownership of the means of
production (typically land and slaves) were all common.
Practices such as tithing, or an offering of first fruits,
existed from ancient times, and can be regarded as a
precursor of the income tax, but they lacked precision and
certainly were not based on a concept of net increase.
Taxes in India are of two types:-
• Direct Tax
• Indirect Tax.
According to Income Tax Act 1961, every person, who is an
assessee and whose total income exceeds the maximum
exemption limit, shall be chargeable to the income tax at the
rate or rates prescribed in the finance act. Such income tax
shall be paid on the total income of the previous year in the
relevant assessment year.

INCOME TAX RETURN:

• Income Tax Return" is a term which is often used when we talk
about income tax. It is a way by which we pay this tax. When total
annual income of a person, including all sources, is more than
maximum unchangeable limitation ( At present it is Rs. 1,50,000/-) then
that person is liable to pay income tax.
• According to Income Tax Act 1961, every person, who is an
assesse and whose total income exceeds the maximum exemption limit,
shall be chargeable to the income tax at the rate or rates prescribed in
the finance act.

RULE FOR CHECKING RESIDENTIAL STATUS:

An individual is treated as resident in a year if present in India
BASIC CONDITION u/s 6(1)
• for 182 days during the year or

• for 60 days during the year and 365 days during the
preceding four years. Individuals fulfilling neither of these
conditions are nonresidents.
 RESIDENT BUT NOT ORDINARY RESIDENT (RNOR)
If a person satisfies any of the basic condition u/s 6(1) but not
the additional condition u/s 6(6) is treated as a RNOR.
Taxability of individuals is summarized in the table below
STATUS INDIAN INCOME FOREIGN INCOME
ROR TAXABLE TAXABLE
RNOR TAXABLE NOT TAXABLE
NON RESIDENT TAXABLE NOT TAXABLE
Know how of Income Tax
• Income tax is levied on the 'total income' of the assessee. •
Income of the 'previous year' is taxed in the 'assessment year.'
• Income is classified into and computed under five
categories called 'heads of income.'
• The basic scheme of income tax is the principle 'pay as you
earn.'
• One must pay his taxes in advance and by the due dates, in
the prescribed percentages.
• Deferment in the payment of advance tax would result in
the payment of interest.
HEADS OF THE INCOME:
Further for the purpose of computation of one’s total income, the
income of any person is divided into five heads, namely:
• Income from Salary
• Income from House property
• Income from Profit and gains of business or profession
• Income from Capital gains
• Income from Other sources

Income taxable under the head “SALARY”

If you are a professional with a salary as your primary source of
income, this head is primarily applicable to you. Under this
heading, any compensation paid to you as employee
remuneration, is accounted for. However, remember that income
will only be considered under this head if there is an employee-
employer relationship between the payee and the payer of such
salary.
The income under the salary head involves an employee’s basic
wages, pension, perquisites, gratuity, commission, annual bonus
and any salary paid in advance, if applicable. Upon adding the
various components under this head, one can get their gross
income. There are some of the common allowances for which
you can claim tax deductions:-
HRA,Conveyance Allowance, LTA, Medical Allowance.
 HOUSE RENT ALLOWANCES (HRA)
HRA is generally part of a standard salary package. It is an
allowance that employees receive to pay their house rent.
Subject to certain conditions, you can claim exemptions for HRA
under Section 10 (13A) of I-T Act, 1961. The tax exemption you
can claim for HRA will be the lowest among the following:
• HRA received from your employer.
• 50% of the basic salary if you live in a metro city or 40% if
you live in a non-metro city.
• Actual rent paid per month minus 10% of your annual salary.
CONVEYANCE ALLOWANCES
This is an allowance that employers generally pay to compensate
for the cost of travel between your home and workplace. Under
section 10(14) of the Income Tax Act,1961, you can claim a
maximum tax exemption of ₹1,600 per month.
LEAVE TRAVEL ALLOWANCES
Leave Travel Allowance is a part of your compensation which
you can use to pay for your personal travel expenses. It is usually
offered as a yearly benefit.However, note that it subject to
certain conditions and limits, you can claim tax benefits for upto
2 leisure trips in a block of 4 calendar years, u/s 10(5).
 MEDICAL ALLOWANCES
This is an allowance that is paid to employees to help them
meet their medical expenses. Under Section 17 (2) of Income
tax Act, 1961, you can claim tax exemption of up to ₹15,000
by producing your supporting medical documents.
Income taxable under the head “HOUSE PROPERTY”
The second of the 5 heads of income includes income from
house property.It accounts for all rental income earned by a
taxpayer.However, note that if a taxpayer’s house has been
rented out, then the amount that the person would have received
as rent if he/she had let it out, would be considered as taxable
income under this head.
Moreover, tax is levied both on income earned from house
property and commercial property. The different deductions that
come under this head of income are standard deduction,
deductions for home loan interest payment, and deduction for
municipal tax.
Here, an assessee will also have to pay 10% TDS on rent if the
rent value is more than the specified limit.
Here are a few conditions that must be fulfilled for the income
to be taxable under this head:
• The assessee should be the house property owner.
• House property can include a building, a land appurtenant, or
a bungalow.
• Individuals must not use their property for any other purposes
than residency

Income taxable under the head “CAPITAL GAINS”

If any profit/gain arises from the transfer or sale of a capital
asset held as an investment, it is taxable under capital gains.
Income or proceeds from a large number of asset classes, such
as stocks, bonds, mutual funds, gold, and real estate among
others, can be considered under this head. You should also
remember that capital gains are generally classified as short- and
long-term gains. Based on the asset class, longterm capital gains
tax is applied at a maximum rate of 20% on investments held for
3 years or more, while short-term capital gains tax is applied at a
maximum rate of 15% on investments held for less than 3 years.
However, you must check if the income is eligible for an
exemption under Sections 54, 54B, 54EC, 54F, 54D, 54ED,
54GA, or 54G.

Income taxable under the head “PGBP”

This head will also include incomes, such as bonuses, salary, and
profit earned due to a partnership with a business organisation.
However, the following rules apply:
• A taxpayer must be controlling the operations of this business
or profession.
• There business or profession declared under this head must be
Legitimate.
• The business or profession in question must be carried out by
the taxpayer themselves.
• The taxpayer must be actively engaged in a particular
business or profession for the greater part of the previous year
• If taxpayers operate any other professions or businesses, they
must also include it

Income taxable under the head “OTHER SOURCES”

For the earnings that do not belong to any of the heads of
income mentioned above, it will fall under the 5th category
called income from other sources.Some common examples of
earnings that fall under this head include income from lottery,
gambling, gift card games, bank deposits, rewards from other
sports, and more.
SLAB IN INDIA:
In India, the Income Tax applies to individuals based on a slab
system, where different tax rates are assigned to different
income ranges. As the person's income increases, the tax rates
also increase. This type of taxation allows for a fair and
progressive tax system in the country. The income tax slabs are
revised periodically, typically during each budget. These slab
rates vary for different groups of taxpayers. Let us take a look at
all the slab rates applicable for Assessment Year (2023-24) and
Financial Year (2022-23).
Total Income range Rates of Income tax
Upto Rs 250000 Nil
250001 to 500000 5% of (total income-250000)
500001 to 1000000 12500+ 20% of (Total income-500000)
1000001 and above 112500+30% of (Total inc.-1000000)
In case of SENIOR CITIZEN(at least 60 years of age)
Total Income range Total Income range
Upto Rs 300000 Nil
300001 to 500000 5% of (total income-300000)
500001 to 1000000 10000+ 20% of (Total income-500000)
1000001 and above 110000+30% of (Total inc.-1000000)
In case of SUPER SENIOR CITIZEN(at least 80 years of
age)
Total Income range Total Income range

Upto Rs 500000 Nil

500001 to 1000000 20% of (Total income-500000)

1000001 and above 100000+30% of (Total inc.-1000000)

DEDUCTION:
From gross total income, assessed can claim several
deduction as specified in Chapter VIA on fulfillment of
prescribed condition as laid down in the respective section.
After, allowing these deduction, total income of the assessee
is arrived and tax is charged on the prescribed rates.
 Deduction for investment / expenditure (80 C)
Section 80C is one of the most popular and favourite
sections amongst taxpayers as it allows them to reduce
taxable income by making tax-saving investments or
incurring eligible expenses. It allows a maximum
deduction of Rs 1.5 lakh every year from the taxpayer's
total income.The benefit of this deduction can be availed
by Individuals and HUFs. Companies, partnership firms,
and LLPs cannot avail the benefit of this deduction.

Investment in Pension Fund (80CCC)

Deduction is allowed for annuity plan of the LIC or any
other insurer for receiving pension. Amount received
(including interest or bonus) shall be taxable in the year of
receipt.
Maximum limit allowed is Rs 1.5 lakh

Contribution to Pension Scheme[80CCD(1)]

Payments paid to government-sponsored plans such as the
National Pension System, the Atal Pension Yojana, and
others.
80CCD(1B)
Investments of up to Rs.50,000 in NPS.
80CCD(2)
Employer’s contribution towards NPS (up to
10%,comprising basic salary and dearness allowance, if
any)
Deduction for relative(80 DD)
Accessibility: Resident individual + HUF expending
for disabled dependant relative
Limit: Fixed ₹ 75,000 (₹ 1,25,000 in case of severe
disability)
Where the dependant himself claims deduction u/s
80U, then no deduction shall be allowed to the
guardian / HUF under this section.
PROCEDURE
LIABILITY: FOR COMPUTATION OF TAX
STEP 1- Determination of Residential status.
STEP 2-Computation of income
STEP 3-Aggregate the income
STEP 4-Deduction under Chapter VIA
STEP 5-Total income is rounded off to the nearest multiple
of 10.
STEP 6-Compute tax liability considering these points.
STEP 7-Rebate u/s 87A
STEP 8-Surcharge
STEP 9-Health and education cess @ 4%
STEP 10-Rounding off of tax

ITR E-FILING PROCEDURE:

Meaning E-filing of Tax Returns
The process of electronically filing Income tax returns
through the internet is known as e-Filing.It is mandatory for
Companies and Firms requiring statutory audit u/s 44AB to
submit the Income tax returns electronically for AY 2009-10.
Any Company/Firm requiring statutory audit u/s 44AB return
submitted without a e-Filing receipt will not be accepted.
E-filing is possible with or without digital signature.
The Income Tax Department is keen to encourage e-filing of IT
returns by all taxpayers in view of the following benefits to
taxpayers.
• Anywhere-Anytime Filing
• No long queues
• No Personnel Interface
• Quick Processing
• Accurate data in return
In the year 2007 the Income Tax Department of India took
many initiatives such as training TRPS, launching several
forms in a new avatar and so on for making tax filing
convenient and handy for the citizens.
In this e-age when ICT is successfully intervening in so many
fields and providing services from online banking to online
news, online mutual fund investments to online buying and
selling, the Income Tax Department of India launched the
Electronic Filing of income tax returns.
Yes, using the e-filing process one can file in tax returns just
within a few clicks at any time of the day and that too without
any hassles. Using this technology all you have to do is fill the
form and submit it, online or offline.
MORE ABOUT THE E-FILING PROCESS WORK
The e-filing process is really easy and takes a very little time
and all you have to do is fill up your tax return form online
provided and the other required information about income,
expenditure and savings. Filing tax returns online is the
easiest and the simplest method and all one needs is to log on
and follow the simple instructions.
For e- filing process one needs to have a software application
that generates the income tax form, which is available at the
Income Tax Department website.

TYPES OF E-FILING
There are three ways to file returns electronically.
Use digital signature, in which case no further
OPTION 1 action is required.

File without digital signature, in which case ITR-

V form is to be filed with the department. This is a
 DOCUMENTS REQUIRED FOR E-FILING
• Form No. 16 (for Tax deducted by employers)
• Form No. 16A
• Account statements of bank accounts
• Property details
• Sale and purchase of investments / assets
• Details of tax payments made
• PAN card photo copy
• Birth date
• TAN number
• Bank A/c no
• Bank details – MICR code, Type of A/c.

Benefits of E-filing of Tax Returns

One of the foremost benefits of electronic filing is the facility
Excess TDS Claim
Tax can be taken from your salary, Fixed Deposit, or any
other source even if your income is not taxable. For instance,
if your total income is under ₹2.5 Lakhs but you received ₹1
Lakh from an FD in the bank, the bank is required to deduct
10% tax from this amount. In this situation, the tax that was
subtracted by filing an ITR can be repaid. In plain English, a
person must submit a tax return in order to claim any TDS
that was taken at the source.
VISA Application
The likelihood that a visa application will be rejected or
flagged as problematic decreases if ITR documentation is
submitted with the application.The tax return illustrates the
person's civic responsibility. Several countries now demand
ITR for visas due to rising security concerns. For instance,
even if you had no income during those three years, you must
submit the returns from the previous three years when
applying for a Schengen Visa.
Establishing Losses
If you want to carry over a loss from the previous year's
stock market, you must file a return, even if it is NIL. If
you want to offset those capital losses, you should file an
ITR whether you obtain any profit or not. Additionally, if a
person owns foreign stocks, they must file an ITR in
accordance with income tax regulations.
A Reliable Proof of Address
The Income Tax Return is valid as address verification. Even
an Aadhaar Card can be obtained using it. Aadhar Cards,
licenses, passports, and other documents like those are all
required to have address proofs. Frequently, these documents
do not accept common forms of identification like ID cards.
Your Income Tax Return can be applied in such cases.
Authentic Evidence of Your Earnings
Form 16 is typically given by employers to their
employees as proof of income. The ITR Filing form serves
as actual income verification for self-employed or
independent contractors. It includes a thorough breakdown
of a person's income and expenses for the entire fiscal year.
For Purchasing High Coverage Insurance
More people are purchasing life insurance policies for over
₹50 Lakhs.However, insurance companies will not accept it
unless you show them your ITR records that show your yearly
income. Your working income will determine how much
coverage you receive, and ITR shows the insurance company
that you make a lot of money.
A Crucial Document for Loan Application
The bank requests certain documents from you when you
apply for a loan to buy something, like a car or a new home
for your family or business. Aadhar Cards, PAN Cards,
Licenses, Photo Identification, etc., are some of the documents
that might be required. Additionally, your income proof is one
important document that is requested. ITR for the previous
three years was frequently requested by banks. This is done to
determine whether you will be able to repay the loan given
your past and present financial circumstances. ITR is helpful
not only when requesting bank loans, but itcan also help you
apply for a credit card. Before issuing you a credit card, credit
card companies will also request your prior earnings and tax
returns.
Scholarship Advantages
Various authorities view an ITR as a source of income
documentation (both government and private). For instance,
you can submit an ITR to claim specific institute and/or
university scholarships. The ITR aids in establishing the
prospective student's ability to prove their income, and
insurance companies also accept them as acceptable
documentation.
Funding for Startup Ventures
When planning to launch a new company or grow an existing
one, you might require funding from outside sources like
venture capitalists or seed investors. These investors might
inquire about the specifics of your ITR in order to evaluate the
business's financial stability and profitability. They could
cross-check the data in the audited report using your ITR
forms as well.
Benefits for Independent Contractors & Professionals
Self-employed or independent contractors do not receive Form
16. Their ITR is frequently the only record that demonstrates
they have filed income taxes. Without this evidence, they might
run into funding problems and transactional issues.

Effects of E-filing of Tax Returns

Now that you are aware of the benefits of filing an Income Tax
Return, consider some of the repercussions that could result
from failing to do so:
• If a person is subject to Income Tax, a notice will be sent to
them.
• The liable body will accept a thorough letter and any
necessary supporting documentation if someone is unable to
submit Income Tax Returns for a legitimate reason. In this
situation, they may request relief from condonation.
• The IT Department will fine an individual in the event that
their ITR is filed after the deadline. Generally, if one's
income exceeds ₹5 lakhs, one must pay a penalty of
₹10,000. The fine is ₹1,000 if income is less than this
amount.
• Assessee may face harsh detainment in serious situations
like tax evasion.
• Some people, however, are exempt from the requirement to
file an income tax return. According to the Finance
Minister's announcement in the Union Budget for 2021, 75
years or older seniors can receive a full exemption from
filing ITRs.
As you might have understood now, there is no reason for you
to avoid the annual ITR Filing process. Pay your taxes on time,
and submit your returns.The advantages are what truly discern
the difference. Lastly, this blog is published in the public
interest and is only intended for informational and educational
purposes.

CONCLUSION
Under the umbrella of my project, we the participants of this
project were glad to understand the design and pattern of
income tax e-filing online. My experience was totally different
and gave us an edge adding to my knowledge. Old regime is
better as compared to new regime.
 FILING OF GST RETURN
INTRODUCTION:-
Goods and Services Tax (GST) is an indirect tax (or
consumption tax) used in India on the supply of goods
and services. It is a comprehensive, multistage,
destination-based tax: comprehensive because it has
subsumed almost all the indirect taxes except a few state
taxes. Multi-staged as it is, the GST is imposed at every
step in the production process, but is meant to be refunded
to all parties in the various stages of production other than
the final consumer and as a destination-based tax, it is
collected from point of consumption and not point of
origin like previous taxes.
Goods and services are divided into five different tax
slabs for collection of tax: 0%, 5%, 12%, 18% and 28%.
However, petroleum products, alcoholic drinks, and
electricity are not taxed under GST and instead are taxed
separately by the individual state governments, as per the
previous tax system. There is a special rate of 0.25% on
rough precious and semiprecious stones and 3% on gold.
In addition, a cess of 22% or other rates on top of 28%
GST applies on few items like aerated drinks, luxury cars
and tobacco products. Pre-GST, the statutory tax rate for
most goods was about 26.5%, PostGST, most goods are
expected to be in the 18% tax range.
The tax came into effect from 1 July 2017 through the
implementation of the One Hundred & First Amendment of
the Constitution of India by the Indian Government. The GST
replaced existing multiple taxes levied by the central and state
governments.
The tax rates, rules and regulations are governed by the GST
Council which consists of the finance ministers of the central
government and all the states. The GST is meant to replace a
slew of indirect taxes with a federated tax and is therefore
expected to reshape the country's $2.4 trillion economy, but its
implementation has received criticism. Positive outcomes of
the GST include the travel time in interstate movement, which
dropped by 20%, because of disbanding of interstate check
posts.
It is charged at the national and state level at similar rates for
the same products and italso replaces almost all the current
indirect taxes that are imposed separately by the Central and
the States. Goods & Services Tax is a destination based tax
which means that the tax is paid at the place of supply.
The following is the list of Indirect Taxes in the pre-GST rule:
• Central Excise Duty
• Duties of Excise
• Additional Duties of Excise
• Additional Duties of Customs
• Special Additional Duty of Customs
• Cess
• State VAT
• Central Sales Tax
• Purchase Tax
• Luxury Tax
• Entertainment Tax
• Entry Tax
• Taxes on advertisements
• Taxes on lotteries, betting, and gambling
CGST, SGST, and IGST has replaced all the above taxes.
However, the chargeability of C G S T for Inter-state purchase
at a concessional rate of 2%, by issue and utilization of cForm
is still prevalent for certain non-GST goods such as:
• Petroleum crude;
• High-speed diesel;
Objectives of GST:
• To concentrate and conform One Country – One Tax.
• To ensure consumption-based tax instead of
Manufacturing.
• To ensure Uniform GST Registration, payment and Input
tax Credit.
• To eliminate the cascading effect of Indirect taxes on
single transaction.
• To ensure the subsume all indirect taxes at Central and
State Level under.
• To reduce tax evasion and corruption.
• To increase productivity.
• To increase Tax to GDP Ratio and Revenue surplus.
• To increase Compliance.
• To reduce economic distortions.
• Boost to exports: If Indian market will be competitive in
pricing, then more and more foreign players will try to
enter
• Central Goods and Services Tax (CGST):
Under GST, CGST is a tax levied on Intra State supplies of
both goods and services by the Central Government and will
be governed by the CGST Act.SGST will also be levied on
the same Intra State supply but will be governed by the
State Government.This implies that both the Central and the
State governments will agree on combining their levies with
an appropriate proportion for revenue sharing between
them. However, it is clearly mentioned in Section 8 of the
GST Act that the taxes be levied on all Intra-State supplies
of goods and/or services but the rate of tax shall not be
exceeding 14%, each.
• State Goods and Services Tax (SGST):
Under GST, SGST is a tax levied on Intra State supplies of
both goods and services by the State Government and will be
governed by the SGST Act. As explained above, CGSTwill
also be levied on the same Intra State supply but will be
governed by the Central Government.
An example for CGST and SGST:
3.Integrated Goods and Services Tax (IGST):
Under GST, IGST is a tax levied on all Inter-State supplies of
goods and/or services and will be governed by the IGST Act.
IGST will be applicable on any supply of goods and/or
services in both cases of import into India and export from
India.
An example for IGST:
Consider that a businessman Ramesh from Karnataka had sold
goods to Anil from Kerala worth Rs. 1,00,000. The GST rate is
18% comprised of 18% IGST. In such case, the dealer has to
charge Rs. 18,000 as IGST. This IGST will go to the Central.

Advantages of GST:
Advantages for the government
• Harmonization of laws, procedures and rates of tax between
Centre and States and across States
• Improved environment for compliance as all returns are to be
filed online, input credits to be verified online,
encouraging more paper trail of transactions at each level of
supply chain
• Similar uniform SGST and IGST rates will reduce the
incentive for evasion by eliminating rate arbitrage between
neighbouring States and that between intra and inter-state
sales
• Common procedures for registration of taxpayers, refund of
taxes, uniform formats of tax return, common tax base,
common system of classification of goods and services will
lend greater certainty to taxation system;
• Greater use of IT will reduce human interface between the
taxpayer and the tax administration, which will go a long
way in reducing corruption;
• It will boost export and manufacturing activity, generate
 Advantages to Trade and Industry
• Increased ease of doing business;
• Reduction in multiplicity of taxes that are at present
governing our indirect tax system leading to simplification
and uniformity;
• Elimination of double taxation on certain sectors like works
contract, software, hospitality sector;
• Will mitigate cascading of taxes as Input Tax Credit will be
available across goods and services at every stage of supply;
• Reduction in compliance costs - No multiple record keeping
for a variety of taxes - so lesser investment of resources and
manpower in maintaining records;
• More efficient neutralization of taxes especially for exports
thereby making our products more competitive in the
international market and give boost to Indian Exports;
• Simplified and automated procedures for various processes
such as registration, returns, refunds, tax payments, etc;
 Advantages to Consumers
• Final price of goods is expected to be transparent due to
seamless flow on input tax credit between the manufacturer,
retailer and service supplier;
• Reduction in prices of commodities and goods in long run
due to reduction in cascading impact of taxation;
• Relatively large segment of small retailers will be either
exempted from tax or will suffer very low tax rates under a
compounding scheme - purchases from such entities will
cost less for the consumers.
• Poverty eradication by generating more employment and
more financial resources.

Advantages to States
• Expansion of the tax base as they will be able to tax the
entire supply chain from manufacturing to retail;
• Power to tax services, which was hitherto with the Central
Government only, will boost revenue and give States access
to the fastest growing sector of the economy;
• GST being destination based consumption tax will favour
consuming States;
 Goods and Services Tax Council
GST Council has met thirteen times since its constitution and
some important decisions taken in the GST Council meeting
are:-
• Rules for conduct of business in GST Council
• Timetable for implementation of GST;
• The threshold limit for exemption from levy of GST would
be Rs. 20 lakhs for the States except for the Special
Category States, as enumerated in Article 279A of the
Constitution, for which it will be Rs 10 Lakhs);
• The threshold for availing the Composition scheme would
be Rs. 50 lakhs. Service providers and some others would
be kept out of the Composition Scheme;
• To compensate States for 5 years for loss of revenue due to
implementation of GST, the base year for the revenue of the
State would be 2015-16 and a fixed growth rate of 14% will
the approval of the Chairperson, if required, based on suitable
suggestions from the stakeholders or from the Law
Department;
All entities exempted from payment of indirect tax under any
existing tax incentive scheme would pay tax in the GST regime
and the decision to continue with any incentive scheme shall
be with the concerned State or Central government. In case, the
State or Central Government decides to continue with any
existing exemption/incentive scheme; it will be administered
by way of a reimbursement mechanism.
Adoption of four slabs tax rate structure of 5%, 12%, 18% and
28%. In addition, there would be a category of exempt goods
and further a cess would be levied on certain goods such as
luxury cars, aerated drinks, pan masala and tobacco products,
over and above the rate of 28% for payment of compensation
to the states.
GST rates on 1211 items were approved at the 14th GST
Council meeting held at Srinagar on 18th and 19th of May
2017.
The implementation of GST has the following challenges:
• Challenging time frame of rolling out GST by 1st July,
2017;
• Infrastructure and Technology up-gradation of tax system
particularly of the States;
• Up-gradation of IT systems of trade & industry;
Taxes which are not to be subsumed
GST may not subsume the following taxes within its ambit:
1.Basic Custom Duty: These are protective duties levied at the
time of Import of goods into India.
• Export Duty: This duty is imposed at the time of export of
certain goods which are not available in India in abundance.
• Road and Passenger Tax: These are in the nature of fees
and not in the nature of taxes on goods and services.
• Toll tax: these are in the nature of user fees and not in the
nature of taxes on goods and services.
Need and advantages of registration
Registration will confer the following advantages to a
taxpayer:
• He is legally recognized as supplier of goods or services.
• He is legally authorized to collect tax from his customers
and pass on the credit of the taxes paid on the goods or
services supplied to the purchasers/recipients.
• He can claim input tax credit of taxes paid and can utilize
the same for payment of taxes due on supply of goods or
services.
• Seamless flow of Input Tax Credit from suppliers to
recipients at the national level.
Liability to register
GST being a tax on the event of “supply”, every supplier
needs to get registered.However, small businesses having all
India aggregate turnover below Rupees 20 lakh (10lakh if
business is in Assam, Arunachal Pradesh, Himachal Pradesh,
Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya,
Nagaland or Tripura) need not register. The small businesses,
having turnover below the threshold limit can, however,
voluntarily opt to register.
The aggregate turnover includes supplies made by him on
behalf of his principals, but excludes the value of job-worked
goods if he is a job worker. But persons who are engaged
exclusively in the business of supplying goods or services or
both that are not liable to tax or wholly exempt from tax or an
agriculturist, to the extent of supply of produce out of
cultivation of land are not liable to register under GST.
Also, if all the supplies being made by a supplier are taxable
under reverse charge, there is no requirement for such a
supplier to register in light of Notification No. 5/2017-Central
Tax dated 19.06.2017.
Nature of Registration
The registration in GST is PAN based and State specific.
Supplier has to register in each of such State or Union
territory from where he effects supply. In GST registration, the
supplier is allotted a 15-digit GST identification number
called “GSTIN” and a certificate of registration incorporating
therein this GSTIN is made available to the applicant on the
GSTN common portal. The first 2 digits of the GSTIN is the
State code, next 10 digits are the PAN of the legal entity, the
next two digits are for entity code, and the last digit is check
sum number. Registration under GST is not tax specific which
means that there is single registration for all the taxes i.e.
CGST, SGST/UTGST, IGST and cesses.
A given PAN based legal entity would have one GSTIN per
State, that means a business entity having its branches in
multiple States will have to take separate State wise
registration for the branches in different States. But with in a
State an entity with different branches would have single
registration wherein it can declare one place as principal place
of business and other branches as additional place of business.
However, a business entity having separate business verticals
(as defined in section 2 (18) of the CGSTAct, 2017) in a state
may obtain separate registration for each of its business
verticals. Further a unit in SEZ or a SEZ developer needs to
necessarily obtain separate registration.

Generally, the liability to register under GST arises when you

are a supplier within the meaning of the term, and also if your
aggregate turn over in the financial year is above the
exemption threshold of20 lakh rupees (10 lakh rupees in
special category states except J & K). However, the GST law
enlists certain categories of suppliers who are required toget
compulsory registration irrespective of their turnover that is to
say, the threshold exemption of20 lakh rupees or 10 lakh
rupees as the case may be is not available to them. Some of
such suppliers who need to register compulsorily irrespective
of the size of their turnover are those who are Inter state
suppliers.
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. 1.0 crore*.
*CBIC has notified the increase to the threshold limit from Rs
1.0 Crore to Rs. 1.5 Crores.
Who can opt for Composition Scheme
A taxpayer whose turnover is below Rs 1.0 crore* can opt for
Composition Scheme. Incase of North-Eastern states and
Himachal Pradesh, the limit is now Rs 75* lakh.
As per the CGST (Amendment) Act, 2018, a composition
dealer can also supply services to an extent of ten percent of
turnover, or Rs.5 lakhs, whichever is higher. This amendment
will be applicable from the 1st of Feb, 2019. Further, GST
Council in its 32nd meeting proposed an increase to this
limit for service providers on 10th Jan 2019*.
Turnover of all businesses registered with the same PAN
should be taken into consideration to calculate turnover.
Who cannot opt for Composition Scheme
The following people cannot opt for the scheme-
• Manufacturer of ice cream, pan masala, or tobacco
• A person making inter-state supplies
• A casual taxable person or a non-resident taxable person
• Businesses which supply goods through an e-commerce
operator
What are the conditions for availing Composition
Scheme?
The following conditions must be satisfied in order to opt for
composition scheme:
• No Input Tax Credit can be claimed by a dealer opting for
composition scheme
• The dealer cannot supply GST exempted goods
• The taxpayer has to pay tax at normal rates for transactions
under the ReverseCharge Mechanism
• The taxpayer has to mention the words ‘composition
taxable person’ on every notice or signboard displayed
prominently at their place of business.
• The taxpayer has to mention the words ‘composition
taxable person on every bill of supply issued by him.
As per the CGST (Amendment) Act, 2018, a manufacturer or
trader can now also supply services to an extent of ten percent
of turnover, or Rs.5 lakhs, whichever is higher. This
amendment will be applicable from the 1st of Feb, 2019.
How can a taxpayer opt for composition scheme?
To opt for composition, scheme a taxpayer has to file GST
CMP-02 with the government.This can be done online by
logging into the GST Portal. This intimation should be given
at the beginning of every Financial Year by a dealer wanting
to opt for Composition Scheme.
How Should a Composition Dealer raise bill?
A composition dealer cannot issue a tax invoice. This is
How should GST payment be made by a
composition dealer?
GST Payment has to be made out of pocket for the supplies
made.
The GST payment to be made by a composition dealer
comprises of the following:
• GST on supplies made.
• Tax on reverse charge
• Tax on purchase from an unregistered dealer*
*Only on the specified categories of goods and services and
well as the notified class of registered persons with effect
from 1st Feb 2019 but is yet to be notified.Hence, not
applicable until then.
What are the returns to be filed by a composition
dealer?
A dealer is required to file a quarterly return GSTR-4 by 18th
of the month after the end of the quarter. Also, an annual
return GSTR-9A has to be filed by 31st December of next
financial year*.
What are the GST rates for a composition dealer?
Following chart explains the rate of tax on turnover applicable
for composition dealers :
TYPE OF BUSINESS CGST SGST TOTAL
MANUFACTURER & TRADER 0.5% 0.5% 1.0%

RESTAURANT NOT SERVING

ALCOHOL 2.5% 2.5% 5.0%
OTHER SERVICE PROVIDER 3.0% 3.0% 6.0%
Input Tax Credit
Input credit means at the time of paying tax on output, you can
reduce the tax you have already paid on inputs and pay the
balance amount.
Here’s how-
When you buy a product/service from a registered dealer you
• The tax charged has been paid to the government by the
supplier.
• When goods are received in installments 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
What can be claimed as ITC?
ITC can be claimed only for business purposes. ITC will not
be available for goods or services exclusively used for:
• Personal use
• Exempt supplies
• Supplies for which ITC is specifically not available.
How to claim ITC?
All regular taxpayers must report the amount of input tax
credit (ITC) in their monthly GST returns of Form GSTR-3B.
The table 4 requires the summary figure of eligible
ITC,Ineligible ITC and ITC reversed during the tax period.
The format of the Table 4 is given below:
Reversal of Input Tax Credit
ITC can be availed only on goods and services for
business purposes. If they are used for non-business
(personal) purposes, or for making exempt supplies ITC
cannot be claimed .Apart from these, there are certain
other situations where ITC will be reversed.
ITC will be reversed in the following cases-
• Non-payment of invoices in 180 days– ITC will be
reversed for invoices which were not paid within 180
days of issue.
• Credit note issued to ISD by seller– This is for ISD.
If a credit note was issued by the seller to the HO then
the ITC subsequently reduced will be reversed.
• Inputs partly for business purpose and partly for
exempted supplies or for personal use – This is for
businesses which use inputs for both business and non
business (personal) purpose. ITC used in the portion of input
goods/services used for the personal purpose must be reversed
proportionately.
• Capital goods partly for business and partly for
exempted supplies or for personal use – This is similar to
above except that it concerns capital goods.
• ITC reversed is less than required- This is calculated
after the annual return is furnished. If total ITC on inputs of
exempted/non-business purpose is more than the ITC actually
reversed during the year then the difference amount will be
added to output liability. Interest will be applicable.
6)The details of reversal of ITC will be furnished in
GSTR-3B. To find out more about the segregation of ITC into
business and personal use and subsequent calculations, please
visit our article.
Special cases of ITC
• ITC for Capital Goods.
• ITC on Job work.
• ITC provided by Input service distributor.
• ITC on Transfer of Business.
Types of GST Returns
GSTR-1
GSTR-1 is the return to be furnished for reporting
details of all outward supplies of goods and services
made, or in other words, sales transactions made during
a tax period, and also for reporting debit and credit
notes issued. Any amendments to sales invoices made,
even pertaining to previous tax periods, should be
reported in the GSTR-1 return. GSTR-1 is to be filed by
all normal taxpayers who are registered under GST. It is
to be filed monthly, except in the case of small
taxpayers with turnover up to Rs.1.5 crore in the
previous financial year, who can file the same on a
quarterly basis.
GSTR-2A
GSTR-2A is the return containing details of all inward
supplies of goods and services i.e.,purchases made from
registered suppliers during a tax period. The data is
auto-populated based on data filed by the suppliers in
their GSTR-1 return. GSTR-2A is a read-only return and
no action can be taken.
 GSTR-2
GSTR-2 is the return for reporting the inward supplies of
goods and services i.e., the purchases made during a tax
period. The details in the GSTR-2 return are 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 the inception of GST.
GSTR-3
GSTR-3 is 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 is 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 ever since the
inception of GST.
 GSTR-3B
GSTR-3B is a monthly self-declaration to be filed, for
furnishing summarized details of all outward supplies made,
input tax credit claimed, tax liability ascertained and taxes
paid.
GSTR-3B is to be filed by all normal taxpayers registered
under GST.
GSTR-4 / CMP-08
GSTR-4 is the return that was to be filed by taxpayers
who have opted for the Composition Scheme under
GST. CMP-08 is the return which has replaced the
now erstwhile GSTR-4. The Composition Scheme is a
scheme in which taxpayers with turnover up to Rs.1.5
crores can opt into and pay taxes at a fixed rate on the
turnover declared.
The CMP-08 return is to be filed on a quarterly basis.
 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 for each month that
the taxpayer is registered under GST in India.
GSTR-6
GSTR-6 is a monthly return to be filed by an Input Service
Distributor (ISD).It will contain 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.

GSTR-7
GSTR-7 is a monthly return to be filed by persons required to
deduct TDS(Tax deducted at source) under GST. GSTR 7 will
contain details of TDS deducted, the TDS liability payable and
paid and TDS refund claimed, if any.
 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). GSTR-8 will contain 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.
GSTR-9
GSTR-9 is the annual return to be filed by taxpayers registered
under GST. It will contain details of all outward supplies
made, inward supplies received during the relevant previous
year under different tax heads i.e. CGST, SGST & IGST and
HSN codes, along with details of taxes payable and paid. It is
a consolidation of all the monthly or quarterly returns (GSTR-
1, GSTR-2A,GSTR-3B) filed during that year.
GSTR-9 is required to be filed by all taxpayers registered
 GSTR-9A
GSTR-9A is the annual return to be filed by taxpayers who
have registered under the Composition Scheme in a financial
year*. It is a consolidation of all the quarterly returns filed
during that financial year.
*GSTR-9A filing for Composition taxpayers has been waived
off for FY 2017-18 and FY2018-19 as per the decision taken
in the 27th GST Council meeting.
GSTR-9C
GSTR-9C is the reconciliation statement to be filed by all
taxpayers registered under GST whose turnover exceeds Rs.2
crore in a financial year. The registered person has to get their
books of accounts audited by a Chartered/Cost Accountant.
The statement of reconciliation is between these audited
financial statements of the taxpayer and the annual return
GSTR-9 that has been filed. GSTR-9C is to be filed for every
GSTIN, hence, one PAN can have multiple GSTR-9C forms
being filed.
GSTR-10
 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-11will
contain details of inward supplies received and refund
claimed.

Due Dates of filing GST Returns

In taxation, the term "due date" refers to the deadline by
which a taxpayer is required to submit or file their tax returns
or make tax payments.
The due dates for filing GST (Goods and Services Tax)
returns in India were subject to periodic changes based on
notifications from the government.
As per the current guidelines the due dates for filing GST
return is mentioned below:-
Late filing of GST Returns
Return filing is mandatory under GST. Even if there is no
transaction, you must file a Nil return.
You cannot file a return if you do not file previous month/
quarter’s return.
Hence, late filing of GST return will have a cascading effect
leading to heavy fine sand penalty.
The late filing fee of the GSTR-1 is populated in the liability
ledger of GSTR-3B filed immediately after such delay.

Interest/late fees to be paid

Interest is 18% per annum. It has to be calculated by the
taxpayer on the amount of outstanding tax to be paid. It shall
be calculated on the Net tax liability identified in the ledger at
the time of payment. The time period will be from the next
day of filing due date till the actual date of payment.
As per GST Act Late fee is Rs. 100 per day per Act. So it is
100 under CGST & 100 under SGST. Total will be Rs. 200/
day. The maximum is Rs. 5,000. There is no late fee on IGST.
 LEARNING EXPERIENCES
The learning experience under Singh Saurabh & Co.
internship is designed to provide me with practical and
handson training in the field of accounting and finance. Some
of the key learning experiences include:

• Exposure to real-world accounting and finance

tasks: I have gained experience in areas such as auditing,
tax preparation, and financial analysis.

• Development of technical skills: It developed my

technical skills in areas such as financial reporting, tax
compliance, and accounting systems.

• Opportunities for professional growth: I have

expanded my knowledge and understanding of the
accounting and finance industry through exposure to new
and challenging tasks.

• Mentorship: I also have the opportunity to work with

experienced professionals and receive guidance and
feedback on my work.
• Networking: I made valuable connections with industry
professionals and learn about different career paths within
the field of accounting and finance.

• Building confidence: By working on real-world tasks, I

have gained confidence in my abilities and develop a sense
of pride in my work.

During this internship I have learnt so many new skills. In

present I have some practical experience of working in
organization. I also have knowledge about the organization's
working environment and how organizations work to achieve
their goals and objectives. This internship has given me the
understanding of business and also about the elements of
strategic thinking, planning and implementation, and how
these skills are implemented in the real-world organization
environment. This internship also helped me to know the
applicability of accounting in the business.
 Conclusion
A conclusion on an under Singh Saurabh & Co. internship
focused on income tax would typically summarize the main
learning experiences and takeaways related to the field of
income tax. It might also reflect on the impact of the
internship on the intern's career goals and future plans, and
highlight any skills or knowledge gained related to tax laws
and regulations. Here are a few points that could be included
in a conclusion under internship in income tax:
Overview of the internship program and the tasks and
responsibilities assigned related to income tax. Key
learnings from the internship, such as a deeper
understanding of tax laws and regulations, tax compliance,
tax planning, and tax consultancy services.
Reflection on the internship experience and its impact on the
intern's personal and professional development in the field of
It's important to note that a conclusion under this internship in
income tax may vary depending on the specific internship
program, the intern's individual experiences, and the type of
internship report being written.
From the above discussion, it is clear that GST is basically an
indirect tax that brings most of the taxes imposed on most
goods and services, on manufacture, sale and consumption of
goods and services, under a single domain at the national level.
In review this internship has been an excellent and a
rewarding experience. I have been able to meet and network
with so many people and I hope I will be able to help get
opportunities in the future.
One main thing that I have learned through this internship is
time management skills as well as self-motivation. When I first
started, I did not think that I was going to be able to make
myself sit in an office for eight hours a day, five days a
week.Once I realized what I had to do I organized my day and
work so that I was not overlapping or wasting my hours.I
learned that I needed to be organized and have questions ready
for when it was the correct time to get feedback. From this
internship and time management I had to learn how to
motivate myself through being in the office for so many hours.
 REFERENCES
https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx
HYPERLINK
"https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.asp
x"
https://en.wikipedia.org/wiki/Vouching_(financial_auditing)
https://tallysolutions.com/about-tally/ HYPERLINK
"https://tallysolutions.com/about-tally/"
https://en.wikipedia.org/wiki/ https://www.gst.gov.in/
https://www.gst.gov.in/about/gst/history