INTERNSHIP REPORT

On
“A STUDY ON ACCOUNTANCY & FILLING GST RETURN”
AT
VECTIGAL TAX SOLUTIONS PRIVATE LIMITED
Internship report submitted to
DEPARTMENT OF COMMERCE
UNIVERSITY OF LUCKNOW
5

In the partial fulfilment of degree of

BACHELOR OF COMMERCE
By
SONALI YADAV
B.com V semester
RAJAT P.G. COLLEGE Lucknow
ROLL NO. -2110632010046
(2023-24)
Department of commerce

RAJAT P.G. COLLEGE VECTIGAL TAX SOLUTIONS

LUCKNOW PRIVATE LIMITED

1
CERTIFICATE

2
 DECLARATION

I, SONALI YADAV student of Bcom.V semester from RAJAT

P.G. COLLEGE hereby declare that the presented report of
training titled “A STUDY ON ACCOUNTANCY & FILLING
GST RETURN” from Vectigal Tax Solutions Private limited is
uniquely prepared by me. 3
I further declare that the formulation presented in this project is
true and original to best of my knowledge and beliefs.

I also confirm that the report is only prepared for my academic

requirement, and not for any other purpose.

SONALIYADAV
B.Com
(5th semester)
RAJAT P.G. COLLEGE
 ACKNOWLEDGEMENT

I am very fortunate to have an internship opportunity with Vectigal Tax

Solutions Private Limited co. that turned out to be a great chance for
learning and professional development. I am also grateful to have a
chance to meet so many wonderful people and professionals who guided
and mentored me throughout this Internship period.
4
Bearing in mind the previously stated reason, I wish to take this
opportunity to express my deepest gratitude and special thanks to Mr.
Purnodaya Kumar Singh who in spite in being extraordinary busy with
his duties, took out time to hear, guide and keep me on the correct path.

It is my radiant sentiment to place on record my heartiest regards, deepest

sense of gratitude to MR. SACHIN DIXIT Assistant professor,
Department of commerce RAJAT P.G. COLLEGE (Project Report
Incharge), and college staff for their careful and precious guidance which
were extremely valuable for my study, Both theoretically and practically.

I am also very thankful to my parents for her constant support, as this

opportunity was a big milestone in my career development. I will strive to
use gained skills and Knowledge in the best possible ways. I will continue
to work on their improvement. In order to attain desired career objectives

SONALI YADAV
B.com
5th Semester
 TABLE OF CONTENT

S.R.No. TITLE PAGE NO.

1 ORGANISATION PROFILE 6

2 GST – Goods and Service Tax 9

5

3 INTRODUCTION TO TALLY 34
PRIME

4 OVERVIEW OF VOUCHING 49

5 CHALLENGES FACED DURING 51

INTENSHIP

6 LEARNING EXPERIENCE 54

7 FUTURE SCOPE 56

8 ROLES & RESPONSIBILITIES 59

9 60
CONCLUSION

10 61
REFERENCE
 ORGANISATION PROFILE

Vectigal Tax Solutions Private Limited is a Private incorporated

on 27 September 2018. It is classified as Non-govt company and is
registered at Registrar of Companies, Kanpur. Its authorized
share capital is Rs. 100,000 and its paid up capital is Rs. 100,000.
It is inolved in Business activities n.e.c. 6
Vectigal Tax Solutions Private Limited's Annual General Meeting
(AGM) was last held on N/A and as per records from Ministry of
Corporate Affairs (MCA), its balance sheet was last filed on 31
March 2022.

Directors of Vectigal Tax Solutions Private Limited are

Purnodaya Kumar Singh and Kunwar Ashish Dayal.

Vectigal Tax Solutions Private Limited's Corporate Identification

Number is (CIN) U74999UP2018PTC108549 and its registration
number is 108549.Its Email address
is vectigaltax@gmail.com and its registered address is 308/1/H,
OPPOSITE D-1290 BHAGWATI PURAM, INDIRA NAGAR
LUCKNOW Lucknow UP 226016 IN.
Current status of Vectigal Tax Solutions Private Limited is -
Active.

Company Details

CIN U74999UP2018PTC108549
Company Name VECTIGAL TAX SOLUTIONS
PRIVATE LIMITED
7
Company Status Active
RoC RoC-Kanpur
Registration 108549
Number
Company Category Company limited by Shares
Company Sub Non-govt company
Category

Class of Company Private

Date of 27 September 2018
Incorporation

Age of Company 5 years, 2 month, 7 days

Activity Business activities

Number of 0
Members
Contact Details

Email ID: vectigaltax@gmail.com

Website: Click here to add.
Address:
308/1/H, OPPOSITE D-1290 BHAGWATI PURAM, INDIRA
NAGAR LUCKNOW Lucknow UP 226016 IN

Director Details 8
DIN Director Name Designation Appointment
Date

08241168 PURNODAYA Managing 27 September

KUMAR SINGH Director 2018

08241169 KUNWAR ASHISH Director 27 September

DAYAL 2018
 GST – Goods and Service Tax

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 9
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 semi-precious stones and 3%
on gold. In addition, a tax 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%, Post-GST, 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. 10
It is charged at the national and state level at similar rates for the
same products and it also 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 11
 State VAT
 Central Sales Tax
 Purchase Tax
 Luxury Tax
 Entertainment Tax
 Entry Tax
 Taxes on advertisements
 Taxes on lotteries, bettting, and gambling
CGST, SGST, and IGST has replace all the above taxes.
However, the chargeability of CGST for Inter-state purchase at a
concessional rate of 2%, by issue and utilization of c- Form is still
prevalent for certain non-GST goods such as:
i. Petroleum crude;
ii. High-speed diesel;
iii. Motor spirit (commonly known as petrol);
iv. Natural gas;
v. Aviation turbine fuel; and
vi. Alcoholic liquor for human consumption. in respect of
following transactions only:
 Resale
 Use in manufacturing or processing

12

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
the market, which results in more numbers of exporters and
benefits to Indian Market. As far there is no tax rate is
finalized, but yes GST is much needed in the countries
where, it lacks transparency and complex taxation system.
GST will take away cascading effect of various taxes that are 13
charged on sale/ production/ purchase and so. Products
reaches to customers at very high rate as compared to
manufacturing, so with GST there will be only one tax and it
will reduce burden to pay on manufacturers.

Types of Goods and Service Tax (GST)

1. 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.
2. 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, CGST will also be levied
on the same Intra State supply but will be governed by the Central
Government.
An example for CGST and SGST: 14
Let’s suppose Ram is a dealer in Karnataka who sold goods to
Sham in Karnataka worth Rs. 10,000. The GST rate is 18%
comprising of CGST rate of 9% and SGST rate of 9%. In such
case, the dealer collects Rs. 1800 of which Rs. 900 will go to the
Central Government and Rs. 900 will go to the Karnataka
Government
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 33Rs. 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:
 Will help to create a unified common national market for
India, giving a boost to foreign investment and “Make in
India” campaign;
 Will mitigate cascading of taxes as Input Tax Credit will be
available across goods and services at every stage of supply; 15
 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
more employment and thus increase GDP with gainful
employment leading to substantive economic growth;
 Ultimately it will help in poverty eradication by generating
more employment and more financial resources.

Advantages to Trade and Industry:

 Increased ease of doing business; 16
 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;
 Average tax burden on supply of goods or services is
expected to come down which would lead to more
consumption, which in turn means more production thereby
 helping in the growth of the industries manufacturing in
India.

Advantages to Consumers:
 Final price of goods is expected to be transparent due to
seamless flow of input tax credit between the manufacturer,
retailer and service supplier;
 Reduction in prices of commodities and goods in long run 17
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;
 Improve the overall investment climate in the country which
will naturally benefit the development in the States;
  Largely 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;
 Improved Compliance levels of the tax payers will contribute
greatly in improving the revenue collection of the States.

The implementation of GST has the following 18

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:
 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.
 of taxes on goods and services.
Various Tax Rates imposed by GST

19

REGISTRATION UNDER GST LAW

In any tax system registration is the most fundamental
requirement for identification of tax payers ensuring tax
compliance in the economy. Registration of any business entity
under the GST Law implies obtaining a unique number from the
concerned tax authorities for the purpose of collecting tax on
behalf of the government and to avail Input tax credit for the taxes
on his inward supplies. Without registration, a person can neither
collect tax from his customers nor claim any input tax credit of
tax paid by him.
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 20
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.
Documents Required for GST Registration
 PAN of the Applicant.
 Aadhaar Card.
 Proof of business registration or Incorporation certificate.
 Identify and Address proof of Promoter.
 Address proof of the place of business.
 Bank Account statement/ Cancelled cheque
 Digital Signature.
 Letter of Authorization/ Board Resolution of Authorized
signatory
21
 22

What is a GST Return?

A GST return is a document containing details of all
income/sales and/or expenses/purchases that a GST-registered
taxpayer (every GSTIN) is required to file with the tax
administrative authorities. This is used by tax authorities to
calculate net tax liability.
Under GST, a registered dealer has to file GST returns that
broadly include:
 Purchases
 Sales
 Output GST (On sales)
  Input tax credit (GST paid on purchases)
To file GST returns or for GST filings, check out the Clear
GST software that allows the import of data from various ERP
systems such as Tally, Busy, custom Excel, to name a few. There
is also the option to use the desktop app for Tally users to directly
upload data and file.

How many returns are there under GST? 23

There are 13 returns under GST. They are the GSTR-1, GSTR-
3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8,
GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However,
all returns do not apply to all taxpayers. Taxpayers file returns
based on the type of taxpayer/type of registration obtained.
Eligible taxpayers, i.e. with a turnover exceeding Rs.5 crore are
also required to also file a self-certified reconciliation statement in
Form GSTR-9C.
Besides the GST returns that are required to be filed, there are
statements of input tax credit available to taxpayers, namely
GSTR-2A (dynamic) and GSTR-2B (static). There is also an
Invoice Furnishing Facility (IFF) available to small taxpayers
who are registered under the QRMP scheme to furnish their
Business to Business (B2B) sales for the first two months of the
quarter. These small taxpayers will still need to pay taxes on a
monthly basis using Form PMT-06.
We have explained the various GST returns, along with
applicability and due dates in the section below.
What are the different types of GST returns and the
due dates to file them?
Here is a list of all the returns to be filed as prescribed under the
GST Law along with the due dates.

24
Return Description Frequenc Due Date
Form y

GSTR-1 Details of outward Monthly 11th of the

supplies of taxable next month.
goods and/or services
affected.
Quarterly 13th of the
(If opted month
under the succeeding the
QRMP quarter.
scheme)

IFF Details of B2B Monthly 13th of the next

(Optional supplies of taxable (for the month.
by goods and/or services first two
taxpayers affected. months of
under the the
QRMP quarter)
scheme)

GSTR-3B Summary return of Monthly 20th of the next

 outward supplies and month.
input tax credit
claimed, along with Quarterly 22nd or 24th of
payment of tax by the (For the month
taxpayer. taxpayers succeeding the
under the quarter***
QRMP
scheme)

CMP-08 Statement-cum- Quarterly 18th of the

25
challan to make a tax month
payment by a taxpayer succeeding the
registered under the quarter.
composition scheme
under Section 10 of
the CGST Act.

GSTR-4 Return for a taxpayer Annually 30th of the

registered under the month
composition scheme succeeding a
under Section 10 of financial year.
the CGST Act.

GSTR-5 Return to be filed by a Monthly 20th of the next

non-resident taxable month.
person. (Amended to
13th by Budget
2022; yet to be
notified by
CBIC.)

GSTR-5A Return to be filed by Monthly 20th of the next

 non-resident OIDAR month.
service providers.

GSTR-6 Return for an input Monthly 13th of the next

service distributor to month.
distribute the eligible
input tax credit to its
branches.

GSTR-7 Return to be filed by Monthly 10th of the next

26
registered persons month.
deducting tax at
source (TDS).

GSTR-8 Return to be filed by Monthly 10th of the next

e-commerce operators month.
containing details of
supplies effected and
the amount of tax
collected at source by
them.

GSTR-9 Annual return by a Annually 31st December

regular taxpayer. of the next
financial year.

GSTR-9C Self-certified Annually 31st December

reconciliation of the next
statement. financial year.

GSTR-10 Final return to be filed Once, Within three

by a taxpayer whose when the months of the
 GST registration is GST date of
cancelled. registratio cancellation or
n is date of
cancelled cancellation
or order,
surrender whichever is
ed. later.

GSTR-11 Details of inward Monthly 28th of the 27

supplies to be month
furnished by a person following the
having UIN and month for
claiming a refund which
statement is
filed.

ITC-04 Statement to be filed Annually 25th April

by a principal/job- (for where AATO is
worker about details AATO up up to Rs.5
of goods sent to Rs.5 crore.
to/received from a crore)
job-worker 25th October
and 25th April
Half- where AATO
yearly exceeds Rs.5
(for crore.
AATO >
Rs.5 (AATO =
crore) Annual
aggregate
turnover)
Late filing of GST Returns
 Return filing is mandatory under GST. Even if there is
no transaction, you must file a Nil returns.
 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 fines and penalty. 28
 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.
 29

Who should file for GST returns?

So ideally, who should file GST? Every supplier of goods or
services is required to obtain registration in every state, where he
makes taxable supply if his aggregate turnover exceeds the
threshold limit.
Here the threshold limit is 20 lakhs, and for the state of Manipur,
Mizoram, Nagaland and Tripura the threshold limit reduces to 10
lakhs. A person engaged in exclusive supply of goods is required
to obtain registration of aggregate turnover exceeding Rs 40 lakhs.
Here is a summary of who should file an annual return under
GST.
 Type of Who should file the form?
GST Form

GSTR-1 Every registered person should file this form

GSTR-2A Autofill form that is view-only
GSTR 2B View only form
GSTR 3B Needs to be filled by the normal taxpayer
GSTR- 4 Needs to be filled by a composition dealer who has
30
opted for a composition scheme
GSTR-5 Needs to be paid by those non-resident foreigners
who have businesses in India
GSTR-5A Non-resident OIDAR service providers
GSTR-6 Needs to be filed by an Input Service Distributor
(ISD)
GSTR-7 Filed by those persons who need to deduct TDS
under GST
GSTR-8 Filed by e-commerce operators
GSTR-9 Taxpayers registered under GST
GSTR 9C Taxpayers registered under GST
GSTR-10 Paid by those persons whose GST registration was
cancelled or surrendered
GSTR-11 For refund claims by foreign diplomatic missions
and embassies
How to file GST returns online?
You can file the GST return online as follows.

Step 1: Register for GSTIN

For those taxpayers who are not registered, you need to register to
get the GSTIN number. It is a 15-digit number that is generated
based on your state code of operation and PAN.
31
Step 2: Log in to the GST portal
You must log in to the GST portal (https://www.gst.gov.in/)
using your username and password and then click on the tab
called ‘Services’.

Step 3: Returns dashboard

You will see an option called the ‘Returns dashboard’. Click on
that. You will be asked to choose a financial year for which you
are filing the GST return. Choose the appropriate one from the
drop-down menu provided.

Step 4: Prepare online

You must then select the return you wish to file. You will be given
options of how you wish to file. For the online GST return
process, click on the ‘Prepare Online’ option.

Step 5: Enter details

You will need to enter all the details correctly in the fields
provided. Note that if you have any pending late fees, you must
fill in the details of that as well when you are filing your GST
returns. Next, you need to save the form and then submit it.

Step 6: Check submission status

When the GST return form has been submitted, you need to
ensure the status of the GST return has been changed to
32
‘Submitted’.

Step 7: Tax payment

When the status shows the return has been submitted, then you
need to click on ‘Payment of Tax.’ You will see a ‘Check Balance’
option which you need to click. The balance shown will reveal the
credit and cash balance.

Step 8: Offset liability

You must click on the option that says ‘Offset Liability’ to make
the GST payment online in a few minutes. You need to then
check the relevant boxes for declaration purposes. Then click on
‘File Form with DSC’/’File Form with EVC’ and then make the
payment.

There are numerous GST return forms available and filling each
can have additional steps or even lesser steps than the general
steps outlined above. The details of how to fill in the details can
be found on the official GST website. Before you fill out any GST
form, you should keep all the information and details close by.
Using a software solution such as TallyPrime is advised to ensure
no errors are made during filing the return process

33
 INTRODUCTION OF TALLY PRIME

Designed for businesses, Tally Prime provides users with the

ability to gain insights from anywhere, anytime, and on any
device. Its new features, including a powerful search bar called
“Go-To” and multitasking capabilities, make it easier to manage
invoicing, accounting, inventory, banking, tax, payroll, and more. 34
Tally Prime offers a completely new look while maintaining its
traditional values, making it a user-friendly option for businesses.
Its secure data and in-depth business reports are some of the many
features that Tally Prime a useful tool for businesses.
JOURNEY OF TALLY PRIME

35

Top 10 Tally Prime Features

1.Search Bar
The ‘Go To’ search bar is made available at the top of Tally
Prime screen. You can easily access any part of Tally by
typing in the search bar. You can access 90% of the options
with it. Thus, it makes Tally more suitable for Business
owners.
2. Easy Usage
o When the password for two different companies is the
same, Tally allows you to enter the other company
without having to enter the password again.
o Tally Prime allows you to create a new state while filling
the details of an entry.
o To smoothly navigate through Tally, you had to know
some important shortcuts, but now those are not 36
needed. For example, ALT + C is used to create a new
ledger. But since this option is readily available on the
screen, one doesn’t need to know the shortcut.
3. Optimize Invoice
Optimize your invoice and remove all unwanted space - an
excellent feature for retailers, distributors and any other
business that creates one invoice for multiple items.

4. Chart of Accounts
Access all masters, including ledgers, voucher types, cost
centres, etc. from the ‘Chart of Accounts’ option.

5. Mark Details as Permanent

Some fields in Tally need to be used every time an entry is
made while many others are rarely used. Keeping this in
mind, Tally Prime allows setting a few fields as ‘Permanent’
 so that you do not have to go through irrelevant fields
unnecessarily. Thus saves your time.

6. ‘Change Mode’
In any voucher, the Change Mode gives you 3 options
namely - ‘Item Invoice’, ‘Accounting invoice’ and ‘As
invoice’. Thus you can easily navigate through them.
37
7. Admin Rights
Admin has the right to stop a user session. This option is
made available in the Browser access. Admin can disconnect
a user session even in the case of remote access.

8. F1 Help
The F1 Help section now provides you with a lot of
information including Tally product information, Tally
license information, information about the Tally data, Tally
connectivity information and computer system-related
information. This makes Tally support an easier process.

9. Simplified Installation Process

If you want to update or create a new folder, Tally will
automatically check and try to detect an old file and update
it. Thus you will not need to enter the configuration, define
the path, TDLs, etc.
 10. Clutter-Free Screen Space
You can easily access the error messages and other details
from the Help Menu. Earlier this was available at the bottom
of Tally screen. Thus now you get a more clutter-free screen.

How to Download and Install Tally Prime on

Windows? 38
Tally prime is a software that is designed to automate and
integrate all the business operations, such as finance, sales,
manufacturing, purchasing, and inventory, by a single software.
It can calculate balance sheets and profit and loss accounts
within minutes. Many complicated calculations in accounting
can be done with the help of Tally software very easily. It is
developed by Tally Solutions Pvt. Ltd. The Tally Full form is
‘Transactions Allowed in a Linear Line Yards’. In this article, we
will see how to install Tally Prime step by step.

Installing Tally Prime on Windows

Follow the below steps to install Tally Prime on Windows:
Step 1: Visit the official website with the help of any web
browser you like.
 39

Step 2: Click on the Download Button.

Step 3: Now check for the executable file in your downloads
folder of the system and open it.

40

Step 4: It will prompt confirmation to make changes to your

system. Click on YES
Step 5: Now press the I button on the keyboard or you can click
on the Install button to start the installation process.
Step 6: After this installation process will start it will take 2 – 5
minutes to complete, depending upon your computer speed and
specification.

41

Step 7: Now the setup is completed click on S Button on

Keyboard or click on the Start TallyPrime button and the Tally
will open automatically.

Step 8: Now click on Allow access button to start Tally.

 42

Step 9: Now click the A button on Keyboard or

click Accept button.

Now see the interface of the Tally.

 43

At this point, Tally Prime is successfully installed on the system

and an icon is created on the desktop.

Congratulations!! At this point, you have successfully

installed Tally Prime on your Windows system.
Tally Prime Screen Introduction

44

CREATION AND CUSTOMIZATION OF

COMPANY MASTERS
A company in Tally Prime is a book in which all the financial
transactions of a company are recorded. In simple words, it’s just
like how you create a book for recording your business
transactions, you need to create a company to record the
transactions in Tally Prime.

If you have just brought or moved to Tally Prime, company

creation is the first step after you have installed and activated
Tally Prime license. Before you start with company creation, here
is a quick tip that will be useful for navigating to different fields
that you see on the screen.

 “Enter” key to navigate down or forward

 “Backspace” key to navigate up or backwards.

How to Create a company in Tally Prime?

Below are the steps to create a company in Tally Prime.
45
 To being with, press “Enter” on “Create Company”

 Type the name of your company. For example, “Max

Electronics”

 Type your address and select your state or province

 Country will be selected automatically

 Type your Pin code

 Mention the contact details of your company

 Next, specify the financial year from which you want to
maintain your books in Tally Prime

46

 If you wish to add more details, press F12 for configure and
enable options as required. You can enable “Use User Access
Control” to set password for company data as well as to
manage user roles & logins. Press “Enter” to accept the
configurations

 Move to the last field on the screen. You will get a message
asking whether you would like to accept the settings. Press
“Y” to accept and “N” to continue editing the screen

 Done! Your company is created

Configure company features in TallyPrime
Next, you will be asked to set the features that are required to
manage your books. To see advanced features, set ‘Show more
features’ to Yes

47

 Set ‘Yes’ to features that are required. You can do it anytime

by navigating to the features screen by pressing F11 for
features

 Move to the last field on the screen and Press ‘Y’ to accept
the screen. Now, you are now ready to record transactions
48
 OVERVIEW OF VOUCHING

Vouching (financial auditing)

Vouching is a technical term that refers to the inspection
of documentary evidence supporting and substantiating
a financial transaction, by an auditor. It is the essence
of auditing[1] 49
Vouching is the practice followed in an audit, with the objective
of establishing the authenticity of the transactions recorded in the
primary books of account. It essentially consists of verifying a
transaction recorded in the books of account with the relevant
documentary evidence and the authority on the basis of which the
entry has been made; also confirming that the amount mentioned
in the voucher has been posted to an appropriate account which
would disclose the nature of the transaction on its inclusion in the
final statements of account. Vouching does not include valuation.
Vouching can be described as the essence or backbone of auditing.
The success of an audit depends on the thoroughness with which
vouching is done. After entering in all vouchers, only then can
auditing start. Vouching is defined as the "verification of entries in
the books of account by examination of documentary evidence or
vouchers, such as invoices, debit and credit notes, statements,
receipts, etc.
The object of vouching is to establish that the transactions
recorded in the books of accounts are (1) in order and have been
properly authorized and (2) are correctly recorded. “Simple
routine checking cannot establish the same accuracy that
vouching can. In routine checking, entries recorded in the books
only show what information the bookkeeper chooses to disclose,
however these entries can be fictitious without any vouching or
vouchers. By using a vouching or a voucher system a company
will have concrete and solid documentation and evidence of
expenses, capital, and written proof in audits.
Vouching is the essence or backbone of auditing because when
performing an audit, an auditor must have proof of all
transactions. Without the proof provided by vouching, the claims 50
provided by the auditor are just that, only claims. In most cases,
hard to detect frauds can only be discovered through the use of
vouching. This means that the auditor must conduct vouching
with great importance, if not, he can be charged
with negligence which happened in the case of Armitage v.
Brewer and Knott. Through this case, the importance of vouching
was realized. In this case, the auditors were found to be guilty on
negligence, because the auditors did not display enough
reasonable care and skill in vouching the wage sheets and ended
up failing to detect fraud in manipulation of these wage records
and cash vouchers. When delivering the decision the Judge stated
that "It was clear that a good many documents were suspicious on
either face and called for Inquiry". It was declared that it was
essential that due care and attention are to be given to vouching in
auditing.
 CHALLENGES FACED DURING

51

Internships in the fields of Goods and Services Tax (GST) and

Income Tax offer invaluable practical experience for aspiring tax
professionals. However, they also present a unique set of
challenges. These challenges can range from the complexity of tax
laws to the practical aspects of dealing with clients and data.
Understanding these challenges is crucial for both interns and the
organizations that host them, as it helps in creating a more
effective learning environment.
1. Navigating Complex Tax Laws: One of the primary
challenges faced by interns in GST and Income Tax is the
complexity of the tax laws themselves. GST, with its multi-tiered
structure, and Income Tax, with its intricate provisions, can be
daunting for interns. The constant updates and amendments in
these laws add another layer of difficulty. Interns often find
themselves spending a significant amount of time just to stay
updated and understand the basic framework of these taxes.
2. Real-world Application vs. Theoretical Knowledge: Interns
typically come with a strong theoretical background but limited
52
practical experience. The real-world application of tax laws can be
vastly different from what is taught in textbooks. Interns must
learn to apply their theoretical knowledge to complex, real-life
scenarios, which can be a steep learning curve. This includes
understanding how to interpret the laws in specific contexts and
how to apply them in practical cases.
3. Handling Sensitive Data: Working with sensitive financial
data is a significant responsibility. Interns must be extremely
cautious in handling confidential information related to clients'
income and taxes. Any mistake in this regard can have serious
consequences, both for the client and the firm. Learning the
protocols for data handling and maintaining confidentiality is a
crucial part of the internship.
4. Client Interaction and Communication Skills: Interns often
face challenges in dealing with clients. This includes
understanding their needs, communicating tax-related
information clearly, and managing their expectations. Developing
good communication skills is essential, as interns need to explain
complex tax concepts in a simple and understandable manner to
clients who may not have a background in tax.
5. Time Management and Meeting Deadlines: Taxation work is
deadline-driven, especially during tax filing seasons. Interns must
learn to manage their time effectively to handle multiple tasks and
meet deadlines. This is often a challenge for those who are not
used to working in a high-pressure environment.
53
6. Adapting to Professional Environment: For many, an
internship in GST and Income Tax is their first exposure to a
professional work environment. Adapting to this environment,
understanding the work culture, and learning professional
etiquette are important challenges that interns face.
7. Keeping Pace with Technology: Taxation increasingly relies
on various software and technological tools for computation,
filing, and analysis. Interns must quickly learn to use these tools
efficiently, which can be challenging for those who have limited
exposure to such technology.
8. Building a Network: Networking is key in the professional
world, but many interns struggle with building a professional
network. Learning to connect with colleagues, superiors, and
clients in a professional setting is an important skill that interns
often need time to develop.
 LEARNING EXPERIENCE

54

The learning experience under Singh Saurabh & Co. internship is

designed to provide me with practical and hands-on 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 55
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.
 FUTURE SCOPES

The future scope of internships in Goods and Services Tax (GST)

and Income Tax is expansive and promising, considering the
dynamic and ever-evolving nature of tax laws and regulations. As
economies grow and tax systems become more intricate, the
demand for skilled professionals in this field is likely to increase. 56
The following points outline the potential future scope and
opportunities that can arise from internships in GST and Income
Tax:
1. Deepening Understanding of Complex Tax Regimes: The
complexity of tax laws, especially in areas like GST and Income
Tax, is unlikely to diminish. Interns who gain a deep
understanding of these areas are well-positioned for future roles
that require expertise in navigating and applying these laws. This
includes opportunities in tax consultancy, legal tax advisory, and
roles in corporate tax departments.
2. Increasing Demand for Tax Professionals: As businesses
expand and the global economy becomes more interconnected,
the need for knowledgeable tax professionals who can manage
cross-border taxation issues, GST implications, and income tax
planning is on the rise. Interns with hands-on experience in these
areas will be highly sought after in the job market.
3. Exposure to International Tax Practices: With globalization,
there is a growing intersection between domestic and
international tax regulations. Interns in GST and Income Tax
might find opportunities to work on international tax cases,
thereby broadening their professional horizons and understanding
of global tax practices.
4. Technology Integration in Taxation: The future of taxation is
closely tied to technology. Interns today are getting exposed to
sophisticated tax software and analytical tools, which will likely
become even more advanced. This exposure positions them well
57
for future roles where technology plays a key role in tax
compliance and strategy.
5. Specialization Opportunities: As tax laws become more
complex, there is a trend towards specialization. Future
professionals might choose to specialize in areas like indirect
taxes, direct taxes, international taxation, transfer pricing, etc.
Internships provide a solid foundation for such specialization.
6. Role in Policy Formulation: An in-depth understanding of
GST and Income Tax could open doors to participating in policy
formulation and advisory roles. Governments and policy-making
bodies often seek professionals with practical experience and a
thorough understanding of these taxes for insights on policy
development.
7. Entrepreneurial Opportunities: For those inclined towards
entrepreneurship, an internship in GST and Income Tax provides
the knowledge and skills needed to start their own tax consultancy
or advisory firm. This is an attractive prospect in a market where
businesses constantly seek expert tax advice.
8. Academic and Research Careers: Those interested in the
academic side can leverage their practical experience gained from
internships in further research or academic pursuits. This can lead
to careers in teaching, writing, or in research roles focusing on tax
laws and policies.
58
9. Enhanced Career Mobility: Experience in GST and Income
Tax is valuable in many finance-related roles. This experience
enhances career mobility, allowing professionals to move into
diverse areas such as financial planning, corporate finance, and
even into broader management roles.
10. Continuous Learning and Professional Development: The
field of taxation is one where continuous learning is essential.
Interns starting in this field are likely to develop a habit of
continuous professional development, keeping them relevant and
competitive in their careers.
In conclusion, internships in GST and Income Tax are not just
stepping stones but foundational experiences that open up a
multitude of career paths. From specialized tax roles,
international opportunities, to entrepreneurial ventures, the future
scope in this field is vast and varied. As tax regimes continue to
evolve, the skills and experiences gained during these internships
will become increasingly valuable, making them a critical starting
point for ambitious professionals in the field of taxation
 ROLES & RESPONSIBILITIES

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 Mr. PURNODAYA KUMAR SINGH gave me
training session about GST and computerized accounting in tally
software and also shared his practical experience with me and 59
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
 MSME Registration
 GST Registration & GST Return 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.
Softwares used during internship:
 MS office(MS Excel)
 Tally software(Tally prime gold)
 CONCLUSION

A conclusion on an under VECTIGAL TAX SOLUTIONS

PRIVATE LIMITED 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 60
future plans, and highlight any skills or knowledge gained related
to tax laws and regulations. Here are a few points that could
beincluded in a conclusion under internship in income tax:
Overview of the internship program and the tasks and
responsibilities assignedrelated to income tax.

Key learnings from the internship, such as a deeper understanding

of tax lawsand 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 income tax.Appreciation for the guidance and
support provided by mentors and supervisorsin the area of income
tax.
Acknowledgement of the skills and knowledge gained during the
internship related to income tax and how they can be applied in
the future. 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.
 REFERENCES
 https://cleartax.in/s/gst-returns
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mgver=47909
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ctimes.indiatimes.com%2Fsmall-biz%2Fpolicy-trends%2Fmaster-
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 https://tallysolutions.com/gst/gst-return/#gref
 https://www.gst.gov.in/
 https://scontent.fknu1-6.fna.fbcdn.net/v/t39.30808-
6/301854769_463816849089292_8280318594967849513_n.jpg?stp=
dst-jpg_s960x960&_nc_cat=102&ccb=1-
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ontent.fknu1-
6.fna&oh=00_AfC1NBcOwoa0ETnkmxqij3TPYJOLTYGytH0LbD
4DQnphfQ&oe=65848091
 https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.fa
cebook.com%2FlearnTallyPrime%2F&psig=AOvVaw387JqBDCa1r 62
l0fJWFkK7p0&ust=1702907584555000&source=images&cd=vfe&o
pi=89978449&ved=0CBEQjRxqFwoTCJDioOzSloMDFQAAAAA
dAAAAABAD
