Summer Internship Project Report
Summer Internship Project Report
INDRAPRASTHA UNIVERSITY
NEW DELHI
SUBMITTED AT:
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DECLARATION
I hereby declare that this Project Report titled “HLG & CO. (CA)” submitted by me to
Management Education and Research Institute is a
bonafide work was undertaken during the period from AUGUST 2023 to SEPTEMBER
2023 and has not been submitted to any other University or Institution for the award of
any degree
diploma/certificate or published any time before.
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BONAFIDE CERTIFICATE
This is to certify that as per the best of my belief the project entitled “HLG & CO. (CA)” is the
bonafide research work carried out by Farheen, 0141518821 student of B.com(H),
MERI, Janakpuri, New Delhi during AUGUST-SEPTEMBER 2023 in partial fulfilment of the
requirements for the Degree of Bachelor of Commerce (Honours).
He / She has worked under my guidance.
____________________
Name: CMA AJAY JAIN
Research Project Guide
Date:
Countersigned by
------------------
Name
HOD / Director
Date:
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ACKNOWLEDGEMENT
I have been very fortunate to get the opportunity to work on a summer internship project HLG & CO.
(CA). I hereby take this opportunity to express my profound gratitude towards Guru Gobind Singh
Indraprastha University for allowing me to work on a valuable project. I would
like to extend my deepest regards and gratitude to CMA AJAY JAIN sir, my project
guide who continuously guided me throughout the project. Monitoring and
constant encouragement throughout the course of this study made the successful completion
of this project possible.
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Table of Contents
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EXECUTIVE SUMMARY
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Chapter 1
INTRODUCTION
About summer internship
An internships provide an opportunity for students to apply what they have learned in
institutions to practical work experiences related to their academic or career goals, in
other words it is an opportunity offered by an employer to interns, to work at a firm
for a fixed period of time. Interns are usually undergraduates or students, and most
internships last between a month and three months. It is usually part time if offered
during a university semester and full time if offered during the vacation periods. An
internship would give you practical skills, workplace experience and greater
knowledge of that industry, in exchange for employer benefiting from your labor. An
internship can be either paid or voluntary. The trend is increasingly (and rightly)
towards the former, as voluntary internships are often cited as exploitative. As you
would expect, internships that pay well are usually the most competitive.
The internship is a compulsory part of the BCOM(H). The most important thing is
that the university authority has included a forty-five days internship program in the
course curriculum after completing the program. Students must work in any bank,
financial institution, small business, or other public or private company related to
their particular academic requirements.
About company
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H L G & C O (Chartered Accountants)
CA. – Founder and owner
Address: Office Suite# 509,DLF Star Tower, Sector 30, Gurgaon, Haryana-122 001,
Delhi NCR, India.
Phone - +91-124-414-0073
E-mail:
Established in
Industry type:
Nature of business:
Customer: The Typical customers are Earning professionals or Individuals, Business persons,
Companies and Industries.
Competition: The Competitions typically includes other firms and also the awareness or
financial knowledge by the common people. Once someone has the financial knowledge of how
to maintain his/her records and file the returns by themselves without anyone help then it would
create less demand.
Environment: The Environment of the company is very friendly refreshing and since it’s an
MSME the working culture is also very relaxed.
Technology: The Technology used are normal basic professional Desktops with high-speed
network facility. No other technology is required as everything can be done online nowadays.
Services offered
1. Auditing Services:
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- Statutory Audits: Conducting financial statement audits as required by law to
provide an independent opinion on the accuracy of financial statements.
- Tax Audits: Verifying the accuracy of tax returns filed by individuals or entities to
ensure compliance with tax laws.
2. Taxation Services:
- Tax Compliance: Preparing and filing income tax returns for individuals and
businesses.
3. Accounting Services:
- Mergers and Acquisitions: Providing due diligence and financial analysis for
potential mergers or acquisitions.
5. Assurance Services:
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- Compilation Engagements: Compiling financial information with providing an
opinion or assurance.
6. Compliance Services:
- Personal Financial Planning: Helping individuals plan for their financial future,
including retirement and investment strategies.
Nature of organisation
A Chartered Accountancy (CA) firm is a professional services firm that specializes in providing a wide
range of financial and accounting services to businesses and individuals. These firms are typically
comprised of Chartered Accountants who have obtained the necessary qualifications and licenses to
practice as accountants and auditors.
Here are some key aspects of the nature of a CA firm:
Professional Services: CA firms offer professional services related to accounting, auditing,
taxation, and financial management. They assist clients in maintaining accurate financial
records, complying with tax laws, and making informed financial decisions.
Diverse Clientele: CA firms often serve a diverse client base, including businesses of all sizes,
nonprofit organizations, government agencies, and individual taxpayers. They may also provide
services to clients in various industries.
Audit and Assurance: Many CA firms specialize in audit and assurance services, which
involve examining and verifying financial statements to provide an independent assessment of
their accuracy and fairness. This is often required by regulatory authorities and shareholders.
Taxation Services: CA firms help clients navigate complex tax laws and regulations. They
assist with tax planning, preparation of tax returns, and represent clients in dealings with tax
authorities.
Financial Advisory: CA firms may provide financial advisory services, helping clients with
investment decisions, mergers and acquisitions, financial restructuring, and business valuation.
Compliance and Regulatory Matters: CA firms help clients stay compliant with financial
regulations and reporting requirements, which can vary depending on the industry and
jurisdiction.
Consulting: Some CA firms offer management consulting services, assisting clients with
strategic planning, cost control, risk management, and improving business processes.
Ethical and Professional Standards: Chartered Accountants adhere to a strict code of ethics
and professional standards to ensure integrity, objectivity, and confidentiality in their work.
Continuing Education: Chartered Accountants are required to engage in ongoing professional
development and stay updated with changes in accounting standards, tax laws, and business
regulations.
Independence: Independence is a critical aspect of CA firms, especially when performing
audits and assurance services. They must maintain an unbiased and impartial stance to provide
reliable assessments.
Size and Structure: CA firms can vary in size from small local practices to large multinational
firms. The structure can also differ, with some firms being partnerships, while others are part of
larger networks or associations.
Technology Integration: Modern CA firms often embrace technology to enhance their services.
They use accounting software, data analytics, and digital tools to streamline processes and
provide more valuable insights to clients.
In summary, CA firms play a vital role in the financial and business ecosystem by providing a wide
range of financial and accounting services. They are subject to rigorous professional standards and
regulations to ensure the quality and integrity of their work. The nature of a CA firm's services can vary
depending on its specialization and the needs of its clients.
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Chapter – 2
About the Industry
The organization is working as a Chartered Accountant firm under the rules and regulations and
code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).
The Institute of Chartered Accountants of India (ICAI or the Institute) was established as a
statutory body on July 1, 1961, under the Chartered Accountants Ordinance, 1961 to regulate
the profession of Accountancy in the country. ICAI is governed by the Council which consists
of fourteen members. Thirty-two are selected from among the members. The remaining Eight of
the council members are nominated by the Government of India. These kinds of firms provide
different kinds of professional services like audit, taxation, and management consultancy to
their clients. The Chartered Accountancy course is conducted by the Institute of Chartered
Accountants of India, which has its headquarters in New Delhi, 5 Regional offices (Calcutta,
Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under their regional centres.
Manage all Finance activities of the company except adjudication and award of
contracts
Support the functioning of the Finance committee
Implement the decisions of the Finance committee
Check and payment Vouchers of company clients
Prepare Payment documents
Prepare purchase vouchers and any other contract document
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Financial accounting is a specific branch of accounting involving a process of recording,
summarizing, and reporting the myriad of transactions resulting from business operations over
a period of time. These transactions are summarized in the preparation of financial statements
—including the balance sheet, income statement, and cash flow statement—that record a
company’s operating performance over a specified period. Work opportunities for a financial
accountant can be found in both the public and private sectors. A financial accountant’s duties
may differ from those of a general accountant, who works for themself rather than directly for
a company or an organization.
Generally speaking, the accounting industry has much to offer to recent graduates in terms of
opportunities, career development, and advancement. Accountancy firms provide employment
and career development opportunities to accountants and auditors with a wide range of
qualifications. It is important to note that recent graduates who want to become future
accountants are not limited to working only for Big Four accounting firms. For example,
graduates with bachelor's or master's degrees can work in a wide variety of job functions
ranging from auditing or tax planning in public accounting firms to financial planning or
forensic advisors in small enterprises.
To have a good career development path in accounting does not mean that one needs to work
for a big player. There are numerous possibilities to become a private or management
accountant in profit organizations whose core business does not revolve around selling
accounting services.
Analytical skills and strong affinity to numbers – show that you have the aptitude to
analyse, manipulate, and draw conclusions and recommend future courses of action
based on financial data
Teamwork – demonstrate that you have the ability to work as a part of the team
Soft skills – prove that you have strong communication, interpersonal, and managerial
abilities
Time management – show that you can prioritize task and meet the set deadlines
Attention to detail – demonstrate that you have capability to complete the task first time
and spot any weaknesses and improve on them
To become a successful accountant, you need to be willing to learn constantly and keep up with
latest regulations and legislative requirements. You need to be passionate about what you are
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doing like everything else in life – it is hard to become good at something if you don’t have
passion for it.
1. Financial Institutions: Financial services CA firms often work closely with banks, credit
unions, insurance companies, and other financial institutions. They help these entities with
various financial reporting, auditing, compliance, and risk management services.
2. Investment Firms: CA firms in the financial services sector provide critical services to
investment companies, including hedge funds, private equity firms, mutual funds, and asset
management firms. This may involve fund accounting, auditing, valuation, and regulatory
compliance.
3. Regulatory Compliance: The financial services industry is highly regulated, and CA firms
specializing in this sector assist their clients in adhering to complex regulatory requirements.
They help clients stay compliant with financial reporting standards, anti-money laundering
(AML) regulations, and securities laws.
4. Risk Management: These CA firms offer risk assessment and management services to
financial institutions and investment firms. This includes assessing credit risk, market risk,
operational risk, and implementing risk mitigation strategies.
5. Audit and Assurance: Auditing is a crucial service provided by financial services CA firms.
They conduct independent audits to verify the accuracy and completeness of financial
statements, internal controls, and compliance with regulatory standards.
6. Tax Planning and Compliance: Financial services entities have specific tax considerations.
CA firms assist in tax planning, optimization, and compliance, ensuring that clients meet their
tax obligations while minimizing tax liabilities.
7. Valuation Services: Valuation is significant in the financial services industry, especially for
investment firms. CA firms may provide valuation services for portfolios, securities, and
business entities.
8. Financial Reporting: These firms assist clients in preparing accurate and timely financial
statements and regulatory reports required by financial authorities and stakeholders.
9. Forensic Accounting: Forensic accountants within these firms may investigate financial
irregularities, fraud, and financial disputes, which are particularly critical in the financial sector.
10. Consulting and Advisory: Financial services CA firms often provide strategic financial
and business consulting services to help their clients navigate market trends, mergers and
acquisitions, and other financial challenges.
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11. International Financial Services: Some financial services CA firms have a global presence
and offer services related to international financial standards, cross-border transactions, and
international tax planning.
12. Technology Integration: Like other CA firms, those specializing in financial services
increasingly integrate technology solutions to enhance efficiency, data security, and
compliance.
These specialized CA firms play a crucial role in ensuring the financial stability, transparency,
and compliance of businesses within the financial services industry. They help their clients
navigate complex regulatory environments while managing financial risks effectively.
CHAPTER -3
Description of work
Job description
I have tried my best to enhance my abilities and apply the knowledge that I gained
during the studies. On my first day at firm, company in charge gave me briefing
about TDS returns and computerized accounting in tally Prime software and also
shared his practical experience with me and gave me some techniques of this process.
He also guided me that how to prepare VAT/GST return and filling data in income
tax return preparation software.
Different task that I performed during my internship
Vouching
Preparing books of accounts in tally
Voucher entry
Bill booking
Preparing Data in Excel Sheet
Theoretical learning of different types of Taxation and GST
TDS, GSTR-1, GSTR-2B, GSTR-3B return preparation
Preparation of financial statements.
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Preparation of Bank statement, Income Statement, Computation
Preparation of total income, Balance sheet, Capital account and P&L account.
2 of Financial
files
3 Filing ITR and GSTR Prepared files are filed on the respective online portal on behalf
of the clients.
The concept of Taxation was learned along with the GST. The
2 ITR & GST knowledge was successfully applied.
This involved learning new excel tools, data aligning and gathering.
3 Financial Files
Preparation
Accounting software is a computer program which helps accountants in recording and reporting
financial transactions of the business. Accounting software makes accounting calculations
easier and less office space is required as all details are stored in computer. With the help of
accounting software, retrieving of old accounting data is easier and quick. So, business people
can divert their time on important decisions of business rather than preparing accounts, as
accounting software do various accounting and book keeping tasks and also offers useful tools
like invoicing, bill payment, payroll and financial reporting.
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Accounting software can create a variety of Reports and Financial Statements, which includes
Profit and Loss Account and Balance Sheet, which are used by Management, Investors, Market
Analyst, Government and Suppliers to evaluate financial condition of a business and its earning
potential.
There are plenty of Accounting Software available in the Market. An organization can choose
the Accounting Software as per their requirements and needs of Business. In this summer
internship program, I have worked on Tally Prime software.
1. Accounting: Tally Prime allows users to maintain their financial records, ledger entries,
and generate various financial reports like balance sheets, profit and loss statements,
and cash flow statements.
5. Banking and Reconciliation: It enables users to reconcile their bank accounts, handle
fund transfers, and manage transactions effectively.
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7. Data Security: Tally Prime offers data security features, including user access controls,
data encryption, and backup options.
8. Reporting: The software provides a wide range of customizable reports and financial
statements to help businesses make informed decisions.
9. Integration: Tally Prime can be integrated with various third-party applications and
services to extend its functionality.
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CHAPTER -4
Learning Summary
1. Record Transactions
Recording transactions for accounting entry in Tally Prime follow a simple pattern.
You can record a transaction with the following steps. A transaction for payment of
bank charges (expenses) is used as an example.
1. Press Alt+G (Go to) > Create Voucher > press F5 (Payment).
Alternatively, Gateway of Tally > Vouchers > press F5 (Payment).
2. Press F2 (Date) to change the transaction date, if needed.
When you press F2 to change the date, the date shown is for the subsequent day
of the current date. This is done to avoid manual entry of date for the next day
as the immediate next day is the most common business day. You can however
enter any date, even a date before the current date.
3. In the Account field, select the Cash or Bank ledger.
When you create a Company in TallyPrime, the system creates two ledgers by
default – Cash and Profit & Loss A/c.
4. Provide the payment details.
a. Under Particulars, select expense ledger for which you are making this
payment.
As always, press Alt+C to create a ledger under Indirect Expenses, on
the fly, if an expense ledger does not exist.
b. Amount: Enter the payment amount.
5. Provide Narration, if any, and accept the voucher creation screen. As always,
press Ctrl+A to save.
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In each and every transaction in the cash book follow the golden rule of accounting.
Nominal account- debit all expenses and losses, credit all incomes and gains.
Personal account- debit the receiver and credit the giver.
Real account- debit what comes into business and credit what goes out.
As per GST laws, every supplier who has acquired GST registration in India has to issue an
invoice in the pre-notified format, while supplying goods or services.
Meaning every business transaction affected by nature involving removal of goods for supply to
recipient or provision of service to the recipient can only be executed by the issue of invoices to
the recipient, irrespective of whether such supplier operates such business online or offline.
Before making sales entries in Tally, one needs to create ledgers related to sales to prepare
a GST invoice.
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Types of GST Charged in India
1. State Goods and Services Tax (SGST)
The State Goods and Services Tax is one of the GST types which the government of a
particular state imposes. The state government taxes goods and services within the state
(intrastate, for example Mysore), and the state government is the sole beneficiary of the
collected revenue.
The SGST replaces various state-level taxes such as lottery tax, luxury tax,
However, if the transaction of the goods is interstate (outside the state), then
both SGST and CGST are applied. But, if the goods and services are
The rate of GST is equally divided among the two types of GSTs. For
instance, when the traders sell their commodities within their state, they must
pay SGST and CGST. The revenue earned from SGST belongs to the state
SGST Rates
Commodities SGST
Processed foods, 6%
electronic
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2. Central goods and Services tax (CGST)
The Central goods and Services tax applies to the intrastate (within the state) supply of goods and services. The
central government taxes it. The CGST Act governs this type of GST. Here, the revenue generated from the
CGST is collected along with the SGST and is divided between the central and state government.
CGST Rates
Commodities CGST
Sugar,
goods
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The Integrated Goods and Services tax is a type of GST, where the tax applies on the interstate supply of goods
and services. This GST type is also imposed on the goods and services that are imported as well as exported.
The IGST Act governs it, and the central government is responsible for the collection of IGST.
The collected IGST is equally divided into central and state government portions. The State portion of the IGST
is provided to the state where the goods and services are received
For instance, when the trader makes a supply between two states, the type of tax in this case would be IGST.
IGST Rates
Commodities IGST
Sugar, etc.
goods
Credit of
CGST - Rs. 50
SGST - Rs. 50
Output liability of
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As per the earlier GST input set off rules, CGST & SGST credit can be utilized to set off the liability of
CGST & SGST, respectively and the balance can be paid through IGST credit. And the taxpayer has to pay
nothing in cash.
But, as per the new GST ITC set off rules 2022, IGST credit of 200 shall be utilized towards the payment
of output liability of Rs. 100 of IGST and Rs. 100 of CGST.
This will lead to the accumulation of credit under CGST of Rs. 50 that can be carried forward along with
this the SGST output liability of Rs. 50.
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TDS Rate Chart for FY 2023-24 (AY 2024-25)
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194-I(a) Rent on plant and
machinery
2,40,000 2%
194-I(b) Rent on
land/building/furniture/fittin
2,40,000 10%
g
30th June 2023 May 2023 7th June 2023 31st July 2023
2023
31st March
7th April 2024 (for tax 31st May 2024
2024
deducted by govt. office)
March 2024
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Income Tax Rates
Individuals
(Other than resident senior and super senior citizen)
Add:
a. Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee
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exceeds specified limits: -
Rate of Surcharge
Assessment Year 2024-25 Assessment Year 2023-24
Range of Income Range of Income
Rs. 50 Rs. 1 Crore Rs. 2 Crores above Rs. 50 Rs. 1 Crore Rs. 2 Crores above Rs.
Lakhs Rs. Lakhs
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to Rs. 1 to Rs. 2 to Rs. 5 5 crore to Rs. 1 to Rs. 2 to Rs. 5 5 crore
Crore Crores Crores Crore Crores Crores
10% 15% 25% 37% 10% 15% 25% 37%
The tax rates under the new tax regime are as under:
Add:
a. Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee
exceeds specified limits: -
Range of Income
Rs. 50 Lakhs to Rs. 1 Crore Rs. 1 Crore to Rs. 2 Crores Rs. 2 crores to Rs. 5 crores Exceeding Rs. 5 Crores
10% 15% 25% 37
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Lotter
ITR Applicabl Salar House Capita Other Foreign Carry
Business Exempt y
For e to y Propert l Source Assets/Foreig Forwar
Income Income Incom
m y Gains s n Income d Loss
e
Yes
ITR- Individual, Yes(One No (Agricultur
1/ HUF Yes House No Yes al Income No No No
Sahaj (Residents) Property) less than Rs
5,000)
ITR- Individual,
Yes Yes No Yes Yes Yes Yes Yes Yes
2 HUF
Individual
ITR- or HUF,
Yes Yes Yes Yes Yes Yes Yes Yes Yes
3 partner in a
Firm
Yes Yes
Yes(One Presumptiv (Agricultur
ITR- Individual,
House e Business No Yes al Income No No No
4 HUF, Firm
Property) Income less than Rs
5,000)
No
ITR- Partnership
Yes Yes Yes Yes Yes Yes Yes Yes
5 Firm/ LLP
No
ITR-
Company Yes Yes Yes Yes Yes Yes Yes Yes
6
ITR- No
Trust Yes Yes Yes Yes Yes Yes Yes Yes
7
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