INTERNSHIP PROJECT REPORT

ON
“ACCOUNT AND FINANCE”
AT
QIMAT RAI AND ASSOCIATION

Report submitted in partially fulfilment of the requirements

for the award of the degree of
BCOM HONOURS (FINANCE AND ACCOUNTS) WITH ICA SKIILS
(2020-2023)
GD GOENKA UNIVERSITY

SUBMITTED TO- SUBMITTED BY-

MRS- PARTIBHA SAINI ROHIT THAKRAN
PROJECT INCHARGE ENROLLMENT NO- 200140201010

Under the Guidance of

MRS.PARTIBHA SAINI
ASSOCIATE
PROFESSOR
G D GOENKA UNIVERSIT
S.no Chapter
no.
1. Declaration from Student
2. Acknowledgement

3. Offer Letter

4. Recommendation Letter

5. About ICA
5.1 Vision of ICAI
5.2 Mission of ICAI
6. Chapter 1 Introduction
1.1 Service provide by the company
1.2 About the Company
1.3 Organizational Structure

7. Chapter 2 About the Industry

1.1 United health group
1.2 Amazon
1.3 Concentrix

8. Chapter 3 Job Profile/ Responsibilities

3.1 Job Profile
3.2 Responsibilities

9. Chapter 4 Activities Performed

11. Chapter 5 Key Learnings Drawn

12. Chapter 6 Corporate Experience

13. Chapter 7 Objective of report
14. Chapter 8 Suggestions
15. Chapter 9 Conclusion
 DECLARATION

I, ROHIT THAKRAN the student of GD Goenka University

Semester-5 (2020-2023) hereby declare that I have
completed the internship report.
The information submitted is true and original to the best of
my knowledge.

Name: ROHIT THAKRAN

Date: 15-12-2022
Place – Gurugram, India
AKNOWLEDGEMENT

I Would like to express my sincere gratitude to all those who have given me the opportunity
to complete this project. I put effort into this project. However, it would not have been
possible without the support and help of many individuals and the organization First of all, I
would like to express my heartfelt condolences to my project incharge Mrs. Pratibha for her
constant support, Strong interest and pain during his tenure. Express gratitude for good
guidance, encouragement, and thoughtful advice. I would like to express my sincere
gratitude to Mr. Qimat Rai Garg for giving him ample opportunity to work in this prestigious
organization. I want to express my gratitude to the project’s director Mr. Amber Rai Garg
who gave his all to help the team succeed. My training would not have been successful
without his support. I also thank all staff for their valuable cooperation and willingness to
share their ideas and views on this subject. Finally, thank God for showing me the ray of
light to carry out this project. I Would also like to thank family and friends for their constant
support and inspiration in completing this project.
OFFER LETTER
CONFIRMATION LETTER
INTERNSHIP CERTIFICATE
ABOUT THE INDUSTRY

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

ICAI is governed by a council consisting of nineteen members. 15 Members are

elected from among the members for a period of four years. The remaining four
of the council individuals are selected by administration India.

The ICAI was established under the chartered accountants act, 1949 passed by the
Parliament of India to regulate the profession in India. ICAI is the second largest
Professional body in the world in terms of membership and number of students,
after the AICPA. It prescribes the qualifications of a chartered accountant, conducts
the required examinations, and grants a certificate of practice.

These kinds of firms provide different kinds of professional services like audit,
taxation, and management consultancy to their clients. The ICAI has its
headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai,
and New Delhi) and 81 branches under these regional Centers.
 VISION OF ICAI

The Chartered Accountant profession in India should be a benchmark of

professional Excellence in upholding the principles of integrity, transparency,
and accountability.

MISSION OF ICAI
Is to achieve excellence in professional competence, added value to businesses and
the Economy protection of public interest; to ensure ethical practices and good
corporate Governance while considering the needs of globalization. Organize
professional development activities for members focusing on the changing business
environment, developments in information technology, new global partnerships
organize networking events to develop opportunities for members in emerging
areas of audit and assurance needs, tax planning services, performance
measurement and control services, business risk services, change management
services, strategic management, and global organization services.
 CHAPTER 1
Introduction

QIMAT RAI AND ASSOCIATION

Is a leading consultancy firm rendering varied professional
services which includes a comprehensive range of accounting,
financial, legal, tax management, auditing, business process
out-sourcing, management consultancy, secretarial, payroll
management, Company Incorporation, Corporate Finance,
NPO Registration and other financial services

The team consists of distinguished chartered accountants,

corporate financial advisors, Advocate and tax consultants.
The firm represents a combination of specialized skills, which
are geared to offers sound financial advice and personalized
proactive services. Those associated with the firm have
regular interaction with industry and other professionals
which enables the firm to keep pace with contemporary
developments and to meet the needs of its clients
SERVICES PROVIDED BY THE COMPANY-

• Taxation &Compliance Services

• Direct Tax
• Domestic Taxation Advisory
• Compliance - ITR Filing & related services
• Litigation - Repsonse to IT notices | Client case
representation
• Indirect Tax
• Compliance, Advisory and Litigation - GST, Service Tax
• Dispute Resolution – representation before adjudication /
appellate authorities
• Advisory services - Refund / rebate claims, Transaction
structuring advisory
• Lower tax deduction certificate
• Risk &Advisory Services
• Management Assurance
 • Internal Audit
• Statutory Audit
• Concurrent Audit
• Process Validation
• Revenue Assurance
• Business Assurance
• Physical verifications of Inventories and Fixed
Assets
• Account Receivable Analysis HR and Payroll -
Investment proof validation
• Corporate Finance Advisory
• Valuation of Business, Fixed Assets, Intangible Assets
• Due Dilligence - Accounting & Financial
• Fund Raise -
• Preparing the company for fund raise
• Preparation & advising on Business plans and
projections
• Access to Debt and Equity providers
• Bookkeeping & Financial Reporting
• Maintaining books of accounts as per IGAAP
• Preparation of Financial Statements
• Preparation of Accounting & Taxation books for
Corporates
• Complainces related to filing of Audited Financials
• Wealth Management
• Customised investment solutions -
 • Life Insurance
• Deposits
• Real Estate
• Mutual Funds
• Portfolio & Wealth Management Advisory
• Non-Life Insurance solutions
ABOUT THE COMPANY
• 1979
• Journey began with Mr. Qimat Rai Garg setting up his CA firm
in Chandigarh with focus on Auditing, Accounting and Taxation
related services
• 2001
• Established his footprint in Delhi. Exhanced service offerings
incl. Insurance, Portfolio & Wealth Management Services,
Statutory Audit of PSUs and PSB
• 2006
• Rai Tax Consultants & Rai Financial Services formed. 1st year,
over 10,000+ individual employees working in Marquee brand
names - Airtel, Sapient, United Health Group (UHG), AllSec,
Colt Technology, Evalueserve, Concentrix, Huawei, HDFC
Bank availed our services
• 2015
• Our online platform Filemyreturn.co.in is launched
• 2016
• Moved our Head Office into our owned premise located in the
heart of Gurgaon in DLF Galleria Market, DLF Ph – IV
Brief background about our digital platform www.filemyreturn.co.in -
ORGANISATIONAL STRUCTURE

A hierarchy is an arrangement of items (objects, names,

values, categories, etc.) in which the items are represented as
being “above”, ”below”, or “at the same level as” one another
and with only one “neighbour” above and below each level.
These classifications are made with regard to rank,
importance, seniority, power status, or authority. A hierarchy
of power is called a power structure.

Following is the organizational hierarchy of the firm:

 Partners
 Directors
 Managers
 Supervisors
 Senior Trainee Students
 Junior Trainees
• Various levels of the firm have different functions.
Partners are often the founders of the firms . Most of the
firms names are associated with the names of partners.
They are basically the main parties who issue and sign
the report (specifically audit report) on behalf of the firm.
Partners mostly communicate with senior managers. In
other words, the progress of any report and any inquiry is
made from the Managers and hierarchal structure is
strictly followed to avoid any disruption.
• Managers are inquired of by Managers and mostly
managers manage audit field works etc. and after field
work managers with cooperation of managers makes and
finalise any audit report to be issued.
• field work and information collection and
implementation of policies by adopting changes in rules
& regulation is the main responsibility of supervisors and
trainees. They use different kind of techniques for error
and fraud detection.
 CHAPTER 2
Type Public

Traded as  NYSE: UNH

 DJIA component
 S&P 100 component
 S&P 500 component

Industry Managed healthcare

Insurance

Founded 1977; 45 years ago

Founder Richard T. Burke

Headquarters Minnetonka, Minnesota, United States

Area served Worldwide

Key people Stephen J. Hemsley

(Executive Chairman)

Larry C. Renfro
(Vice Chairman)
Andrew Witty
(CEO)

Services Healthcare services

Health insurance
Health care provider
Pharmacy benefit manager

Revenue US$285.273 billion[1] (2021)

Operating US$21.646 billion[1] (2021)

income

Net income US$17.285 billion[1] (2021)

Total assets US$212.206 billion[1] (2021)

Website unitedhealthgroup.com
 The Amazon Spheres, part of the Amazon headquarters in Seattle, U.S.

Trade name Amazon

Formerly Cadabra, Inc. (1994–1995)

Type Public

Traded as  Nasdaq: AMZN

 Nasdaq-100 component
 S&P 100 component
 S&P 500 component

ISIN US0231351067

Industry  E-commerce
 Cloud Computing
 Artificial intelligence
 Consumer electronics
 Entertainment
 Digital distribution
 Self-driving cars
 Supermarket

Founded July 5, 1994; 28 years ago

Bellevue, Washington, U.S.

Founder Jeff Bezos

Headquarters Seattle, Washington and Arlington, Virginia

,
U.S.
Area served Worldwide

Key people  Jeff Bezos

(executive chairman)
 Andy Jassy
(president and CEO)

Products  Echo
 Fire Tablet
 Fire TV
 Fire OS
 Kindle

Services  Amazon.com
 Amazon Alexa
 Amazon Appstore
 Amazon Luna
 Amazon Music
 Amazon Pay
 Amazon Prime

Revenue US$469.822 billion (2021)

Operating income US$24.879 billion (2021)

Net income US$33.364 billion (2021)

Total assets US$420.549 billion (2021)

Total equity US$138.245 billion (2021)

Owner Jeff Bezos (9.8%)

Number of employees  1,544,000 (September 2022)

 U.S.: 950,000 (June 2021)

Subsidiaries show

List

Website www.amazon.com

Concentrix Corporation

Type Public company

 Traded as  Nasdaq: CNXC
 S&P 400 component

ISIN US20602D1019

Industry Business services

Founded 1983; 39 years ago

Headquarters Newark, California

,
U.S.

Area served Worldwide

Key people Christopher Caldwell[1] (CEO)

Revenue US$5.3 billion (2020)[2]

Number of 290,000+ [3]

employees

Website concentrix.com
 About Company

UnitedHealth Group Incorporated is an

American multinational managed healthcare and insurance company
based in Minnetonka, Minnesota. It offers health care products and
insurance services. UnitedHealth Group is the world's seventh largest
company by revenue and the largest healthcare company by revenue,
and the largest insurance company by net premiums. UnitedHealthcare
revenues comprise 80% of the Group's overall revenue.

UnitedHealthcare includes four divisions:

 UnitedHealthcare Employer and Individual - provides health

benefit plans and services for large national employers
 UnitedHealthcare Medicare and Retirement - provides health
and well-being services to individuals age 65 and older.[1]
 UnitedHealthcare Community and State - serves state
programs that care for the economically disadvantaged, the
medically underserved, and people without the benefit of
employer-funded health care coverage, in exchange for a
monthly premium per member from the state program.[1]
 UnitedHealthcare Global - serves 6.2 million people with
medical benefits, residing principally
in Brazil, Chile, Colombia and Peru but also in more than 130
other countries.
Products and services
Health insurance plans
UnitedHealthcare offers commercial group insurance plans across the
United States under several product names with different offerings.

 UnitedHealthcare Select is an exclusive provider

organization (EPO) with no coverage for out-of-network
providers
 UnitedHealthcare Select Plus is a preferred provider
organization (PPO).
 UnitedHealthcare Choice functions as a HMO plan with
access to specialists,[59] whereas UnitedHealthcare Choice Plus
is an HMO which allows for out-of-network coverage.
 UnitedHealthcare Navigate, Charter, and Compass require
a primary care physician referral to see a specialist meaning
that they are more restrictive managed care plans, similar
to point of service plans.

Provider networks
UnitedHealthcare negotiates with providers in periodic contract
negotiation; contracts may be discontinued from time to time. High-
profile contract disputes can span provider networks across the nation,
as in the case of a 2018 dispute with a major emergency room doctor
group, Envision Healthcare.

Provider directory
Maintaining up-to-date provider directories is necessary since
the Centers for Medicare and Medicaid Services can fine insurers
with outdated directories. As a condition of participation,
UnitedHealthcare requires that providers notify them of changes, but
also has a Professional Verification Outreach program to proactively
request information from providers. However, providers are
burdened by having to maintain their information with multiple
networks (e.g., competitors to UnitedHealthcare). The total cost of
maintaining these directories is estimated at $2.1b annually, and
a blockchain initiative began in 2018 to share the directory.
Change Healthcare
In February 2022, the United States Department of
Justice sued to stop UnitedHealth Group's $8 billion acquisition
of Change Healthcare, arguing that the deal would give
UnitedHealth access to its competitors' data and ultimately
push up healthcare cost. The Justice Department said that
UnitedHealth knew that access to claims would give it a view
into rival health plans at Humana, Anthem Inc, CVS
Health, Aetna, and Cigna

Amazon.com, Inc

an American multinational technology

company focusing on e-commerce, cloud
computing, online advertising, digital
streaming, and artificial intelligence. It has
been referred to as "one of the most
influential economic and cultural forces in
the world",] and is one of the world's most
valuable brands.[6] It is one of the Big Five American information
technology companies, alongside Alphabet, Apple, Meta, and Microsoft.

Ecommerce
Amazon.com
Amazon.com is an ecommerce platform that sells many product lines,
including media (books, movies, music, and software), apparel, baby
products, consumer electronics, beauty products, gourmet food,
groceries, health and personal care products, industrial & scientific
supplies, kitchen items, jewelry, watches, lawn and garden items,
musical instruments, sporting goods, tools, automotive items, toys and
games, and farm supplies and consulting services. Amazon websites
are country-specific (for example, amazon.com for the U.S. and
amazon.fr for France), though some offer international shipping.

Supply chain
Amazon first launched its distribution network in 1997 with two fulfillment
centers in Seattle and New Castle, Delaware. Amazon has several types
of distribution facilities consisting of cross-dock centers, fulfillment
centers, sortation centers, delivery stations, Prime now hubs, and Prime
air hubs. There are 75 fulfillment centers and 25 sortation centers with
over 125,000 employees.[142][143] Employees are responsible for five basic
tasks: unpacking and inspecting incoming goods; placing goods in
storage and recording their location; picking goods from their computer
recorded locations to make up an individual shipment; sorting and
packing orders; and shipping. A computer that records the location of
goods and maps out routes for pickers plays a key role: employees carry
hand-held computers which communicate with the central computer and
monitor their rate of progress. Some warehouses are partially automated
with systems built by Amazon Robotics.
 Concentrix is an
American business services company specializing in customer
engagement and business performance. Concentrix was a subsidiary
of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an
independent company on December 1, 2020.[4] Concentrix is
headquartered in Fremont, California.

Controversies
In 2014, Concentrix won a £75 million contract from the UK's tax
authority, the HMRC, to review two million tax credit claims for fraud and
incorrect tax credit awards. Tax credits are a form of UK social welfare
benefit paid out to parents and workers on low incomes.
In 2016, Concentrix was receiving heavy criticism from the cross-party
parliamentary committee on welfare for incorrectly closing the claims of
tens of thousands of claimants, leaving them without money for
essentials.[10] A government report disclosed that of 36,000 appeals
against Concentrix, 87% were upheld.[11] In September 2016, the HMRC
announced that it would not renew the contract, due to expire in 2017,
although the Treasury has resisted calls for a full inquiry thus far. As a
result of Concentrix's failings, thousands of claimants are also due to
receive back-payments for incorrectly stopped claims. Processing the
resultant case reviews cost HMRC £43 million.
 CHAPTER 3
Job Profile/responsibilities
Job Profile

My summer internship was done on screening of my resume by the Income tax department in
Gurgaon.

Both the companies offered me the internship opportunity for my Summer Internship Programme
for the partial fulfilment of requirements of MBA degree as: -

Position : Management Intern Location: Gurugram

&

Income tax department Intern

Department: Income tax Industry Mentor: Mr. Amber Rai Garg

Duration: 10 Months
As a Marketing Intern in both the companies, I had to work on different
verticals. I had to perform various tasks and duties according to the vertical I
was divided into.

The Job profile included the following: -

 Research
 Recruitment
 Operations
 Finance
 Income tax
 All deduction
 All section under income tax
 Insurance Sector Analysis.

Apart from this I have attended various lectures on mutual funds and
life insurance, how they work, how to invest, how to choose wisely the
schemes to invest and suitable for the customer.
I also learned about the Onboarding process and Induction procedure.
My job profile also involved a part of recruitment in which I had to
recruit candidates for different profiles and from different locations.
Job Responsibilities
 At first, I have assigned the task of Introduction in which I have to introduce myself and
my college in which I was awarded the first position and received the certificate for the
same.

 Then I have performed a social media activity. Again, in this too I have performed well
and achieve first position and received certificate for the same.

 I performed the work of auditing and validation of the document, managing the query of
the clients, filled ITR .

 I have also performed the finance task in which I have made a salary slip and learn what
are the various heads used in the salary slip and how we apply them.

 I have also performed the HR activity in which we have to recruit the candidates from
different colleges and select them for the internship.

 At last, we have done the income tax files and project on process income tax department

 The project help me for improving reading document and about all deduction and benefit

 Validation 50-60 employee per day for income tax filling or deduction
CHAPTER 4
Activities Performed
 In both the companies, I have performed income tax activities.

 I got a good exposure of income tax strategies like who claim benefit and they are get
benefit

 I have also taken the interview of students of different universities for their training
which helps to know how the selection and recruitment works.

 I also learnt hoe to make a salary slip by which I came to know about the various
heads in the salary slip.


 I have learnt about the life insurance industry that how it works and what are their
different schemes.

 Knowledge of health insurance industry was also provided by United health group
CHAPTER 5
Key Learnings drawn
In United health group I have got an exposure of the insurance and health industry sector. I
learnt that why these are important, at what time we have to buy an insurance policy, what
are the various policies a person should think about.
From the sessions I learnt about the working of the industry and I also make a project report
titled “Snapshot and Analysis of Health Insurance” in which I analysis the covid situation
and concluded that why people are now more inclined towards health insurance than life
insurance.

In Amazon and Concentrix I learnt that how the payslips of an individual are been made after
all the deductions.
CHAPTER 6
Corporate experience
Office culture is good, and it is a friendly atmosphere and the superiors also
help to the executives in some aspects and the company rules and policies are
not bad.
In covid situation they provide work from home and helps to learn a lot about
corporate. It's obviously good for work and also for discipline. Atmosphere is
also well and training programs, certifications and achievements are also well.
I like to work with them, I got starring award from this company, so much
freedom that's why all are achieving targets and no one complaint against
managements.
 CHAPTER 7
OBJECTIVE OF THE REPORT

I choose to work with QIMAT RAI AND ASSOCIATION During this internship I have
learnt many new skills. Before internship I have only theoretical knowledge about work in
organization but now I have practical some practical experience of working in organization
Now I have knowledge about the organization working environment and how
organizations work and achieve their goals and objectives.

This internship has to give me the understanding of business and also about the elements
of strategic thinking, planning and implementation, and how these things are applied in a
real world organization environment. Following are the objectives that I have in my
mind before working as an internee.

 To improve communication skills.

 To analyse the business situation.
 To establish high standard in professionalism.
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies.
 To apply the theoretical knowledge in actual organisation.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situation.
 To learn how to promote and to conduct research in business area.
 To promote my personal knowledge and professional preparation for future. To
properly integrate my theoretical knowledge and practical work.
 To plan for the future of oneself and learn how to adjust in an organisation.
 To know how to present your recommendations in front of your boss.
 To get knowledge of opportunities and threats while entering into an organisation.
 To get exposure to do a work in an organization and also known about organizational
behaveiour , ethical rules and regulations.
CHAPTER 8
SUGGESTIONS
They have good opportunity to introduce the ISO standards training program
which no other firm is giving to customer.
- Try to adopt new technologies that their competitors are not using.
- Make a network that allows its customers to negotiate with them easily.
- In comparison of QIMAT RAI AND ASSOSSTION With its competitors has
an edge to make an accurate and error free report.
- The local economy continues to be strong, and we believe our typical clients
will continue to flourish.
- The company has mostly professional educated human resources, which are
the biggest threat for their competitors.
CHAPTER 9
CONCLUSION
I learned that customer service is hard. You can not please everyone. There are
people in this world that are simply difficult. I have learned that stressing over
little things will not get me anywhere. I have learned to work well as a team and
that without my counterparts the work would not get done. Another aspect that I
learned throughout my internship is to never be afraid to ask lots of questions.
By asking questions I got answers." Open communication was one of the
strongest and most apparent skills that I learned during my internship. When I
first started interning, I was intimidated and nervous to ask too many questions
because I didn’t want to admit that I didn’t understand or that I needed extra
help with something. Luckily I got over that fear quickly because asking
questions is the only way to learn what you are really supposed to be doing. I
found that my boss and fellow staff members appreciated it more if I asked too
many questions to make sure I really understood what it was doing and that I
did it correctly. If I had not worked with such cooperative and helpful people, I
probably would have been too intimidated to ask questions in my next job. Now
that I know it is not bad to ask questions, I won’t have to struggle with it in my
future job. Without open communication between everyone in an office, I don’t
see how any work can be done."
BIBLIOGRAPHY

1. WWW.ACARDEMIA.EDU
2. WWW.RESEARCHGATE.EDU
3. WWW.SLIDSHARE.NET