A Project titled

“A CA INTERNSHIP REPORT UNDER TUSHAR KAMDAR &

ASSOCIATES”

submitted to University of Mumbai

for partial completion of the degree of Master of Commerce

Under the Faculty of Commerce

Submitted by

MAHIMA NAVINDRA JHA

Roll No.15

SEMESTER IV

Under the guidance of

Asst. Prof. PRASANTH RAJAN

V.K KRISHNA MENON COLLEGE OF COMMERCE & ECONOMICS

AND SHARAD SHANKAR DIGHE COLLEGE OF SCIENCE
BHANDUP (EAST), MUMBAI-400042

ACADEMIC YEAR
2023-24

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2
 BHANDUP EDUCATIONAL SOCIETY’S
V.K KRISHNA MENON COLLEGE OF COMMERCE & ECONOMICS
AND SHARAD SHANKAR DIGHE COLLEGE OF SCIENCE
BHANDUP (EAST), MUMBAI-400042
E-Mail: [email protected] PH: 022 25668541

CERTIFICATE

This is to certify that MS. MAHIMA NAVINDRA JHA Roll No. 15

of MCOM (Advanced Accountancy) Semester IV (2023-24) has worked and
duly completed her/his Project Work in partial fulfillment of the requirement for
the award of Master of Commerce under the Faculty of Commerce and
her/his project is entitled, “A CA INTERNSHIP REPORT UNDER TUSHAR
KAMDAR & ASSOCIATES”

INTERNAL EXAMINER EXTERNAL EXAMINER PRINCIPAL

DATE OF SUBMISSION:

3
 DECLARATION

I Mahima Navindra Jha, Roll No. 15 of M.Com(Advanced Accountancy)

Semester IV, the undersigned hereby, declare that the work embodied in this
project titled “A CA Internship Report under Tushar Kamdar & Associates
”, forms my own contribution to the research work carried out under the
guidance of Asst. Prof. Prasanth Rajan is a result of my own research work.

Wherever reference has been made to previous works of others, it has clearly
indicates such and included in the bibliography.

I, hereby further declare that all information of this document has been ob-
tained and presented in accordance with academic rules and ethical conduct.

(SIGNATURE OF STUDENT)

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 ACKNOWLEGMENT

To list all have helped me in difficult because they are so numerous and the depth
is so enormous.

I would like to acknowledge the following as being idealistic channel and fresh
dimensions in the completion of this project.

I take this opportunity to thank University of Mumbai for giving me chance to do

this project.

I would like to thank my Principal, Smt. Saroj V Phadnis for providing the neces-
sary facilities required for completion of this project.

I take this opportunity to thanks our Co-ordinator Asst. Prof. Prasanth Rajan for
his moral support and guidance.

I would also like to express my sincere gratitude towards my Project Guide Asst.
Prof. Prasanth Rajan whose guidance and care made the project successful.

I would like to thanks my college library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thanks each and every person who directly or indirectly
helped me in completion of the project especially my parents and peers who sup-
ported me throughout my project .

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 INDEX

SR.NO. PARTICULARS PAGE NO

Chapter 1. INTRODUCTION OF ORGANISATION 7 – 13

1.1 About Tushar Kamdar & Associates
1.2 Features
1.3 Values
1.4 Services
1.5 Clients
1.6 SWOT Analysis
Chapter 2. LEARNING OBJECTIVE 14-18
2.1 Organization structure
2.2 Job Description

Chapter 3. WORK DONE BY ME

3.1 Overview of Vouching 19-20
3.2 Overview of Tally ERP 9 21-28
3.3 Overview of ITR 29-40

3.4 Overview of GST 41-50

Chapter 4. CHALLENGES 51

Chapter 5. CONCLUSION 52

REFERENCE & SOURCES. 53

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 1. INTRODUCTION OF ORGANISATION

The Institute of Chartered Accountants of India (ICAI) is a statutory body established

by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act no. XXXVII
of 1949) for regulating the profession of Chartered Accountancy in the Country. The
Institute, functions under the administrative control of the Ministry of Corporate
Affairs, Government of India. The ICAI is the second largest professional body of
Chartered Accountants in the world, with a strong tradition of services of the Indian
economy in public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions
of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations,
1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered
Accountants and remaining 8 are nominated by the Central Government generally
representing the Comptroller and Auditor General of India, Ministry of Finance and
other stakeholders.

Over a period of time the ICAI has achieved recognition as a premier accounting body
not only in the country but also globally, for maintaining highest standards in tech-
nical, ethical areas and for sustaining stringent examination and education standards.
Since 1949, the profession has grown leaps and bounds in term of members and stu-
dents.

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Motto

The motto of the ICAI is Ya Aeshu Suptaeshu Jagruti (Sanskrit), which literally means
“a person who is awake in those that sleep”. It is quotation from the Upanishads (kath-
opanishad). It was given to the ICAI at the time of its formation in 1949 by Sri Auro-
bindo as a part of its emblem.

Vision & Mission of ICAI

To be World’s leading accounting body: ICAI envisions becoming the world’s leading
accounting body by playing a predominant role in setting world by planning world
class standards in identified services areas developing thought leadership and research
that addresses concerns of countries, developed, developing and under – developed.

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 1.1 ABOUT TUSHAR KAMDAR & ASSOCIATES

TUSHAR KAMDAR &ASSOCIATES. Established in 1999, we are a firm of

Chartered Accountants engaged in providing professional services to our cli-
ents in diverse areas which includes Direct and Indirect Taxation, Audits,
Company Law Consultancy, FEMA Consultancy, International Taxation etc.

With the support of our team of well-groomed and dedicated assisting staff,
guided by the principles of hard work, discipline and client care; it has always
remained our endeavor to help and guide our clients in developing sound ac-
counting systems, management and controlling systems; complying with the re-
quirements of various statutes and effective tax planning.

1.2 FEATURES:-

• Single switch board foe all software.

• Common client information for all software.
• Searching of record by code no., Name, PAN, etc.
• Online auto-update of software.
• Defining user rights with grouping facility.
• Password protection for every individual clients.
• LAN compatible.
• Easy auto backup of your precious data.

1.3 VALUES:-

We are guided by the following principles. For we believe honesty, integ-

rity and credibility are the very foundation for a long lasting relationship.

Lead by Example.
Seek Facts and provide Insight.
Honor Responsibility.

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 Commitment to Community Service.
Ensure Client’s Confidentiality.
And, last but not the least, honesty, integrity & credibility.

1.4 SERVICES:-

Audit
Statutory Audit, Tax Audit, GST Audit, Stock Audit and Internal Audit which
includes Audit in SAP and ERP Environment.

Taxation
Direct and Indirect Taxation Consultancy, International Taxation including
Transfer Price.

Income Tax Appeals

Income Tax Appeals before Commissioner (Appeals) and Income Tax Appel-
late Tribunal.

Non Resident Taxation

Day to day consultation and advisory services on taxation of Foreign Compa-
nies and Non Residents.

Back Office
Back Office Work including Accounting, Pay Roll Processing and TDS Com-
pliance.

Certification
Certification and Attestation for various purposes including Foreign Remit-
tances.

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Tax Planning
Advisory Services on tax planning within the framework of law.

Tax Assessments
Handling Assessments under Income Tax and GST Law.

GST Consultancy
GST Consultancy, Planning and Advisory Services.

FEMA Consultancy
FEMA Consultancy and Advisory Service

Company Law Consultancy

Company Law Consultancy including ROC Compliance and Maintaining
Minutes of the Meetings.

Setting up of Legal Entity in India

Formation and setting up of Companies, LLPs, Firms, Liaison Offices, Project
Offices etc. and its various legal compliance.

1.5 CLIENTS:-
We have been serving to a no. of national and international clients (who are
located in the USA, Europe, Africa, Middle East, and South East Asia) across
various industries, for more than decade now who operate in the following
areas:

Specialty Chemicals.
Renewable Energy
Petroleum and Gas.
Financial Services
Information Technology.

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 Power
Media and Entertainment
Education
Steel
Engineering.
Real Estate & Construction
Trading & Manufacturing

1.6 SWOT Analysis

SWOT analysis is a vital strategic planning tool that can be used by CA managers to
do a situational analysis of the firm . It is a handy technique to understand the present
Strengths (S), Weakness (W), Opportunities (O) & Threats (T) CA is facing in its
current business environment.

The Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis / Matrix enables

the managers of the CA to develop four types of strategies:

Strengths of CA – Internal Strategic Factors

• High level of customer satisfaction – the company with its dedicated customer
relationship management department has able to achieve a high level of cus-
tomer satisfaction among present customers and good brand equity among the
potential customers.
• Highly skilled workforce through successful training and learning programs.
CA is investing huge resources in training and development of its employees
resulting in a workforce that is not only highly skilled but also motivated to
achieve more.

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Weakness of CA – Internal Strategic Factors

• The company has not being able to tackle the challenges present by the new
entrants in the segment and has lost small market share in the niche categories.
CA has to build internal feedback mechanism directly from sales team on
ground to counter these challenges.
• Organization structure is only compatible with present business model thus
limiting expansion in adjacent product segments.

Opportunities for CA – External Strategic Factors

• Decreasing cost of transportation because of lower shipping prices can also
bring down the cost of CA’s products thus providing an opportunity to the
company - either to boost its profitability or pass on the benefits to the custom-
ers to gain market share.
• The new taxation policy can significantly impact the way of doing business
and can open new opportunity for established players such as CA to increase
its profitability.

Threats CA Facing - External Strategic Factors

• The demand of the highly profitable products is seasonal in nature and any
unlikely event during the peak season may impact the profitability of the com-
pany in short to medium term.
• Growing strengths of local distributors also presents a threat in some markets
as the competition is paying higher margins to the local distributors.

2. LEARNING OBJECTIVES

I choose to work with Tushar Kamdar & Associates. During this internship I
have learnt many new skills. Before internship I had only theoretical
knowledge about work in organization but now I have some practical experi-
ence of working in organization. Now I have knowledge about the working
environment of the organization and how organization work and achieve their
goals and objectives.

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 This internship has given 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.

Improve communication skills.

Analyze the business situation.
Establish high standard I professionalism.
Learn book keeping practices of different companies.
Apply the theoretical knowledge in actual organisation.
Compare practical aspects with theoretical aspects.
Make quick decision in real situation.
Learn how promote and conduct research in business area.
Promote my personal knowledge and professional preparation for future.
To properly integrate my theoretical knowledge and practical work.
Plan for the future of oneself and learn how to adjust in an organisation.
Know how to present your recommendations in front of your boss.
Get knowledge of opportunities and threats while entering into an organisation.
Get exposure to do a work in an organisation and also known about organiza-
tional behaviour, ethical rules and regulations.

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2.1 ORGANISATION STRUCTURE

Manager)

Shisheer Shetty

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 2.2 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, Miss. Kajal Sageri gave me training session
about computerized accounting in tally software. Miss. Rakhi Maurya also shared her
practical experience with me and gave me some techniques of this process she also
guided me that how to prepare accounts, ITR return and creating data in income tax
return preparation software.

Different task that I performed during my internship:

Vouching.
Preparing books of accounts in tally.
Voucher entry.
Preparing Data in excel sheet.
Maintenance of Accounts / Book Keeping.
Prepare Project and other Balance sheet.
Computerized accounting or account writing of Proprietors, Individuals, Pri-
vate limited.
Bank Reconciliation.
Downloading Form 26AS.
Downloading Form TIS & AIS.
Complied data and file Income Tax Return of Proprietors, Individuals, Private
limited partners.
GST Return (GSTR-1, GSTR-3B).
Auditing.

Software used during internship:

MS Office.
Tally Software.

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Description of process followed to accomplished the assigned task in the or-
ganization

Tally Entries

Following process are followed for accomplishment this task:

Firstly, we review all records of vouchers carefully, that no any voucher had
any queries related to adjustments.
Then we make a separate folder for that work.
Then we create a company in tally software by that company name and started
doing entries.
Receipts & Payments entries are posted carefully as it carries some contra en-
tries also.
Then after completing entries posting recheck the data by balance sheet, Trial
Balances & Day Book.
Any queries related to this work communicated to our external mentor.

Auditing:-

Building audit strategy.

Verify that all outgoing checks were property signed, accounted for and posted
to the correct accounts
Ensure that all deposits were property posted.
Review all financial statements.
Ensure compliances with all state and federal requirements.
Review all treasurer’s reports.
Complete the financial review worksheet.
Suggest improvements to internal controls.
Determine your audit opinion.
Submit all documents to companies

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 Taxation:-

Following steps are followed by us –

All of the first, we study about the taxation and mainly headed Income Tax.
Then, we started to prepare ITR’S statement in excel sheet according to the
format given to us.
After that we, prepare the offline utilities of ITR’S according to the income
statement.
Then, we login to the income tax site and upload that utility online, if user not
registered then first we registered them.

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 3. WORK DONE BY ME

3.1 Overview of Vouching

Vouching is a technical term which refers to the inspection of documentary

evidence supporting and substantiating a transaction, by an auditor. It is the
practice followed in an audit, with the objective of establishing the authenti-
cally of the transactions recorded in the primary books of account. It essen-
tially consist of verifying a transaction recorded in the books of account with
the relevant documentary and the authority on the basis of which the entry has
been made; also confirming that 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 appropriation account which would disclose the nature of
the transaction on its inclusion in the final statements in account. Vouching do
not include valuation. Vouching can be described as the essence or backbone
of auditing.

PREPARATION ON BOOKS ON TALLY

Following are the books that were made in tally:

• VOUCHER ENTRY:-

Tally provides flexibility to use predefined voucher types, comprising of ac-

counting and inventory voucher types to record various business transactions.
It’s also allows you to use keyboard shortcut keys as well as mouse operations
during voucher entry.
To create a new Voucher types,
Go to Gateway of Tally > Accounts Info > Voucher Type > Cre-
ate o Enter the Voucher name o Specify the Type of Voucher
o Specify the method of numbering o Activate or deactivate
the other functions as required.

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 • BOOKS AND REGISTERS:-

Tally provides you capability to generate various books and registers for any specific
period viz. month, date, and year and as on date. In Tally, once voucher entry is
made, the transaction are automatically & immediately in the day book and other
Books of Accounts without any additional effort. Tally allows you to maintain and
generate all primary books of accounts and register like:

Cash Book
Bank Book
Purchase Register
Sales Register
Journal Register
Debit Note Register
Credit Note Register
General Ledger

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 3.2 OVERVIEW OF TALLY ERP-9

What is Tally ERP 9?

Tally ERP 9 is the best accounting software for small business, which is preferred
by over a million small to large scale businesses all over India. It is easily scalable for
businesses of all shapes and sizes i.e., Tally ERP 9 can be used by small, medium, and
large enterprises. It is a perfect business management solution with features that are
embedded with GST functions.

STEP FOR COMPANY CREATION IN TALLY ERP-9

Step 1: After login to Tally, double click on the option create company under company
information. To create company in Tally, follow the following navigation path
Gateway of Tally > Company Info > Create company

Step 2: The company creation window displays on the screen as show below image

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Step 3: On company creation screen, update the following details

1. Directory: It is a path where the company date will be stored on system. By

default, the tally directory will updated as \\I7-server-pc\d\TALLY.ERP9\Data
and you can change the path as per your requirements.
2. Name: Update the name of company that identifies in Tally ERP 9

Primary Mailing Details

1. Mailing Name: The mailing name of company will be automatically up-

dated as per the given name of company, however the mailing name can
be changed as per the requirements.
2. Address: Update the complete address details of company
3. Statutory Compliance for: Choose the country name as India from the
given list of countries.
4. State: Choose the state from the given list of states.
5. Pin Code: Update the Pin Code of company, where it is located.

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Contact Details

1. Telephone No: Update Company landline/ Telephone number

2. E-mail: Update the company e-mail id
3. Mobile No: Mobile number for contacting
4. Fax no: Update the Fax number
5. Website: Update the official website address of company

Books and Financial Year Details

1. Financial Year From: Update the financial year starting date, all Indian Com-
panies financial year start from 1st April and ends on 31st March. Tally con-
siders the 12 months from the date given for financial year. The financial year
will be automatically displayed on Tally system, if FY starts in middle of year,
you can specify the exact date from here.
2. Books beginning from: Specify the books beginning date.

Security Control

1. Tally Vault Password: By enabling Tally vault password, the company data is
secured in an encrypted form. The data is not accessible without the password, if
you lost the password that will be not recovered.

2. Use Security Control: Enabling securing control helps only authorized users
are allowed to enter/edit/delete the vouchers on Tally.

Base Currency Information

1. Base Currency Symbol:

2. Formal Name: INR (India Rupees)
3. Suffix Symbol to Amount: No
4. Add spaces between the amount and symbol: Yes
5. Show amount in Millions: Yes
6. Number of decimal Places: 2
7. Word representing amount after decimal: Paisa

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 8. No of decimal places for amount in words: 2
After updating all the required details of company, choose Yes to save the entered
details in Tally.

ACCOUNTING VOUCHERS

1. RECEIPT [F6]

Receipt voucher in Tally is used when you received any amount in Cash / Cheque /
DD from any party against any credit sales or any due amount or received any loan.
You have to press F6 function key to activate this type of voucher in tally accounting
software.

2. PAYMENT [F5]

Payment voucher is used when you paid any amount in Cash/ Cheque/ DD to any
party against any credit purchases or any due amount or give loan to any person. You
have to press F5 function key to activate this type of voucher in tally accounting soft-
ware.

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 3. CONTRA [F4]

Contra voucher is used when you deposit any cash in bank account or cash withdrawal
from bank account by Cheque/DD/ATM or Fund transfer from one bank account to
another bank account by Cheque/DD. You have to press F4 function key to activate
this type of voucher in tally accounting software.

4. JOURNAL [F7]

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Journal voucher in Tally is an important voucher which is used to make all kind of
adjustment entries, credit purchases or sales, fixed assets purchase entries. In order to
pass entries as journal voucher we have to press “F – 7” shortcut key from accounting
Voucher screen on Gateway of Tally.

5. PURCHASE [F9]

While recording a purchase transaction, if you want to allocate cost centers, then rec-
ord the transaction in voucher mode else enter the transaction in item invoice mode.

1. Go to Gateway of Tally > Accounting Vouchers.

2. In the Voucher Creation screen select F9: Purchase.
3. Select As Invoice.
4. Enter the current date and reference.
5. Select the Party to be credited from the List of Ledger Accounts in Party’s
A/c name.
6. Select the required Purchase Ledger from the List of Ledger Accounts.
7. Select an item from the Stock Items List of Items. On selecting the Item, an
Item Allocations sub screen for the selected Item is displayed as shown.
8. Select the Godown and specify the quantity to be allocated under the Quan-
tity field.

9. Enter the Quantity and Rate, and the amount is automatically displayed in
the Amount field.
10. Select another Godown and follow the similar procedure for Item allocation.

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 11. Enter Narration if required and accept to save
12. Enter Narration, if required.
13. Press Enter to save the transaction.

The completed Accounting Voucher screen appears as shown below:

6. SALES [F8]

The Sales Voucher is most widely used by the users of Tally ERP 9, it is a type of
accounting voucher. Depending on the nature of your business, it can be created in

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the Invoice mode or Voucher mode. In the Invoice mode, you can print and provide a
copy of the invoice to your customers. [F8]

3.3 OVERVIEW OF ITR

Income Tax Returns or ITR is a form used to declare the net tax liability, claiming of
tax deductions, and to report the gross taxable income. It is mandatory for individuals
who earn a certain amount of money have to File IT Returns. Firms or companies,
Hindu Undivided Families (HUFs), and self-employed or salaried individuals must
file ITR to the Income Tax Department of India.

ITR filing is the process by which taxpayer has to file a report of his total income
earned on financial year. Through Income Tax Department official portal individual
can complete their filing of returns. It has notified with seven various forms - ITR 1,
ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Forms of return prescribed under the Income -tax Law for the assessment year 2022-23

ITR – 1 - Also known as SAHAJ is applicable to a ordinarily Resident individual

having salary or pension income or income from one house property (not a case of
brought forward loss or loss to be carried forward) or income from other sources (not

28
being lottery winnings and income from race horses and in come chargeable to tax at
special rates). However, an individual who is a director in a company or has held
equity shares of an unlisted company shall not be eligible to use ITR -1.

ITR – 2 - It is applicable to an individual or an Hindu Undivided Family not having

income chargeable to income-tax under the head “Profits or gains of business or pro-
fession”.

ITR – 3 - It is applicable to an individual or a Hindu Undivided Family who has any

income chargeable to tax under the head business or Profession.

ITR – 4 - Also known as SUGAM is applicable to individuals or Hindu Undivided

Family or partnership firm who have opted for the presumptive taxation scheme of
section 44AD/44ADA/44AE.

ITR – 5 -This Form can be used by a person being a firm, LLP, AOP, BOI, artificial
juridical person referred to in section 2(31)(vii), co- operative society, local authority
Private Discretionary Trust, Society registered under Society Registration Act, 1860,
trust other than trusts eligible to file ITR 7, estate of deceased person, estate of an
insolvent, business trust and investment fund. However, a person who is required to
file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D)
shall not use this form (i.e., trusts, political parties, institutions, colleges.)

ITR – 6 - It is applicable to a company, other than a company claiming exemption

under section 11 (exemption under section 11 can be claimed by charitable/religious
trust).

ITR – 7 - It is applicable to a persons including companies who are required to furnish

return under section 139(4A) or section 139(4B) or section 139(4C) or section
139(4D) (i.e., trusts, political parties, institutions, colleges.).

The following steps to view or download the Form-26AS from e-Filing portal:

STEP 1:- Logon to ‘e-Filing’ Portal https://www.incometax.gov.in/iec/foportal.

29
STEP 2:- Go to the 'My Account' menu, click 'View Form 26AS (Tax Credit)' link.

STEP 3:- Read the disclaimer, click 'Confirm' and the user will be redirected to
TDSCPC Portal.

STEP 4:- In the TDS-CPC Portal, Agree the acceptance of usage. Click 'Proceed'.

STEP 5:- Click ‘View Tax Credit (Form 26AS)’

STEP 6:- Select the ‘Assessment Year’ and ‘View type’ (HTML, Text or PDF) STEP

7:- Click ‘View / Download’.

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Instructions to download Form AIS & TIS Statement?

Step 1: Go to https://www.incometax.gov.in/iec/foportal and click on login. If you

don't have an account, please click on register and create an account.

Step 2: Enter the User Id (PAN). Now click on login.

Step 3: After login, the following screen will appear. Go to Services and click on AIS
(Annual Information Statement) in the drop-down menu.

Step 4: Click on Proceed

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Step 5: Now click on AIS.

Step 7: Click on download Option.

Step 8: If you want to download the form AIS in Online, select the format as PDF

If you want to download the form AIS in JSON format, select the format as 'JSON'.

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Step 9: The password for opening your form AIS is your PAN (small case) and date
of birth (ddmmyyyy) in aaapa1234a21011991 format.

HOW TO FILE ITR - 1 STEP BY STEP

Step 1: Log in to the e-Filing portal using your user ID and password.

Step 2: On your Dashboard, click e-File > Income Tax Returns > File Income Tax
Return.

Step 3: Select Assessment Year as 2022–23 and Mode of filling as online, then click
continue.

33
Step 4: In case you have already filled the Income Tax Return and it is pending for
submission, click Resume Filing. In case you wish to discard the saved return and
start preparing the return afresh click Start New Filing.

Step 5: Select Status as applicable to you and click Continue to proceed further.

Step 6: You have two options to select the type of Income Tax Return:

34
• If you know which ITR to file, Select the ITR form; else

• If you are not sure which ITR to file, you may select Help me decide which ITR
Form to file and click Proceed. Here the system helps you determine the correct
ITR, then you can proceed with filing your ITR.

Step 7: Once you have selected the ITR applicable to you, note the list of documents
needed and click Let’s Get Started.

Step 8: Select the checkboxes applicable to you regarding reason for filing and click
Continue.

Step 9: In case you wish to opt for New Tax Regime, select Yes in the Personal Infor-
mation Section. Review your pre-filled data and edit it if necessary. Enter the remain-
ing / additional data (if required). Click Confirm at the end of each section.

35
Step 10: Enter your income and deduction details in the different section. After com-
pleting and confirming all the sections of the form, click Proceed.

Step 10a: In case there is a tax liability

After clicking on total tax liability, You will be shown a summary of your tax compu-
tation based on the details provided by you. If there is tax liability payable based on
the computation, you get the Pay Now and Pay Later options at the bottom of the
page.

36
Step 10b: In case there is no tax liability (No Demand / No Refund) or if you are
eligible for a Refund Click Preview Return. If there is no tax liability payable, or if
there is a refund based on tax computation, you will be taken to the Preview and Sub-
mit Your Return page.

Step 11: If you click on “Pay Now” you can select your preferred bank for making tax
remittance. Click Continue.

37
Step 12: After successful payment through e-Filing portal a success message is dis-
played. Click Return to Filing to complete filing of ITR.

Step 13: Click Preview Return.

Step 14: On the Preview and Submit Your Return page, select the declaration check-
box and click Proceed to Preview.

Step 15: Preview your return and click Proceed to Validation.

38
Step 16: Once validated, on your Preview and Submit your Return page, click Proceed
to Verification.

Step 17: On the Complete your Verification page, select your preferred option and
click Continue. It is mandatory to verify your return, and e-Verification (recom-
mended option – e-Verify Now) is the easiest way to verify your ITR – it is quick,
paperless, and safer than sending a signed physical ITR-V to CPC by speed post.

39
Note: In case you select e-Verify Later, you can submit your return, however, you will
be required to verify your return within 30 days of filing of your ITR.

Step 18: On the e-Verify page, select the option through which you want to e-Verify
the return and click Continue.

Once you e-Verify your return, a success message is displayed along with the Trans-
action. ID and Acknowledgement Number. You will also receive a confirmation mes-
sage on your mobile number and email ID registered on the e-Filing portal.

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 3.4 OVERVIEW OF GST

What is GST?

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced
many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods
and Service Tax Act was passed in the Parliament on 29th March 2017 and came into ef-
fect on 1st July 2017.

In other words, Goods and Service Tax (GST) is levied on the supply of goods and
services. Goods and Services Tax Law in India is a comprehensive, multi-stage, des-
tination-based tax that is levied on every value addition. GST is a single domestic
indirect tax law for the entire country. Before the Goods and Services Tax could be
introduced, the structure of indirect tax levy in India.

Under the GST regime, the tax is levied at every point of sale. In the case of intra-
state sales, Central GST and State GST are charged. All the inter-state sales are
chargeable to the Integrated GST.

Objectives of GST

• To achieve the ideology of ‘One Nation, One Tax

• To subsume a majority of the indirect taxes in India
• To eliminate the cascading effect of taxes
• To curb tax evasion
• To increase the taxpayer base
• Online procedures for ease of doing business
• An improved logistics and distribution system
• To promote competitive pricing and increase consumption

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Advantages of GST

• Removing the cascading effect of tax

• Higher threshold for GST registration
• Composition scheme for small business
• Simpler online facilities for GST compliance
• Relatively lesser compliances of GST
• Defined treatment for ecommerce activities
• Increased efficiency in logistics
• Regulating the unorganized sectors

What are the components of GST?

There are three taxes applicable under this system: CGST, SGST & IGST.

• CGST: It is the tax collected by the Central Government on an intra-state sale

(e.g., a transaction happening within Maharashtra).
• SGST: It is the tax collected by the state government on an intra-state sale (e.g.,
a transaction happening within Maharashtra).
• IGST: It is a tax collected by the Central Government for an inter-state sale
(e.g., Maharashtra to Tamil Nadu).

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 OVERVIEW OF GSTR-1

STEP 1:- GOOD & SERVICE TAX (GST) - (gst.gov.in)

STEP 2:- LOG IN

STEP-3:- login user Name, Password

STEP-4:- Click the Services > Returns > Returns Dashboard command.

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STEP 4:- The File Returns page is displayed. Select the Financial Year & Return Fil-

ing Period (Month) for which you want to file the return from the drop-down list.

STEP 5:- Click the SEARCH button.

STEP 6: The GSTR-1 – Details of outward supplies of goods or services page is dis-
played.

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STEP 7: Click the 4A, 4B, 4C, 6B, 6C – B2B Invoices tile to edit the details.

ENTER DETAILS IN VARIOUS TYPES

There are number of tiles representing Tables to enter relevant details. Click on the
tile names to know and enter related details:

GSTR-1 – Invoice Details

4A, 4B, 4C, 6B, 6C – B2B Invoices: To add an invoice for taxable outwards
supplies to a registered person.
5A, 5B – B2C (Large) Invoices: To add an invoice for taxable outwards sup-
plies to a consumer, where place of supply is other than the State where sup-
plier is located (Inter-state supplies) and invoice value is more than Rs2.5 lakh
6A – Exports Invoices: To add an invoice for supplies exported
7- B2C Others: To add consolidated details of taxable outwards supplies to a
customer where invoice value is less than Rs.2.5 lakh and all intra state sup-
plies to unregistered customers
8A, 8B, 8C, 8D – Nil Rated Supplies: Nil Rated Supplies: To add consolidated
details of nil rated, exempted and Non – GST Outward supplies
9B – Credit / Debit Notes (Registered): To add details of credit or debit notes
issued to the registered recipients.
9B – Credit / Debit Notes (Unregistered): To add details of credit, debit notes
issued to the unregistered recipients
11A (1), 11A (2) - Tax Liability (Advances Received): Tax Liability (Advances
Received): To add details of transactions attracting tax liability arising on ac-
count of Time of Supply (like receipt of advances)
11B (1), 11B (2) - Adjustment of Advances: To add the advance amount re-
ceived in earlier tax period and adjusted against the supplies being shown in
this tax period

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 12 - HSN-wise-summary of outward supplies: To furnish the summarized de-
tails of all outward supplies HSN and rate wise along with quantitative details.
13 - Documents Issued: To add the details of documents issued during the tax
period
9A - Amended B2B Invoice: To make amendments to details of outward sup-
plies to a registered person of earlier tax periods
9A - Amended B2C (Large) Invoice: To make amendments to taxable outward
supplies to an unregistered person of earlier tax periods
9A - Amended Exports Invoices: To make amendments to supplies exported
9C - Amended Credit/ Debit Notes (Registered): To make amendments to de-
tails of credit or debit notes issued to the registered recipients of earlier tax
periods
9C - Amended Credit/ Debit Notes (Unregistered): To make amendments to
details of credit or debit notes issued to the unregistered recipients of earlier
tax periods
10 - Amended B2C (Others): To make amendments to details of B2C of earlier
tax periods
11A - Amended Tax Liability (Advance Received): Consolidated statement for
amendments of information furnished in earlier tax period
11B - Amended of Adjustment of Advances: Consolidated statement for
amendments of information furnished in earlier tax period

4A, 4B, 4C, 6B, 6C - B2B Invoices:

To add an invoice for taxable outwards supplies to a registered person, perform the
following steps:

1. Click the 4A, 4B, 4C, 6B, 6C - B2B Invoices tile to enter the invoice details
for B2B transactions (goods/ services sold to a registered taxpayer).
2. The B2B Invoices – Receiver-Wise-Summary page is displayed. Click the
ADD INVOICE button to add a new invoice for any receiver.
3. The B2B – Add Invoice page is displayed. In the Receiver GSTIN/UIN field,
enter the GSTIN or UIN of the receiver.

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4. Select the checkbox for Deemed Exports or SEZ Supplies with payment or
SEZ supplies without payment, Sale from Bonded Warehouse as applicable.
Note: Deemed export details can be provided for payment of IGST, CGST and
SGST payments.
5. In the Invoice No., Invoice Date and Total Invoice Value fields, enter the In-
voice number, date of the invoice and value of the total invoice.
Note:

The GSTIN should be registered on the date of invoice.

o Once the GSTIN of the receiver is entered, Receiver Name, POS and Supply
Type fields are auto-populated based on the GSTIN of the receiver.
o The auto-populated POS is editable. Depending on selected POS, the supply
type gets auto-populated.
o The screen will expand downwards and more fields will appear to enter line
item details of the invoice.
o In case of UN Bodies, Embassies, Government Offices or Other Notified per-
sons, you need to provide Unique Identification Number (UIN) of the receiver.
o An invoice number should be alphanumeric with allowable special characters
and unique for a given Financial Year (FY).
o Invoice date cannot be a future date or a date prior to the date of registering
with GST.
6. Select the Supply attract Reverse Charge checkbox, in case supply made to the
taxpayer is covered under the reverse charge mechanism.
7. Select the checkbox provided Is the supply eligible to be taxed at a differential
percentage (%) of the existing rate of tax, as notified by the Government? in
case supply is eligible to be taxed at a differential percentage of the existing
rate of tax.

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In case of Intra-State transaction:

In case the POS (place of supply) of the goods/ services is the same state as that

of the supplier, the transaction is an Intra-State transaction. Notice, fields for Central

Tax and State/UT Tax will appear.

a) In the Taxable Value field against the rates, enter the taxable value of the goods or
services.

b) In the Cess field, enter the cess amount.

Note: The Amount of Tax fields are auto-populated based on the values entered in

Taxable Value fields respectively. However, the taxpayer can edit the tax amount.

In case of Inter-State transaction:

In case the Place of Supply (POS) is different from the state of the supplier, transaction
becomes an Inter-State transaction.

Notice, fields for Integrated Tax will appear.

a) In the Taxable Value field against the rates, enter the taxable value of the goods or
services.

b) In the Cess field, enter the cess amount.

Note: The Amount of Tax fields are auto-populated based on the values entered in

Taxable Value fields respectively. However, the taxpayer can edit the tax amount. The
CESS field is not auto populated and has to be entered by the taxpayer.

8. Click the SAVE button to save the invoice details.

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The HSN summary of outward supplies – Add/Edit Details page is displayed.

Click the HSN-wise summary of outward supplies tile to furnish the summarized de-
tails of all outward supplies HSN-wise along with rate and quantitative details.

The HSN summary of outward supplies – Add/Edit Details page is displayed.

In the HSN field, enter the HSN/SAC code of the outward supplies.

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In the UQC field, select the appropriate Unique Quantity Code in the drop-down list.

In the Total Quantity field, enter the quantity.

In the Total Taxable Value field, enter the Total Taxable Value of the outward supply.

In the Rate field, select the Rate from the drop-down list.

After the UQC and Rate are selected an Add to Master Button appears below the HSN
field. From here, you can add the product to My Master

Click the Add to Master Button. A pop-up titled

Add Product Master appears. Enter the Product Name and click the Save button.

A success message will appear. Close the pop-up. The Product Name as saved in My
Master will be auto-populated.

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 4. CHALLENGES

There are few challenges faced during the internship:-

• Technology challenges:
Understanding environments in which your clients function like oracle,
SAP, etc. Some of government site are under maintenance most of time
which leads to delay in work.

• Difference in theoretical study and practical work:

What we study in theoretical life is not always same while doing prac-
tical work. Practical is different from what we have learned.

• Payment Error:
Sometime while doing payment, transaction get failed due to network
error and receipt of the payment is not generated or wrong receipt is
generated.

• Websites Error:
There are various websites error are faced during work. While filling
form on website many times wrong prefilled data appeared which lead
to delay in work and increase the workload.

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 5. CONCLUSION

Tushar kamdar & Associates is overall one of the profit making and reputed
firm. The organization since very first day is devoted to providing quality ser-
vices. The detailed and through review of work and clients trust shows the
perfection with which it is working.
The institute of Chartered Accountants of India has also carried out the Quality
control review and his issued satisfactory QCR report stating that the firm has
conducted the audits of the clients in accordance with International Standard
on Auditing.
I have found out what my strengths and weakness that I have gained new
knowledge and skills and met many new people. I achieved many of new goals,
however for some the conditions did not permit to achieve them.
The new experience I have encountered during my internship allowed me to
developed specific skills like communication. I think I still have to require to
work on my GST filling skills. But the overall experience was positive, and
everything I learned would be useful in my future career in this field. My ex-
perience at Tushar Kamdar & Associates was quite amazing. It opened my
mind how to work efficiently in a systematic way.
My internship was filled with responsibilities and I did them carefully and
timely but this would not be possible without the help of supervisors and some
employees who showed me how the work is done. Moreover, I was able apply
my theoretical knowledge I learnt from my team into projects and they helped
me in my entire tenure of internship at TKA.
I was able to perform all the tasks efficiently and was able to come in the good
books of my supervisors and colleagues around in a firm.
I sincerely appreciate yours attention today & that brings us to the end. I would
like to thank you for your time and attention today. Thank you so much for
your interest and attention.

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 REFERENCE & SOURCES

http://www.catkandassociates.com/Services.html
www.gstgov.in
https://www.incometaxindiaefiling.gov.in/home
www.google.com

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