Summer Training Report

On
Accounting Finance

I.K. GUJRAL PUNJAB TECHNICAL UNIVERSITY

KAPURTAHLA
In partial fulfillment of the requirement for the
award of degree of
Master of Business Administration (MBA)

Submitted by: Submitted to:

Ashoo Chandok Mr. Sunny Khanna
University Roll no. Swami Satyanand
1911209 College of
Management and
Technology
 CERTIFICATE
This is to certify that the Summer Internship Report entitled “Accounts & Finance, Direct & Indirect
Taxation” by “Ashoo Chandok” his original work. He has worked under my guidance for the required
period. This dissertation fulfils the requirement of the ordinance relating to Summer Internship Training.
No part of this report has ever published by any other university or institution for any purpose
whatsoever.

Mr. Sunny Khanna

Assistant Professor
Swami Satyanand College
 DECLARATION BY THE STUDENT

This is to certify that the present Summer Internship Report entitled “Accounts & Finance, Direct &
Indirect Taxation” is my original work. This Summer Internship Report fulfils the requirement of the
“MBA (Finance)” degree of this University. It does not form the basis for the award of any degree or
diploma from any other university or institution.

Ashoo Chandok
Roll No -1911209
 ACKNOWLEDGEMENT
I would like to express my deepest appreciation to all those who provided me the possibility to complete
this report. I have taken efforts in this project. However, it would not have been possible without the kind
support and help of many individuals and the organization. A special gratitude I give to our project
manager Mr. Amit Kapoor and my college mentor Mr. Sunny Khanna whose contribution in
stimulating suggestions and encouragement, helped me to coordinate my project specially in writing this
report.
Furthermore, I would also like to acknowledge with much appreciation the crucial role of the staff, who
gave the permission to use all required equipment and necessary materials throughout the period. Last
but not least, my thanks go to the head of the project Mr. Amit Kapoor who have invested his full effort
in guiding the team in achieving the goal. I have to appreciate the guidance given by the other supervisor
as well as the panels especially in our project presentation that has improved our presentation skills
thanks to their comment and advices.
 Index
SR NO. CONTENT PAGE NO.

FROM TO

1. INTRODUCTION OF COMPANY

2. COMPANY PROFILE

3. ORGANISATION STRUCTURE

4. OBJECTIVES OF COMPANY

5. MISSION OF COMPANY

6. PRODUCT & SERVICES OF COMPANY

7. SCOPE OF COMPANY

8. RETAIL WORK EXPERIENCE

9. SUGGESTION AND RECOMMENDATION

10. SUMMARY AND CONCLUSION

10. REFERENCE
 CHAPTER 1
INTRODUCTION
Organization is working as Chartered Accountants 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 statutory body
on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the profession of accountancy
in the country.
ICAI is governed by the Council which consists of nineteen members. Fifteen members are elected from
amongst the members for a period of four years. The remaining four 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 its 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 these regional centers.

Top 11 CA firms in India

1. Deloitte: -
Deloitte, in terms of Revenue, is the largest professional services network in the world. Also on the basis
of a number of professionals, it is the largest professional services network in the world.
Deloitte is known for providing audit, tax, consulting, enterprise risk and financial advisory services to
more than 200,000 professionals in over 150 countries. They are the Advisors to many of the World’s
most admired Brands.
The Consulting services of industries work on the theory of ‘Providing practical perspectives and
solutions to queries.’ Deloitte believes in ‘Good to make it great!’ They believe in ‘helping clients to
become Leaders’.
2. PWC: -
Price Waterhouse Coopers has been the world’s second largest professional services network in terms
of Revenue as surveyed in 2014 and is one of the Big Four Auditors and stands neck to neck with
Deloitte, EY and KPMG.
The Firm believes in helping resolve complex issues and identifies opportunities. People from all
backgrounds such as arts, business, economics, engineering, finance, health, information technology, law
and more are entertained.
3. KPMG: -
Having its global headquarters in Amstelveen, Netherlands, KPMG has been considered as one of the
largest professional services companies in the world.
It is amongst the Big Four auditors, standing along with PWC, Deloitte and EY. The professionals
employed with this firm, KPMG is 162,000 people and performs three services, viz. audit, tax, and
advisory. The tax and advisory services provided by the firm are further divided into various service

groups.

4. Ernst & Young: -

Ernst & Young abbreviated as EY is a multinational professional services firm having its headquarters in
London, United Kingdom. In terms of Revenue, it has been ranked as the world’s third largest
professional services firm surveyed in 2012 and is one of the four biggest audit firms.

5. BDO International: -
BDO International stands at the fifth rank for providing the largest accountancy network in the world.
It is a worldwide professional services network and one of the best public accountancy firms. It has its
competency is in serving national and international clients.
6. Grant Thornton International: -
Grant Thornton is a UK based firm which has its branches in almost 125 countries. This firm is known
for generating very high revenue which is more than 4.5 billion dollars. It is providing services in
assurance, tax and advisory firms. Grant Thornton is also known for providing services in Assurance and
Taxation and other consultancy services relating the financial matters. It has been operating for 100
years. Grant Thornton has provided valued service to organizations with the potential to grow and to
operate internationally. It makes the professionals adapt to market conditions and deal with complex
events or transactions. The member office of Grant Thornton is situated in Connaught Place in New
Delhi.
7. RSM International: -
RSM ranks the 7th largest among the professional services network for audit, tax and advisory firms. It
takes pride in holding the 6th rank as the largest global provider of tax services in the world. It has its
fully independent member firms and correspondents in 111 countries surveyed, September 2014. The
member firms of RSM International have a combined total of 35,396 staff which includes 3,221 partners
in 718 offices. Three of the original member firms of the organization are Robson Rhodes (UK), Salustro
Reydel (France) and RSM McGladrey/McGladrey & Pullen (USA).
8. SS Kothari , Mehta & Co.: -
The best thing about this Firm is that it has over 55 years in existence. SS Kothari has been one of the
highly reputed firms in Delhi and has its branches in 100 other countries. It has created a strong National
presence through a network creation of 6 offices and 20 associates which covers almost all the regions of
the Country. With a combination of Partners and Associates, it has covered almost all the parts of the
country. It offers services in BPO, Tax Advisory Services, Merger and Acquisition, Statutory Audit
Services, Corporate Laws and other different areas
9. Lodha & Co.: -
This is also a vintage firm set up in 1941 and has its offices all over India. They operate in locations like
Kolkata (Calcutta), Chennai (Madras), Hyderabad, Mumbai (Bombay), New Delhi and Jaipur. Lodha &
Co. has proficiency in providing professional services to a large number of corporate clients, central
banks, banks, insurance companies, public sector corporations etc. They operate both in India and
Internationally
10. Sahni Natrajan & Bahl (SNB): -
SNB is a national Indian firm which is based in Delhi and provides its services in the field of audit,
consulting, accounting and allied areas. It was established in 1981 and is one of the leading Firms in
India having its Headquarters in New Delhi and branch offices in Bangalore and Mumbai. The Firm has
kept its Aim for providing services of the highest quality, resulting in the addition of value to each of its
clients in a totally professional, independent and ethical manner. It is known for providing services in
various areas like Taxation, Auditing and Internal Audit, Corporate Laws and several other services
relating to services.
11. Luthra & Luthra: -
Luthra & Luthra is a Delhi-based firm having six other partners. The Firm was established in 1979.
It has been one of the most leading firms in India and has been providing its services in audit, advisory,
tax and corporate law matters. It is bound to provide high-end services to its clients. The success of
Firms depends on its professionals, thus the Firm focuses on training its employees such that they could
find solutions to the various needs and queries of its clients and thus, achieving the Organizational goals.
It has its branches in Delhi, Mumbai, Bangalore, Chennai and Noida. This firm is known for providing its
service in different fields like Taxation, Corporate Laws, Foreign Exchange Compliance and SE
 ABOUT THE COMPANY
Raman Wadhwa & Co. is a leading chartered accountancy firm. It is rendering comprehensive
professional services which include audit, management consultancy, tax consultancy, accounting
services, manpower management, secretarial services etc.
It is a professionally managed firm. The team consists of distinguished chartered accountants, corporate
financial advisors 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.
Raman Wadhwa & Co.. has a clear vision for the future growth and development of financial markets
and services and researches to stay ahead of these trends and developments. Raman Wadhwa. moulds its
operations and areas of competencies and introduces services so as to assist clients in their business
operations and growth. 14

Raman Wadhwa & Co. is having its head office in Tarn -Taran. Almost all the controls and regulations
are dealt at head office in Tarn -Taran. All the offices constitute different number of departments who
basically handle their respective functions. The major departments include:

 Audit and Assurance Department: -

Firm provides audit and assurance services to wide range of clients which include performing audits of
financial statements of limited companies, NGOs and partnerships. Firm also performs special
assignments which include management audits, internal audits and investigations. Audit focuses on
business issues and the matters that can impact on the financial statements, whilst also retaining the basic
audit procedures that test the information contained in the financial statements. Services are aimed to
comply with the legal requirements as defined under the various laws and regulations in Pakistan. In
doing so firm not only identify the non-compliances but also assists clients in its rectification, designing
remedial measures and provides guidance to adhere with the laws and regulations. Firm always endeavor
to meet reporting deadlines as set out by the laws and regulations or as mutually agreed with clients,
without compromising the professional, legal and ethical requirements.
Firm’s emphasis is on delivering high quality services to clients, adding value to their business through
identification of existing and potential control risks and suggesting best possible measures in the given
circumstances. Firm always places priority to deploying audit teams to clients who are well equipped
with the specific industry knowledge, experience and are professionally sound. 15
Tax and Corporate Department: -

Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits available
under the laws. Firm also assist clients to comply with the tax rules and regulations and always keep
them updated with the latest developments and amendments. Tax personnel are qualified professionals,
experienced and knowledgeable. We maintain a comprehensive tax library which always provides ready
references and timely solution in complex situations. Firm provides a comprehensive range of tax
services which includes;
Preparation and submission of annual tax returns.
Compliance services.
Tax advisory services.
Representation and litigation with tax authorities.
Personal income tax services.

In Raman Wadhwa & Co. same staff is handling with tax matters as well as corporate sector. While in
corporate firm provides different kinds of services relating to corporate sector from incorporation to
winding up of a Company.

Computer Department: -

Department handles the computer related matters and assists other departments in working properly and
efficiently. Department deals with online filing of returns of income for tax department and finalize audit
reports in proper format in a presentable manner. It deals with networking of computers in office and all
other problems which may be faced by computer users time to time.
Correspondence Department: -

It handles with all the correspondence of the firm by sending the solicited and unsolicited information
from time to time. Effectively and efficiently manage the day-to-day operations of the Correspondence.
Interact with clients to resolve policy and customer issues. Identify trends and remove obstacles in
Statement production and delivery by properly maintaining record of all communication for future
reference.
HR Department: -

This department is mainly concerned with the recruitment, hiring/firing of the firm and this department
presents the timely reports on effective utilization of the resources by the firm. A purpose of the human
resource is to keep the trained employees and recruit new energetic staff to work. Another purpose of this
department is to provide a good working environment for staff and try to make by facilitating them and
arranging some recreational activities for them. HR knows the real worth of its employees so cares for
them and motivate them to work more efficiently and diligently.

The hierarchy adopted Raman Wadhwa & Co.. is in accordance with the legal structure a CA firm shall
have. Although the ICAI rules permit of not having the supervisors and does not make it mandatory
having senior manager and manager, yet this goes as additional benefit for the firm of having such an
extensive hierarchy.

BI related services in cooperation with 18 highly qualified personnel.

 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
Senior Managers
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 any report (specifically audit report) on behalf of the firm. Partners mostly communicate with
the Senior Managers. In other words, the progress of any report and any inquiry is made from the Senior
Managers and hierarchal structure is strictly followed to avoid any disruption.
Managers are inquired of by Senior Managers and mostly manager manage audit field works etc. and
after field work managers with cooperation of senior managers makes and finalize any audit report to be
issued. Senior Manager is a qualified Chartered accountant having more than 10 year working
experience.
Field work and information collection and implementation of policies by adopting changes in rules &
regulations is the main responsibility of supervisors and trainees. They use different kind of techniques
for error and fraud detection.
 Objectives

In accordance with the provisions of the ICAEC Agreement, the Institute operates to
accomplish the following objectives:

(a) Promote, foster and maintain the highest standards of accounting in public practice, the
public service and the commercial and industrial spheres;

(b) Promote and increase the knowledge, skill and proficiency of its members and students of
accountancy

(c) Provide facilities for the study of accountancy and make provision for the examinations of
persons pursuing courses in accountancy;

(d) Subscribe to, join and associate with anybody or professional organisation in any member
state or elsewhere whose objects are similar or not inconsistent with those of the Institute, to
further the interests of the profession;

(e) Set up and promote student associations to improve the knowledge and social relations of
students of the Institute;

(f) Safeguard and enhance the professional standing, interest and reputation of its members
employed in the spheres specified in paragraph (a);

(g) Regulate the etiquette, ethics, discipline, professional conduct and standards of its members
and students of accountancy.
 MISSION

Our mission is always to strive to be front-runners in our profession and be a one stop
value additive service. Guiding our actions, these values each of which are closely
interconnected, reflect what we shall be known for in our industry.

The dedication & sincerity of its partners and staff give it an edge over other Chartered
Accountants firms.

Traditional CA Practices were mainly focused around the regulatory requirements of

audit and tax. The profession and its practice have gradually evolved from being mere
regulatory compliance support to playing an active role in clients' businesses through
broad-ranging support and advisory functions.

Our practice focus is management support services that are geared towards growing
and strengthening our client's business, where we work in tandem with the owners &
management.

We are a group of trusted professionals working ethically acting on a broad range of

Audit, Tax and statutory requirements with our clients.

Our vision is to offer comprehensive business and tax related services and assist
enterprises to tackle complex situations in the fast changing scenarios of business with
the power of rightful decision making.

We seek to build strong and lasting relationships with our clients by providing them
quality services which are personalized, reliable and value driven...Commitment to
provide:

 Quality, cost-effective service

 Continuous accessibility
 Sound business advice
 High ethical and professional standards
PRODUCT & SERVICES OF COMPANY
CORPORATE SERVICES
Incorporation of company
Consultancy on Company Law matters.
Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.
Filing of annual returns and various forms, documents.
Clause 49 review for compliance with fiscal, corporate and tax laws
Secretarial Matters including share transfers
Maintenance of Statutory records
Consultancy Services on Public/Rights/Bonus Issue of shares.
Change of Name, Objects, Registered Office, etc. 18
SERVICES OFFERING
Company Registration: -

The most common business composition is to register a Pvt. Ltd. Company. Company registration will
enable limiting the person liability of promoters to the extent of paid up capital. Promoters have to get
DIN & check availability of the company name.
One Person Company: -

Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your business within

reasonable fees by experienced CA firms.

LLP Registration: -

Limited Liability Partnership (LLP) has benefit of the company registration & easiness of partnership. It
is apt for small businesses. Experienced CA firms can ease out the process within reasonable fees.
GST Registration: -

GST registration of business is to enable selling of goods with turnover value beyond a certain limit.
Limit may differ from state to state. It is necessary to get GST Input Tax Credit. Experienced CA firms
can ease out the process within reasonable fees.
Project Financing: -

Companies need funds to grow their business. Experienced CA can prepare project report for loan
financing to ensure that you get best eligible amount in the shortest time. Generally, fees are charged as
percentage of financed amount.
SCOPE OF COMPANY
Chartered Accountants are ICAI’s (Institute of Chartered Accountants of India) members with options to
either work in private or get placed in accounts & finance department of big companies & firms. 

If working in private, career scopes may vary largely based on the size and place (city) of practice and
when working for large practicing firms with higher specialization of individual accountants, the career
scopes are still higher.

With the advancement in the Indian economy, scopes for CA professional is also becoming broader.
Simultaneously with amplifying the career opportunities for CAs, the upgradation in the economy is
summing up challenges for CAs to upgrade their knowledge & skills in the exclusive fields of tasks.
Specialized roles of CAs are as follows:

 Auditor
 Share Valuer
 Financial Reporting
 Management & Corporate Consultancy
 Tax Advisor
 Management Accounting
 Cost Accountant
 Company Liquidator
 GST Expert
 Corporate Financing
 DETAIL WORK EXPERIENCE

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There is no racism on the basis of any caste, creed, color or gender. Everyone is treated same thus
making it easy to co-ordinate with each other and to share views and ideas with each other. The mentors
as well as the colleagues are always ready to sort out any problem that the interns could not resolve on
their own.

Everyone is disciplined and dedicated towards their job, thus provides motivation to do our jobs
perfectly and to learn and grab as much as we can. The perfect competitive environment always
motivates us to excel in our job responsibility and to perform better than we are performing

The working environment is lenient in the organization. Neither the employees are overburdened by
the work given. Neither they nor the proprietor force them to work for extra time. All the work/targets
are completed by the employees in the provided time frame.

The employees are always energetic and ready to do work; they don’t waste their time. They always
strive for excellence with effectiveness and efficiency in their work. Even if the proprietor is not at the
office they don’t skip work hours.

The proprietor is really good at customer handling, he is always too humble towards the clients even
though if the clients are in bad mood or tempered, he never loses his temper and handles them greet fully.
he never abuses his employees even if they make silly mistakes, and corrects their mistakes by smiling
and sarcastically commenting on it so the employees don’t feel down and eventually improve themselves.
 SUGGESTIONS AND RECOMMENDATIONS
Though the organization is really good at everything and everything is well maintained and managed.
But still there are some chances of improvement whether it is a human being or any organization till
there are improvements and chances to develop and grow, the organization must improve itself at its best.
In my opinion some of the suggestion/recommendations are:
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 with their competitors, Raman Wadhwa & Co. has an edge in making 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.
 Raman Wadhwa & Co. strongly needs to improve its network firms so as to be counted among one
of the extensively know firms in UK. The partner needs to make the best use of their goodwill to bring
more clientage and reputation to firm. They need to offer the audit services at most economical cost with
the assured quality services to retain and expand clients.
The infrastructure and working condition reviews can improve the working efficiency of the
trainees. Audit and Assurance is the tough job. Some motivational meetings and mentoring exercises
would bring good feel among employees for their work. Time to time financial bonuses or performance
incentives will energize the staff.
The trainees are not offered extra financial or any other incentive for the extra work or over time.
This causes some sort of abstractions which immediately need to be overcome by the management.

The firm, to be more competitive in future, still has room for improvement in Information
Technology. As firm don’t have any of its website to attract customer and their timely feedback as most
of the good firms have their own web and well organized.

Firm also lacks in marketing perspective as it does not any marketer to market and introduce their
business, firm is getting business only on personal relations of the partners and other firm personnel. So
if firm wants to improve its business volume it needs a professional marketer as many other big firms
adopted and have complete marketing department.

The employees are provided less salary than the government has asked to provide in minimum wage
act, therefore the employees must be provided at least the minimum salary.
It is 6 days working in the organization; most of the organizations are using 5 days working
schedules so that employees don’t feel exhausted and their efficiency increases. So the organization must
provide at least one-day leave to the employees to rest and freshen up.

Most of the computers and laptops in which the work was done were old and because of that we
were unable to carry out our tasks properly. The organization must have proper systems so that the work
load can be handled efficiently.
 CONCLUSION
 Raman Wadhwa & Co is overall one of the profit making and reputed firm of Earth. The
organization since its very first day is devoted to providing quality services. The detailed and through
review of work and clients’ trust shows the perfection with which it is working.

The firm has earned a distinction of being placed in the category 'A' in the list of panel of auditors
maintained by State Bank of India. Moreover, only these “A” category firms can audit of listed
companies.

The Institute of Chartered Accountants of India has also carried out the Quality Control Review and
has issued satisfactory QCR report stating that the firm has conducted the audits of the clients in
accordance with International Standards on Auditing.
 REFERENCES
https://cleartax.in/s/income-tax-slabs

https://economictimes.indiatimes.com

https://www.avalara.com

https://www.business-standard.com

https://www.google.co.in/imghp?hl=en&tab=wi&ogbl

http://www.gstcouncil.gov.in/

https://www.myloancare.in/tax/income-tax-slabs-rates/

https://www.wikipedia.org/

www.google.com