Summer Internship Report

On

Training And Study At

CMA Honey Singh & Associates

Submitted Toward the Partial Fulfillment of the Requirement for the

Award of the Degree of
Master of Business Administration (F&C)

Under the Guidance of

……………………………

……………………………

Submitted to Submitted by

Name: Priyansu Kumar

Dr. Ankita Verma
Singh
Assistant Professor
Class: BBA (MS)
IMS
5th Semster
Roll No.: 210012035095
Batch: 2022-2025

Institute of Management Sciences

University of Lucknow (New Campus)
Lucknow.
 INSTITUTE OF MANAGEMENT SCIENCE
UNIVERSITY OF LUCKNOW (NEW CAMPUS)
LUCKNOW

DECLERATION

I “Priyansu Kumar Singh”, hereby declare that the work presented herein is genuine work
done originally by me and has not been published or submitted elsewhere. Any literature, data
or work done by others and cited in the report has been given due acknowledgement and
listed in the reference section.

Priyansu Kumar Singh

Roll No.: 2210012035095
Date: 30th September, 2024
 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 be possible
without the kind support and help of many individuals and the organization. A special
gratitude I give to our Supervisor CMA Honey Singh and my collage mentor Mrs. Ankita
Singh whose contribution in stimulating suggestions and encouragement, helped me to
coordinate my project specially in writing this report.

Furthermore, I would 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 the least, my thanks go to the head of the project CMA
Honey Singh 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 panels especially in
our project presentation that has improved our presentation skills thanks to their comment
and advices.

(Priyansu Kumar Singh)

 EXECUTIVE SUMMARY

This Report is all about my Internship in HONEY SINGH & ASSOCIATES. The main aim of
doing Internship under the CA firm is to interact with the professional bodies and gain some
practical knowledge about the different organization. My objective of this report is to share
my experience during internship period. This report provides an analysis on the working of
the employees and CAs in the firm. This report is the outcome of the Summer Internship
program and the summary of my work which I have done in HONEY SINGH &
ASSOCIATES. It was a great experience for me to work here. My theoretical and practical
knowledge related to taxation is helping me a lot.

Through this project report, I have studied about the registration and taxation service of
HONEY SINGH & ASSOCIATES. This report has been made to see how the registration and
taxation services management is done in HONEY SINGH & ASSOCIATES.
 Overview of

‘Honey Singh & Association’

Honey Singh & Association (HSA) is a Indian Chartered Accountant’s firm Established in
. Since the Formation, the firm’s aim is to provide customer with real value in return for their
trust and confidence in choosing us as their consultancy firm. We accomplish this by forming
one-on-one relationships with them, listening carefully and providing solutions to their
specific needs, and bringing together our skills, professionalism and determination to address
that needs Honey Singh & Association is a successful, growing mid-tier Chartered
Accountants firm that is rooted in Lucknow, with a tradition for providing professional,
advice to clients.
Honey singh & Association is a professionally managed chartered accountant firm. The team
consists of various chartered accountants, corporate financial consultants and tax advisors.
The firm represents a combination of specialized abilities and knowledge, which are
equipped to give quality financial advice and personalized financial services. The firm is also
very dynamic by nature as those associated with the firm have frequent interaction with the
chartered industry and other professionals which helps us to keep pace and be updated with
contemporary developments to meet the needs of our customers.

At Honey singh & Association we have a tendency to perceive that the three major factors to
achieve success in chartered accountancy are: Financial Consultancy, Auditing and Taxation
and that we pride to be master altogether these domains

We have a tendency to acknowledge importance of projecting to schedules and pride oneself

on being prompt in delivering the comes at stipulated timeline. We have a tendency to ensure
to take care of a high level of quality altogether our deliverables. We have a tendency to
guarantee to take care of the foremost real and healthy relationship with our clients.
 PART 1: INTRODUCTION TO THE ORGANIZATION

A: Introduction To The Organization

 Name of the Firm : Honey Singh & Association

 Date of Establishment :

 Registration No. of firm with ICAI :

 Constitution of the firm : Partnership

 Date of reconstitution of the firm :

 Registered Office :

 No. of Employees : 6

Sr. Name Age Designation Qualification Date of Date of

No. enrolment COP

with ICmai

1 Honey Singh Partner CMA

2 Deepak Partner CMA

3 Priyanka Shukla CMA

 Particulars of the partners

1: Mission and Vision

A: Mission Of The Firm

To provide businesses, entrepreneurs and individuals with the highest quality accounting,
auditing, tax planning and business advisory services delivered in a timely, efficient and
innovative manner by a professional team that clearly enjoys working together to exceed their
clients' needs.

B: Vision Of The Firm

To be the most highly respected professional firm in the region where clients come for the
peace of mind that their interests are being cared for by a team that enjoys working with them
and one another.

2: Servicea offered by the firm

A: Accountancy

This includes the preparing and analyzing of accounts and the preparation of financial
statements. It consists of a wide area ranging from simple Book keeping to complex financial
analysis and interpretation of results.

B: Auditing

It is probably one of the most important functions of a Chartered accountant, it is here that his
specialized knowledge, skill, judgement and experience are most often called into play. The
purpose of auditing is to give full satisfaction to the users of financial statements that the
accounts which are presented to them are build up on correct and accurate accounting
principles and that they represent a correct, true and fair view of the state of functions relating
to the organization.

C: Taxation

With a number of taxes on the statue book, current and continuing tax information has
become important to the effective to finance of business management. The assessment of
taxes is very closely related with financial accounts. The chartered accountant with his skills,
knowledge and experience in accounts is in an advantages position for preparing the returns
for tax propose, representing clients before the Income-Tax(IT) authorities and rendering
general advice on taxes to our clients. An additional responsibility placed on him recently is
that our service will be required by the tax department for auditing complicated and twisted
cases, having large revenue earning or potential. The requirement under the Income-Tax(IT)
for compulsory maintenance of accounts by the specified categories of taxpayers would also
make a demand on our time and services.

3. Cost Accountancy

A Chartered accountant is additionally trained to determine the price of production and of processes at
completely different levels of operations within the manufacture of a product and within the rendering
of a service. He’s conjointly equipped to supply cost accounting data for the storage of management,
introduce value management ways and assist the management in establishing appropriate selling
prices.

4. Management Consultancy

We play important in assisting business organisations to utilise resources effectively, increase their
effectiveness and achieving their goals and objectives as management consultants.
 Industrial Environment Of The Company

SWOT ANALYSIS OF THE FIRM

STRENGTH WEAKNESS
 Partnership Firm  Tough Competition From Other
 Skilled Workers Knowledge Consulting Agencies
 Loyal Customers
 Strong Brand Equity

OPPORTUNITY THREATS
 Complex Tax laws Enhancing the  Higher Competition in Market
Opportunity  External Changes
 Increase in Companies Looking for  Lower Profitability
Expert Business Solutions
 There are enormous growth prospects
in emerging markets.
 Part-2 Introduction to Project

Chapter -1 Introduction and Problem

A Chartered accountant is one who is specialized in accounting, auditing and taxation. He

also serves as a management and corporate caretaker. In recent times, accountancy has
become popular as a profession. The services of a CA are required in money matters even in a
small business. Moreover, according to the Company Act only CA's in professional practice
are allowed to be appointed as auditors of companies in India. A chartered accountant is a
person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI)
after having passed the Final examination of the Chartered accountancy course conducted by
the institute. The Institute of CharteredAccountants of India (ICAI) is a statutory body
established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.
XXXVIII 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 service to the Indian economy in public
interest.

ICAI Vision:-To be World’s leading accounting body, a regulator and developer of Trusted
and Independent Professionals with World Class Competencies in accounting, assurance,
taxation, finance and business advisory services.

ICAI mission: - ICAI will leverage technology and infrastructure and partner with its
shareholders to:

a) impart world class education, training and professional development opportunities to create
global professionals

b) develop an independent and transparent regulatory mechanism, that keeps pace with
changing time

c) ensure adherence to highest ethical standards

d) conduct cutting edge research and development in the areas of accounting, assurance,
taxation, finance and business advisory services.

e) Establish ICAI members and firms as Indian multi-national service providers

The CA profession is contributing a lot to the economy. But mostly it’s a supporting role, not
a leading role. The major role in the economic development is played by entrepreneurs,
businessmen and the government. People who bring together various resources to produce
goods or services in an economy.

Chartered Accountants don’t bring together any resources to create any significant economic
development, they are resources themselves. Most CAs help the economy indirectly through
the following activities:

Supporting in tax compliance- This includes liaison with government authorities,

representing clients in courts, ensuring smooth business operations by taking over the
complex tax compliance part. For example, without the CA profession, changes like GST will
be very hard to implement.

Financing- Creating opportunities by arranging for business finance. They are helpful in
making calculations and convincing banks about the credit worthiness of entrepreneurs. On a
large scale too, many CAs working with investment banks help to arrange some key business
deals between organizations.

Auditing - which includes the redundant but still necessary function of control procedures.
This is to prevent leakages from the economy and stand vigil to check on creation of illegal
properties, black money and frauds etc.

Accounting - bringing together professional standards of accounting in changing business

environment and to accommodate new developments in business. This ensures comparability,
reliability and investor faith, which is good for the economy.

General business support– Things that Chartered Accountants do can be classified as general
support and consulting services. They can do this because of their knowledge about laws,
taxes, compliance, financial markets, investments, valuations, banking, regulations etc. It’s
too many things, but mostly for supporting roles only.

Filing of return: The main task with the Chartered Accountant is the filing of return.
Chartered Accountant is a professional who is authorized by Certificate of Chartered
Accountants of India and is a authorized person who can file the returns on the behalf of his
clients. There are different types of returns which are filed by the persons. Some returns filed
are for the business and some are for the individual. All the persons having the taxable
income of more than Rs. 250000 are bound to file a return under Income Tax Act. After the
introduction of GST all the persons registered have to file the return under GST. On
registration of person, he is appointed a 15 digits alphanumeric code called GSTIN in which
are contained the details of authorized person, his PAN number, place of operation of
business, goods/services traded, type of organization, scheme opted under GST. A person
registered under the composite scheme of GST has to file the returns quarterly i.e. every three
months. A person registered as a normal taxpayer has to file the returns monthly
 350.43
9.55
9.6

14
7.15
1.83

FY 20 1 3 -
374.08
9.66
9.92

15
7.53
1.88

FY 20 1 4 -
429.25
10.42
11.1

16
7.8
2.75

FY 20 1 5 -
522.05
11.63
11.81

17
Individual

8.03
2.64

FY 20 1 6 -
645.58
HUF

12.88
13.93

18
9.42
2.92

FY 20 1 7 -
Firm

632.5
14.14
14.09

19
9.64
2.92

FY 20 1 8 -
Company

638.98
11.92
13.65

20
9.33
2.83

FY 20 1 9 -
AOP(Trust)

694.89
12.62
15.27

21
10.23
3.1

FY 20 2 0 -
686.47
12.66
RISE IN NUMBER OF TAXPAYER (In Crores)

15.19

22
10.59
2.86

FY 20 2 1 -
733.11
12.74
23 15.73
10.88
2.86
FY 20 2 2 -