DAY 1 :

Today was my first day of internship in the company. I reached the

company at 9.02 AM. Head of the organisation assigned a senior staff for
guiding me.

Received training on preparing financial statements: Attended a training

session where I learned about the components of financial statements, such
as the balance sheet, income statement, and cash flow statement as per the
companies act 2013.

Started working on trial balances provided by the company: Received trial

balances of accounts and began organizing and reconciling them to prepare
for financial reporting.

Discussed the importance of accuracy and attention to detail in financial

reporting: Emphasized the significance of precision in financial data analysis
and reporting to ensure compliance and informed decision-making.

Began familiarizing myself with the company's accounting software and

tools: Explored the features and functionalities of the accounting software
used by the organization to streamline financial processes.

We were given by various trial balance of the company and asked to find the
Journal entries, profit and loss account, and balance sheet.

DAY 2:
Today they give a Balance Sheet of various company and asked to find the
profit and loss account and trial balance from the balance sheet that provide
by them.

Continued working on trial balances and financial statements: Progressed

with the reconciliation process and started drafting financial statements
based on the reconciled data.

As continued to work on fuinancial statment we able to know more from

them and able to solve it easily.

And GST class has been taken from today .

•GST is one of the biggest taxation reforms in India aiming to intergrate

state economies and boost overall growth by creating a single, unified Indian
market to make economy stronger.
•GST is a comprehensive destinction based indirect tax levy of goods as well
as services at national level.

•GST is a consumption or destinction based tax levied on the basis of the”

Destinction principle”.

•The essence of GST is in removing the cascading effects of both Central and
State taxes by allowing setting off of taxes throughout the value change ,
right from the original producer and services provider ‘s point up to the
retailer’s level.

 SGST : State Goods and Service tax

 CGST : Central Goods and Service tax
 IGST : Intergrated Goods and Service tax
 UTGST : union Goods and Service tax

And received training about registration of dealers in 4 Schemes.

1. Monthly 3. Regular

2. Quarterly 4. Composition

Learned lot about GSTIN No:

For eg: The GSTIN of RAJA is 29AAGCR4375J1ZU, where

 29 refers to the state code,

 AAGCR4375J is the PAN of the company/business,
 1 is the entity code number of registrations on PAN in the state,
 Z is the default letter, and
 U is the alphanumeric check code.

We attend the session of types of GST return and how to file them:

 GST return will be filed by the Supplier who sells the product.
 Without GSTIN No. no one able to collect tax.

And we learned more information about types of GSTR filing and how to file
it.

They taught us both therotically and practically and i learned more in

practical.
Return
Description Frequency Due Date
Form

11th of the next

Monthly
month.
Details of outward

supplies of taxable
Quarterly (If
GSTR-1
13th of the month
goods and/or
opted under
succeeding the
services affected.
the QRMP
quarter.
scheme)

20th of the next

Monthly
Summary return of
month.
outward supplies and
Quarterly (For
input tax credit
GSTR-3B
taxpayers 22nd or 24th of the
claimed, along with
under the month succeeding
payment of tax by the
QRMP the quarter***
taxpayer.
scheme)

CMP-08 Statement-cum-challan Quarterly 18th of the month

to make a tax payment succeeding the

by a taxpayer quarter.

registered under the

composition scheme
 under Section 10 of the

CGST Act.

Return for a taxpayer

registered under the 30th of the month

GSTR-4 composition scheme Annually succeeding a

under Section 10 of the financial year.

CGST Act.

20th of the next

month.
Return to be filed by a
(Amended to 13th
GSTR-5 non-resident taxable Monthly
by Budget 2022;
person.
yet to be notified

by CBIC.)

Return to be filed by
20th of the next
GSTR-5A non-resident OIDAR Monthly
month.
service providers.

GSTR-6 Return for an input Monthly 13th of the next

service distributor to month.

distribute the eligible

input tax credit to its

 branches.

Return to be filed by

registered persons 10th of the next

GSTR-7 Monthly
deducting tax at source month.

(TDS).

Return to be filed by e-

commerce operators

containing details of
10th of the next
GSTR-8 supplies effected and Monthly
month.
the amount of tax

collected at source by

them.

31st December of
Annual return by a
GSTR-9 Annually the next financial
regular taxpayer.
year.

Self-certified 31st December of

GSTR-9C reconciliation Annually the next financial

statement. year.

GSTR-10 Final return to be filed Once, when Within three

by a taxpayer whose the GST months of the date

 of cancellation or
registration is
GST registration is date of cancellation
cancelled or
cancelled. order, whichever is
surrendered.
later.

Details of inward
28th of the month
supplies to be
following the
GSTR-11 furnished by a person Monthly
month for which
having UIN and
statement is filed.
claiming a refund

We received more information about who will file return under different types
GSTR return and frequency and duration of filing the GSTR form under
various circumstances.

DAY 3 :

1. Part – A Registration:

 Select your taxpayer status, such as regular taxpayer, casual taxpayer,

non-resident taxable person, etc.
 Select your state and district from the drop-down menus.
 Enter your business details, such as trade name, legal name, and PAN.
 Input your email ID and mobile number for OTP verification. Ensure
they are active and accessible, as they will be used for future
communication.
 After verification, you will receive a TRN, a Temporary Reference
Number. Note it down and keep it safe, as it will be required for Part-B
registration.

2. Part – B Registration:
  Continue from Part – A by selecting TRN, entering the captcha code
and verifying the OTP.
 Fill in the 10 sections on the screen, such as business details, promoter
details, authorised signatory, principal place of business, additional
place of business, goods and services, bank accounts, state-specific
information, and verification.
 Upload the mandated documents, such as proof of identity, address,
business registration, etc. The size and format of the documents may
vary depending on the taxpayer’s status and state.
 Choose one of the submission methods: EVC, DSC, or e-Sign. EVC is an
Electronic Verification Code sent to the registered mobile number or
email ID. DSC is a Digital Signature Certificate that requires a USB
token. e-Sign is an Aadhaar-based electronic signature that requires
OTP verification.
 Go to the verification page and check the declaration box. Make sure
all the information you provide is correct and complete.
 Depending on the submission method you choose, follow the
verification steps. For example, if you chose EVC, enter your received
code and click ‘Verify.’
 After successful verification, you will see a message on your screen
and receive an email confirming your application. You will also get an
ARN, which is an Application Reference Number. It is a unique number
that identifies your application and helps you track its GST Registration
status.

3. For the GST number check the application, go to the GST portal and click
on the ‘Track Application Status’ link under the ‘Services’ tab. Enter ARN and
captcha code and click on ‘Search.’

4. Keep ARN for future reference and compliance. It will be required for filing
returns, paying taxes, and claiming refunds. Once you are allotted with this
number you can always run a GST search by PAN.

Engaged in filing GST returns and understanding Input Tax Credit (ITC)
claiming process: Participated in the process of filing GST returns. Learned
about claiming Input Tax Credit (ITC) and its significance in reducing tax
liability.
Learned about the various forms and documents required for GST filing:
Familiarized myself with different GST forms and documents needed for filing
returns, such as GSTR-3B, GSTR-1, and GSTR-9.

Discussed the significance of timely GST compliance in avoiding penalties:

Learned about the penalties and consequences of non-compliance with GST
regulations, emphasizing the importance of timely filing and payment

DAY 4:
Conducted ratio analysis using balance sheets of different companies and
Analyzed financial data from balance sheets of multiple companies to
calculate various financial ratios.

Learned about various financial ratios and their significance in assessing

company performance and Studied key financial ratios such as liquidity
ratios, solvency ratios, and profitability ratios, understanding their
implications for business health and performance. Analyzed liquidity,
solvency, and profitability ratios and Calculated and interpreted liquidity
ratios (e.g., current ratio, quick ratio), solvency ratios (e.g., debt-to-equity
ratio, interest coverage ratio), and profitability ratios (e.g., return on assets,
return on equity) to evaluate company performance.

Identified trends and patterns in financial data through ratio analysis and
Detected patterns and trends in financial data by comparing ratios over
different time periods or against industry benchmarks, identifying areas of
strength and areas needing improvement.

Discussed the implications of ratio analysis findings on business decision-

making and Engaged in discussions about how ratio analysis results
influence strategic decision-making processes such as investment decisions,
financial planning, and performance evaluation.

DAY 5 :
Continued ratio analysis using balance sheets of additional companies:
Extended the analysis to include balance sheets from additional companies,
broadening the scope of comparison and insights.

Developed deeper into interpreting financial ratios and their implications:

Explored the nuances of financial ratios, understanding how variations in
ratios reflect different aspects of company performance and financial health.
 The staff taught some more ratios from balance sheet and why we need
to find it and how to utilize it for business. Rations are mostly used to know
how many times the asset or any other thing which is being circulated on the
business.

Explored comparative analysis techniques to benchmark company

performance: Utilized comparative analysis techniques to benchmark the
performance of analyzed companies against industry peers or historical
performance, identifying areas of competitive advantage or weakness.

Discussed limitations and challenges associated with ratio analysis:

Addressed the limitations of ratio analysis, such as reliance on historical
data, industry variations, and accounting differences, and discussed
strategies to mitigate these challenges.

DAY 6 :
We were given by the entries made by some companies and need to find
the Journal entries for those companies. it takes some time to prepare the
journal entries and i were make myself familiar with prepare the journal
entries form the transactions.

After prepare the journal entries we enter those transaction in tally ERP9
and know lot from using that software.

Discussed various keys in tally software and how to use it and for what
purpose we use those keys and why are we prepare the journal entries.

Entering the entries made by the company will be more easy if you find
the journal entries for those transactions. And we were learned various
shortcut keys and why use it.

Tally ERP 9 Shortcut Keys

Shortcut Keys Functions

Alt + F3 To modify company information

Alt + F4 To select the trading order type

Alt + F5 For the selection of sales order.

Also, to gain monthly and quarterly
 display.

For the selection of the order. To

Alt + F6
select or reject the voucher type.
 F1 To select the company or to open the company
 CTRL + F1 To select payroll voucher from Inventory
Voucher/Accounting Screen
 CTRL + F2 To select Sales Order Voucher from Accounting Voucher/
Inventory Voucher Screen
 CTRL + F4 To select Purchase Order Voucher from Accounting Voucher
Screen
 CTRL + F10 To select memorandum voucher
 CTRL + F9 To select Debit note voucher
 CTRL + F8 To select Credit Note Voucher
 F8 To Select Sales Voucher
 F9 To select Purchase Voucher
 F7 To select Journal Voucher
 F6 To select Receipts Voucher
 F5 To select Payments Voucher
 F4 To Select Contra Voucher

DAY 7:
Explored company creation procedures in Tally ERP 9 software: Learned
how to create new company profiles in Tally ERP 9, understanding the steps
involved in setting up company parameters and preferences.

Learned about the importance of accurate company setup for accounting

purposes: Emphasized the significance of setting up company profiles
accurately to ensure proper accounting and financial reporting.

Assisted in creating company profiles and setting up company

parameters: Participated in the process of creating company profiles in Tally
ERP 9, configuring settings such as financial year, currency, and taxation
details.

Explored ledger creation functionalities in Tally ERP 9: Learned how to

create and manage ledger accounts in Tally ERP 9, understanding the role of
ledgers in recording financial transactions and maintaining accounting
records.

Received hands-on training in navigating Tally ERP 9 interface and

features: Explored the user interface and features of Tally ERP 9 through
practical exercises and demonstrations, gaining proficiency in software
navigation and usage.

Discussed best practices for maintaining company and ledger data in

Tally ERP 9: Learned about data entry standards, backup procedures, and
security measures for maintaining data integrity and confidentiality in Tally
ERP 9.

Day 8 :
On this day of the internship learned how to apply for pan card through
online

Process

1.open income tax site.(www.incometax.gov.in)

2.click on the home page

3.select instant e-pan

4.click on Get new e-pan

5.enter the Aadhar number>continue

6.an OTP is sent to the mobile number which is linked with the

Aadhar card
7.click ok

8.click on check status /download pan

9.enter Aadhar number >continue

Another method to apply for pan card online is via the UTIISL website

Step1; fill out the pan card application available on the UTTIISL website

Step 2; pay the application fee on successful payment, and the

acknowledgment will be displayed.It will also be sent to your email id

Step3; send the documents to the UTIISL Office by courier within 15 days of
online submission of form 49A

DOCUMENTS REQUIRED

•Identity proof

•Address proof

•Date of birth proof

•Registration certificate in case of companies, firms,huf, and association of

persons

And i learned information about the criteria for signing in Income Tax
Return.

Type of Reason Authorized Person Shall

 Assessee be

Absent from Resident Authorized

Individual
India Person

Individual Non-Resident Resident Agent

Any other Resident Authorized

Individual
Reason Person

Company
Resident Authorized
(Foreign Non-Resident
Person
Entity)

Resident Authorized
Firm / LLP /
Non-Resident Agent / Person treated
BOI / AOP
as agent u/s 163

DAY 9 :

Today The Head of the Income Tax Department was assigned to us and he
teach about Income Tax and how to register the Income Tax with PAN.

The process of registering the Pan with Income Tax are:

Details to be entered in the registration form

1)MANGALATH SREEDHARAN

2)NAME: Mangalath Sreedharan

3)MOBILE NO: 85890***

4)FATHER’S NAME: Thankachan

5)ADDRESS: Alakkuzhha house ***

6)CITY; Kozhikode PINCODE: 673577

7)STATE: Kerala

8)DATE OF BIRTH: 27/02/19**

9)PAN: BDIPJ949G

10)RESIDENTIAL STATUS: Resident

11)EMAIL: mangalath*******@gmail.com

12)Process

1.Open incometaxindiaefilling.gov.in

2.Click the Register option Select Taxpayer Enter PAN number Validate

3.Enter basic details that as the Last name, Middle name First name, Date of
Birth, Gender, and Residential status Continue

4.Enter Contact Details such as Primary Mobile number, Primary Email, and
Landline, Address(House name, Post office, Pin code, City, State,
etc.)Continue

5.Validate Number and Email Id with OTP which has been sent to the primary
mobile number and Email id Continue

6.Verify Details which appear in the site if it’s Correct Click Continue

7.Password setting set password Confirm Password Set

personalized message Register Proceed to login

8.Login using PAN as user id and Password which is set.

And we ask some doubts and he cleared it more efficiently and

understandable way. I get a lot of knowledge from him and even i am also
ablew to register the income tax with PAN number.

DAY 10 :
Today they taught how to register the company and what is TDS and how to
compute them and what are exemptions it has and so.

Process for registering the company:

1. Step 1: Submit Application for Digital Signature Certificate(DSC) ...

2. Step 2: Apply for a unique Business Name. ...
3. Step 3: Filing of SPICe Form (INC-32) ...
4. Step 4: Filing of MoA and AoA. ...
5. Step 5: Issuance Certificate of Incorporation.
TDS (Tax Deducted at Source)

TDS is the Tax deducted before you earn an income.

TDS is introduced by the government because the tax evasion.

SEC194C

It was fully based on contract.

if a person made a single payment of 30,000 and more the have to pay
TDS.

If multiple payment is made and that exceeds the 100,000 they have to
pay TDS.

For HUF and Individual their Tax Rate is 1% and for others their Tax Rate is
2%.

SEC194J
It if for professional fees.

If the payment exceeds 30,000, it may a sing or multiple payment their

Tax Rate is 10%.

Day 11 :
Today we do some vouching for different company and check whether it has
same voucher number, authorised signature, whether the amount is correct
and so on.