Acknowledgment

I would like to express my heartfelt gratitude to Baser & Company, Chartered

Accountants for giving me the opportunity to intern with their esteemed organization.
This internship has been a transformative experience that has significantly enhanced
my knowledge and professional capabilities. I am deeply indebted to CA Ankur Baser,
whose invaluable mentorship, insightful feedback, and constant guidance played a
pivotal role in shaping my learning journey. His approachability and encouragement
ensured a conducive environment for my growth.

I am equally grateful to the entire team at Baser & Company for their unwavering
support, patience, and willingness to share their expertise. Their collaborative spirit and
openness to teaching allowed me to navigate challenging assignments and provided me
with the confidence to take on responsibilities.

Introduction
This internship report encapsulates my experiences and learnings during a two-month
internship at Baser & Company, Chartered Accountants, which took place in July and
August 2024. The internship provided a comprehensive exposure to the practical
aspects of financial and tax-related services, particularly focusing on Income Tax
Returns and Corporate Funding. These domains were pivotal in helping me understand
the intricacies of tax compliance, project financing, and client relationship
management.

The program was designed to bridge the gap between academic theories and real-world
applications, enabling me to gain firsthand experience in tasks such as preparing tax
returns, analyzing financial data, and drafting project reports. Over the course of the
internship, I worked on refining these abilities through active participation in diverse
assignments, close interactions with clients, and collaboration with experienced
professionals. This experience not only helped me develop a deeper understanding of
financial frameworks but also instilled in me a sense of discipline, accountability, and
proactive problem-solving. The insights and skills acquired during this period have
undoubtedly enriched my professional and personal growth.
Objective of the Internship
The internship at Baser & Company, Chartered Accountants was structured to provide
a blend of theoretical knowledge and practical experience, aimed at developing a
comprehensive understanding of the financial services industry. The primary objectives
were:

Hands-on Experience in Taxation:

The internship sought to provide exposure to the practical aspects of taxation,
specifically in preparing and filing Income Tax Returns for individuals and
societies. This included learning about compliance with tax laws, understanding
client documentation, and implementing tax-saving strategies. The objective
was to enhance proficiency in tax-related processes and develop a deeper
understanding of how tax policies affect individuals and organizations.

Understanding Corporate Funding:

A key focus of the internship was to introduce the mechanisms of Corporate
Funding. This involved preparing detailed project reports, analyzing financial
data, and understanding the nuances of funding proposals. The objective was to
develop analytical skills, foster attention to detail, and gain insights into how
businesses secure funding for growth and operations.

Exposure to Client Interaction:

Participating in client meetings was another vital objective. These interactions
aimed to improve my professional communication and negotiation skills by
understanding client requirements, addressing their queries, and presenting
financial solutions. It also helped in learning how to build trust and foster long-
term relationships with clients.

Practical Application of Academic Knowledge:

The internship was designed to bridge the gap between the academic study of
finance and its real-world application. Tasks such as analyzing tax laws,
preparing financial reports, and managing data entry helped to integrate
classroom learning with practical industry practices.

Understanding Professional Ethics and Standards:

The internship also aimed to instill an understanding of professional ethics,
accuracy, and confidentiality in dealing with sensitive client information.
Adhering to organizational standards while maintaining ethical conduct was a
critical part of the learning experience.

Learning Documentation and Reporting:

The internship emphasized the importance of proper documentation and
reporting in financial services. Preparing tax returns, drafting project reports, and
 consolidating data were tasks designed to improve my ability to present
information clearly and effectively for both internal and external stakeholders.

Time Management and Task Prioritization:

One objective was to develop skills in managing overlapping tasks and meeting
deadlines without compromising on quality. The fast-paced work environment at
Baser & Company provided an opportunity to learn effective prioritization
techniques and maintain productivity under pressure.

Industry Insights and Networking:

The internship also provided exposure to the broader landscape of the financial
services industry. Engaging with professionals, observing their work patterns,
and participating in client meetings offered valuable insights into industry
practices, challenges, and expectations. It also allowed me to build a network of
contacts in the field.

Internship Activities
During my two-month internship at Baser & Company, Chartered Accountants, I was
actively involved in two major areas of work: Income Tax Returns and Corporate
Funding. These activities gave me practical exposure to financial services and
developed my understanding of the processes and responsibilities involved in a
professional accounting firm.

Income Tax Returns

My work in the domain of Income Tax Returns involved several important tasks:

• Preparation and Filing of Tax Returns: I assisted in drafting and filing Income
Tax Returns for individual clients and societies. This required collecting accurate
financial data, verifying documents, and ensuring compliance with Indian tax
regulations.

• Research on Tax Laws: I conducted detailed research to understand tax

policies, deductions, and exemptions applicable to different client profiles. This
research helped me learn how changing tax laws influence financial planning.

• Data Entry and Tax Computation: I was responsible for entering financial data
into tax software and calculating tax liabilities accurately. This task required
precision and attention to detail to avoid errors.

• Team Support: I provided support to my team by handling queries related to tax

documentation and assisting in finalizing returns before submission.
Through these tasks, I gained a thorough understanding of tax compliance, improved my
ability to handle large volumes of financial data, and learned how to analyze client-
specific situations for better tax management.

Corporate Funding

In addition to taxation, I worked on assignments related to Corporate Funding, where

my tasks included:

• Project Report Preparation: I contributed to preparing comprehensive project

reports. These reports highlighted clients' financial status and funding
requirements, which were used to secure loans or financial backing from
institutions.

• Analyzing Financial Data: I analyzed client financial statements to calculate

metrics like cash flow, profitability, and creditworthiness. This analysis was
crucial for making funding proposals persuasive and viable.

• Client Meetings and Presentations: I had the opportunity to participate in client

meetings, where I observed how funding proposals are discussed and
negotiated. I also gained insights into addressing client concerns and tailoring
solutions to their needs.

This segment of my internship helped me understand the complexities of corporate

finance, sharpened my analytical skills, and improved my ability to work on detailed
financial documentation.

Other Responsibilities and Learning Opportunities

Apart from these core activities, I was involved in:

• Coordination and Communication: Actively collaborating with team members

to ensure timely completion of tasks and maintaining effective communication
with clients.

• Learning Tools and Technology: Using financial tools and software for tax
computation, data entry, and report preparation, which improved my technical
proficiency.

• Developing Professional Skills: Observing how experienced professionals

manage their workflow, interact with clients, and adhere to deadlines, which
gave me valuable insights into workplace ethics and discipline.
Reflection on the Activities

Each activity contributed to my learning and personal development. By working on

Income Tax Returns, I gained a solid understanding of taxation laws and practical
compliance. Through Corporate Funding, I learned how financial analysis supports
businesses in achieving their funding goals. Collectively, these experiences enhanced
my technical knowledge, professional skills, and confidence in handling real-world
financial challenges.

Knowledge Gained
Income Tax Return (ITR)

Income Tax Return (ITR) is a form used by taxpayers to report their income, expenses,
deductions, and tax liabilities to the Income Tax Department. It allows individuals and
entities to calculate their tax obligations and claim refunds if excess tax has been paid.
Various ITR forms (e.g., ITR-1, ITR-2, etc.) are applicable based on the taxpayer's income
type and source.

ITR Forms and Their Applicability

The different ITR forms serve specific types of taxpayers.

• ITR-1 (Sahaj): For individuals earning income from salary, one house property, or
other sources (up to ₹50 lakh).

• ITR-2: For individuals and HUFs not having income from business or profession.

• ITR-3: For individuals and HUFs earning income from business or profession.

• ITR-4 (Sugam): For taxpayers opting for presumptive taxation schemes.

Assessment Year (AY)

The assessment year is the period during which the income earned in the previous
financial year is assessed for tax purposes. For example, if the income pertains to the
financial year 2023-24, the assessment year is 2024-25.
Financial Year (FY)

The financial year is the 12-month period from April 1 to March 31 in which income is
earned. Taxpayers report income for a specific financial year during the corresponding
assessment year.

Taxpayer Categories

Taxpayers in India are categorized as:

• Individual: Salaried or self-employed individuals.

• HUF: Hindu Undivided Family.

• Firms and Companies: Partnership firms, LLPs, or corporations.

• Others: Trusts, associations, and other entities.

PAN (Permanent Account Number)

A unique 10-character alphanumeric code issued by the Income Tax Department, PAN
is mandatory for financial transactions and filing ITR. It serves as an identifier for
taxpayers.

TAN (Tax Deduction and Collection Account Number)

A 10-digit alphanumeric number assigned to entities responsible for deducting or

collecting tax at source (TDS/TCS). It is mandatory for filing TDS returns.

Gross Total Income (GTI)

This refers to the total income before any deductions under Chapter VI-A (e.g., Section
80C, 80D). It includes income from all sources like salary, house property, business,
capital gains, and other sources.

Taxable Income

Taxable income is derived by subtracting eligible deductions (like 80C, 80D, etc.) from
the gross total income. This amount is subject to income tax as per applicable slab
rates.
TDS (Tax Deducted at Source)

TDS is a mechanism where a portion of income is deducted at the source of payment

and remitted to the government. It applies to salaries, interest, rent, and other
payments. Taxpayers can claim credit for TDS while filing their returns.

Refund

If a taxpayer has paid more tax through TDS, advance tax, or self-assessment tax than
the actual liability, they can claim the excess amount as a refund in their ITR.

e-Filing Portal

The official government website for filing ITR ([Link] Taxpayers

can log in to submit their returns, check refunds, or view their tax credit statements
(Form 26AS).

Form 16

This is a certificate issued by employers to employees, detailing the income earned and
TDS deducted. It helps in accurate ITR filing.

Exemptions and Deductions

Taxpayers can reduce their taxable income through various exemptions (e.g., HRA,
Leave Travel Allowance) and deductions under Chapter VI-A (e.g., Section 80C for
investments in PPF, LIC).

Advance Tax

Taxpayers whose tax liability exceeds ₹10,000 in a financial year must pay taxes in
advance in quarterly installments. This ensures timely collection of taxes.

Form 26AS

A consolidated statement available on the e-filing portal, it contains details of TDS, TCS,
and advance tax paid by a taxpayer.
Corporate Funding Overview

Corporate funding involves sourcing financial resources for a company's operational,

expansion, or project needs. It can be equity-based, debt-based, or a mix of both,
depending on the organization's goals and financial structure.

Importance of Checking Financials

Analyzing financials is a critical step in corporate funding to ensure the company’s

creditworthiness and repayment capacity. Key aspects include:

• Profit and Loss Statement: Reveals the profitability of the business over a
period.

• Balance Sheet: Highlights the company’s assets, liabilities, and equity.

• Cash Flow Statement: Shows the liquidity and cash movement, which is crucial
for assessing repayment capability.

Loan Types in Corporate Funding

Companies can access various types of loans based on their requirements:

• Term Loans: Long-term loans used for purchasing assets or capital investments.

• Working Capital Loans: Short-term funding to manage daily operations.

• Project Financing: Funding specific large-scale projects like infrastructure.

• Equipment Loans: Loans dedicated to acquiring machinery or equipment.

• Bridge Loans: Temporary funding to bridge cash flow gaps until long-term
funding is arranged.

Role of Creditworthiness

Before granting loans, lenders assess the corporate entity’s creditworthiness by

examining:

• Debt-to-Equity Ratio: Indicates financial leverage.

• Interest Coverage Ratio: Measures the ability to service debt.

• Credit Score: Reflects the borrower’s repayment history.

Skills Acquired
Throughout my internship at Baser & Company, Chartered Accountants, I had the
opportunity to develop a wide range of both technical and soft skills. These skills are
essential for a successful career in the financial and accounting sectors. The hands-on
experience allowed me to apply my theoretical knowledge in real-world scenarios,
enhancing my professional capabilities. Below is a detailed breakdown of the key skills I
acquired during my internship:

Technical Proficiency in Taxation

A major part of my internship was focused on the preparation and filing of Income Tax
Returns. Through this, I gained a deep understanding of the Indian tax system and its
intricate processes. I became proficient in:

• Tax Computation: I learned how to accurately calculate tax liabilities based on

income, deductions, exemptions, and applicable tax rates.

• Tax Filing Software: I gained hands-on experience using tax software tools for
data entry, calculation, and filing of returns. This allowed me to work efficiently
and ensure accuracy in computations.

• Compliance and Regulations: I understood how tax compliance works within

the legal framework, from filing deadlines to record-keeping. I also stayed
updated on recent changes in tax laws and amendments, which is crucial for
maintaining accuracy in tax-related work.

Financial Analysis and Corporate Funding

In the area of Corporate Funding, I developed strong analytical skills by evaluating

financial data and preparing reports. This included:

• Analyzing Financial Statements: I learned how to review balance sheets,

income statements, and cash flow statements to assess a company's financial
health. This analysis is essential for determining creditworthiness and financial
viability.

• Project Report Preparation: I became proficient in drafting detailed project

reports that assess funding requirements, growth prospects, and business
strategies. These reports are often used for securing loans and investment from
financial institutions.

• Budgeting and Financial Forecasting: I gained insight into how businesses

create budgets, forecast future financial needs, and assess the feasibility of their
 projects. This is essential for both corporate clients and financial institutions
when making funding decisions.

Research Skills

A crucial part of my internship was conducting research on tax laws and corporate
funding guidelines. This involved:

• Tax Law Research: I delved into various tax-saving strategies, exemptions, and
deductions under different sections of the Income Tax Act. I also explored the
latest updates to tax regulations, which helped me understand how changing
laws impact financial planning for both individuals and businesses.

• Industry Research for Funding Proposals: I researched market trends, client

industry sectors, and potential investment opportunities. This research
supported the creation of more accurate and data-driven project reports, helping
clients make informed financial decisions.

Communication Skills

This internship gave me an opportunity to develop my communication skills, which are

vital in a professional setting.

• Client Communication: I participated in meetings with clients and learned how

to effectively communicate financial information, explain technical details, and
address client queries. This experience helped me develop a professional tone
and clarity when discussing complex financial matters.

Professional Ethics and Responsibility

Lastly, the internship instilled in me a strong sense of professional ethics, especially

regarding the handling of sensitive client data. I was made aware of:

• Confidentiality: Maintaining client confidentiality is critical in accounting and

financial services. I learned how to safeguard client information, ensuring that it
was shared only with authorized personnel.

• Integrity: Upholding the highest standards of honesty and integrity while

preparing financial reports, tax returns, and presenting data to clients became
one of my key learning outcomes.

• Accountability: I understood the importance of taking full responsibility for the

work I did, ensuring accuracy and thoroughness in everything I submitted.
Challenges Faced
During my internship at Baser & Company, Chartered Accountants, I encountered
several challenges that tested my abilities and helped me grow both personally and
professionally. These challenges were essential in shaping my learning experience and
pushing me to develop key skills:

Understanding Complex Tax Regulations

One of the primary challenges was navigating the intricate and constantly evolving tax
regulations in India. Initially, understanding the various exemptions, deductions, and
sections of the Income Tax Act proved difficult. However, with constant research and
guidance from the team, I was able to grasp the fundamentals and apply them to client
cases.

Time Management and Meeting Deadlines

Managing multiple tasks simultaneously, such as preparing tax returns, analyzing

financial data, and assisting with project reports, posed a significant challenge. The
workload required careful prioritization and effective time management to ensure all
tasks were completed on time without compromising quality. This challenge helped me
improve my organizational skills.

Attention to Detail in Financial Data

Working with financial data required a high degree of precision. Small errors in tax
computation or data entry could have significant consequences. Ensuring accuracy
while managing large volumes of data was a challenge, but it taught me the importance
of careful review and consistency.

Client Expectations and Communication

Communicating effectively with clients and understanding their specific needs was
another challenge. Each client had different financial requirements, and providing clear,
concise, and personalized advice required both professional expertise and strong
interpersonal skills. It was an excellent opportunity to refine my communication
abilities and learn how to manage client relationships effectively.

Despite these challenges, the experience was incredibly rewarding. Overcoming these
obstacles not only enhanced my technical skills but also strengthened my problem-
solving abilities, making me more confident and prepared for future professional
endeavors.
Learning Outcomes
My internship at Baser & Company, Chartered Accountants provided valuable insights
and hands-on experience, bridging the gap between my academic studies and the real-
world application of financial concepts. Some key learning outcomes from this
internship include:

• Enhanced Understanding of Taxation and Corporate Funding:

I gained a deeper knowledge of the Indian taxation system, particularly the
process of preparing and filing Income Tax Returns. Additionally, I learned about
the complexities of corporate funding, including how businesses prepare for
financing and how financial data is analyzed to make funding decisions.

• Practical Experience in Financial Data Management:

Handling financial data on a daily basis helped me understand the importance of
accuracy in accounting and reporting. I was involved in tasks like tax
computation, project report preparation, and financial analysis, which improved
my ability to manage and interpret financial information.

• Improved Communication and Interpersonal Skills:

Through regular interactions with clients and team members, I developed strong
communication skills, including the ability to present complex financial
information clearly. I also learned how to effectively collaborate in a professional
environment, which is essential for career success.

• Understanding Professional Ethics and Workplace Dynamics:

The internship gave me a firsthand look at the ethical standards required in the
financial services industry. I learned about maintaining confidentiality, handling
sensitive client information, and adhering to workplace rules and professional
conduct, which are essential to building trust and credibility in the industry.

Conclusion
My internship at Baser & Company, Chartered Accountants was a highly valuable
experience that provided practical exposure to key areas of finance and taxation. It not
only helped me apply the theoretical knowledge I had gained during my studies but also
allowed me to develop essential professional skills. Through hands-on experience in
preparing tax returns, analyzing financial data, and participating in client meetings, I
gained a deeper understanding of the financial services industry.

The mentorship and guidance I received from experienced professionals at the firm
were crucial in enhancing my technical abilities and professional conduct. This
internship has strengthened my confidence, problem-solving skills, and
communication abilities, all of which are essential for a successful career in finance.

Overall, the knowledge and skills I gained during this internship have provided me with a
strong foundation for my future academic and professional endeavors, and I am eager
to apply them in the next stages of my career.