A Report on Internship

undertaken at
Kuthalingam and Associates

Submitted in partial fulfillment of the requirement

for the award of degree of

BACHELOR OF COMMERCE (ACCOUNTING & FINANCE)

By

Vaishali C -2213721034147

Under the guidance of

Ms. Ashwini V, M. Com-IB

Department of Commerce

M.O.P. VAISHNAV COLLEGE FOR

WOMEN (Autonomous)

Chennai – 600034
1
 2024-2025

ACKNOWLEDGEMENT

The satiation and euphoria that accompany the successful completion of the project would be incomplete
without the mention of the people who made it possible.
I owe my wholehearted thanks to the Dr Archana Prasad, M. Com, M.B.A., Ph.D., Principal and Dr
Sumangala Devi KC, M. Com, M.B.A, M.Phil., Ph.D., Associate Professor in Commerce and Vice
Principal, for giving me the opportunity to learn and gain practical knowledge through undergoing
internship training.
I would like to take the opportunity to thank and express my deep sense of gratitude to Dr M Hemalatha
M. Com, M.B.A., M. Phil, Ph.D., Head of the Programme and Faculty Advisor Ms. Ashwini V, M.
Com-IB, NET for their valuable guidance, their advice, constructive suggestions, and continuous
encouragement, without which it would have not been possible to complete the report.
I would like express my deep appreciation to everyone for offering their timely assistance whenever
required to complete the report successfully.
I hope that I can make a valuable contribution to this industry in the future with the knowledge, skills and
experience I have gained during this internship.

VAISHALI C
(2213721034147)

2
 DECLARATION

I humbly declare that this report on internship undertaken at Kuthalingam and Associates submitted in
partial fulfillment of the requirement for the award of degree Bachelor of Commerce (Accounting &
Finance) is an independent and original work, carried out by me, Vaishali C (Register Number
– 2113721034150), to the best of my knowledge and belief, under the guidance of Ms. Ashwini V, M.
Com-IB, NET. No part of the report has been submitted previously to any institution for the fulfillment
of requirement of any course of study. This report has not been prepared for any other purpose like
reproduction, investigation, or publication.

Ms. Ashwini V
Faculty Advisor
Assistant Professor
B. Com(A&F) Shift-II

Dr Hemalatha M
Head of Department
Assistant Professor
B. Com(A&F) Shift-II

3
Submitted to M.O.P. Vaishnav College for women
on
CERTIFICATE OF COMPLETION

4
 TABLE OF CONTENTS

CHAPTER NO TITLE PAGE NO

1 INTRODUCTION

2 COMPANY PROFILE

3 JOB PROFILE

4 WORK EXPERIENCE

5 CONCLUSION

6 ANNEXURES

7 BIBLIOGRAPHY

5
 ANNEXURES

S.NO PARTICULARS PAGE NO.

1 GOODS AND SERVICE TAX (GST)

2 TALLY PRIME

3 DAYBOOK

4 STOCK JOURNAL

6
CHAPTER 1

INTRODUCTION

7
 INTRODUCTION

The following report is the description of the four-week internship carried out as a mandatory
component for partial fulfillment of the requirement for the award of degree Bachelor of Commerce
(Accounting & Finance). The report briefly explains the work experience in the accounting field for a
period of one month under KUTHALINGAM AND ASSOCIATES.

An internship is a professional learning experience that offers meaningful, practical work related to a
student’s field of study or career interest. An internship gives a student the opportunity for career
exploration and development, and to learn new skills.

Having chosen KUTHALINGAM AND ASSOCIATES as the internship organization has resulted in the
acquisition of new skills. The internship served as a crucial springboard in getting practical professional
experience. The internship has made the organization’s working environment and the details of how
organizations work and achieve their goals and objectives clearer.

The main aim of doing an internship under CA firm is to interact with professional bodies and gain some
practical knowledge about the different organizations. The objective of this report is to share the
experiences undergone during this internship period.

In addition to being exposed to an office atmosphere, there was an opportunity to learn and gain first-
hand experience in a real accounting department in the firm. There was an understanding on how an
audit firm works, with the taste of practical work rather than theory, which enhances the quality and
working conditions which acclimates.

Professionalism is a key to success in today's competitive world, where survival of only the fittest is
possible. As a 2nd year B.com student based on theoretical as well as practical approaches, the internship
was a great experience in the real time business environment. This internship program has instilled
confidence. The four-weeks internship training in KUTHALINGAM AND ASSOCIATES has proved an
indispensable part. The internship has spanned over many departments and training in all departments
has led to valuable addition in the practical knowledge about different firms.

8
Prior to beginning the internship, created the following learning objectives that hoped to accomplish:

 To improve communication skills

 To analyze the business situation
 To establish high standard in professionalism
 To build a network
 To learn to apply the theoretical knowledge in actual organization
 To make quick decision in real situation
 To learn how to promote and to conduct research in business area
 To compare practical aspects with theoretical aspects
 To enhance my personal knowledge and professional preparation for future
 To plan for the future of one self and learn how to adjust in an organization
 To get knowledge of opportunities and threats while entering into an organization
 To know about organization behavior, ethical rules and regulations
 Enhance and expand knowledge of particular areas of accounting
 Expand networks of professional’s relationship and contacts
 Develop a solid work ethic and professional demeanor as well as commitment to ethical conduct and
social responsibility
 Develop time management skills and the ability to be responsible for more than one project at a
time
 Develop organizational skills to complete the project in a timely manner

An overview of KUTHALINGAM AND ASSOCIATES, a chartered accounting firm with numerous

connections to individuals and businesses in a variety of industries, including media, manufacturing,
studios, and so on, is provided in Chapter 2. A number of my stated objectives were achieved thanks to
the actions detailed in Chapter 3 of my internship report. The upcoming chapter will cover my
perspective on how I conducted myself, the unanticipated incidents, and the learning goals I met during
the internship. In my report, I draw conclusions regarding my internship experience based on my
learning goals. Together with this report, I've supplied a bibliography that contains a list of all the
sources I used.

A detailed examination of the company and a brief synopsis of the sector are presented in the pages that
follow. My chance to join an auditing firm was presented to me. As a result, this company's management
and control of its diverse operations are summarized.

9
CHAPTER 2

COMPANY
PROFILE

10
 Kuthalingam and Associates

Kuthalingam and Associates, established in 1984, is a mid-sized Chartered Accountant firm based in
Hosur & Bangalore, India. They offer a comprehensive suite of financial services to businesses,
including audit & assurance, taxation, company setup & compliance, back-office management,
management consultancy, and more. With over 40 years of experience, Kuthalingam and Associates
caters to a diverse clientele, both domestic and international, leveraging a team of qualified professionals
and technology for efficient service delivery.

Founded in 1984, Kuthalingam and Associates has grown to be a respected name in Hosur & Bangalore's
financial landscape. The firm prides itself on its commitment to providing high-quality, personalized
service to clients. Their vision is to be a leading provider of financial solutions, empowering businesses
to achieve their goals. Their core values include integrity, professionalism, and client focus. This multi-
location presence allows them to serve a wider client base and cater to the specific needs of businesses in
different regions.

VISION:
Kuthalingam and Associates aspires to be a leading Chartered Accountancy firm, recognized for
our exceptional service, innovative solutions, and unwavering commitment to client success. We
envision fostering a team of highly qualified and dedicated Chartered Accountants who are passionate
about exceeding client expectations and staying at the forefront of the ever-evolving financial landscape.
Ultimately, we strive to be synonymous with trust, reliability, and excellence within the CA
industry. Firm continuously strives to be the Premier Accounting and Consultancy firm that provides

11
 excellent service to their clients and an excellent quality of life for their associates.

MISSION:
Kuthalingam and Associates mission is to provide clients with comprehensive and high-quality
Chartered Accountancy services, encompassing auditing, taxation, and financial advisory. They are
committed to upholding the highest standards of professionalism, integrity, and ethical conduct in all our
endeavor’s. The goal is to empower them clients with accurate financial information and insightful
advice, enabling them to make informed business decisions and achieve their financial goals.

Verticals:
Kuthalingam and Associates verticals include Internal Audit, Statutory Audit, Concurrent Audit, Stock
audit, Taxation, Government Audit and Strategic Advisory Services to clients in its areas of
manufacturing businesses, Consumer Products / Services, Knowledge based sectors and Banks.

Services Offered

Audit & Assurance

o Statutory audits under the Companies Act (including procedures for annual financial statements, related
party transactions, and going concern assessment).
o Tax audits under the Income Tax Act (covering specific areas like verification of income and deductions,
transfer pricing compliance).
o Internal audits (with expertise in areas like operational efficiency, fraud detection, and risk management).
o Understanding the client's business, underlying risks, and the legislation and regulations governing the
business; Understanding the client's organizational, procedural and information systems control as well
as their operating structure
o Ensuring that superior expertise and resources are available to satisfactorily carry out the audit
o Adhering to the firm's quality control standards
12
 Taxation

o Direct tax consultation (including services like tax planning, advance tax calculations, and representation
before tax authorities).
o Indirect tax consultation (offering expertise in GST compliance, filing returns, and navigating tax
exemptions).
o International taxation services (if applicable, mention specific services like foreign tax credit utilization
and cross-border transaction planning).
o Tax advice and planning are of universal business importance, ensuring that the tax burden is no higher
than it should be. The growing complexity of tax regimes and constant changes to tax laws, however
make it almost impossible for any individual to keep pace with the evolving world of international
taxation.
o Tax division recognizing that taxation constitutes a major business cost, is able to provide advisory,
agency and tax compliance services in areas of income and corporation tax, value added tax, custom and
excise tax and other direct and indirect taxes. Our tax team has a reputation for creative solutions tailored
individually to meet the client needs.

Company Incorporation & Compliance

o Company registration process (guiding clients through choosing the right company structure, preparing
registration documents, and liaising with authorities).
o Ongoing compliance requirements (ensuring adherence to statutory filings, board meetings, and other
regulations based on company type).
o Secretarial services (providing assistance with board meeting minutes, maintaining statutory registers,
and filing necessary documents).
o They ensure you maintain mandatory registers like the Register of Members and Register of Directors as
per the Companies Act.
o They ensure your desired company name adheres to regulations and conduct availability checks to avoid
delays.

13
o They handle the payment of government registration fees associated with incorporation.

Back Office Management

o Bookkeeping services (utilizing cloud-based accounting software like Xero or Tally for efficient data
management).
o Payroll processing and management (ensuring timely and accurate salary payments and statutory
deductions).
o Other back-office tasks handled by the firm (e.g., accounts payable/receivable management, bank
reconciliation).

Management Consultancy
o Areas of expertise in business strategy consulting (including market research, competitor analysis, and
business plan development).
o Financial planning and analysis services (offering assistance with budgeting, forecasting, and financial
modeling).
o Additional consulting services (e.g., risk management, feasibility studies).
o Formulating a business plan using a bottom-up participative approach; detailing the organization's
mission, objectives & goals, and strategies for achieving them; Setting out both financial and non-
financial parameters in which the business will operate.
o Preparation of costs, revenue and cashflow projections, financial and variance analysis, product costing,
inventory controls, design of purchasing systems, and formulation of growth strategies. The aim is to re-
engineer the data structures and processes that generate management information, focusing on cost
reduction and identification of non-performing units
o Review of the company's operational policies and procedures, advising on industry best practices and
documentation, and facilitating implementation by providing appropriate client training.

Financial & Risk Advisory

o Careful and innovative financial thinking is the strength of any organization's business strategy. As a
sparring partner, we provide a broad range of advice to our clients.

14
o Preparing project feasibility studies to ensure that new project expansions being undertaken are feasible,
viable and sustainable over the long run. This involves identifying what a certain course of action,
whether financial or strategic, will cost in real terms, and how it will impact the project.
o Valuing business and their individual components. The type of valuation depends on the nature of the
exercise such as acquisition, restructuring, shareholder buyout, tax appeal or litigation.
o Involves an independent verification on a merger or takeover of the financial, legal and functional
aspects of a business to provide assurance to the merging party or the party taking over on the current
state of the business.
o Quantification of losses due to fraud, corporate irregularities, insurance claims and litigation. Advising
on how to minimize disruption and cost of disputes. Settling of disputes outside the court process.

Other Services
o Corporate law advisory (with a focus on areas like contract drafting, shareholder agreements, and
company restructuring).
o FEMA compliance assistance (guiding clients on foreign exchange regulations and repatriation of funds).
o Mergers and acquisitions advisory (providing expertise in deal structuring, due diligence, and valuation).
Industry Expertise
has experience serving a wide range of industries, including:
 Information Technology (IT) & Software Development
 Manufacturing & Engineering
 Retail & E-commerce
 Healthcare & Pharmaceuticals
 Education & Training
 Hospitality & Tourism (if applicable, based on information available)

Clientele
caters to a diverse clientele, including:
 Small and Medium Enterprises (SMEs)
 Startups and Entrepreneurs
 Established Businesses and Corporations
15
 Foreign Companies operating in India
 Individuals

Partner Details
Kuthalingam and Associates boasts a team of experienced professionals with strong qualifications:

CA. Kuthalingam K T
He is in the practice for the past 37 years beginning by setting up own practice and building it up. Thus, he has
deep knowledge of departmental working at lower level up to the appellate level. He has varied experience in all
areas of Audit, Investigation, Due Diligence, Taxation (Direct and Indirect), Company Law Matters for both
domestic and foreign companies, Management Consultancy, Information System Audit and FEMA.

CA. Deepa N
More than 15 years of diverse industries experience in all areas of Audit, Investigation, Due Diligence, Taxation
(Direct and Indirect), Company Law Matters for both domestic and foreign companies, Management Consultancy,
Information System Audit and FEMA. Well geared to take up any professional assignments in the above areas. It
has association with firms of Chartered Accountants, Management Consultants, Company Secretaries and I T
Professionals etc.

CA. Mahalingam B
Mahalingam has an experience of more than 45 years in the field of Direct Tax & Indirect Tax, Tax
Planning & assurance. He is having expertise in Direct & Indirect Tax. She has been actively involved in
preparation of Financial Statements including Notes to Accounts, Annual Reports, and Individual Tax
Audit & Consolidated Financial Statements. He has been involved in leading the teams at various
locations for performing the statutory audits, Tax audits and various certifications required by companies
from statutory auditors like under RBI circular 32.

Focus on Client Satisfaction and Communication

The firm aspires to render sound professional services importance to client’s satisfaction in terms of
timely and effective delivery of services. The firm recognizes that open and ongoing communications
with the client is imperative for ensuring timely response to the client’s requirements and execution to be
foremost. The firm, by utilizing the experience and expertise of the partners, has devised a risk-based

16
audit approach to ensure that the audits, besides ensuring compliance, help in identification of critical
areas where business related controls require improvements thus enabling the management to take
actions to strengthen the controls. A gap between the clients’ expectation and perception of the client’s
requirements is highly undesirable. Thus, emphasis is on defining clients’ requirements, feedback and
using this communication process to enhance services rendered.

17
CHAPTER 3

JOB PROFILE

18
JOB PROFILE

Intern have tried the best to enhance the abilities and apply the knowledge that the intern gained during
the studies. Intern was assigned as a trainee in the firm. One of the finance department's most significant
duties is to reconcile the administration and general audits of the companies from diverse areas because
the organization only focuses on accounting.

Objective:
Assisting senior accountants with the preparation of monthly, quarterly, and yearly closings
Creating and reporting weekly and monthly financial statements Updating financial data in databases to
maintain its accuracy Assisting in evaluating payroll records and expenses, among other things as
assigned. Assisting with processing income and balance sheets in accordance with corporate rules.
reconciliations, revising accounts payable and receivable, and issuing invoices. Processing financial
entries to ensure the appropriate recording of all corporate transactions. Monthly financial statements
comprise profit and loss, cash flow, and balance sheets.

Methodology:
I help with general ledger updates and account management as a junior accountant on the
payroll team. That being said, their usual responsibility is to talk to vendors about billing concerns. They
address any queries and offer basic customer service in their correspondence with vendors. A junior
accountant helps with the review, preparation, and filing of reports that verify the company's compliance,
as accounting departments are required to follow provincial and federal standards. They are in charge of
keeping the records of the company's fixed assets up to date and documented. I also help corporations
they are auditing with tax consultation, and I create comprehensive reports to record their findings. The
duties assigned to accountants at different levels vary. Initially, I was tasked with matching bank
statements for personal and commercial accounts.

Responsibility:
 General office tasks: filing, photocopying, answering phones, and greeting clients.
 Data entry: inputting financial data into accounting software.
 Assisting with bookkeeping tasks: accounts payable, accounts receivable, bank reconciliations.

19
  Preparing basic financial reports.
 Observing and assisting with audits and tax preparation.
 Learning about different accounting software programs.

BANK STATEMENT FOR CUSTOMER IN EXCEL

I gained knowledge about a unique, thorough, and effective way to input individual bank statements into
Excel during this internship. This approach entails multiple bank transactions involving substantial sums
of money.

 Using an Excel template to keep track of an entity's daily financial transactions, such as purchases, sales,
payments, receipts, and costs, is known as bookkeeping.

20
 The reason it is less expensive is that accounting software doesn't need to be purchased because the excel
spreadsheet can be found on any computer or laptop.
 By sharing the Excel sheet in readable mode, it can be accessed by several people inside an office. on
this mode, only one person can edit the data on the Excel sheet; others can only view the data.
 When a lot of data is entered into Excel, the procedure becomes laborious.
Excel has useful features and capabilities that can be used to build a small business bookkeeping system.

PREPARATION OF RECEIPTS AND PAYMENTS

21
 The cash book's actual cash receipts and payments for a specific time period are detailed in a receipts and
payments account. All money, whether from capital or revenue, received and paid during that time
period is included in this account.

The cash book for the given period is thoroughly summarized in the receipt and payment account. A cash
and bank opening balance are the first, and a cash and bank closure balance is the last. Current year
payables and receivables are not included in the adjustments. As long as it is received or paid within the
current period, it can be either capital or revenue, and it can be for the current, prior, or next year. The
default primary groups used by this account to display data are those that are set. Every entry into a
voucher, every cash or bank transaction is tracked.

UDIN-UNIQUE DOCUMENT IDENTIFICATION NUMBER(UDIN):

22
 During my internship, I was exposed to the professional environment of a chartered accounting firm.
This included observing Chartered Accountants (CAs) upholding ethical practices. One such practice I
encountered was the use of Unique Document Identification Numbers (UDIN). UDIN, implemented by
the Institute of Chartered Accountants of India (ICAI), helps ensure the authenticity of documents signed
by CAs. This adds a layer of trust and security to the financial documents issued by the firm.

The Professional Development Committee of ICAI has implemented in a phased manner an innovative
concept of UDIN, i.e. Unique Document Identification Number. All certificates are being made
mandatory with effect from 1st February, 2019 as per the Council decision taken at its 379th Meeting
held on 17th – 18th December, 2018, in order to curb the malpractices. It has been observed that
financial documents/certificates attested by third person misrepresenting themselves as CA Members are
misleading the Authorities and Stakeholders. ICAI is also receiving numerous complaints of signatures
of CAs being forged by non CAs.

OVERVIEW OF GST:

GST (GOODS AND SERVICES TAX) is the tax which is levied on the goods and services
which are sold domestically all over India. The tax is included in the final price of the products and
suppliers need to collect the tax and remit the same to the government. Usually, tax rates are the same
across the country. Whenever there is a sale of goods within the state then CGST (Central goods and
services tax) and SGST (STATE GOOD AND SERVICES TAX) shall be levied and Whenever there is a
sale between 2 states then IGST (Integrated Goods and services tax) will be levied.

HOW TO FILE GST:

● GSTR-3B filing: Ensure that GSTR-3B returns are filed regularly. If GSTR-3B is not filed for the
previous two return periods, then GSTN will block the filing of GSTR-1 as well.
● Tax calculation: To comply with GST rules and file accurate returns, ensure that the tax values of sales
transactions are equal to or greater than the computed values.
● HSN Summary: As per Rule 59(6) and Advisory on HSN & GSTR-1 filing shared by GSTN, it is
mandatory to provide complete details of the HSN Summary for filing returns.
23
 Once you have verified your GSTR-1, you can easily share these details with the tax department. You
only have to export the details in the required format and upload it on the portal. All your GST data from
Tally Prime will appear seamlessly on the portal.
● In the GSTR-1 report, press Alt+E (Export) > GST Returns. The Export GSTR-1 screen will open, where
you can select the required period and company or tax registration.
● Explore and set the required options in Ctrl+B (Basis of Values). For example, based on your business
needs, you can choose to either include or exclude the HSN Summary and Document Summary in your
exported GSTR-1 data.
● Explore and set the required options in F12 (Configure).
● Select the transactions and/or summaries that you want to export to the portal for filing, and press X
(Export).
The Export screen will appear as shown below:

● Select the File Format, and configure the options for section-wise export and Folder Path, as needed.
● Press E (Send) to export.

24
OVERVIEW OF INCOME TAX:
It is a Direct tax which is levied on Individual or entity in respect of their income or profits earned by
them. This is generally calculated by multiplying Tax rates with that of taxable income. This Income will
be used for public services, To settle public obligations, etc..

Section 194 C:
If any service has been received from a outsider and money payable to them Exceed 30,000
in a single payment or Exceed Rs. 1,00,000 has a whole in a financial year then TDS has to be deducted
for the entries amount at the rate of 1% for individual and 2% for any Person other than Individual.

Section 197:
Any person Whose income does not exceed the Taxable Income Limit but whose
income would be liable for a tax deduction at source Then they can avail the benefit of Nil or lower tax
rate deduction of TDS or exemption of TDS. This can be availed by filling Form No.13 to the
jurisdictional assessing officer. The Assessing officer will consider the total income and tax liability and
accordingly grant certificate for lower or Nil rate for deduction of TDS

25
26
 2 step process used in every companies

1. Purchase Voucher:
Purchase vouching is a crucial part of the accounts payable process that ensures accurate
financial records for a business. It involves verifying and approving invoices received from vendors
before making payment. Here's a breakdown of the content typically included in purchase vouching:

Invoice Details:
 Vendor Information: Name and contact details of the vendor who supplied the goods or services.
 Invoice Number & Date: Unique identifier and date of issuance of the invoice.
 Purchase Order (PO) Number (if applicable): Reference number linking the invoice to a previously
approved purchase order. This ensures the purchase aligns with expectations.

Calculations and Verification:

 Mathematical Accuracy: Checking calculations on the invoice for errors to ensure the total amount due
is correct.

27
 Discounts & Taxes: Verifying any applied discounts or taxes match the agreed-upon terms with the
vendor

Approval Process:
 Verification of Receipt: Confirmation that the goods or services were received in good condition and
matched the order. This might involve checking packing slips or receiving reports.
 Approval Signatures: Authorizations from designated personnel within the company, often including
someone from purchasing and someone from accounts payable, signifying their approval of the invoice
for payment.

Additional Information:
 Payment Terms: Details on the payment due date and any applicable late payment penalties.
 Payment Method: Preferred method of payment (check, bank transfer, etc.).

By thoroughly examining these elements during purchase vouching, companies can:

 Prevent duplicate payments or payments for undelivered goods/services.
 Identify and rectify any pricing discrepancies.
 Maintain accurate accounting records for purchases.
 Ensure adherence to internal control procedures.
In essence, purchase vouching safeguards a company's financial resources by guaranteeing legitimate
transactions before releasing payment.

2. Sales Vouchers:
Sales vouchers play a critical role in the financial operations of a business. They serve as the primary
documentation for sales transactions, functioning as both a receipt for the customer and an internal
record for the company.

28
 Core Functions of Sales Vouchers

 Proof of Sale: The sales voucher provides the customer with a legally recognized document outlining the
details of their purchase. This includes the description of goods or services purchased, quantities, unit
prices, and the total amount due.
 Revenue Recording: Internally, the sales voucher serves as the official record of the sale. It's used for
recording revenue generated, updating inventory levels (if applicable), and ensuring the accuracy of
financial statements.

Essential Components of a Sales Voucher

 Company Information: The voucher should prominently display the company's legal name, contact
details, and logo (optional) for easy identification.
 Sales Voucher Number: A unique identifier assigned to the specific transaction allows for efficient
tracking and reference within the accounting system.
 Customer Information: The customer's legal name, billing address, and contact details (if applicable) are
essential for accurate record-keeping and potential future communication.
 Sales Date: The date the sale occurred is crucial for accurate financial reporting and proper recording
within the accounting period.
 Description of Goods or Services: A clear and concise breakdown of the items sold is necessary. This
includes product or service descriptions, quantities, and unit prices.

29
 Calculations and Totals: Accurate calculations of the total amount due are critical. This may involve
incorporating any applicable discounts, taxes, or shipping charges.
 Payment Terms: Clearly outlining the expected payment due date and any late payment penalties helps
with managing customer accounts receivable and cash flow.
 Inventory Update: For companies selling physical products, the sales voucher might be used to update
inventory levels electronically or manually, reflecting the quantity of items sold.
 Customization: Sales vouchers can be customized to include additional information relevant to the
specific industry or business. This could include product codes, warranty details, return policies, or even
VAT registration numbers (for international transactions).
 Integration with Accounting Systems: In modern accounting systems, sales vouchers can be
electronically generated and integrated with other financial modules. This streamlines data entry,
minimizes errors, and improves overall accounting efficiency.
By ensuring accurate and complete sales vouchers, businesses can achieve several key benefits:
 Enhanced Revenue Recording: Accurate sales vouchers guarantee the correct recording of revenue in
the accounting system, leading to reliable financial statements.
 Improved Inventory Management: Sales vouchers, particularly for physical goods, facilitate proper
inventory tracking and timely reordering when stock levels become low.
 Efficient Customer Service: Sales vouchers serve as a reference point for both the customer and the
company, ensuring clear communication and facilitating any inquiries or returns.
 Stronger Internal Controls: Sales vouchers contribute to a robust system of internal controls by
providing an audit trail for sales transactions and reducing the risk of errors or fraud.
In conclusion, sales vouchers are more than just receipts; they are a foundational element in a company's
financial record-keeping. By understanding their importance and ensuring they are properly completed,
businesses can achieve accurate financial reporting, efficient inventory management, and improved
customer service.

Though serving distinct purposes, payment and sales vouchers work in harmonious synergy to create a
complete record of financial transactions. This integrated approach forms the bedrock for accurate
financial statements, efficient cash flow management, and robust internal controls. Mastering the
intricacies of these documents will equip you with a valuable asset during your CA internship, fostering a
deeper understanding of the financial backbone of any organization.

30
TDS:

The concept of TDS was introduced with an aim to collect tax from the very source of income. It is
the Portion of Money that has to be deducted by the payer while making some specified Payment (like
salary, rent, commission, etc.) to other persons, and shall remit that portion of money to the central
government. The other party can take that amount as Credit. The deducted from whose income tax has
been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form
26AS for TDS certificate issued by the deductor. During my initial days, Intern was asked to check day
book entries with the help of the vouchers which helped me to understand how scrutiny will be done.

Understanding the Essentials of TDS Filings

As you know from your experience at the CA firm, TDS filing plays a crucial role in tax compliance for
companies. It involves deducting tax at source from certain payments made (like salaries, rent, or
professional fees) and depositing that collected tax with the government. Here's a closer look at the key
components you likely work with during TDS filing:

31
32
 Delving Deeper into TDS Filings: A CA Firm Perspective

Having practical experience with TDS filings at CA firm equips you with valuable knowledge. Let's
delve deeper into the typical contents you might encounter:

Part A: Deductor Information (Familiar Territory)

As you're familiar with, this section identifies the company filing the return. It includes:
 PAN (Permanent Account Number): Unique identifier for the company.
 TAN (Tax Deduction and Collection Account Number): 10-digit alphanumeric code required for TDS
payments.
 Deductor’ s Name and Address: Registered details of the company filing the return.
 Assessment Year: The financial year for which the TDS return is being filed (e.g., 2023-2024).

Part B: Challan Details - Beyond the Basics

While you're likely comfortable with challan type, serial number, and date, here's what you might
encounter further:
 Online Tax Accounting Network (OTAN) Reference Number: This unique identifier links the challan
payment with the TDS return electronically, improving efficiency.
 Major Head Code: A code classifying the type of tax deducted (e.g., income tax, surcharge, cess).
 Minor Head Code: Further refines the Major Head code (e.g., specific type of income tax).

Part C: Deducted Tax Details - Granular Breakdown

Here's where your attention to detail shines:
 Section Code: The specific tax section under the Income Tax Act from which TDS was deducted (e.g.,
section 192 for salary income).
 Gross Payment: The total amount paid before TDS deduction.
 Tax Rate: The applicable percentage of tax deducted from the payment.
 Surcharge (if applicable): Additional tax levied on the income tax in certain cases.
 Education and Secondary & Higher Education (if applicable): Small additional levies on the tax
amount.

33
 Part D: Annexure Details - Unveiling Additional Information
As you know, some forms utilize Annexures. Here are some potential details might encounter:
 Salary Details (Form 24Q): Employee-specific information like PAN, designation, allowances claimed,
and tax deducted at source.
 Interest Details (Form 16A): Breakdown of interest paid, TDS deducted, and PAN details of the
recipient for interest income.

Additional Considerations:
 Verification: The TDS return typically requires authorized signatures from designated personnel within
the company, signifying verification of its accuracy.
 Digital Filing: The Indian government encourages electronic filing of TDS returns for efficiency and
faster processing.
By understanding these in-depth contents of TDS filings, you contribute significantly to CA
firm's smooth operation and ensure clients maintain tax compliance. This knowledge positions
you well for a successful career in the field.

34
TALLY PRIME:

Tally provides the capability to generate various books and registers for any
specific period that is a month, date, and year and as on that date.
In Tally, once voucher entry is made, the transaction are automatic and 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
registers like
✓ Cash book
✓ Bank book
✓ Purchase register
✓ Sales register
✓ Journal
✓ Debit note
✓ Credit note
✓ General ledger

Tally Prime is a complete business management software for small and medium business. Tally
Prime helps you manage accounting, inventory, banking, taxation, banking, payroll and much
more to get rid of complexities, and in turn, focus on business growth.

35
 Purchase entry

When a company buys goods on credit or cash, Purchase voucher is used to record
all the Purchase transactions of the company.
I would receive bundle of invoices of clients and I had to record them in tally and
check the transaction with GST reports and revert back to them for the missing data.

Methodology:
➢ Go to Gateway of Tally > Accounting Vouchers.
➢ Click on F9: Purchase on the Button Bar or press F9.
➢ Debit Purchase Account.
➢ Credit Party Account.

Sales Entry:

Record sales in Tally Prime through Item Invoice (for stock items) or Accounting Invoice (general sales).
For items, select the customer, Sales account, and specify quantities in Inventory Allocation. For general
sales, debit the customer or cash account and credit Sales with the net amount (excluding taxes).
Remember to configure sales tax accounts (like CGST, SGST) for accurate tax recording. Utilize reports
like the Sales Register to track past transactions and ensure a comprehensive sales record.

36
 For recording sales of goods, you can select cash or bank for cash sales and party
ledger for credit sales. You can record sales of goods or items using the Item Invoice
mode. Tally Prime provides other modes such as Accounting Invoice mode and As
Voucher mode for recording sales of goods or services. You can use the other modes
of the voucher interchangeably for recording sales, based on the requirement.

Methodology:

1. Open the sales voucher screen

a) Gateway of Tally > Vouchers > F8 (Sales)
b) Ensure that the voucher mode is set to Item Invoice mode by pressing Ctrl+H (Change
Mode), or you can also confirm the same if you see Name of Item on the voucher screen.
c) If you want to enter the Reference No. and Date for the invoice, press F12 (Configure), and
set Provide Reference No. and Date to Yes.
If you do not see this option, set Show more configurations to Yes.

37
2. Specify the buyer details.
✓ Party A/c name: Select Cash or Bank for cash sales. For credit sales, select the party name.
✓ Party Details: If you need Dispatch, Order, or Buyer details to be part of your invoice,
provide the relevant details.

3. Select the accounting ledger to allocate the stock items.

a) For Item Invoice, select the Sales ledger.

4. Provide stock item details

a) For Item Invoice, select the stock item, enter the Quantity. The Rate will be auto-filled, if
available for the stock item. However, you may choose to enter the Rate or Amount.

5. Select additional ledgers, like transportation charges, insurance, or discount, if any.

6.Provide Narration, if needed, and accept the screen. As always, you can press Ctrl+A to

save Above mentioned are the basic two entries of all companies.

38
CHAPTER 4

WORK
EXPERIENCE

39
Work Experience

This shows the entire journey of the internship. Firstly, Intern have shared my key
learnings, i.e., the skills that intern have gained through this internship are as below. I had a
great experience of working in an accounting firm. Intern had the opportunity to do work related
to my studies and learned how to apply theoretical knowledge into practical work. And also
Learning new things in a new atmosphere helped me to see what it is like to work in a
professional environment. In addition, Intern have included my overall evaluation of internship
experience. One of the biggest learning for me was that things do not occur as per the set theories
every time. A theory remains the same everywhere for a particular situation however, practical
learning has a lot of external factors affecting it. Practical learning is subject to the people you’re
learning from or working from or the surrounding you are working in. Intern was also able to
develop my communication and interaction skills. There are a lot of differences between college
life and the life of an employee. The first thing that is needed is socializing skills which can
make us successful. During the internship, Intern tried to know how the industry actually works.
Intern also learnt to adjust myself in the office environment. There is a certain way to interact
with people in the job. Another learning for me was how to handle every situation which occurs
suddenly, for example, a textile company has got a notice from the sales tax office regarding
GST filing. Every month there will be amendments while filing those that were not properly filed
so they get a notice.

40
Learnings from Organization:

✓ Gained an early understanding and appreciation of the practical/real-life

situation challenges associated with application of the theoretical knowledge
✓ Developed expected professional self-awareness, internalization of career
job requirements and experience
✓ Developed and acquired critical skills needed to proactively observe
and analyze problems/challenges encountered while executing duties and
responsibilities at work
✓ Knowledge about practical aspects of functioning of an organization on the
domestic markets with a special emphasis on accounting management in public
administration, private sector, Governmental and non-governmental
organizations, self-employment and other.
✓ Knowledge about performing specific tasks and develop problem
identification and problem-solving skills in finance management and accounting.

KEY LEARNINGS:

➢ MS Excel Sheet

❖ Intern had to use a lot of MS Excel . It helped me gain a lot of knowledge

on shortcuts in MS Excel and presentation of data.

➢ Keen Attention to Details

❖ There was a need to pay close attention to details because there were numerous aspects
to take into account and a big number of new laws that were necessary.
❖ Professional self-awareness, internalization of career job requirements and experience

41
 ➢ Communication and Persuasion Skills:

This project has given the opportunity to talk to new people and meet the unknown
clients which helped in drenching the hesitation out and helped to improve the communication
skills. And more confident in talking to new people and am better able to put views on the
discussions.

➢ Problem Solving and Analytical Skills

Being involved in practical and a lot of people handling situations has helped to sharpen
the problem-solving skills. The internship has helped to develop the critical analysis skill as
well.

➢ Time management:

Time management is one of the most important skills you can have in the workplace.

Deadlines are important and while you might not meet all of them, they teach you
valuable professional lessons that you will carry with you throughout your career.

42
 LEARNING GOALS ACHIEVED:

Learning objectives for this internship were discussed in the first chapter of this report. If
intern was successful in meeting them in this chapter, and if not, why.

 Had a better understanding of the organization roles, its organizational structure and how projects are
carried out.
 Intern evaluated the strengths and limitations throughout the internship and discovered the aspects of
the finance industry.
 Although it is difficult to pinpoint the precise information and skills intern acquired in college and
applied in the internship, there are a few examples, such as knowing the law of contracts and various
conceptions of how to file GST and how to calculate TDS , which were undoubtedly helpful.
 Intern also learnt how handle a situation and find a solution to solve a problem’
 As intern worked in a CA firm , let go of preconceived conceptions that were entirely at odds with
the reality of working and made sure that my thinking was flexible.

FEW PRACTICES OBSERVED FROM THE ORGANIZATION:

o There is no racism on the basis of any caste, creed, color or gender. Everyone is treated as same
thus making it easy to coordinate 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.

o 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

o The employees are always energetic and ready to work, they don’t waste their time. They
always strive for excellence with effectiveness and efficiency in their work.

43
44
CHAPTER 5

CONCLUSION

45
 CONCLUSION

Internship is seeing about our true self by exposing and expressing ourselves to the real
world without taking help of anyone.

➔ Intern was able to expand the understanding of finance and see how
the theory intern learned was used in practice.
➔ Intern found the internship useful for my academics relating the
concept learnt with the work done at the internship site.
➔ Intern was able to identify my own strengths and shortcomings via this
internship, which enabled me to focus on the area in which I was lacking
and helped me to develop in the upcoming days.
➔ The overall experience was positive, and everything the intern learned

would be useful in the future career in this field.

➔ Intern was able to get a better understanding of how the audit firm
works and how effective it is.
➔ Intern enjoyed working with the professional team to devise and

implement different strategies in accounting.

➔ But intern still have a long way to go in understanding the accounting

terms, and the intern need to build up my public speaking skills as well.
➔ At last, this internship has given me new insights and motivation to
pursue a career.
➔ In a nutshell, this internship has been an excellent and rewarding
experience. Intern can conclude that there have been a lot learnt from my
work at KUTHALINGAM ASSOCIATES

46
CHAPTER 6

ANNEXURES

47
 ANNEXURES

o This is the GST portal where you have to enter the username and password and it is direct to the
dashboard, find the previous filling also.
o Once they pass sales enter and generate a e-invoice it will automatically be in the GST portal in
case any chances we can make it during filing of GST
o They will show how much documents they issued and products has code.

48
49
SALES ENTRY

PURCHASE ENTRY

50
DAY BOOK

51
STOCK JOURNAL ENTRY

TDS ENTRY

52
CHAPTER 7

BIBLIOGRAPHY

53
 BIBLIOGRAPHY

 https://www.gst.gov.in/
 https://help.tallysolutions.com/tally-prime/accounting/ledgers-in-tallyprime/
 ncometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx
 https://udin.icai.org/

54