A

INTERNSHIP REPORT ON

“INTERNSHIP BASED ON PRACTICES OF CO-OPERATIVE

AUDITOR FIRM OF S R ASSOCIATES”

PROJECT SUBMITTED TO

University of Mumbai for Partial Completion of the Degree

of Bachelor in Commerce (Accounting and finance)

Under the Faculty of Commerce

Submitted by

MR. CHORAGE APURVA UTTAM

T.Y.B.A.F (SEMESTER – VI)

ROLL NO.: 237806

PRN NO.: 2021016401101865

RAYAT SHIKSHAN SANSTHA’S

KARMAVEER BHAURAO PATIL COLLEGE, VASHI
[EMPOWERED AUTONOMOUS]

NAVI MUMBAI – 400703

ACADEMIC YEAR 2023-2024

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 RAYAT SHIKSHAN SANSTHA’S
KARMAVEER BHAURAO PATIL COLLEGE, VASHI
[EMPOWERED AUTONOMOUS]

CERTIFICATE

This is to certify that CHORAGE APURVA UTTAM Student of TYBAF (Semester VI)
has completed this project on “INTERNSHIP BASED ON PRACTICES OF CO-
OPERATIVE AUDITOR FIRM OF S R ASSOCIATES” and has Submitted a
satisfactory report in the partial fulfilment of TYBAF (Semester VI) course of University
of Mumbai in the academic year 2023-2024.

MR. PANKAJ DANDGE DR. SHUBHADA NAYAK

H.O.D PRINCIPAL

Date of submission:

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 DECLARATION

I the undersigned CHORAGE APURVA UTTAM student of KARMAVEER

BHAURAO PATIL,COLLEGE, VASHI Studying in TYBAF (Semester VI)
hereby declare that the work embodied in this project work “INTERNSHIP
BASED ON PRACTICES OF CO-OPERATIVE AUDITOR FIRM OF S R
ASSOCIATES” forms my own contribution to the research work carried out by me is a
result of my own Internship work and has been previously submitted to any other University
for any other Degree/ Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly indicated
as such and included in the bibliography.

I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

CHORAGE APURVA UTTAM

Signature of the Student

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 ACKNOWLEDGEMENT

Every research/report big or small is successful largely due to the efforts of a number of
wonderful people who have always given their valuable advice or lent a helping hand. The
internship opportunity I had with AUDITOR SHRIKANT CHAVAN chance for learning and
professional development. I sincerely appreciate the appreciation the inspiration; support and
guidance of all those people who have been instrumental in making this research a success. I am
grateful to our Principal Dr. Shubhada Nayak for giving me the opportunity to do this research
and providing his immense support throughout the process of this report. At this juncture, I’m
deeply honoured in expressing my sincere thanks to My Report guides for directing me through
the whole process of my research and providing valuable insights leading to the successful
completion of my report. My sincere thanks to all the Teachers, Assistant Professors and other
faculties of Rayat Shikshan Sanstha’s Karmaveer Bhaurao Patil College, Vashi, Navi Mumbai
(Autonomous) for their kind cooperation and Assistance throughout the research in learning new
concepts related to my research. For providing constant support and being very cooperative and
providing invaluable material for my report. Last but not the least I place a deep sense of
gratitude to my family members and my friends who have been constant source of inspiration
during the preparation of this project work.

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CERTIFICATE OF INTERNSHIP

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 INDEX

SR. CONTENTS PAGE

NO NO.
1. EXECUTIVE SUMMARY 7.

2. INTERNSHIP AND ORGANIZATION 9.

3. CHAPTER 1:- INTODUCTION OF 10.

COMPANY
➢ ABOUT THE COMPANY
➢ FIRM’S PROFILE
➢ SWOT ANALYSIS
4. CHAPTER 2:- STATEMENT AND 17.
OBJECTIVE
➢ REASON FOR SELECTION OF
THIS FIRM
➢ LEARNING OBJECTIVE

5. CHAPTER 3:- ROLE IN THE 21.

ORGANISATION
➢ JOB DESCRIPTION
➢ HOW TO DO CO-OPERATIVE
SOCIETY AUDIT
➢ TALLY ERP.9
➢ INCOME TAX

6. 50.
CHAPTER 4:- CHALLENGES
7. CHAPTER 5:-CONCLUSION 56.

8. SUGGESTION 57.

9. BIBLIOGRAPHY 58.

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 EXECUTIVE SUMMARY

Internship is the best way to gain knowledge as it provides an experience. It is the process of working as an
assistant to gain practical experience and skills in an occupation. It is carried out in the organization which
suits the area of specialization. Internship provides the opportunity to understand how the knowledge
acquiredthrough the lectures, formal study, and group discussions is applied in real working situation.

This report titled "A Study Of Housing Societies Accounting and Auditing " is an outcome of internship
program. Such programs facilitate us to apply our understanding of the theoretical knowledge in the practical
field. This report contains the details of the audit practice followed by S R ASSOCIATES.

S R ASSOCIATES as my first experience to professional world. S R ASSOCIATES has established a close

working relationship with many consulting firms for providing services to clients in Navi Mumbai. In this
way S R ASSOCIATES has enriched its professional base for serving the clients interest in best manner.

So I have selected to do the internship in this firm, so that I will get an opportunity to have a practical
knowledge on Tally ERP 9, ITR and many other procedures that are used in the accounting procedures.
My internship report is on how an Auditor Work in Tally ERP 9.

In these period of my internship, I was allocated for entering the entries in Tally ERP 9, bank statement of
the firm, etc. I have learned how to do various journal entries in Tally, how to create accounts, ledgers,
shortcut keys that are used in Tally, etc. I have gained a lot of practical knowledge from training, and
workingin the firm.

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 Being a fresher, I was not appointed with any client so I helped my fellow colleagues with their work by
entering to the data of their clients in Tally. Even though the interns are not the employees of the
organizations, they are given an opportunity to work as if they are the employees. The interns do what the
staffs of the organizations have to do. However, they do not have any obligations or authority over
anything.

In this report I have introduced what I have learned followed by the challenges faced in the organization. I
have tried my best to include my recommendation from my point of view. I have also mentioned all over
conclusion of my report in the last part of my report.

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 1. INTERNSHIP AND ORGANISATION

INTERNSHIP -Meaning and Importance.

An internship is a form of experiential learning that integrates knowledge and theory learned in the
Classroom with practical application and skills development in a professional setting. Internship give
student the opportunity to gain valuable applied experience and make connection in professional fields
they are considering for career paths, and give employers the opportunity to guide and evaluate talents.

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, to create a network of contact, to acquire a
recommendation letter to add to their curriculum vitae, or to gain skill credit.

One of the biggest benefits of internship is that they provide student with real world experience in their
Chosen field. This experience can be invaluable when it come to securing future job opportunities, as it
allows student to demonstrate their practical skills and knowledge to potential employers. Internship also
provide anopportunity for student to develop professional skills that will be critical to their future careers.
These may include communication, time management, teamwork, problem-solving, and leadership skills,
all of which arehighly valued by employers.

Internship also provide an opportunity to test drive potential careers. By gaining hand-on experience in a
Particular industry or role, students can get a better sense of what it would be like to work in that would
be like to work in that field, and whether it’s a good fit for their skills, interests, and values.

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CHAPTER 1:-

INTRODUCTION
OF
COMPANY

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 FIRM’S PROFILE

PROFILE OF THE FIRM :-

Name of the Firm :- S R ASSOCIATES

Date of Registration :- DECEMBER 2010

Address:- Office No -140, 1st Floor, Mahavir Market, sector-18,vashi,

Navi Mumbai 400703

Fax:- 022-4131 6022

Phone no :- 9867406022

Email :- [email protected]

Web:- www.shrirchavan.com

Ulwe Office :- Shop -3, Aniruddha Ashirwad CHS, Sector -20, Plot No:-115/116,
Ulwe -410206.

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 ABOUT THE COMPANY:

S R ASSOCIATES, was set by Auditor Shrikant Chavan and is one of the finest Audit firm in Our area.
The organization is working as a Consulting and Auditing firm under the rules and regulation with the
approval of the converned authority (Registrar, co-operative societies in delhi).

Housing societies often engage audit firms to ensure transparency, accuracy, and compliance with
financial
S R Associates , has clear vision for the future and development of financial markets and services and
researches to say ahead of these trends and developments. S R ASSOCIATES moulds its operations and
areas of competencies and introduces service to assist the clients in their business operation and growth.
Taxation, finance, auditing, accounting practices are all fields included in this profession.

S R ASSOCIATES is having its Main office in VASHI, Navi Mumbai. And also have branches in Ulwe,
kamothe and Airoli.

Services:

• Society Registration
• Accountings & book keeping
• Income Tax Return
• Tally Accounting

• Co-operative Housing Societies Audit

• TDS Registration & Return
• vouching
• consulting

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 SWOT ANALYSIS

I have been using SWOT analysis to advise clients, and many times I do it as a way to prepare some talking
points for a meeting with a client. I find it is a very effective way to examine a business. SWOT is an
acronym for “strengths, weaknesses, opportunities and threats.”

The SWOT analysis identifies the strengths and weaknesses of an organization and the opportunities and
threats from its external environment. It focuses concentration on things that are going well but could be
better, and things that are not going so well and how to reverse them.

The following is an illustration of the categories and specifics for an accounting business. None of these are
etched in stone but are presented to give me an idea of how I can put a SWOT together for my practice:

STRENGHTS:-

• Adaptability and adoption of technology and availability of a wide range of systems and software.
• A dedication to training staff.
• All successful firms hire out of school and grow what they need.
• A great reputation of trust, integrity and competence.
• Our clients and the general public rightfully consider us as being smart.
• Many of us are looked at as thought leaders and our opinions are sought out and listened to.
• We have strong professional associations and societies that promote the profession and keep track of
legislation that might hurt us.
• We run profitable businesses with a good percentage of repetitive services providing a sustainable
cash flow (this could also be a weakness since losses usually spur change more than profits).
• Longevity of clients and client base and high client loyalty.
• Key employees with low turnover.
• Strong firm cultures.
• Teamwork is pretty seamless.
• Our systems all work, and even the bad systems are effective (up to a point).
• Open relationships with clients, some of whom are top-level industry leaders.
• Virtual employee training.
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 • Some firms have monetized websites where business is obtained.
• Accounting firms are learning organizations.
• We are generally available to our clients on short notice.

WEAKNESS:-

• The culture of many firms thwarts the majority of personnel from becoming aware of the many
advisory services their firm offers and how staff could spot opportunities.
• Technical and systems training that enables staff to get working productively pretty quickly, but is
not designed to teach them how to be innovative and to seek out opportunities with clients or within
the firm.
• Minimal soft skills training.
• Competition on a majority of the standardized services we provide tends to reduce fees.
• The inability of many partners “selling” a prospect to present the full value the firm will provide, so
the sale become that for a commodity.
• A lack of in-house professional business development people that can be brought on sales calls.
• Many partners resist necessary training in new endeavors, procedures and new technology.
• Firms’ infrastructures are based on an old model with higher or now unnecessary costs.
• New system setups at many firms are executed “perfectly” but are not being carried through to full
implementation.
• Office facilities are on a path to be downsized over remaining lease terms, costing substantial
amounts that could have been saved
• If the firm is a niche provider in very few industries and those industries have a meltdown, the firm
could lose a substantial source of its revenue.
• Building up the skill levels of staff to support partners and services and then not promoting them
because they do not generate new business.
• Lack of diversity of staff and also of the client base.
• Some firms have very high employee turnover, an older management base, are not learning
organizations, and have no partner energy or synergy.

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OPPORTUNITIES:-

• To be able to not only grow with our clients but in many cases to lead clients’ growth.
• The need for advisory services is expanding very rapidly and many of the innovative firms are
jumping on these opportunities.
• The accountant usually finds out early on about personal or professional services that a client needs,
enabling us to enter that space.
• The colleges provide a steady stream of entry-level personnel and, as we add services, we can draw
the people we need from the colleges (a threat could be a declining number of students enrolled in
accounting programs).
• Business transparency is increasingly becoming more important, and that means added services for
independent accountants.
• AI and robotics and other technological methods are rapidly growing and some of our societies are
leading and supporting this growth.
• Globalization.

THREATS:-

• Many innovative premium advisory services will become commoditized, putting pressure on pricing
those services.
• It is becoming easier for other service companies, particularly niche providers, to offer advisory
services to our clients.
• Much of our value is based on reputation, and a single inappropriate action by a partner could destroy
that reputation and a firm’s value.
• Inattention by partners could cause the loss of clients or key staff.
• Swift, more frequent and wide range of tax changes.
• Government regulations.
• Negative publicity of other accounting firms’ shortcomings or errors.
• Fear of change by older partners who are complacent and risk averse, and who dominate many
practices.

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• These examples should help you get started with your SWOT analyses, particularly if some of these
apply to you. Do not use this list as all-inclusive, but as a start. Identifying the issues is not the
problem. An inability to implement the more important or current issues is the problem. I suggest you
set up a meeting and then assign each person one item to work on with a two- or three-week
reporting period. Then evaluate them and set up a plan to proceed further. But keep up the
momentum, which will grow as progress becomes evident. You can either work to better the strong
items or reduce the effect of the negative items.
• This is a tried-and-true process, and it works. It is also a service you can provide to your clients,
functioning as a facilitator.

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CHAPTER 2:-

STATEMENT
AND
OBJECTIVE

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 2. STATEMENT AND OBJECTIVE

Vision:
To be an Independent Supreme Audit Institution that
effectively promotes Accountability, Transparency and Integrity
in the use of Public Resources..

Mission:
To provide remarkable financial and professional
services with the highest level of professionalism,
sincerity, technology and efficiency. To meet the current
and future needs of our clients and also to help them to
give special attention for long term success.
S R ASSOCIATES exists to provide reliable, and
complete accounting , Book Keeping & Taxation services
to individuals and co-operative Societies.

Goals:
Be a knowledge partner to the clients. Growth with
clients Continuously challenge and benchmark for
achieving best practice to add value to everyone
associated with.

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 Reason for selection of this firm.

I am a B.COM. student specialising in Accounts and Finance. I wanted an internship where

would understand the Audit system and how the housing societies maintain their society accounts. And
therefore, a Certified Auditor is the best Professional to learn these from. So, amongst few options I had, I
decided towork with a Certified Auditor firm so that I could understand how accounts are actually prepared
keeping in mind the rules and regulations, guidelines given by Society by laws.

The main and basic aim of the internship is to gain more and more knowledge from the respective firm. It
is well known AUDIT Firm in Navi Mumbai, which helped me to enhance my skills and knowledge
regarding Accounting and Finance. As an intern this internship will help me to get practical knowledge
about how we do co- operative housing societies audit work, and accounting.

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 Learning Objective

In college we learn the organizational structure only in theoretical basis. Internship is the place where how
theoretical knowledge are useful in real life scenarios. For that students need to prepare resumes, write
cover letters and go through interviews as if they were applying for the job. This gives students valuable
experience in preparation for employment. The internship allows opportunities for the development of
practical ‘s skills in contexts where professional criticism is both immediate and constructive. It also
furnishes students with opportunities to observe and understand connections between coursework and
skills needed to perform effectively in a given profession. Finally, internship aid in the identification of
knowledge and skills essentialto doing well in a particular profession.
I choose to work with VG & ASSOCIATES during this internship I have learnt many new skills. Before
Internship I have only theoretical knowledge abou
t work in organization but now, I have some experience of working in organisation. Now I have
knowledge about the organization’s working environment and how organisation work and achieve their
goals and objectives.
This internship has to gave me the understanding of business and also about the elements of strategic
thinking, planning and implementation and how these things are applied in a real-world organization
environment. Following are the objectives that I have in my mind before working as an internee. The
internship gave me the understanding of business and also about the elements of strategic thinking,
planning and implementation, and how these things are applied in a real-world organization environment.
Following are theobjectives that I have learnt During my internship: -
• To learn how to make vouchers entries in Tally ERP.
• To learn how to make Receipt entries in Tally ERP.
• To learn when to use the suspense account.
• To learn various short keys that are used in tally ERP9.
• To learn to insert entries using Tally for different companies.
• To learn how to login income tax portal.
• To learn about how to do Audit
• To learn about how corporate life works

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 CHAPTER 3:-

ROLE IN
THE
ORGANISATION

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Job description:

I worked Monday to Saturday from 12:30 pm to 6.30 pm during my internship. My tasks included
vouching, book keeping, Creating receipt and payment entries in tally ERP9, Journal entries ,bank
tally,members Tally, rectifying errors in data entries, Society Audits clearing suspense entries and
contributing to audit and preparing workings papers, and filing income tax of individuals for the
organization’s clients. These activities were integral to the services provided by the organisation.
Various tasks performed during my internship program are as follows:
• Data entry in Tally ERP9
• Vouching
• Preparing books of accounts in Tally ERP
• Auditing
• Income Tax Filling

Software used during Internship:

• Tally ERP-9
• MS Office
• MS EXCEL and Clear tax
• Society City

All these activities that I have performed during my internship are the parts of different services offered
by the organizations to its customers. Thus, these activities are the components/ part of the organizational
activities which aided in providing services to its clients/ customers.

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 HOW TO DO HOUSING SOCIETIES AUDIT :-

During my Internship I have learned how to do housing societies Audit of Accounts , how to
recheck society’s Receipts and Payments , how to prepare a query sheet , All Audit Documentation like I, J
,share, Nomination Registers ,AGM book ,monthly committee meeting books are maintained properly or
not,Rules and Regulations of Audit , how to check a society’s current income is more or less than their
current expenses ,how to prepare Audit Report, How to submit Audit Report to deputy Registrar .

AUDIT OF ACCOUNTS:-

Model Bye-Laws- Audit of Accounts of Housing Society

As we all are aware that Co-operative Housing Societies are Non-profit making organizations. The main
aim of Housing Societies is to provide service to the members of the Society. Although societies do not earn
a profit, it is necessary to know whether a Society’s current income is more or less than their current
expenses. Proper accounts need to be maintained and presented before the members for their approval in the
Annual General Body Meeting. Therefore, the accounts need to be properly audited before 31 st July of
every year as per the provisions of the Act.

It is the responsibility of the Committee or Hon. Secretary of the Co-operative Housing Society to get the
accounts audited. Audit of accounts must be done at least once in a year by the Auditor who should be a
Chartered Accountant holding a certificate of practice issued by the Institute of Charter Accountants of India
or holding a Government Diploma in cooperative Accounts or Diploma in Co-operation & Accountancy
(GDCA). The Auditor should be appointed from the panel of auditors maintained by the Registrar.

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 Steps by Steps Approach for an Audit of the Society Accounts

➢ For finalization of accounts, and audit of the Balance Sheet, the Hon. Secretary is supposed to
keep documents ready.

• List of documents required for the finalization of the Balance Sheet:

1. Cash Vouchers

2. Cheque payment vouchers with supporting bills filed date-wise

3. Cheque counterfoils specifying the purpose of payment

4. Pass Book or Bank Statement of all banks up to date

5. Updated Petty Cash Register

6. Bills raised to the members and details of payment received against the bill.

7. Fixed Deposit Receipts of all (i.e. matured FD’s, renewed FD’s, new FD’s and Premature FD’s)

8. Copy of Audited Balance Sheet with Income & Expenditure Account of the previous year.

9. Interest Accrued Certificate & certified copy of Bank Balance as on 31 March from all the banks.

10. List of Expenses prior to March-end, which are unpaid i.e. provision of expenses such as salary to staff,
security charges, electricity bill. etc.

11. List of Prepaid Expenses such as Insurance Premium, Lift Maintenance Contract, and so on.

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 What to be followed by society

1. Cash Vouchers and Cheque vouchers should be filed separately date-wise.

2. Attach bills to the vouchers.

3. Vouchers should be duly signed by a minimum of two Managing Committee members.

4. Updated Passbook / Bank Statement should be readable.

Procedure after receiving a copy of the Balance Sheet from the Accountant

1. On receipt of the Provisional Balance Sheet from the accountant, place it before the Managing
Committee for its approval.

2. If required, make changes in the Balance Sheet / Income & Expenditure Statement.

3. Inform the changes to the accountant and modify the Balance Sheet/ Income & Expenditure Statement.

4. On approval of the Managing Committee members, submit an approved copy of the Balance Sheet and
books of accounts to the auditor.

5. Society should also produce Minutes Book/ Register of Managing the Committee Meeting Annual /
Special General Body Meeting. Statutory Registers during audit procedure.

6. Rectify any accounting entries suggested by the auditor and get thę Balance Sheet rectified from the
accountant.

7. After final approval from the auditor, place the final Balance Sheet copy before the Managing
Committee for signature.

8. Prepare the Audit Rectification Report on the audit remarks given by the auditor, place the same before
the Managing Committee, and submit it to the Deputy Registrar within three months of receipt of the
Audit report.

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 Precautions To avoid negative remarks on the audit report

➢ All the cash and cheque vouchers should be approved by at least two Managing Committee members.
Attach the invoice to the vouchers. Affix revenue stamps on cash payment vouchers above Rs. 5000/.

➢ Submit the Minutes book of the Managing Committee meeting with the accounting documents, take
regular monthly meetings of the Managing Committee members, and record all the transactions in
detail.

➢ Submit complete Statutory Registers as prescribed by bye-laws like I Register, J Register, Share
Register, etc.

➢ To confirm outstanding dues from members before the 31st of March, it should be verified and rectify.

➢ Deduct TDS before making payments to parties as applicable and file quarterly returns.

➢ Get land and building of the Society conveyed in the name of the Society.

➢ Ensure the building/buildings of the Society against the risk of fire and earthquake.

➢ The Society shall conduct the Structural Audit of the building of the Society as follows:
(1) For the building aged 15 to 30 years – Once in 5 years
(2) For the building aged above 30 years – Once in 3 years
Structural Audit shall be carried out by the Govt. Approved Architect

➢ Prepare an Audit Rectification Report on the objections raised by the Auditor. Further, the Society has
to submit the Audit Rectification Report at the Registrar’s office within three months from the date of
audit.

➢ Pay subscription fees to the Housing Federation every year.

All these Precautions are not completed properly then it mention in Audit query sheet

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 Guidelines to get ‘A’ grade on Audit Report

1. Members’ dues list should be nil/ minimum.

2. Sinking Fund and Repair Fund should be invested before 31st March. Earmark them separately.

3. Collection from members for common utilities should not be less than the expenses.

4. Cash and cheque vouchers should be authorized by two signatories.

5. Outstanding dues as of 31st March should be confirmed from members.

6. Statutory registers should be duly updated.

7. Submit the ‘O’ form within three months from the Audit date.

8. The bills for Electricity Charges, Property Taxes, and Water Charges should be transferred in the name
of the Society.

9. The property of the Society should be insured.

10. The nomination form should be obtained from the members and recorded.

11. Payment vouchers of Rs.5000/- and above should be affixed with revenue stamps.

12. The Managing Committee should meet once every month and approve the expenses of the previous
month.

13. A structural audit should be conducted if the building of the society is more than 15 years old.

14. File TDS and Income Tax Returns.

15. Maintain Minutes Book

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 Statutory requirements

• Books of accounts should be audited on or before 31st July of every year. Annual General Body
Meeting should be called on or 30th September

• In the AGM, the Managing Committee members have to place the audited Balance Sheet as on 31st
March and the annual budget current year before the General Body.

• Appoint a Statutory Auditor for the current financial year. The remuneration of the auditor has to be
fixed in the AGM.

Statutory requirements to be fulfilled by every Society

• Invest the amount collected towards the Sinking Fund before 31st March.
(Note – Interest earned from Nationalised banks is taxable so ask for a TDS certificate if invested in a
Nationalised Bank)

• To complete Statutory Registers as prescribed by bye-laws.

• Ensure Minutes Book / Register of AGM and Managing Committee Meetings are updated regularly.

• To verify the actual cash in hand as on 31st March along with the cash balance as appearing in the Cash
Book.

• Make sure that Entrance Fees and Transfer Fees are collected the time of transfer of flats.

In large societies where the number of members is more than it is advisable to appoint an Internal Auditor
with the approval of the AGM. This kind of audit is in addition to the Statutory Audit. Internal audits are
helpful to know the accuracy and transparency in the books of accounts and transactions. An Internal
Auditor can be appointed his/her remuneration can be fixed in the AGM.

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 Internal Audit:

In case of Audit not done for several years:

Societies who have not conducted audits of accounts for several should get it done by providing the
following documents for those respective years. For example, if the audit of accounts is not done from 2015
onwards then keep the following documents ready from 1st April 2015 –

• Cash Vouchers

• Bank Vouchers

• Updated Bank Statement

• Petty Cash Register

• Copy of bills raised and details of payments received against those bills

• FD Xerox

• Interest Accrual Certificate and Bank Balance Certificat

Sometimes due to change in committee/s or improper handing over / taking over by earlier Managing
Committee/s, the new Managing Committee/s does/ do not hold all documents to prepare the Balance Sheet.
In such cases, the current Managing Committee can study the passbook to find the reasons for which
cheques were issued and from which members cheques were received. The Accountant can also help the
Committee to prepare the Balance Sheet only when full cooperation from the Managing Committee
members is guaranteed, for instance, many uncertain / suspense entries can only be resolved with the help of
Managing Committee members. The audit of accounts should not be stopped or delayed at any cost. Get it
done and make it a regular feature from the succeeding financial years.

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 WORK DESCRIPTION

During the internship period, many tasks where assigned such as Tally entries, voucher entries, etc. these
areas follows:

1. Tally Entries –
Following is the process followed to record the transactions of a company in tally:
(a) Firstly, review all the records of Voucher carefully, that no any vouchers had any
queriesrelated to adjustments.
(b) Make and maintain a separate folder for given work.
(c) Create a Company in Tally software of that particular company’s name.
(d) Carefully post the receipts and payments data while keeping an eye for contra
entries. (Contra refers to transactions involving cash and bank account. In other
words, any entryWhich affects both cash and bank accounts is called a contra entry).
(e) After completely posting the data into the journal, recheck the posting by looking at
thebalances in Balance sheet, Trial Balance and Day Book.
(f) Any queries related to posting or related stuff to be communicated to the mentor / guide.

2.Voucher Entry –

(a) Tally provides flexibility to use predefined voucher types, comprising of accounting

andinventory

(b) To create a new voucher type-

- Go to Gateway of Tally > Accounts Info. > Voucher Type > Create - -

- Enter the Voucher name Specify the Type of voucher

- Specify the Method of numbering

- Activate or deactivate the other functions as required.

3. Verification of data –

(a) Verification of bank statement’s entries done in Tally.

(b) Ensuring that the Contra entries are posted properly.

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 (c) Verification of the Receipts and payment bills’ data entry in tally.

(d) Making a query sheet which includes all the unidentified transactions and solve them.

4: ITR Documentation -

a) Document collection from client

b) Maintain all document in file

c) ITR login
d) Maintain accurate and complete financial records.

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 TALLY ERP.9

INTRODUCTION

Tally ERP-9 is one of the most widely used financial software. Tally ERP-9 is an ERP accountings
software suite used for capturing a company’s day-to-day business data. Tally ERP-9 software is a
popular financial accounting and inventory management system. It is one of the greatest accounting
software programs that can be combined with other company application such as sales, finance,
purchasing, payroll, inventory, and so on. Tally software keeps detailed records of all company transaction
for each account. It uses a double-entry accounting method, which eliminates and corrects potential
mistakes. The software is one of the most widely used accounting programs in India. It is full enterprise
software for small and medium-sized businesses.

Tally ERP-9 is a fantastic blend of function, control, and built-in customizability for a superb business
management solution and GST software. Tally ERP-9 enables business owners and their associate to
interactmore in account-related discussions. It is a complete product that retains its original simplicity while
providing comprehensive business functionalities such as Accounting, Finance, Management, Inventory
Handling sales, Purchase & Selling ,Sales, Manufacturing, Job Costing, Payrolls, and Branch
Management, as well as compliance capabilities for Excise, GST, TDS and TCS.

Tally ERP-9 is a perfect business management solution and GST software with an ideal combination
offunction, control, and built-in customisability.

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SAILENT FEATURE IN TALLY ERP-9

1) Simple to use – Tally software is simple to use. It is also known as digital accounting
which has made the calculations easy. Because of this software storing bills and
maintaining records have become very simple.

2) Real-time processing – Tally software is designed to instantly generate invoices, reports, bills
, etc without any delay. It features real-time processing that helps to saves time and efforts
ofthe employees working on bill generation.

3) Offers speedy support – The speed at which Tally software works is totally
incomparable to any other accounting software or manually conducted transactions. It
has the ability to work with multiple companies and generate reports with high speed and
accuracy.

4) Allows Remote Login – Tally allows multiple users to login to the software at the same
time,and file returns too. The software does not crash and there is no chance of data
manipulation.

5) GST returns – Tally ERP 9 functions with all the features required to file GST returns.
Userscan calculate GST invoices using Tally and automatically generate returns too.

6) Remote access – this software provides remote access from any place and anytime.

7) Easy to share – No internet is needed to access accounts and data can be remotely accessed
withoutany worry.

8) Multinational support – Tally encourages users from different parts of India to make use of the
software in their desired language. Thus, breaking barriers and making it convenient for people
from all states to come forward and reap the benefits of the software.

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VERSION USED OF TALLY ERP-9

1. Tally ERP 9 is the most recent version of Tally, which was launched in 2009. This newest
Tally ERP 9 package has all of the capabilities that small and large businesses want. It was also
upgraded toinclude new GST features (Goods & Services Tax).

How to create a company ?

• Go to Gateway of Tally >Alt +F3 > Create Company

• Enter the basic information, i.e., name, mailing name and address of the company,
currencySymbol etc.
• In the ‘maintain field’, select the Accounts only or Accounts with inventory as per the
companyrequirements.
• In the Financial Year from, the first day of the current financial year for e.g., 1-7-20178 will
bedisplayed by default, which can be changed as per requirement.
• Enter the Tally Vault Password if required.
• Press Enter to accept and save.

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Ledger Creation

After creating a company and activating GST feature, you need to create ledgers that will enable
youTo that will enable you to pass accounting entries in Tally.
Here are the following steps:

• Go to Gateway of Tally > Accounts Info > Ledgers > Create

• Enter the Name for the ledger want to create such as purchase, sales, receive etc.
• Select the appropriate group to which such ledger belongs for example state tax under
duties and taxes group.
• Enter the other related information required and press Y or Enter to accept and save.

After having done the above 3 steps, you can start entering accounting entries in Tally. For this,

Go toGateway of tally >Accounting vouchers. There are many accounting vouchers in tally such a

Payment, Receipt, Contra, Sales, Purchase, etc., Choose the relevant voucher and start passing the

Accounting enteries.

Step: 1 (Go to Account Info):

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Step: 2 (Select Group/Ledgers)

Step: 3 Create Group/Ledger

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 Types of Voucher

Below is the voucher, books & register of Tally software:

Receipt Voucher:

To Receipt voucher records all receipt in to Bank or Cash Accounts. Such as receipt from debtor,
anyIncome refund of loan or advance,.

Go to Gateway to; Tally Accounting; Voucher Click on F6: Receipt

button.Presentation the button Panel to have the receipt voucher creation

screen.

Payment Voucher:

Payment Vouchers records all the payments made through Bank & Cash. It is also used for payment
offixed assets, purchase loan, & advance etc.

Go to Gateway to tally: Accounting Voucher; click on F5: payment button.

Presentation the button panel to have the payment voucher creation screen.

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 Journal Voucher:

Journal voucher is for adjustment between any two ledgers. Go to Gateway to Tally; Accounting
Voucher;click on F7 ; Journal button presentation the button panel to have the Journal Voucher Creation
screen.

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Accounting is one main part in the housing societies. It is different than business accounts. In business
accounts generally focus to increase the turnover of the company and monitoring sales growth as
target. But in housing societies only maintenance collection is the source of income. Secondly Flat
transfer amount, rent from advertisement or mobile tower if available then it will consider as income.

• Collection of the funds

• As per decided frequency by General Body Members maintenance amount is collecting by all members.
• Maintenance (Service) Fund – Equally divided by number of the flats which society can be use to fulfill
the requirement of all general expenses including salaries, utilities payments, small repairs, Lift AMC,
Fire Fighting & other operating expenses.
• Repair Fund – It is 0.75% p.a. of construction cost of each flat at the time of construction of the building.
• Sinking Fund – It is 0.25% p.a. of construction cost of each flat at the time of construction of the
building.
• Education Cess & N.A. Tax
• Insurance Charges (At actual of Insurance premium and same divided in all units)
• NOC Charges (10% of service charges)
• Property and Water Charges – At actual
• Parking Charges – as decided by General Body
• Interest on outstanding of the maintenance – 21% p.a. of maintenance amount

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 Trial Balance:

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards
the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in
the drafting of financial statements. Asset and expense accounts on the debit side of the trial balance &
liabilities,capital and income accounts on the credit side. Debit & Credit side should be equal balance.

Go to Gateway of Tally>Display> Trial Balance.

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 Balance Sheet & Profit & Loss Account

Balance sheet: A balance sheet is a statement of the financial position of a business. Which include
theassets, liabilities and owner’s equity at a specific time.

Go to Gateway of Tally > Balance Sheet.

Profit and Loss Account: It’s financial statement that are showing the value of summarizes
therevenues, costs and expenses that was incurred during a specified period.

Go to Gateway of Tally > Profit/ Loss A/C.

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 Shortcut keys frequently used in Tally. ERP 9

Shortcut key Description

F2 To Change current date
F1 To select a company from the list of loaded companies
F11 To open company features screen
F12 To open configuration screen
Ctrl+C To select the cost centre
Ctrl+E To select the currencies
Ctrl+G To select the group
Ctrl+H To view the support centre
Ctrl+I To select the stock items
Ctrl+L To select the ledger
Ctrl+O To select godowns
Ctrl+U To select the units
Ctrl+K To login to control centre
Ctrl+S To open Tally Shop
Alt+A To add a voucher in list of vouchers
Alt+F2 To change the report period
Alt+M To send email
Alt+G To select the language configuration
Alt+K To select the keyboard configuration
Alt+U To retrieve the last line which was deleted using Alt+R
Alt + L To login as remote tally.net user
Alt+H To access context sensitive help
Alt+Z To zoom in to the print preview to 100% screen
Alt+F3 To go to company info
Alt+F4 To disconnect the company from Tally.Net server
Alt+Enter To view the voucher display

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Dues from member list

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 INCOME TAX

Work experience :-

During my internship I learned about Income tax , who pay income tax, how many forms of ITR ,
document collection from clients ,how to fill information about individual in income tax software i.e winman
CA erp , income tax Calculations (Workings), ITR Login etc.

About Income Tax :-

Definition :-

Income tax is a tax charged on the annual income of an individual or business earned in a financial year. The
Income Tax system in India is governed by The Income Tax Act, 1961, which lays out the rules and
regulations for income tax calculation, assessment, and collection.

Income Tax Return (ITR)

The ITR is a document that all taxpayers are required to file with the Income Tax Department of India. It
consists of details on the income earned during a financial year and the taxes owed to the government. It is
mandatory to submit the tax return each year under Section 139 of The Income Tax Act, 1961. Failure to file
the return on time can result in a late fees under Section 234F of The Income Tax Act, 1961.

There are two ways to file a tax return in India - offline or online.

e-Filing Income Tax

The government allows taxpayers to file their returns online from the comfort of their homes and offices.
Electronically filing (e-filing) tax returns offer several advantages. It takes less time. The computation of tax
becomes simpler as the process is straightforward and streamlined. Taxpayers also do not necessarily need to
hire tax professionals or chartered accountants to file their returns but can do so themselves. This helps save
money too. Moreover, e-filing is a 24x7 service, and taxpayers can easily track the status of their claims/
refunds online.

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 Who Is Required to Pay Income Tax?

Any individual earning more than ₹ 2.5 lakh annually in a financial year is required to pay income tax to the
Government of India. Here are the different types of taxpayers in India:

• Individuals: (Further divided as individuals under 60 years, individuals between the ages of 60 and
80 years, and individuals aged over 80 years)
• Hindu Undivided Family (HUF)
• Association of Persons (AOP)
• Artificial Juridical Person
• Firms
• Companies

For the purpose of Income-tax Law, an individual may have any one of the following residential
statuses:

• Resident and ordinarily resident in India (ROR)

• Resident but not ordinarily resident in India (RNOR)
• Non-resident (NR)

Under Indian tax laws, the scope of taxation differs as per the residential status of an individual:

• RORs are subject to tax in India on their global income, wherever received
• RNORs are subject to tax in India only in respect to income that accrues/arises or is deemed to
accrue/arise in India, or is received or deemed to be received in India, or is from a business controlled
from India or from a profession set up in India
• NRs are subject to tax in India only in respect to income that accrues/arises or is deemed to
accrue/arise or is received or deemed to be received in India

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Income Tax Forms List

There are different ITR forms to pay income tax in India that taxpayers can choose from, based on
the type of income and nature of employment.

ITR 1
For individuals being a resident (other than not ordinarily resident) having total income upto ₹ 50 lakh,
having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto
₹ 5,000/-

ITR 2
For individuals and HUFs having total income more than ₹ 50 lakh. Also, Individuals and HUFs not having
income from profits and gains of business or profession can opt for this form. Individuals and Non-
Resident Indians (NRIs) not having income from profits and gains of business or profession can also use
this form.

ITR 3
For individuals and HUFs having total income more than ₹ 50 lakh. Also, Individuals and HUFs not having
income from profits and gains of business or profession can opt for this form. Individuals and Non-
Resident Indians (NRIs) not having income from profits and gains of business or profession can also use
this form.

ITR 4
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto ₹ 50 lakh and
having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
and agricultural income upto ₹ 5,000/-

ITR 5
For persons other than individual, HUF, company and person filing Form ITR-7

ITR 6
For companies that have not claimed a tax exemption under Section 11 need to use ITR 6.

ITR 7
For Persons including companies who need to file their tax returns under Section 139(4A), Section
139(4B), Section 139(4C), Section 139(4D), Section 139(4E), and Section 139(4F) must use ITR 7.
ITR V 46 | P a g e
Here is a list of income tax documents required for Income Tax Return e-filing:

• Aadhar and PAN Card.

• Form 16.
• Salary Slips.
• Interest Certificates from Post Office and Banks.
• Tax-saving Investment Proofs.
• Health Insurance Premium Receipts.
• Proofs of Capital Gains.
• School fees receipts
• Property (Sale/ purchase Agreement during the year)
• Bank statement
• Loan statement during year

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 Software used for ITR Filling

WINMAN CA-ERP

Winman CA-ERP is the No.1 CA software suite in India. This flagship product is a bundle of many software
like Income Tax software, Balance Sheet software, Audit Report software etc. The software is rated as
the 'best income tax software' for Chartered Accountants as the software is specifically developed to
revolutionize the Income tax computation, tax return preparation, tax filing procedures, preparation of
balance sheet and other functions of CA office in India.
Income tax software is a package of Income tax computation software, ITR software and income tax e-filing
software. Income tax software is enabled for different types of Assessee Status. The data entry in CA-ERP is
very simple and user-friendly due to minimum key operations and single window computation. As the
calculation of tax and entry of data are in the same table, there is no navigation through multiple
windows and thereby avoids confusion in data entry.
ITR Software facilitates easy preparation and generation of ITR forms in paper returns and e-return by
automatically filling the values from the computation sheet and balance sheet to ITR forms.
Income tax efiling software facilitates generation of income tax return (IT return) as per the e-filing
schema prescribed by the Income tax department, Government of India. At the time of generating ereturn, if
any inconsistent entry is made or mandatory data is not entered, then the errors along with the description are
listed out. Therefore, the software ensures accurate filing of tax returns. On generation of e return, the upload
page of Income tax Department website will be opened automatically to enable easy upload of income tax
returns.
The Balance Sheet software is power-packed with rich features like facility to import Trial Balance from
Tally in a single click, generate Balance Sheet in seconds and Export values to ITR instantly.
The software further provides many easy to use online tools and exciting features. On completion of e-filing
of every return the ITR V is downloaded, extracted from zip file and saved automatically. No need to wait
for department mails to know the e-return processing status, just by one click, the e-return processing status
of all the assessees will be downloaded and reported in excel. The software also facilitates import of data
from Form 26AS, import of intimation emails and many more exciting features.

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FORMAT OF WINMAN (TAX COMPUTATION) :-

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CHAPTER 4:-

CHALLENGES

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 8. CHALLENGES

Ideally, getting a good internship should be the end of your problems for the time being. We aren’t very
enthusiastic to be the one to burst the bubble but it is actually the beginning of new set of tribulations.
Challenges during Internship do hit hard because it is the first time you are in such an environment and
you aren’t very familiar with work-life issues. The good thing is that if you are already aware of these
internship challenges, then you can handle them better instead of letting it ruin your internship experience.
This job was a challenge for me from the start as I had no previous experience of this kind of work and it
was very differentto what I has been used to in college (in terms of accounting modules).

The main thing I learned in the workplace was that nothing is going to be handed to you on a silver platter
and you have to work particularly hard when working in an area that you have no previous experience in.
This jobwas tough at first but I soon got the hang of what was required for a job and I was glad to be able to
experience that kind of work. I think internships are great for students who may not be 100% sure what
area they wish to pursue a career in. prior to starting I wasn’t sure what to expect in relation to what it’s
like working in an office.

However, now I am more acquainted with the ins and outs of office work, which will give me

more confidence for going into a fulltime job after college.

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Challenges faced while working –

• Difficulty while communicating:

The employees in the firm were working from a long period time so they have too

much knowledge about tally ,ITR and other work, so while asking doubts to them I

faced difficulties while communicating.

• Managing internship with college:

It was difficult to manage both office as well as college at the same timing because I also

hadto attend the college lectures as well as my studies. So during exam time I had to take

leave for some days because I wasn’t prepared for exams.

• Lack of confidence:

Lack of confidence results into getting work done slowly or lately. Because of lack of

confidence, shyness, lack of communication skills I had faced problems during

internship

• Competitive co-interns:

This is one of the most common challenges faced by a large of interns during the

internship. My co-interns are high-spirited and work really hard. I feel intimidated

as Ididn’t expect my internship to be so competitive.

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 • Lack of time:

There is a lot of work to do in the Auditor firm, but there is a lack of time. On the first

day I was very nervous and I was not confident that I can complete my work in the given

time.I was given only 1 hour to enter the journal entries in tally software. Starting there was

very confusion about the entries, which shortcut to use for receipt, payments or when to use

the contra entry, etc. it took me 3 days to learn everything and I can post all the journal

entries within 40 to 45 minutes. And now, I am very confident to do my work within the

given time.

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Overcome of my challenges to meet the target –

1. Self-motivation:

I was improving my skills and knowledge day by day, this results into getting the work done

effectively and efficiently. During the internship period, I was learning something new

everydayand this kept me motivated all the time. Self-improvement plays very crucial and it

helped me a lot during the internship process.

2. Communication:

As an intern I was facing so many difficulties while communicating. So I started

communicationtraining with my friends at the college. They taught how to communicate
effectively and easily. Good communication consists of many other different sub-skills, from
body language patterns and eye contact to the ability to write clear and precise message The
abilityto follow directions and accurate listening are especially important while
communicating with others.

3. Setting goals and implementing them:

From the very first day I had set my goal. The goal is that I had to face every situation
duringthe internship period. I had to overcome the challenges and follows the tasks which
will get assigned to me from my seniors. I had planned everything and it helped me a lot
this internship

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CHAPTER 5:-

CONCLUSION

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 9. CONCLUSION

S R ASSOCIATES is overall one of the profits making and reputed firm of our area. The Organisation
has since its first day is devoted to providing quality service. The detailed and through review of work and
clients trust shows the perfection with which it is working. The firm tries to incorporate all the need and
demands oftheir clients to the best of their abilities while being in the preview of law.

The important role of the external auditors is to “perform the audit to obtain reasonable assurance about
whether the entity maintained effective control over the financial statement and the firm has conducted
the audits of the clients in accordance with International Standards of Auditing. The organization has been
dedicated to providing quality services since its first day. The overall experience is very good while
working with this firm.

The intern had the opportunity to work, study and make a report in this firm. The interns really worked
hard with me during the whole internship process. Working in this firm as an intern was very useful for
mem as I had learned and understood so many new things. Handling clients, vouching of Receipts and
Payment book of the Societies, ITR workings was one of the important tasks which I had performed.

As an intern this internship helped me in analysing and implementing theoretical knowledge in the
practical world. Seniors in the firm were very helpful throughout the internship period.

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 10. Suggestion

After my working experience at a Audit firm, I realized how important it is to apply our theoretical
knowledge practically. I would like to suggest that you can’t win in corporate if you don’t play in
corporate It takes lots of efforts to win in the business but it takes courage to get into the business.
Internship helps to set one’s foot in the door of corporate universe. In short, it can be a test of our
knowledge and it can also help in getting a clear picture of our career choices. Although the organization is
really good in everything as well as everything is well maintained and managed. Still there are some
chances for improvement, whether it is a human being or any organization, until there are chances to
improve, develop and grow, the organization must improves asbest as possible.

Here are some of the suggestions-

• The firm should have mostly professional educated human resource, which are the biggest
threatfor their competitors. The partners needs to make the best use of their goodwill to bring
more client age and reputation to firm.
• The infrastructure and working condition reviews can improve the working efficiency of the
trainee.
• Try to adopt new technologies that their competitors are not using. Overall working in S R
ASSOCIATES was such a great experience.

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 11.Bibliography

In my work I used different webs to collect information/data which includes.

❖ WWW.GOOGLE.COM

❖ WWW.WIKIPEDIA.COM

❖ WWW.INVESTOPEDIA.COM

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

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