St.

Xxxs College (Autonomous)

B.Com Morning (Hons)
Internship Report

Name Xxx Goel

Roll 021

Room 06

College Guide Prof. Xxx Kumar Mukherjee

Internship Period 10th September11 to 10th October11

Disclosure by student
To, Prof. Xxx Kumar Mukherjee, The College Guide, St. Xxxs College This is to announce with great pleasure that I have completed my internship under the guidance of CA Xxx Mohta for the period of 4 weeks. During the period of internship I had taken the experience of tax audits, preparation of Income Tax Returns & Computations. I have found the experience of working under the guidance of Mrs. Xxx Mohta wonderful. I am grateful to the college for allowing me to do such an internship, which will help build my prospects. Thanking You Xxx Goel Room 06 Roll 021

Area of Work
The following are the details of the work performed during my internship period:

1. Statutory Audit
It is an audit which is authorized and governed by law and which is made compulsory under any statute. During the internship period I had the opportunity of doing the statutory audit of a small size company. We checked various matters such as compliance to the various accounting standards and the accounting policies used by the company and their disclosures in the financial statements. We also checked whether all the books of records are maintained as per the statute like the minutes of board meetings, maintenance of registers etc.

2. Tax Audit
It is an audit which is carried on by the auditor for submission of accounts to the tax authorities for tax determination. In this I had prepared tax audit report of various firms and companies. I had prepared 3CD where various informations required as per income tax rules has to be provided. We have to provide various informations like payment to relatives, details of loans taken & paid, details of depreciation provided as per I.T. Rules, disclosure of any disallowances, details regarding payments of statutory dues outstanding etc. In the process of doing tax audit, I had also learned various aspects of

vouching & verification and its importance. I had also verify the books of accounts and check whether the same was prepared as per prescribed rules and in accordance with the relevant accounting standards. I had also verified the compliance of various laws & regulations wherever applicable.

3. Taxation
I had also made Income Tax computations of individuals, firms & companies and filling of Income Tax Returns of the same in the form and manner prescribed. I had also prepared TDS returns where I had learned the major aspects & importance of TDS.

Net Value Addition from Internship 1. Practical knowledge about the taxation and audit system. 2. I have also learnt about the mannerisms, Etiquettes, work culture of the corporate world. Conclusion I appreciate the initiative of our college for having such an activity in our curriculum as this has been of immense importance and will surely pay-off in times to come.