INTERNSHIP PROJECT REPORT ON

"CUSTOMERS' PERCEPTIONS TOWARDS

MS VINAY MEHRA & ASSOCIATES"

Training Project Report Submitted to

University School of Financial Studies
Guru Nanak Dev University, Amritsar
In the partial fulfilment of requirement for the
the degree of
BACHLORS OF COMMERCE (HONOURS)
BATCH (2020-2023)
(2020 2023)

SUBMITTED TO:-
TO: SUBMITED BY:-
BY:
Dr.Harsandaldeep Kaur Nirmal Singh
B.com (Honours)
Roll No: 17342034743
CERTIFICATE
 STUDENT DECLARATION

1, THE UNDERSIGNED, NIRMAL SINGH STUDENT OF BCOM (HONS) UNDER THE FACULTY
OF UNIVERSITY SCHOOL OF FINANCIAL STUDIES, GURU NANAK DEV UNIVERSITY,
AMRITSAR, HEREBY DECLARE THAT THIS PROJECT REPORT ON INTERNSHIP UNDERTAKEN
AT MS VINAY MEHRA & ASSOCIATES IS THE RECORD OF MY ORIGINAL WORK UNDER THE
GUIDANCE OF CA PUNEET KHANNA. I

THIS REPORT HAS NEVER BEEN SUBMITTED ANYWHERE ELSE FOR REWARD OF ANY
DEGREE OR DIPLOMA.

I FURTHER DECLARE THAT ALL THE INFORMATION OF THIS DOCUMENT HAS BEEN
OBTAINED AND PRESENTED IN ACCORDANCE WITH ACADEMIC RULES AND ETHICAL
CONDUCT.

Date Signature
ACKNOWLEDGEMENT

I would like to express my deepest appreciation to all those who provided me the
possibility to complete this report. I have taken efforts in this project report. However, it
would not have been possible without the kind support and help of many individuals and
the organization.

I have immense pleasure to acknowledge my profound regard and gratitude to my

mentor,

Dr. Harsandaldeep Kaur, Professor, whose contribution in stimulating suggestions and

encouragement helped me to coordinate my project, especially in writing this report.

Furthermore, I would also like to acknowledge the crucial role of the staff, who gave the
permission to use all required equipment and necessary materials throughout the period.

I appreciate the guidance given by the supervisor as well as the panels especially in our
project presentation, that has improved our presentation skills and I am very thankful to
their comments and advices.

Nirmal Singh
 Index

Chapter No Particulars Remarks

1 Introduction to Project

2 Review of Literature (if required)

and/or Profile of the organization
3 Research Methodology (which
includes Need and Objectives,
Techniques used for Analysis)
4 Data Analysis and Interpretation
5 Findings and Conclusion of the Project
6 Learning from the Training
7 Bibliography
8 Questionnaire
 CHAPTER 1

INTRODUCTION

TO

PROJECT
 1. INTRODUCTION TO PROJECT
This report is based on the problem "perceptions of clients/customers toward
Mehra's & Associates. A survey is conducted by using questionnaire method to
know the view point and satisfication level of customers/clients towards this firm.

INTRODUCTION

Customer perception is the opinions, feelings, and beliefs customers have about your
brand. It plays an important role in building customer loyalty and retention as well as
brand reputation and awareness.

Regardless of their actual experience, customer perception is all about how the customer
feels about your brand and their interactions with you.

MEANING

Customer perception refers to how a customer feels about your business. This includes
their thoughts, emotions and opinions related to your hand. Customer perception can be
positive or negative

The customer perciption process occurs when customers interact with your
brand.products or services. This process includes:

SENSEING: the sensing stage involves customers' physical senses, meaning what
they see, touch, taste, hear and feel related to your product or services, such as the
music playing in the background at a retail store or restaurant.

ORGANIZING: After customers have a sensory experience, their minds organize this
information based on their own personal values and beliefs. For example, a
customer may consider where to eat for dinner by comparing menu prices, distance
from their house and the sustainability practices of different restaurants

REACTING: The reacting stage is when customers decide to act. This might mean
they make a purchase from your business, purchase from another business or don't
buy the product.
1.4 FACTORS AFFECTING CUSTOMER PERCEPTION

Several factors influence how customers think and feel about your business.

CUSTOMER EXPERIENCES: A customer's personal experience with your business

makes a lasting impression-no other factor will play as big a role in determining
their perception of your brand. For instance, a first- time customer that enjoyed the
product, the pricing, and your customer service would start forming a good opinion
of your business from that experience alone.
SOCIAL MEDIA & REVIEWS: Nowadays, more consumers do online research first
before they come to a purchasing decision. They'll typically check out

Social media page

Review sites

Forums

Videos

Your website

INFLUENCERS: In marketing, influencers are people who have the power to affect
their followers' purchasing decisions. For example, someone may decide to buy
your product because their favorite YouTube or celebrity uses it too. But
influencers can also be regular people that the consumer knows personally and
trusts their word. If a friend shares a bad experience, they had
 with a business, this helps shape the customer's
perception-even if the customers themselves enjoyed
their own experience

BRAND VALUES: A 2020 study by 5W Public Relations discovered that 83 percent of

millennial prioritize buying from brands that share similar values with them. So, if
your organization holds fast to its values and advocacies, you attract like-minded
consumers suppose your company states that it supports sustainability. If your
products or business practices aren't sustainable, people might perceive your brand
as hypocritical.

LOCATION: Customers value convenience and where your company is located can
impact whether certain customers choose to purchase your products or services.
When scouting locations, try to choose one that is central to your target market
and has easy entrance and exit points and convenient parking.

USABILITY: Customers generally prefer products that are easy to use and have clear
directions. The ease with which buyers can interact with your products and use
them to solve a problem can influence their feelings about your brand. Aim to
create products that a wide range of users can operate easily and choose
straightforward, widely accessible language and features.
 CHAPTER 2

PROFILE OF

THE ORGANIZATION
2. PROFILE OF THE ORGANISATION'S

In this section, we will be discussing about the profile of the company and various
departments of the firm. Moreover, it will contain information regarding various services
provided by the firm.

2.1 INTRODUCTION OF THE ORGANISATION'S BUSINESS SECTOR

Chartered accountants provide trustworthy information about financial records. This

might involve them in financial reporting, taxation, auditing, forensic accounting,
corporate finance, business recovery and insolvency or accounting systems and
processes. Generally, they play a strategic role by providing professional advice, aiming to
maximize profitability on behalf of their client or employer. They work in many different
settings including public practice firms, industry and commerce, as well as in the not-for-
profit and public sectors.

2.2 MISSION STATEMENT

MS Vinay Mehra & Associates Believes in-

SUCCESS: Your Success is our Business.

CHANGE: Change is the only permanent thing in life. It is therefore, important for
us to always remain abreast with changes in business environment and law
affecting accounting and taxation.

KNOWLEDGE: Knowledge is never complete. It is our belief a human being remains

a student throughout life. We are always strive to assimilate the wealth of
knowledge.

Knowledge is most essential and important in profession. In our profession,

knowledge of legal aspects and its application is vital. It is therefore, our mission to
be a powerhouse in knowledge in the field of accounting and fiscal laws.

Knowledge is not complete unless it is shared with others. It is therefore, our

endeavor to share whatever knowledge, we have with all.

MS Vinay Mehra & Associates always make efforts to complete the assignment on
time.
2.3 VISION

To be the most highly respected professional firm in the region where clients come
for the peace of mind that their interests are being cared for by a team that enjoys
working with them and one another.

2.4 INFORMATION ABOUT THE COMPANY

The firm was established in the year 1992 by the founder partner Late MS Vinay
Mehra and has experience of over 23 years of hardcore professional practice.

For the 6th semester we were entitled to indulge in internship program as per the
schedule of BCom hones course of GURU NANAK DEV UNIVERSITY. It was an
amazing opportunity to grab for gaining knowledge and gaining experience.

I chose MS Vinay Mehra & Associates for my internship program because I wanted
to have general ideas on audit firms and their activities. I joined the firm to get
exposed to the real world of accounting and to have firsthand experience on the
same. I wanted to know how business firms do accounting and what role does it
plays in the growth and development of business activity.

2.5 WHY IT WAS SELECTED?

Chartered Accountancy course is undoubtedly one of the most prestigious courses

a commerce student can opt for. With the care professional appeal and
multifaceted opportunities, it brings, it is indeed a big value on the table. On the
other side any student or qualified professional very well knows the importance of
quality of article-ship experience of a BCom honors student.
Following are the strength of the MS Vinay Mehra & Associates. that I observed in firm
during my internship:

EXPERIENCED MANAGEMENT: MS Vinay Mehra & Associates has the well qualified
and experienced management and the trainee students are also experienced as
most of them have completed one or more-year articles. They know their work and
it's all technicalities. That experienced management is the actual strength of MS
Vinay Mehra & Associates.

QUALITY SERVICES: All the services of the business under roof from business
consultancy to audit and tax affairs all are available at one place. From all the
services provided by MS Vinay Mehra & Associates customers are much satisfied.
And these services are provided with perfection and excellence.

ACCOUNTING CONSULTANCY: MS Vinay Mehra & Associates Also provides

accounting consultancy and services, which are the need of the day. Technological
improvement is very necessary for every organization, so this co also provides the
computerized accounting consultancy and assistance to the different organization
for efficient and accurate reporting.

PERSONAL INTERACTION: The partners have personal interaction with each

member of the firm, which increases the motivation of the employees. MS Vinay
Mehra & Associates has the decentralized management. Every member and
internee allows you to directly interact with the senior managers if members and
internee needs any assistant for them.

TIME MANAGEMENT: As an intern you'll become a master of time management.

When you are working in a fast-paced professional environment you need to know
every minute counts. MS Vinay Mehra & Associates teaches you how to manage
time in every circumstance whether you're attending meetings, finishing tasks or
deadlines or making phone calls.
 RESUME BUILDER: As a student I know the importance of a strong resume. Without
a solid resume it can be tougher to be considered for a position. MS Vinay Mehra &
Associates gives you experience by providing training under them. They also
enhance your work experience and in future employers are likely to hire someone
with internships and work experience rather than someone with generic resume,
lacking experience.

2.6 SERVICES RENDERED

ACCOUNTANCY: This includes the writing up of accounts and the preparation of

financial statements. It encompasses a wide area ranging from simple Book keeping
to complex financial analysis.

INCOME TAX (Salaried): Income tax return of salaried employee can be filed with
help of Form 16 & Form 16A. Form 26AS will help you in getting information about
TDS on salary. Experienced CA firm can help you for better tax planning and reduce
the TDS. M

AUDITING: Possibly, one of the most important functions of a Chartered

Accountant, it is here that his specialized training, skill and judgment are most
often called into play. The purpose of auditing is to satisfy the users of financial
statements that the accounts presented to them are drawn up on correct
accounting principles and that they represent a true and fair view of the situation
of the organization.

TAXATION: With several taxes on the statute book, current and continuing tax
information has become vital to the effective economics of business management.
The assessment of taxes is very closely linked with financial accounts. The
Chartered Accountant with his experience in accounts is in an advantageous
position for preparing the returns for tax purposes, representing assesses before
the Income-Tax authorities and rendering general advice on taxes to his clients.

GST REGISTRATION: GST registration of business is to enable selling of goods with

turnover value beyond a certain limit. Limit may differ from state to state. It is
necessary to get GST Input Tax Credit. Experienced CA firms can ease out the
process within reasonable fees.

INVESTIGATION: Chartered Accountants are often called upon to carry out

investigation to ascertain the financial position of business in connection with
matters such as a new issue of share capital, the purchase or sale or financing of a
 business, reconstruction and amalgamations. Their services are also sought for
undertaking investigations with a view to achieving greater efficiency in
management or administration, finding out reasons for increases or decreases in
profits etc.

MANAGEMENT ACCOUNTING: This is another field in which the Chartered

Accountant can render a service which is utilized in a variety of ways like
formulation of policies, day-to-day control, performance evaluation, etc.

SHARE VALUATION WORK: The Chartered Accountant undertakes the valuation of

shares of public and private companies when amalgamation or re-organization
takes place for the purpose of takeover bids and other acquisitions.

EXECUTOR AND TRUSTEES: When a Chartered Accountant works as a trustee or an

executor he must work in co-operation with solicitors or lawyers and vice versa.
The accountants help the solicitors or lawyers in.

TDS RETURN: Income Tax Act requires TDS deduction file the TDS return on periodic
basis by mentioning TAN no.

ASSURANCE SERVICE: CA provides accounting services that include the review of

financial documents and any transactions such as loans, contracts, and financial
websites. These services ease decision making in any business or organization as
the review certifies the correctness and validity of the reviewed items.

TALLY ACCOUNTING: Tally is most used accounting software. Small and medium
business can take services from CA firms who can allocate accountants to handle
accounting for your business.

2.7 WORK CULTURE

MS Vinay Mehra & Associates Believes that culture is dynamic so it is important that
employees should be capable to adapt the changes in culture. Employees are given full
freedom to take decision which promotes flexibility helps in retention of business.

It promotes team work. As team work enhances the potential of the employees and
gives effective outcome by using individual skills. It promotes the team work due to
following advantages:

Good teamwork maximizes involvement, utilizing everybody's strength and areas of

expertise, as well as distributing responsibility to all.
 CHAPTER 3
RESEARCH
AND
METHODOLOGY
3.Research methodology

Research is an analytical and methodological approach to find something new. It has a

particular subject, and the entire research is based on answering questions related to it. It
is important to acquire new and improved information about various matters and things.

Research methods are of two main kinds, basic research and applied research. When
conducting research, it is carried out by considering a set of rules, concepts, paradigms,
and research design. Moreover, this research could either be quantitative or qualitative in
nature.

3.1 Objective of Research

Research is conducted keeping in mind the following things:

To identify and examine the perception of clients towards the firm.

To know the satisfaction level of clients towards services provided by firm.
To know the awarness level of clients towards accounting.

3.2DATA COLLECTION

Data collection is a process of collecting information from all the relevant sources to find
answers to the research problem, test the hypothesis and evaluate the outcomes. Data
collection methods can be divided into two categories: secondary methods of data
collection and primary methods of data collection.

3.3 Primary Data:

Primary data is based on perception of clients towards CA firm. It is a type of information

that is obtained directly from the first-hand source through experiments, surveys or
observations. It was collected through questionnaires to examine the views and general
attitude of the respondents towards Mehra's and Associates, the clients of the firm were
the people who constitute the sample for the study.

3.4 SAMPLE SIZE

The study is based on primary data .70 respondents were selection through judgenental
sampling it includes clients and customer of the mehra's associates. The data was
collected through structured questionnaire.

3.5 Questionnaire:

Study is based on perception of clients towards mehra'and associates. The questionnaire

were designed for the targeted audience to extract the information. To begin with, The
segmentation of questions was made according to the targeted issues and their similarity.
 In total 70 clients responded to the questionnaire.. The questions were made to
gather data to find out the most commonly-faced problems and issues by the
clients and finding ways to resolve them. According to experiences faced in the
primary phase of the survey, there are some questions which are added and some
which are modified according to the primary responses.

3.6 TOOLS AND TECHNIQUES

The information collected from the survey was interpreted by using different statistical
and data interpretation .the techniques used are as follows:-

Tabular and Graphical representation

Percentage%

3.7 LIMITATION

The limitations are as follows:

Some of the respondents were careless while filling out questionnaire.

Few respondents did not have the knowledge of the question asked.
The sample size was small.
 CHAPTER-4

DATA ANALYSIS

AND

INTERPRETATIONS
4. DATA ANALYSIS AND INTERPRETATION

DEMOGRAPHIC STATUS DATA ANALYSIS AND INTERPRETATION

• AGE

AGE NUMBER OF RESPONDENTS PERCENTAGE%

Below 25

25-30

30-35

Above 35

Total

INTERPRETATION

• GENDER

GENDER NO OF RESPONDENTS PERCENTAGE%

Male

Female

Total
INTERPRETATION

OCCUPATION

Occupation Number of respondents Percentage%

Businessman

serviceman

professional

Any other

total

INTERPRETATION

• INCOME SLAB?

INCOME NO OF RESPONDENTS PERCENTAGE%

Below 5 lakhs

5 – 10 lakhs

10 – 20 lakhs

Above 20 lakhs

total
INTERPRETATION

• DO YOU KNOW ABOUT SMART TAX/ SMART TDS/ SMART ACCOUNTING

SOFTWARE?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

Maybe

total

INTERPRATION

• DO YOU KNOW ABOUT ITR?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

Maybe

total
INTERPRATITON

• CAN YOU FILE AN ITR?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

total

INTERPRATTION

• HAVE YOU EVER FILED AN ITR?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

total
INTERPRATION

• IF YES, THEN HOW DO YOU GET YOUR ITR FILED?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

An Authentic Tax Agent

Charteres Accountant

Relatives/ friends

total

INTERPRATTION

• WHICH TYPE OF ITR YOU HAVE FILED?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

ITR-1

ITR-2

ITR-3

ITR-4

total
INTERPRATTION

• HOW LONG HAVE YOU BEEN A CLIENT OF MS VINAY MEHRA & ASSOCIATES?

PARTICULARS NO OF RESPONDENTS PERCENTAGE %

Less than 1 year

1-6 years

Above 6 years

total

INTERPRATATION

• WHICH SERVICES DO YOU AVAIL MORE?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

ITR

GST Returns

Balance Sheet

Auditing

All of the above

total
INTERPRARTATION

• HOW HAPPY ARE YOU WITH THE SERVICES PROVIDED?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Exceptional

Good

Need improvement

Unacceptable

total

INTERPRATTION

• WILL YOU RECOMMEND THE FIRM TO A FRIEND OR A COLLEAGUE?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

Total
INTERPRATION

• HOW WOULD YOU RATE THE PROFESSIONALISM OF THE GENRAL ACCOUNTING

STAFF?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Exceptional

Good

Need improvement

Unacceptable

total

INTERPRARTION

• WHEN YOU CONTACTED OR VISITED THE OFFICE, DID YOU GET THE INFORMATION
THAT YOU NEEDED?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

Maybe

total
 • HOW RESPONSIVE WAS THE FIRM TO YOUR QUESTIONS OR CONCERNS ABOUT THE
SERVICEES?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Exceptional

Good

Need improvement

Unacceptable

total

INTERPRATTION

• HAVE YOU EVER HAD TO PAY MORE TAX/ FINE BECAUSE OF FIRM'S NEGLIGIENCE?

PARTICULARS NO OF RESPONDNTS PERCENTAGE%

Yes

No

Maybe

total
INTERPRATION

• IF YES, THEN HOW MUCH?

ANS:

• DO YOUB THINK TAX COLLECTED BY GOVERNMENT IS BEING USED FOR RIGHT

PURPOSE?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

Maybe

total

INTERPRATTION

• DO YOU THINK EMPLOYEES/ ARTICLE LACK ANY SKILL?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Yes

No

total
INTERPRATTION

• IF YES, THEN WHICH ONE?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Communication Skill

Competency Skill

Interaction Skill

Any other

total

INTERPRATION

• HOW WOULD YOU RATTE THE COMMUNICATION ABILITIES OF THE EMPLOYEES?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Exceptional

Good

Need improvement

Unacceptable

total
INTERPRATION

• HOW WOULD YOU RATE MS VINAY MEHRA & ASSOCIATES?

PARTICULARS NO OF RESPONDENTS PERCENTAGE%

Exceptional

Good

Need improvement

Unacceptable

Total

INTERPRATTION
CHAPTER-5

FINDING

AND

CONCLUSIONS
6. FINDINGS, SUGGESTIONS AND CONCLUSIONS

This section deals the findings, suggestions, limitations and conclusions found based on
the survey conducted.

6.1 FINDINGS

From the survey following findings are observed:-

It was found that firm has good reputation and can attract large number of clients
by availing various services to clients.
More than half of the clients were satisfied with the overall performance of the
firm.
Because of their good and reasonable fees, the clients choose them instead of their
competitors.
CHAPTER- 6

LEARNING

FROM

TRAINING
5. LEARNING FROM TRAINING

5.1 ABOUT

Before internship I had only theoretical knowledge about work in organization but
now, I have practical experience of working in an organization.

Now, I have knowledge about the organization's working environment and how it
works and achieve their goals and objectives. This internship has given me the
understanding of the business and about the elements of strategic thinking, planning
and implementation and how these things are implied in a real-world organization
environment.

FOLLOWING ARE THE OBJECTIVES ACHIEVED BY ME AS An INTERNEE:

Improved my communication skills

Learnt book keeping practices of different companies.
Quick decision in real situations.
Learnt about tally prime software, ITR, pan card and the procedure to file them.
I properly integrated my theoretical knowledge and practical work.
Developed management skills
Developed ethics and professional behavior.

5.2 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained
during the studies. On my first day at firm, company InCharge CA Puneet Sharma gave
me some idea about the duties, responsibilities and what is the actual work of
chartered accountant. He guided me about the software TALLY PRIME. He also taught
me how to prepare income tax return in SMARTTAX and the online application of PAN
CARD. He also gave some theoretical knowledge about income tax laws and GST.

Different tasks that I performed during my internship:

Online application of PAN CARD

Preparing books of accounts in tally accounting software

Vouching
ITR preparation
TDS return preparation
Software used during the internship:

Microsoft Excel
TallyPrime
SMART TAX

5.3 TALLYPRIME

Tally Prime is a business management software, that takes care of your Accounting (Sales,
purchase, receivables, payables tracking), Inventory management (Order processing,
inventory tracking), Payroll management, Bank transactions, Statutory Compliance,
etc.Tally Prime also make decision making simplified for business owners by providing
critical reports. Decision making is much simpler with Tally Prime reports such as all
financial reports, Cash-flow reports, Cost center reports, Inventory reports, accounting
reports and many more detailed reports.

Tally Prime has a unique ‘Go To’ navigation bar that allows you to access 90% of the
software.

FEATURES OF TALLY PRIME ARE:

With a wide range of features, TallyPrime can be your perfect business companion. Here
is the list of TallyPrime's features:

Simplified Interface
Insightful Business Reports
Invoicing & Accounting
GST / Taxation
Inventory Management
Cash Flow Management
Multitasking Capabilities
Go To feature
Access business data Online
Secured Data

TALLYPRIME SETUP:

Downloading the application setup from the Tally Solutions website is the first step in
starting TallyPrime. Once you download TallyPrime setup files, you can install the
application on your computer.

Installation steps:
 Download the setup files
Install Tallyprime
Configure application path if needed
Click install

You are ready to explore TallyPrime

TALLY PRIME SCREEN APPEARS AS:

Preparation of accounts in TallyPrime:

Create company in TallyPrime

Creating vouchers
Record transactions
View/ print report
Create company in TallyPrime
On launching TallyPrime, select Create Company.

If you already have one company open and would like to create another company, press
Alt+K (Company) > Create.
Provide the Company details.

Enter the Name, Mailing name, and Address.

Enter the State, Country, and other contact details.

Accept the screen. As always, you can press Ctrl+A to save the details and
create the company.

Set up financial year details and security options.

Financial year beginning from.

Books beginning from.

Specify the Base Currency Information

You can set up the base currency depending on the currency used in your
business to record transactions.
To view all the options related to base currency, press F12 (Configure) > set
Provide Additional Base Currency details to Yes.

If your business includes transactions in multiple currencies, refer to the

Multi-currency topic.

Accept the Company Creation screen. As always, you can press Ctrl+A to
save.

Creating ledgers
Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter.

• Name: Enter the name of the ledger account you want to create.
You cannot create two ledger accounts with the same name.

• Alias: Enter the alias of the ledger account, if required. You can access the
ledgers using the original name or the alias name.
Alias is the alternate name for the ledger accounts. You can create Alias at
the time of creation or also can modify the respective ledger later. While
selecting the ledger, you can choose the Alias name and the same ledger
account gets selected.

• Under: Enter the group from the List of Groups under which the ledger is
created.
All the ledgers must be grouped correctly to record the transaction under
the proper heads. For example: If you are creating a ledger for Office
Expenses, then you need to create the ledger under the Indirect Expenses
group.
Note: To create a new group from this field, press Alt+C. You can alter a
ledger account to change its group classification at any time.

• Fill in the other necessary details such as Mailing Details, Banking Details
and Tax Registration Details.

• Opening Balance: Enter the carry forward balance from the previous year as
the opening balance.
Opening Balance is applicable when the ledger is an asset or a liability, and if
it has a closing balance in the account at the end of the period.

• As always, press Ctrl+A to save.

 • Creating Vouchers

• Gateway of Tally > Chart of Accounts > type or select Voucher Type.
Alternatively, press Alt+G (Go To) > type or select Chart of Accounts >
Voucher Type.

The screen appears as shown below:

• You can also go to Gateway of Tally > Alter > Voucher Type.
Alternatively, press Alt+G (Go To) > type or select Alter Master > Voucher
Type. The List of Voucher Types appears as shown below.
• Contra entries

• Press Alt+G (Go to) > Create Voucher > press F5 (Payment).
Alternatively, Gateway of Tally > Vouchers > press F5 (Payment).

• Press F2 (Date) to change the transaction date, if needed.

When you press F2 to change the date, the date shown is for the subsequent
day of the current date. This is done to avoid manual entry of date for the
next day as the immediate next day is the most common business day. You
can however enter any date, even a date before the current date.

• In the Account field, select the Cash or Bank ledger.

When you create a Company in TallyPrime, the system creates two ledgers
by default – Cash and Profit & Loss A/c.

• Provide the payment details.

E) Provide Narration, if any, and accept the voucher creation screen. As always, press
Ctrl+A to save.

Payment Vouchers

Open the Payment Voucher in single entry mode.

Press Alt+G (Go To) > Create Voucher > press F5 (Payment).
Alternatively, Gateway of Tally > Vouchers > press F5 (Payment).

Press Ctrl+H (Change Mode) > select Single Entry.

Select the Cash account, and Expenses account.

In the Account field, select the Cash ledger.

Under Particulars, select the Conveyance and Telephone ledgers, and enter the
corresponding amounts.
• Accept the screen. As always, you can press Ctrl+A to save the payment
voucher.

• Receipts Voucher

• Open the Receipt Voucher in single entry mode.

• Press Alt+G (Go To) > Create Voucher > press F6 (Receipt). Alternatively,
Gateway of Tally > Vouchers > press F6 (Receipt).

• Press Ctrl+H (Change Mode) > select Single Entry.

• Select the Cash account and Income account.

• In the Account field, select the Cash ledger.

• Under Particulars, select the Income ledgers, and enter the corresponding
amounts.
Accept the screen. As always, you can press Ctrl+A to save the receipt voucher.

Journal Voucher

Press Alt+G (Go to) > Create Voucher > press F7 (Journal).
Alternatively, Gateway of Tally > Vouchers > press F7 (Journal).

Press F2 (Date) to change the transaction date, if needed.

Specify the payment details.

D) Provide Narration, if any, and accept the voucher creation screen. As always, press
Ctrl+A to save.

Sales Voucher

Create a voucher class for sales:

Gateway of Tally > Alter > Voucher Type > type or select Sales > and press Enter.
Alternatively, press Alt+G (Go To) > Alter Master > Voucher Type > type or select Sales
> and press Enter.

Use the voucher class in sales invoice.

Press Alt+G (Go To) > Create Voucher > F8 (Sales) > select the voucher class.

Enter the sales details.

C) Accept the invoice. As always, you can press Ctrl+A to save.

Purchase Voucher
Open the purchase voucher screen.
Gateway of Tally > Vouchers > press F9 (Purchase).
Alternatively, press Alt+G (Go To) > Create Voucher > press F9 (Purchase).
Press Ctrl+H (Change Mode) to select the required voucher mode (Item Invoice, in
this case). Specify the supplier details.
Purchase ledger: Select the accounting ledger to allocate the stock items.
If you do not see this field on the screen, press F12 (Configure) and set Select
common Ledger Account for Item Allocation to Yes.
In Accounting Invoice, you can select the purchase ledger under Particulars.
Provide the stock item or service details.
Select additional ledgers, like transportation charges, insurance, or discount, if any.
Provide Narration, if needed, and accept the screen. As always, you can press
Ctrl+A to save.
Print the invoice.

Press Alt+P (Print) > press Enter on Current.

Press I (Preview) to check the invoice before printing, if needed.

Press P (Print) to print.

5.4 PAN CARD (PERMANENT ACCOUNT NUMBER)

Permanent Account Number or PAN is a means of identifying various taxpayers in the

country. Pan Card is a 10-digit unique identification alphanumeric number (containing
both alphabets and numbers) assigned to Indians, mostly to those who pay tax.

The PAN system of identification is a computer-based system that assigns a unique

identification number to every Indian tax paying entity. Through this method, all tax-
related information for a person is recorded against a single PAN number, which acts as
the primary key for storage of information. This is shared across the country and hence
no two people on tax paying entities can have the same PAN.

When PAN is allotted to an entity, a PAN Card is provided by the Income Tax Department.
While PAN is a number, PAN Card is a physical card that has your PAN as well as name,
date of birth, father’s or spouse’s name, and photograph. Copies of this card can be
submitted as proof of identity or date of birth.

Your PAN Card is valid for lifetime because it is unaffected by any change in address.

HOW TO APPLY?

PAN Card application can be made online on one of the following websites:

Protean e-Gov Technologies Limited (formerly NSDL)

UTIITSL

You can also apply offline at any of the district-level PAN agencies. You can apply for a
new Pan Card as well as make correction or change information yourself. You can even
request for a duplicate PAN Card or reprint the card if you lose the original.
For new PAN, Indian citizens and NRIs (including companies, NGOs, partnership firms,
local bodies, trusts, etc.) need to fill Form 49A. Foreigners and foreign entities need to use
Form 49AA. These forms, along with all the required PAN documents , should be
submitted to the Income Tax PAN Services Unit.

Once you apply for a new or duplicate PAN, or request for corrections/changes, you can
track the status of PAN application via the acknowledgement number provided.

As per the Protean e-Gov Technologies Limited website (formerly NSDL), the entire
process of printing and dispatching cards takes approximately 2 weeks or 14 days.

DOCUMENTS REQUIRED FOR APPLYING PAN CARD?

Here are the documents which are required to apply for a PAN card:

Aadhar card

Voter ID card

Passport

PAN APPLICATION THROUGH NSDL PRTAL

The government has made provisions for applicants to apply for PAN through the Income
Tax PAN Services Unit of NSDL.

Follow these easy steps to apply for a PAN online:

Step 1: Open the NSDL site

(https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html) to apply for
a new PAN.

Step 2: Select the Application type – New PAN for Indian citizens, foreign citizens or for
change/correction in existing PAN data.

Step 3: Select your category – individual, associations of persons, a body of individuals,

etc.

Step 4: Fill in all the required details like name, date of birth, email address and mobile
number in the PAN form.
Step 5: On submitting the form, you will get a message regarding the next step.

Step 6: Click on the “Continue with the PAN Application Form” button.

Step 7: You will be redirected to the new page where you have to submit your digital e-
KYC.

Step 8: Select whether you need a physical PAN card or not and provide the last four
digits of your Aadhaar number.

Step 9: Enter your personal details, contact and other details in the next part of the form.

Step 10: Enter your area code, AO Type, and other details in this part of the form. You can
also find these details in the tab below.

Step 11: The last part of the form is the document submission and declaration.

Step 12: Enter the first 8 digits of your PAN card to submit the application. You will get to
see your completed form. Click Proceed if no modification is required.

Step 13: Select the e-KYC option to verify using Aadhaar OTP. For Proof of Identity,
Address and Date of Birth, select Aadhaar in all fields and click on Proceed to continue.

Step 14: You will be redirected to the payment section where you have to make payment
either through demand draft or through net banking/debit/credit card.

Step 15: A payment receipt will be generated on successful payment. Click on “Continue”.

Step 16: Now for Aadhaar Authentication, tick the declaration and select the
“Authenticate” option.

Step 17: Click on “Continue with e-KYC” after which an OTP will be sent to the mobile
number linked with Aadhaar.

Step 18: Enter the OTP and submit the form.

Step 19: Now click on “Continue with e-Sign” after which you will have to enter your 12-
digit Aadhaar number. An OTP will be sent to the mobile number linked with Aadhaar.

Step 20: Enter OTP and submit the application to get the Acknowledgement slip in pdf
having your date of birth as the password in DDMMYYYY format.
5.5 INCOME TAX RETURN(ITR)

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax
Department of India. It contains information about the person’s income and the taxes to
be paid on it during the year. Information filed in ITR should pertain to a particular
financial year, i.e., starting on 1st April and ending on 31st March of the next year.

Income can be of various forms such as:

Income from salary

Profits and gains from business and profession

Income from house property

Income from capital gains

Income from other sources such as dividend, interest on deposits, royalty

income, winning on lottery, etc.

The Income Tax Department has prescribed 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-
4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount
of income and the type of taxpayer.

Below is the list of ITR forms which are most commonly applicable:
Types of ITR

• ITR-1 or SAHAJ
Individuals residing in India with a total income of up to Rs 50 lakh are eligible. ITR-1 may
be filed by someone who earns money from a job, a home, or other outlets. An NRI is
unable to file an ITR-1. ITRs may be filed using Form 16 by salaried taxpayers.

• ITR-2
Individuals and HUF for revenue from sources other than their enterprise or occupation.
Individuals and NRIs who earn money from a job, a home, capital gains, or other sources
may file Form ITR-2. ITR-2 may be filed by salaried people who have made profits or
damages from stock purchases and sales.
 • ITR-3
Individuals are required to disclose their earnings from a company or occupation. Salaried
people who earn money from the intraday stock exchange or futures and options trading
should file Form ITR-3. Individuals may use ITR-3 to record revenue from jobs, real estate,
capital gains, company or trade (including presumptive income), and other sources.

• ITR-4
Individuals, HUFs, and partnership companies are subject to a presumptive taxation
system on their earnings. ITR-4 is used to report revenue from a company with a turnover
of up to Rs 2 crore that is subject to section 44AD taxation. In addition, ITR-4 is for
revenue from an occupation with a turnover of up to Rs 50 lakh that is subject to section
44ADA taxation. ITR-4 may be filed by a freelancer who works in a notified occupation.

• ITR-5
LLP, AOP, and BOI are both acronyms for alliance companies. LLPs, partnership
companies, AOPs, and BOIs will file ITR-5s to disclose profits from their businesses and
professions, as well as some other sources of income.

• ITR-6
is a tax return used by businesses to report revenue from industry or occupation, as well
as all other forms of income.

• ITR-7
is the federal tax return for businesses, partnerships, and trusts that continue to be
excluded from paying income tax.

COMPARISON OF THE OLD AND NEW TAX REGIME:

FILING OF INCOME TAX RETURN(ITR)

Calculate your income tax liability as per the provisions of the income tax laws.
Use your Form 26AS to summarize your TDS payment for all the 4 quarters of the
assessment year.

On the basis of the definition provided by the Income Tax Department (ITD) for each ITR
form, determine the category that you fall under and choose an ITR form accordingly.

Follow the steps mentioned below to e-file your income tax returns using the Income tax
e filing portal:

Step 1: Visit the official Income Tax e-filing website and Click on the 'Login' button.
Step 2: Next, Enter Username then Click continue and After enter your Password.

Step 3: Once you have logged into the portal, click on the tab 'e-file' and then click on 'File
Income Tax Return'.
Step 4: Select the Assessment year for which you wish to file your income tax returns and
click on 'Continue'.

Step 5: You will then be asked whether you wish to file your returns online or offline. In
this case you need to choose the former which is also the recommended mode of tax
filing.
Step 6: Choose whether you wish to file your income tax returns as an individual, Hindu
Undivided Family (HUF), or others. Choose the option 'individual'.

Step 7: Choose the income tax returns (ITR) you wish to file. For example, ITR 2 can be
filed by individuals and HUFs who don't have income from business or profession.
Similarly, in case of an individual, they can choose the option ITR1 or ITR4. Here you will
have to click 'Proceed with ITR1'.
Step 8: The next step will ask you the reason for filing your returns above the basic
exempted limit or because of the seventh provision under Section 139(1). According to
the section, if the aggregate amount deposited by an individual exceeds Rs.1 crore in one
or more current accounts during the year, exceeds Rs.2 lakh on a foreign trip, or if a
payment of more than Rs.1 lakh is paid on electricity bills, then the person can file their
income tax returns. Make sure you choose the right option.

Step 9: Fill in the details of your bank account. If you have already provided the details of
your bank account, then pre-validate it.
Step 10: You will then be directed to a new page to file your income tax returns. The page
will contain a lot of information filled already. Check them make sure all the details
mentioned are correct. Confirm the summary of your returns and validate it.

Step 11: The final step is to verify your returns and send a hard copy of if to the Income
Tax Department. The verification process is mandatory.

Guide on How to File ITR offline for Super Senior Citizens

Super senior citizens (individuals who are 80 years old and above) are given the option to
file ITR offline during the financial year. Another instance where the ITR can be filed
offline is if an individual or HUF has an income of less than Rs.5 lakh and is not entitled to
receive a refund.

The step-by-step procedure to file returns offline is mentioned below:

Individuals must request for a Form 16.

Next, you will need to submit the ITR returns in the paper form at the Income Tax
Department.

Once the form has been submitted, you will receive an acknowledgement slip from the
Income Tax Department.
Documents required to fill ITR
It is important to have all the relevant documents handy before you start your e-filing
process.

Bank and post office savings account passbook, PPF account passbook
Salary slips
Aadhar Card, PAN card

Form-16
- TDS certificate issued to you by your employer to provide details of the salary paid to
you and TDS deducted on it, if any

Interest certificates from banks and post office

Form-16A
, if TDS is deducted on payments other than salaries such as interest received from fixed
deposits, recurring deposits etc. over the specified limits as per the current tax laws

Form-16B
from the buyer if you have sold a property, showing the TDS deducted on the amount
paid to you

Form-16C
from your tenant, for providing the details of TDS deducted on the rent received by you,
if any

Form 26AS
- your consolidated annual tax statement. It has all the information about the taxes
deposited against your PAN

a) TDS deducted by your employer

b) TDS deducted by banks
c) TDS deducted by any other organizations from payments made to you
d) Advance taxes deposited by you
e) Self-assessment taxes paid by you
Tax saving investment proofs
Proofs to claim deductions under section 80D to 80U (health insurance
premium for self and family, interest on education loan)
Home loan statement from bank
5.6 SMART TAX

What is Smart Tax

Smart Tax 2.0 is a user friendly software which has been specially designed and
developed to prepare computation of Income under the provisions of Income Tax Act,
1961. Smart Tax maintains the complete information of your clients in a database,
computes taxable income under different heads and provides economical printing of
Computation Statement, ITR Forms and various other reports. Smart Tax has been
developed under expert guidance of reputed Tax Consultants, Advocates and Chartered
Accountants.

WHAT IS SMART TAX CAPABLE OF?

A. Computation of Income From:-

Income From Salary
Income from Property
Income from Business
Income From Speculation Business Income
Long Term Capital Gain
Income from Other Sources
Clubbing of Minor’s Income
Agriculture Income for Rate Purposes
B. Auto Calculation of:
Tax Computation
Interest under Section 234 A/B/C
tandard deductions, Exempt Allowances & Taxable Perquisites
Relief u/s 89
Repair & Collection Charges under Property head.
Depreciation under Business head.
Index cost under Long Term Capital Gains.
Interest on NSC, KVP and IVP.
Deductions under Section 80CCC to 80U
Automatic adoption of Lower Tax Rate under long term Capital Gain.
Automatic set off of Current Losses and Unabsorbed Losses.
Automatic transfer of relevant data to next assessment year
MAT Calculation
Adjustment of Tax Credit

C. Reports:
Computation of Income
ITR forms 1 - 8
Filing of ITR Forms
Blank forms
Form No. 1,2,3,2C,2D, 3A,30,49A, 49B,35,36,29B
Form No. 10CCAC, 10CCAB
Form No. 16,10E,12C
Audit Forms 3CA, 3CB & 3CD
Depreciation Chart
Depreciation Chart as per Para14 of 3CD
Filed Returns List
Pending Returns List
Refund Cases List
Pending Fee List /li>
Assessee Register
Advance Tax Register
Comparative Year Wise List
Tax Cases List
Label Printing
Power of Attorney
Blue Book
Letter to Assessee
Gift Deed
Refund Re-Validation Letter
List of Assessee without PAN
Billing & Receipt Register
Income Tax Clearance Certificate
D. Smart Features:-

Automatic eDeposit of Tax Challans

Automatic eFiling
Configuration of Computation Statement
Printing of Data on Blank Saral
Import of Transactional Data from Previous A. Year
Printing on HP inkjet & Laser Printers
Auto Search by name or code
Tax Planning
Fast and Economical DOS Printing
Check Return Utility
Challan Printing
Billing and Receipts
Built in Comprehensive Accounting Model
T-Shaped & Vertical P&L A/C and Balance Sheet
Manually Editable Interest
Completely Menu Driven
Mouse Compatible
Built in Calculator
Calendar cum Diary
Hot Keys
Facility for Backup & Restore
Birthday Reminder Utility
Telephone Directory
 BIBLIOGRAPHY

7. BIBLIOGRAPHY

The sources that I went through for the completion of project work are:

https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html

https://tallysolutions.com/tally-prime/

https://www.quora.com

www.youtube.com

https://www.incometax.gov.in/iec/foportal/

https://www.smartbizindia.com/

https://www.icai.org/
ANNEXURES
QUESTION