INTERNSHIP COMPLETION CERTIFICTE

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 OVERVIEW OF THE ORGANISATION

Aditi Bhardwaj and Co Chartered Accountants is a distinguished CA firm, established in 2016, with a core
focus on providing expert services to high net worth individuals concerning complex taxation matters. The
firm operates as a partnership and was co- founded by CA Aditi Bhardwaj and CA Rajneesh Bhardwaj, both
accomplished chartered accountants with a notable background in serving multinational corporations.

Having previously worked with leading MNCs until 2015, Aditi and Rajneesh embarked on their
entrepreneurial journey by founding their boutique firm. Their experience with renowned Big4 firms in
international tax, corporate tax, and transfer pricing matters equipped them with a solid foundation to address
intricate financial challenges faced by discerning clients.

Located in Jeevan Bima Nagar, Bengaluru, Karnataka, the firm has earned a reputable position in the
competitive landscape of CA firms in the locality. Its distinguished services have earned a loyal clientele,
particularly high net worth individuals seeking personalized and strategic solutions to complex taxation issues.

At Aditi Bhardwaj & Co., specializes in providing a comprehensive range of financial and accounting services
to cater to the diverse needs of our valued clientele.Their wide array of services includes:

1. Financial Advisory: Expert financial guidance and advice to individuals and businesses is provided, helping
them make informed decisions to achieve their financial goals and objectives.
2. Tax Preparation: Their team of experienced professionals ensures accurate and timely tax preparation,
taking the burden off their clients and ensuring compliance with all relevant tax laws.
3. Tax Advisory: With a deep understanding of tax regulations, Aditi Bharadwaj & Co provide strategic tax
planning and advisory services to optimize tax efficiency and minimize liabilities for individuals and
businesses.
4. Small Business Tax: The Firm specializes in catering to the unique tax needs of small businesses, helping
them navigate the complexities of taxation while maximizing deductions and credits.
5. Personal Tax Planning: Personalized approach to tax planning provide by professionals ensures that
individuals receive tailored advice and solutions to optimize their tax positions and secure their financial
future.
6. Financial Accounting: the firm's expert accountants handle financial accounting for businesses, ensuring
accurate record-keeping, financial reporting, and compliance with accounting standards.

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7. Strategic Planning: Assistance to businesses in developing robust strategic plans, enabling them to chart a
clear path to success and sustainable growth is provided by the professionals at Aditi Bharadwaj & Co.

Aditi Bhardwaj & Co Chartered Accountants boasts a cohesive team comprising 4 articles, 2 interns, and 2
partners, ensuring a dynamic and diverse talent pool to address various financial needs. The firm offers a
wide range of services, including financial advisory, tax preparation, tax advisory, small business tax,
personal tax planning, financial accounting, and strategic planning.

The firm has a niche clientele of about 400+ HNI clients including partnership firms, companies, and
businesses engaged in activities of manufacturing, trading, investment banking, travel agencies, consulting, IT
consulting, professionals like doctors, actors, lawyers, photographers, event managers, IT professionals, and
stock traders. With a commitment to excellence, professionalism, and client satisfaction, Aditi Bhardwaj and
Co Chartered Accountants has continued to stand as a trusted and reliable partner for its valued clientele.

While Aditi Bhardwaj and Co Chartered Accountants stands strong in its commitment to excellence and client
satisfaction, it operates in a competitive environment. Notable competitors include -
Ginita Shah & Co, Raju S Narayanan & Associates, Mishra & Co, Amir & Associates, Sathishkumar S &
Associates and Supraja & Co.
This internship report delves into the valuable experiences and contributions made during the internship
period, showcasing the firm's expertise and the intern's journey in a professional environment.

ORGANIZATIONAL STRUCTURE

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10
 INTERNSHIP PROGRAM

Overview of Department worked in and Description of tasks assigned during the Internship Program

The Tax Department at Aditi Bhardwaj & Co. Chartered Accountants under the supervision of CA Aditi
Bhardwaj allowed me to explore the intricacies of the Tax Department, where efficient tax planning, accuracy
and client satisfaction were the main focus of work. During my internship, I had the chance to engage in
various important functions that form the backbone of our firm's tax services.

This section delves into these key functions, which include tasks such as client communication and tax
calculations. They are the building blocks of the department's daily operations, emphasizing the firm’s
commitment to offering effective tax solutions to their clients.

This overview provides a glimpse into the functions I was involved in during my internship and how they
contribute to clients' financial success. In the following sections, I'll break down each function, explaining
what it involves, how it's done, and the value it adds to our client relationships.

1. Preparing Computations for Clients in Excel:

This involves calculating the tax liabilities for clients. It's important to ensure that these calculations are
accurate and adhere to current tax laws and regulations and are accurate as per the information provided by
the clients without any errors. As an Intern at the tax department there, I was taught to use software like Excel
in a more professional, detailed and technical manner to perform these calculations. My task was to input the
relevant financial data in the format of ‘computation of total income’ as suggested by our supervisor, apply
tax rules, and generate a summary of the client's tax liability in an understandable manner. Attention to detail
is critical to avoid errors in these calculations.
2. Client Communication for Satisfactory Work:
Effective communication with clients is vital to understand their specific tax needs and to provide satisfactory
tax solutions. I had the privilege engage in discussions and correspondence with clients that were assigned to
me by my supervisor either by the way of e-mail or sometimes by the way call accompanying my supervisor
during client conversation. They ask questions to clarify client requirements and keep clients informed about
the progress of their tax-related tasks. Clear and concise communication is key to ensuring clients are satisfied
with the service.
3. Documentation of Information Provided by Clients:
Accurate record-keeping is essential to maintain organized client data and facilitate efficient client service. I
was involved in creating and maintaining well-organized client files by storing and documenting all
information provided by clients, such as financial statements, receipts, and other relevant documents in a

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separate folder in the system created for this very specific purpose. This documentation ensures easy access to
client data when needed.
4. Attending Client Meetings:
Client meetings are opportunities to understand client needs, provide personalized solutions, and build strong
client relationships. Even as an Intern I had an opportunity to attend these meetings alongside experienced
professionals at the firm. I observed and learned to listen to clients, take notes, and gain insights into the
client's financial situation and goals. This experience helped me learn to address client concerns and offer
tailored solutions and to provide efficient tax planning advise.
5. Research on Current Updated Tax Laws:
Staying updated with tax laws and regulations is crucial for providing accurate and compliant tax services.
In the initial stages of my internship I was engaged in extensive research to stay informed about the latest
changes in tax laws. I used legal and financial research resources, including the ICAI ( Institute of Chartered
Accountants of India) material and journals to ensure clients' compliance with the law.
6. Filing of Returns and Final Approval from Clients:
The process of filing tax returns includes preparing the necessary documents such as computation of total
income and total tax liability, then filing the returns of respective clients in the Income tax Portal as per the
computation made and obtaining client approval before submitting them to tax authorities. I was involved in
preparing the required computations, and review them for accuracy and completeness. They then seek final
approval from clients to ensure they are satisfied with the work before filing the returns with the relevant tax
authorities.
7. Tax Audit Reports:
Preparing tax audit reports involves reviewing clients' financial records to ensure they comply with tax laws.
I work closely with experienced professionals and the seniors in the team to gather and examine financial
records, and performed tax audit for the clients. This task enhanced my analytical and audit skills.

These functions collectively provide a well-rounded understanding of direct tax services and tax compliance
for clients, and the execution of these tasks ensures that clients receive quality service and remain compliant
with tax laws.

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 CRITICAL ANALYSIS

My internship journey within the Tax Department of Aditi Bhardwaj and Co. Chartered Accountants, played a
significant role in my professional development. This section of the report will provide a critical analysis of
my experience during this period, where I had the privilege of working in a dynamic and challenging
environment, honing my skills and contributing to the firm's mission of delivering exceptional tax services.

During my internship, I had the opportunity to immerse myself in the intricacies of taxation, working
alongside seasoned professionals like CA Aditi Bhardwaj, CA Rajneesh Bhardwaj and the seniors in the tax

team who guided me through real-world scenarios and client interactions. This experience has been
instrumental in shaping my understanding of the tax domain and its profound impact on both businesses and
individuals.

My internship at Aditi Bhardwaj and Co, Chartered Accountants, spanning three months from June 5th, 2023,
to September 5th, 2023, provided a comprehensive experience in the Tax Department. During this time, I had
the opportunity to work on a diverse set of responsibilities for both resident and non-resident clients.

In the realm of tax computation, my role encompassed calculating taxable salary or any professional or
business income, capital gains, house property income and if any income is earned from any other sources.
For this purpose I delved into understanding tax slab rates, surcharges, basic exemption limits, and rebates as
per the new regime, as well as the older taxation regime.

The "old regime" refers to the existing income tax structure, which allows for various deductions and
exemptions under the Income Tax Act. Taxpayers can choose to follow this regime, which often involves
more extensive record-keeping and documentation to claim deductions. The "new regime" refers to a
simplified tax structure introduced by the Indian government. It offers reduced tax rates but limits or
eliminates many deductions and exemptions. Taxpayers can choose between the old and new regimes based
on their financial situation and tax-saving preferences, and as a part of our tax service it is our duty to advice
the clients on the most suitable and tax saving option for them.

The Tax payers are supposed to assess and file their income tax returns for the income earned during the
previous financial year in the "Assessment Year" i.e., the year that follows the financial year. For example, if
the financial year is 2022-2023, the assessment year would be 2023-2024. And the “Previous Year" is the
financial year in which the taxpayer earns income. In the same example, the previous year would be 2022-
2023.

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Slab rates are a fundamental component of the Indian income tax system. They represent the different income
brackets at which various tax rates are applied. The income earned by an individual is taxed at different rates
depending on the specific income range within which it falls.
As of my knowledge gained during my internship tenure, here are the slab rates for both the old regime and
the new regime:
Old Regime:
1. Income up to Rs. 2.5 lakhs: No tax (Basic exemption limit).
2. Income from Rs. 2.5 lakh to Rs. 5 lakhs: 5%.
3. Income from Rs. 5 lakhs to Rs. 10 lakhs: 20%.
4. Income above Rs. 10 lakhs: 30%.
New Regime:
Under the new regime, there are reduced tax rates, but many deductions and exemptions are not allowed. The
new tax regime introduced in the Union Budget 2020 offered a simplified structure with the following slab
rates:
1. Income up to Rs. 2.5 lakh: No tax (Basic exemption limit).
2. Income from Rs. 2.5 lakh to Rs. 5 lakhs: 5%.
3. Income from Rs. 5 lakhs to Rs. 7.5 lakhs: 10%.
4. Income from Rs. 7.5 lakh to Rs. 10 lakhs: 15%.
5. Income from Rs. 10 lakhs to Rs. 12.5 lakhs: 20%.
6. Income from Rs. 12.5 lakh to Rs. 15 lakhs: 25%.
7. Income above Rs. 15 lakhs: 30%.
Additionally, there is a 4% Health and Education Cess (HEC) applied to the total income tax payable in case
of, both old regime as well as, new regime.

Additional tax is imposed on top of the standard income tax rates known as surcharges, and they are typically
applicable to individuals or entities with higher incomes. These surcharges are introduced to ensure that those
with greater financial resources contribute a higher share of their income in taxes.
In the old regime, surcharges were applicable to individuals and entities with higher incomes. The surcharge
rates typically increased as the income levels rose. For instance, if your income exceeded a certain threshold,
you might have been subject to a 10% surcharge, 15% surcharge, or 37% surcharge on the tax amount,
depending on your income level. Under the new regime introduced in the Union Budget 2020, surcharges
were not part of the tax structure. This new regime aimed to simplify the tax structure by reducing tax rates
but also eliminating many deductions and exemptions. As a result, surcharges were not typically applicable in
this new tax regime. It's important to note that surcharge rates and applicability can change with amendments
to tax laws and budgetary updates.

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For the purpose of tax computation, I learned in-depth about the ‘Five heads of income’. The main resource I
used to for my study was the ICAI Direct tax study material applicable for May 2023 and November 2023. I
would like to share few major insights of my learning, that helped me to complete the tasks assigned to me
during my internship and to explore the taxation field in-depth.

Beginning with the ’heads of income’, Income from salary encompasses the earnings received in exchange
for services provided as an employee. It includes your regular salary, bonuses, allowances, and perquisites.
This is one of the most common sources of income for individuals who are employed. Income from salary is
subject to income tax, and the tax is calculated based on the applicable income tax slab rates. Certain
allowances, such as House Rent Allowance (HRA), can be partially exempted from tax. Additionally,
deductions under various sections of the Income Tax Act, such as Section 10, Section 16, and others, can be
claimed to reduce taxable salary.

During my internship, I had the opportunity to explore the complexities of salary income and understand the
various components that make up an individual's taxable income. This knowledge was crucial in assisting
clients with accurate tax planning and ensuring compliance with the Income Tax Act. The insights gained
during my internship, not only in the realm of salary income but also in other sources of income, contributed
significantly to my understanding of taxation principles and the practical application of tax laws, which I shall
explain in the following points.

House property income refers to the money you earn from properties you own, such as houses or apartments.
This income includes rent that tenants pay you for living in your property. In India, house property income is
subject to income tax. The tax calculation is based on the annual value of the property, which may differ
based on whether the property is self-occupied or let out. Some deductions can be claimed, such as a
deduction for interest on home loans.

Capital gains are the profits you make from selling assets like stocks, real estate, or other investments. It's the
difference between the selling price and the original purchase price of the asset. Capital gains are subject to
capital gains tax. The tax rate depends on factors like the type of asset and the holding period. Long-term
capital gains often have lower tax rates than short-term gains.

Income from other sources includes any income that doesn't fit into the other specific categories. This could
be interest on savings accounts, dividends from investments, or income from freelance work.
Income from other sources is generally added to your total income and taxed as per your applicable tax slab
rate. Some specific types of income may have special tax rules or deductions.

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Income from Professional gains or business profits (PGBP) refers to the earnings generated through a trade,
business, or profession. It encompasses profits, gains, or income produced from self-employment, running a
business, or offering professional services. Income from PGBP is taxed as per the applicable tax slab rate.

This income is subjected to income tax after considering allowable deductions, such as business expenses,
depreciation on assets, and other legitimate costs related to the business or profession. Taxpayers must
maintain proper records of their income and expenses to determine the taxable income accurately.
Professionals, such as doctors, lawyers, or consultants, can opt for the presumptive taxation scheme under
Section 44ADA. They are taxed on a prescribed percentage of their gross receipts, and detailed accounting is
not mandatory. Deductions allowed under the Income Tax Act can significantly reduce the taxable income for
businesses and professionals operating under the PGBP category. Accurate record-keeping and compliance
with tax regulations are essential to maximize deductions and minimize tax liability.

It's important to note that the tax rules and rates for these income sources may vary, and they can be affected
by factors such as total income, the type of investment, and the duration of ownership. Understanding these
sources of income and their tax implications is crucial for accurate tax compliance and planning. Additionally,
tax laws can change, so it's essential to refer to the most recent tax regulations for delivering satisfactory
service to the clients.

My involvement in the Tax Department required a deep understanding of the Income Tax Portal, an online
platform where individuals and businesses file their taxes. I used this portal to submit income tax returns for
clients, ensuring they complied with tax regulations and deadlines. The deadline for AY 2023-24 was on June
31st, 2023. The Income Tax Portal, often referred to as the IT Portal, is an online platform provided by the
Income Tax Department of India. It serves as the central hub for filing income tax returns, managing tax-
related documents, and communicating with tax authorities. This digital platform has revolutionized the way
taxpayers, including individuals and businesses, interact with the tax system. It offers the convenience of
filing returns and managing tax affairs from the comfort of one's own computer.

Filing income tax returns on the IT Portal involves a series of steps, each designed to ensure accurate and
compliant reporting of income. Here's a simplified overview of the process:
1. Registration: Taxpayers need to register on the IT Portal using their Permanent Account Number (PAN). If
professionals are filing on behalf of a client, they’ll require access to their PAN and other essential details.
2. Selection of Appropriate ITR Form: Choosing the correct Income Tax Return (ITR) form is a critical
step. There are different forms, each tailored to specific taxpayer profiles and sources of income.
Understanding the client's income sources and financial situation is essential to select the appropriate ITR
form.

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While exploring the IT portal and filing returns for different categories of assesses I understood that the
Income Tax Department has several types of ITR forms, each catering to different financial profiles and
sources of income. During my internship, I became familiar with these forms:
I. ITR-1: This is for individuals with income from salary, one house property, and income from other sources.
It is one of the most commonly used forms.
II.ITR-2: It applies to individuals and Hindu Undivided Families (HUFs) with income from various sources,
including salary, house property, capital gains, and more.
III. ITR-3: This form is for individuals and HUFs with income from business or profession. It involves more
detailed reporting of income and expenses.
IV. ITR-4: Suited for individuals, HUFs, and firms (other than LLP) with presumptive income from business
or profession.
V. ITR-5: Applicable to entities other than individuals, HUFs, and companies. This includes firms, LLPs,
AOPs, BOIs, and more.
3. Income Details: We'll need to enter details of client's income, including salary, house property income,
capital gains, and income from other sources. Accurate data collection is vital to ensure that the return reflects
the client's actual financial position.
4. Deductions and Exemptions: Clients can avail of deductions and exemptions under various sections of the
Income Tax Act. You must ensure that all eligible deductions are claimed to reduce the client's taxable
income.
5. Verification: After filling in the details, we need to verify the return. This can be done electronically
through Aadhaar-based OTP or by sending a physical copy of the return to the Centralized Processing Center
(CPC).
6. Submission: Once verified, the return is ready for submission. The IT Portal generates an
acknowledgment, which serves as proof of submission. And this acknowledgement shall be documented in the
clients’ respective folders.
7. Acknowledgment: After submission, the client receives an acknowledgment containing details of the
return filed. This document is essential for record-keeping and future references.

Working with the IT Portal and navigating the intricacies of income tax return filing has been a valuable part
of my internship experience, it also made realize the significance of filing returns for an individual. I learned
to identify relevant information from sources such as the AIS (Annual Information Statement), TIS (Taxpayer
Information Statement), and documents like Form 16 and Form 26AS. These documents played a vital role in
ensuring accurate and compliant tax computations for clients. It's an essential skill in the field of taxation and
has equipped me with practical knowledge to assist clients in their tax compliance journey. Furthermore, I
worked on the calculations related to Restricted Stock Units (RSUs) and Employee Stock Option Plans
(ESOPs), which are common incentives provided by companies to their employees. My role included
determining the tax implications of these incentives and accurately calculating the taxes owed. I also worked
on calculating deductions as per the applicable sections of the Income Tax Act, ranging from Section 80C for
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investments to Section 80U for individuals with disabilities in order to arrive to the accurate tax liability of the
assesses. These deductions played a crucial role in helping clients reduce their tax liabilities legally.

My responsibilities extended to both resident and non-resident clients, broadening my exposure to a variety of
tax scenarios. This experience furthered my understanding of the complexities of taxation and the nuances that
distinguish residents from non-residents in terms of tax liability and compliance.

I had the opportunity to dive into another crucial area often encountered by tax professionals i.e., Belated
returns. In the field of taxation, deadlines hold immense significance. Filing income tax returns within the
stipulated time frame is not just a financial responsibility but also a legal obligation. However, sometimes
individuals and businesses tend to miss the original due date for filing returns. This is where the concept of
"belated returns" enters the picture. A belated return is essentially an income tax return filed after the original
deadline. In India, for individual taxpayers and Hindu Undivided Families (HUFs), the typical deadline for
filing income tax returns is July 31st. For companies, it's usually by the end of September. However, various
circumstances can cause taxpayers to miss these deadlines, making the filing of belated returns a vital aspect
of taxation. The taxpayers often missed to file returns on their respective due dates due to the following
reasons:
 Missed Deadlines
 Realization of Tax Liability
 Correcting Errors
Handling belated returns became an integral part of my internship experience. I learned that these returns offer
individuals and businesses a second chance to meet their tax obligations. Tax professionals play a vital role in
guiding clients to rectify missed deadlines, correct errors, and maintain compliance with tax regulations. By
ensuring that clients file belated returns accurately and in a timely manner, tax professionals help alleviate the
burden of missed deadlines and contribute to sound financial practices.

During the concluding weeks of my internship I was entrusted with the task of providing assistance in the
preparation of tax audit reports. A tax audit report is a detailed document that serves as a comprehensive
record of a taxpayer's financial activities, ensuring that they comply with the provisions of the Income Tax
Act. Tax audit reports are primarily required for specific categories of taxpayers in India such as certain
businesses, professionals, and taxpayers who meet specific criteria in terms of income and transactions. My
experience in assisting with tax audit reports was instrumental in understanding the practical aspects of tax
compliance.

One of the pivotal skills that I deployed from my supervisor and seniors was effective client communication.
This skill emerged as the cornerstone of my experience, facilitating not only seamless interactions but also
client satisfaction and successful service delivery. Throughout my internship at Aditi Bhardwaj and Co,
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Chartered Accountants, I had the chance to learn the art of talking with clients in a way they understand.
Lastly, I realized that good communication is the key to keeping clients happy.

My internship was not just about numbers; it was about talking to people and helping them with their money
questions. I learned that talking in a way that people understand is super important. This skill will help me
build strong relationships with clients in the future. It's not just about knowing the stuff; it's about explaining it
well and making people feel good about their finances. In hindsight, the proficiency in client communication
that I developed during my internship has proven invaluable. The ability to convey complex financial
information in an understandable and empathetic manner is not only a service but a commitment to clients'
financial well-being. It is a skill I will continue to refine as I progress in my career in the field.

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 CURRENT & FUTURE PROSPECTS OF THE ORGANIZATION

Insights into the firm's current position and its future prospects, shedding light on the opportunities and
challenges that lie ahead:

The current strengths of Aditi Bhardwaj and Co Chartered Accountants place the firm in a favorable position
for continued growth and excellence. The firm is led by experienced professionals, CA Aditi Bhardwaj and
CA Rajneesh Bhardwaj, who bring a wealth of expertise, particularly in international tax, corporate tax, and
transfer pricing. Their prior experience with Big Four firms has provided a strong networking advantage,
fostering opportunities for potential clients and collaborations.

The firm's reputation in Bengaluru is a testament to the quality of services provided. It has gained a significant
number of high net worth individuals (HNIs) as clients, demonstrating the firm's capability to offer
personalized and strategic solutions for complex taxation matters. Moreover, the firm's comprehensive service
offering, covering financial advisory, tax preparation, tax advisory, and more, caters to diverse client needs.

The future of Aditi Bhardwaj and Co Chartered Accountants is bright, and several opportunities can be
harnessed to further strengthen the firm's position like market expansion, diversification of services, service
expansion etc. While the firm has several strengths, it's important to address its current weaknesses such as
limited market presence and resource constraints. Meeting the challenges the firm faces is vital for sustained
success.

In conclusion, Aditi Bhardwaj and Co Chartered Accountants is poised for a promising future. With
experienced leadership, a strong reputation, and a comprehensive service offering, the firm is well-equipped
to leverage future opportunities and address existing challenges. By expanding its market presence,
diversifying services, and enhancing client communication, the firm can continue to thrive in the dynamic
field of chartered accountancy.

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 LEARNING OUTCOMES

Learning Outcomes from My Internship at Aditi Bhardwaj & Co. Chartered Accountants:

1. Tax Knowledge: During my internship, I gained in-depth knowledge about the complex world of taxation
in India. I learned how taxes work, the various rules governing them, and the tax rates that apply. This
knowledge is essential for helping individuals and businesses navigate the tax landscape effectively.
2. Importance of Filing Returns: One crucial lesson I learned is the procedure to file tax returns and
importance of filing taxes on time. If the deadline is missed, taxpayers can still file something called a
"belated return" to catch up on their tax obligations. Understanding this process is crucial for ensuring clients
remain compliant with tax regulations.
3. Tax Audit Report Preparation: My internship provided insights into how individuals and companies
maintain financial records for tax purposes. These records are crucial for preparing accurate tax reports and
ensuring compliance with the Income Tax Act. Learning this skill is essential for tax professionals.
4. Excel Proficiency: I acquired advanced Excel skills during my internship, allowing me to efficiently
manage and analyze financial data. Excel proficiency is vital for tasks like tax computations, data
organization, and financial modeling.
5. Communication Skills: Effective client communication emerged as a cornerstone of my internship
experience. I learned how to communicate complex financial concepts in a way that clients can easily
understand. Good communication is not just about what you say but how you say it, which plays a significant
role in ensuring client satisfaction and successful service delivery.
6. Record Keeping and Documentation: I realized the significance of keeping meticulous records when
dealing with taxes. Proper record-keeping is vital for tracking financial transactions, ensuring accuracy in tax
reporting, and demonstrating compliance with tax laws.
7. Understanding Client Needs: My internship taught me to listen carefully to clients and understand their
specific financial needs. Tailoring tax advice to meet these needs is crucial for providing valuable service.
8. Compliance with Tax Laws: Tax laws are not static; they change over time. Staying updated with the
latest tax regulations and ensuring compliance is a fundamental aspect of a tax professional's role.
9. Dealing with Different Tax Situations: Working with a diverse set of clients, including those living in
India and abroad, exposed me to various tax situations. I learned about the different rules that apply to
different clients based on their unique circumstances.
10. Knowledge of IT Portal: Navigating the government's tax website to file returns online, and
understanding the different types of ITR was a practical skill I acquired.

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11. Calculating Deductions: I gained the ability to calculate deductions, which are the expenses or
investments that individuals and businesses can subtract from their taxable income. This skill helps clients
legally reduce their tax liabilities.
12. Awareness of Income sources: I explored the various sources of income, such as earnings from
employment, rental income, or gains from investments. Understanding the different types of income is
essential for accurate tax compliance and planning.
13. Contribution to Financial well-being: I realized that simply knowing about finances is not enough;
effectively explaining financial concepts and strategies is equally important. This skill helps build trust with
clients and ensures they make informed decisions about their finances.

All of these learning outcomes from my internship have equipped me with the knowledge and skills necessary
for a career in the field of taxation and financial advisory.

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 SWOC ANALYSIS

This SWOC analysis aims to reveal the firm's strengths, areas needing improvement, untapped opportunities,
and potential challenges. This structured assessment examines both internal and external factors to understand
what drives the firm's success and where adjustments may be needed.

Strengths:
1. Experienced Leadership: The firm is led by Aditi Bhardwaj and Rajneesh Bhardwaj, both
accomplished chartered accountants with extensive backgrounds in serving multinational corporations.
Their experience provides a strong foundation for addressing intricate financial challenges.
2. Reputation: Aditi Bhardwaj and Co Chartered Accountants has earned a reputable position in the
competitive landscape of CA firms in Bengaluru. The firm's distinguished services have garnered a loyal
clientele, particularly high net worth individuals seeking personalized and strategic solutions for complex
taxation issues.
3. Comprehensive Service Offering: The firm offers a comprehensive range of financial and accounting
services, including financial advisory, tax preparation, tax advisory, small business tax, personal tax
planning, financial accounting, and strategic planning, catering to diverse client needs.
4. Networking Advantage: The prior experience of CA Aditi and CA Rajneesh in Big Four firms has
enabled them to build a strong professional network. This networking advantage can open doors to
potential clients and collaborations, enhancing the firm's growth opportunities.
5. Efficient Client Communication: The firm excels in efficient client communication, fostering client
retention and satisfaction by effectively addressing their needs and concerns.

Weaknesses:
1. Limited Market Presence: While the firm has established a strong reputation in Bengaluru, it may
have a limited market presence in other geographic regions, potentially limiting opportunities for
expansion.
2. Resource Constraints: The size of the firm's team may be relatively small, which could limit its
capacity to handle a high volume of clients or larger projects.

Opportunities:
1. Market Expansion: There is an opportunity for the firm to expand its services to reach clients in other
regions, broadening its client base and revenue streams, leveraging its networking advantage.
2. Diversification of Services: The firm can explore diversifying its service offerings to cater to a
broader range of financial needs, providing more extensive solutions to clients, including those from their
professional network.
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 3. Service Expansion: The firm can consider expanding its service portfolio to include statutory audit
and internal audit services, thereby broadening its range of expertise and attracting new clients seeking
these services.

Challenges:
1. Competitive Landscape: The field of chartered accountancy is highly competitive. To continue
standing out, the firm must stay innovative and offer services that differentiate it from competitors.
2. Regulatory Changes: The firm operates in an environment subject to frequent regulatory changes,
particularly in taxation. Adapting to and staying current with these changes can be a significant
challenge.
3. Client Satisfaction and Retention: Maintaining a high level of client satisfaction and retention is a
continuous challenge, given evolving client needs and expectations. Consistently meeting or exceeding
client expectations is imperative.

In conclusion, Aditi Bhardwaj and Co Chartered Accountants is a reputable firm with strong leadership, a
solid reputation, and a comprehensive service offering. While it faces limitations such as market presence and
resource constraints, opportunities for growth and diversification exist. Meeting challenges related to
competition, regulatory changes, and client satisfaction will be critical for the firm's continued success in the
dynamic field of chartered accountancy.

RECOMMENDATIONS

Based on the SWOC analysis of Aditi Bhardwaj and Co Chartered Accountants, several recommendations
can be put forward to address the identified strengths, weaknesses, opportunities, and challenges. To tackle
the limited market presence, the firm should consider expanding its reach to other regions, either through
satellite offices or virtual client interactions. This strategy can help diversify its clientele and revenue sources,
leveraging the strong reputation and networking advantage. In response to resource constraints, strategic
investment in hiring additional staff or interns is advisable to enhance the firm's capacity to manage more
clients and larger projects efficiently. Service diversification and expansion, especially in the areas of
financial planning, investment advisory, and audit services, can cater to a broader range of client needs and
provide a balanced revenue stream. To stand out in a competitive landscape, innovation and service
differentiation are crucial, offering unique services or advanced financial tools to clients. Ensuring strict
regulatory compliance and maintaining a dedicated compliance team will help the firm stay up-to-date with
ever-changing financial regulations. Finally, strengthening client relationship management through
personalized service plans and proactive communication can ensure high client satisfaction and retention,
fostering long-term success in the dynamic field of chartered accountancy.

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 CONCLUSION

In conclusion, my internship journey at Aditi Bhardwaj and Co. Chartered Accountants has been an
invaluable experience that has significantly contributed to my professional growth and understanding of the
field of taxation. Over the course of three months, I had the privilege of working in a dynamic and
challenging environment, where I not only honed my skills but also actively contributed to the firm's mission
of delivering exceptional tax services.

During this period, I had the opportunity to immerse myself in the intricacies of taxation, working alongside
seasoned professionals and senior associates who guided me through real-world scenarios and client
interactions. This hands-on experience was instrumental in shaping my understanding of the tax domain and
its profound impact on both businesses and individuals.

I was exposed to a wide range of responsibilities, from tax computation and understanding different income
tax regimes to the intricacies of filing income tax returns through the Income Tax Portal. I learned the
importance of accurate record-keeping, deductions, and exemptions that play a vital role in tax compliance
and planning. Additionally, my involvement with both resident and non-resident clients expanded my
exposure to a variety of tax scenarios and the nuances that differentiate them in terms of tax liability.

One of the pivotal skills I gained from my internship is effective client communication. This skill emerged as
the cornerstone of my experience, facilitating not only seamless interactions but also client satisfaction and
successful service delivery. The ability to convey complex financial information in an understandable and
empathetic manner is not only a service but a commitment to clients' financial well-being.

Furthermore, my internship provided me with the opportunity to work on tax audit reports, which are essential
for ensuring compliance with the provisions of the Income Tax Act. Handling belated returns, which play a
significant role in taxation, gave me insights into guiding clients to rectify missed deadlines and correct errors
to maintain compliance with tax regulations. My experience with the Income Tax Portal and the filing of
income tax returns further reinforced the importance of timely and accurate compliance with tax laws,
ensuring that clients meet their tax obligations.

In retrospect, this internship has not only equipped me with technical knowledge but has also emphasized the
significance of ethical and client-centric practices in the realm of taxation. I am grateful for the mentorship
and guidance I received from the entire team at Aditi Bhardwaj and Co. Chartered Accountants, particularly
CA Aditi Bhardwaj and CA Rajneesh Bhardwaj. This experience has provided me with a strong foundation
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for my future career and instilled in me the importance of continuous learning and adapting to a dynamic and
ever-evolving field.

I am excited to carry forward the lessons and experiences gained during my internship as I embark on my
professional journey. This internship has not only enhanced my technical skills but has also shaped me into a
more organized, detail-oriented, and effective communicator, which I believe are essential attributes in the
world of chartered accountancy.

As I step into the next phase of my academic and professional journey, I express my heartfelt gratitude to
Aditi Bhardwaj and Co. Chartered Accountants, the entire team, and my university for this transformative
experience. I look forward to applying the knowledge and skills acquired during this internship to excel in my
future endeavors and make meaningful contributions to the field of finance and taxation.

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WEEKLY PROGRESS REPORT
( 6 WEEKS )

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