Filing Income Tax Returns and Maintaining Books of Accounts for Clients

Filing Income Tax Returns and Maintaining Books of Accounts for Clients

Mayuri Kalpesh Malkan (Student) Prof. Prashant Rege (Assistant Professor)

Indira School Of Business Studies PGDM, Pune

ABSTRACT
This report summarizes the practical experience gained during a two-month internship at Heramb Finserv Private Limited, focusing on two primary accounting functions: filing Income Tax Returns (ITRs) and maintaining Books of Accounts. The internship provided hands-on experience in filing ITRs for individual clients across various income categories and ensuring accurate financial record-keeping for companies and partnership firms. Responsibilities included working closely with clients to gather financial data, ensuring compliance with tax regulations, and maintaining up-to-date financial records using accounting software. Key tasks involved preparing financial statements and e-filing ITRs on the Income Tax Portal.

Through this experience, technical skills in tax filing and bookkeeping were enhanced, along with a deeper understanding of income tax laws and financial analysis. The internship highlighted common challenges such as delays in client data submission and gaps in client knowledge of tax regulations, which often complicated the tax filing process. Additionally, the project faced limitations, including a short internship duration, which restricted exposure to full accounting cycles and limited the depth of skill development.