SUMMER INTERNSHIP PROJECT REPORT

In

Submitted to

Mr. Manojit Moharil

(HR Manager ) TLL,Deoli

Submitted By

Deepshikha B. Kamble
MBA- III SEM

Department of Management Technology

Bapurao Deshmukh College Of Engineering,Sevagram

Under the guidance of

Mr. Dilip Kumar

(Head of Accounts Department)

Internship Duration : 6-07-2017 to 11-07-2017

 Preface

I did my summer internship in Transrail Lighting Limited,Deoli for 1 week.This

report documents the work done during the summer intership at Transrail Lighting
Limited,Deoli under the guidance of Mr. Dilip Kumar(Head of accounts
department).This report gives the overview of the results obtained, discussed and
analysed.

Hence I am presenting the training report of financial records.I have tried

my best to keep this report simple precise and technically correct.I hope I
hardworked enough to make this training report a success.

Also,I am thankfull to all the employees of TLL for

their guidance and support.

Deepshikha B. Kamble

MBA- III SEM

Department of Management Technology

B.D .College of Engineering,Sevagram

 Acknowledgement

I am using this opportunity to express my gratitude to my industrial guide Mr.

Dilip Kumar(Head of Accounts Department) everyone who supported me
throughout the completion of this report. I am thankful for his aspiring guidance,
invaluably constructive criticism and friendy advice during the report work.

I would also like to thank Mr. Manojit Moharil(HR Manager) who provided me
with the facilities being required and conductive conditions for my report.

I am sincerely grateful to them for sharing their truthful and illuminating views on
a number of issues related to the report.

I express my warm thanks to all the people for their support and help at the
company.

Deepshikha B. Kamble

MBA- III SEM

Department of Management Technology

B.D .College of Engineering,Sevagram

 Abstract

This report provide the overview of the work done during the internship at
TLL,Deoli which are as follows :

Introduction about the company.

Process of MIGO,J1iex and MIRO.

Knowledge about cost and profit centre codes.

checking and correction of Filing or documents.

Types of taxes(excise duty,VAT,service tax,TDS.)

Analysis of bills of store,contractors etc..

In short,I learned about financial activities which are clerical in nature.

 Internship Objective

To get training in a professional environment by engaging ourselves in

one of the leading company. For the future Opportunity I am very early
waiting for knowledge sources and TLL is the main source in my Point of
view.

The reason I choose to follow ILL internship because I w a n t e d t o b e n e f i t

f r o m t h e e x p e r i e n c e s . I w a n t e d n e w Challenges to learn, Improve
and develop new sets of skills.

During my internship As a Major competencies are central Working as

an intern, performing duties and activities very sincerely for a great and
successful career.
 Introduction about company

Transrail Lighting Limited (TLL), pole division undertakes design, manufacturing,

testing, installation and supply of Engineered Galvanized Steel poles for
Transmission & Distribution Monopoles, Street Light poles, High Mast, Stadium
Mast, Telecom Monopoles, Swaged poles etc. along with the luminaires.

It has in-house design, pole manufacturing capacity of 40,000 MT per annum

which is being handled by large pool of competent managerial & supervisory
personnel.
Supplied poles to overseas countries viz, Zambia, Mozambique, Benin, Ethiopia,
Rawanda, Ghana, UAE, Qatar.

Products Range
Transmission Monopoles
Distribution Poles
High Masts & Stadium Masts
Street Lighting Poles
Traffic Poles
Surveillance/CCTV Poles
Telecommunication Monopoles
Derrick/Flare Structures
Signage/Gantry Structures
 Process of MIGO,J1iex and MIRO

MIGO- This document would talk about executing Goods Receipt movement with
transaction MIGO for a production order. Production order needs to be entered into
the order field and the relevant details get fetched from the order into the MIGO
screen. However, quantity and associated serial numbers(in case of serialized
order)needs to be appropriately entered.
It should be noted that if material is serialized, the serial numbers of the quantities
should be entered.
The other transaction to execute goods receipt for order is MB31.
Once the Goods Receipt (GR) is executed successfully, a material document is
generated. This can be viewed with transaction MB03.
All the material documents generated for a production order can also be viewed
directly from the production order in CO03.

J1iex- J1IEX is used to Capture and Post the Excise Duty invoice if you have
activated CIN. Either MIRO is done after capturing J1IEX or before it doesn't
matter as long as you post J1IEX. Both are different T-codes used for different
purpose.

Capturing excise invoice through J1IEX transaction -

The MRP indicator can be found on the Miscellaneous [tab at the header level in
J1IEX transaction. There is a checkbox for the MRP indicator on this tab. This
MRP indicator checkbox must be ticked and then the excise base value and the
excise duty values can be changed. Please note - the sum of the excise base and
the excise duty values must always equal to the PO price. This is because in this
step, the PO price is being divided into two components - the excise base value and
the excise duty value.

MIRO-It is used for invoice verification of goods purchase order. When you create
an incoming invoice for a purchase order, the system displays the Down Payment
Clearing pushbutton on the Enter Incoming Invoice screen. Once you have posted
the invoice document, the system clears the down payment automatically and posts
the down payment clearing document together with the invoice document. This
invoice document will have withholding tax Debit entries to enable reversal of
excess TDS paid during invoice verification.
 Cost Center And Profit Center Codes

There are two types of profit center code and six types of cost center codes :

Profit center code Cost center code

Research and Development 1150
1. R & D
2. Guest house
... 16010100
16010110
Central store 1210 11020270
Factory 2810
Galvanising 28010110

Fabrication 28010100
General 28010120
Checking and Correction of Filing or Documents

Wh e n s u b mi t t i n g mu l t i p l e f i l l i n g , p r o v i d e a s e p a r a t e payment check
with each individual filling .This will ensure that If there is a problem with one of
the document .common errors are difference in business name punctuation
and address .

Provide Clear Instruction When Filling Multiple Document :

There are occasions when businesses need to file more than one
registration document at the same time . In these instances let us know
beforehand if you have special requirement such as a s p e c i f i c
requirement such as a specific document filling sequence.
Incorrect docume nt filling sequence can result in processing delays
or errors.

When you are ready to submit your application , remember t o i n c l u d e a l l

s u p p o r t i n g d o c u m e n t . T h i s m e a n s p h o t o s , f e e receipts and
supplementary forms. Supporting documents includes itmes such as
passports, birth certificate , medical, information , financial statement
language ,test assessment or sponsor forms.
 Types Of Taxes

VAT ( Value Added Tax):

VAT i s a mu l t i - s t ag e t ax l ev i ed a t e a c h s t ag e o f t he
v a lu e addition chain, with a provision to allow input tax credit
(ITC) on t a x p a i d a t a n e a r l i e r s t a g e , w h i c h c a n b e
a p p r o p r i a t e d a g a i n s t the VAT liability on subsequent sale.

VAT is devied on sales of goods and services and paid

by p roducers to the gov ern ment. Th e actu al tax is d evied
f r o m c usto me rs o r end use rs who pu rcha se thes e .

VAT = Output Tax Input Tax

Output Tax is the tax received by the sever for sale of his
goods and service

Input Tax is tax paid by the seller for raw material required to
manufacture his goods and services.

VAT is kept as low as 1% gold, silver, and other previours stones

fall under this category of goods

Gen er al VAT rate s appl y to goods which not be seg reg ated and
put under any of the above listed VAT categories. For goods like
liquor cigarettes etc. many government charges high VAT rate of
12.5%.
 Service Tax :

It is a tax which is payable on services provided by

t h e s e r v i c e p r o v i d e r . J u s t l i k e Ex c i s e d u t y i s p a ya b l e o n g o o ds
which are manufactured, similarly service Tax is payable on
s e r v i c e s provided.

This Tax is payable by the provider of service to the Govt.

of India This cess would be applicable from 1 st June 2016. Before
1 st J u n e 2 0 1 6 o n l y S e r v i c e T a x @ 1 4 % a n d S w a c h h B h a r a t
Cess @

0.5% would be applicable but from 1 5t June 2016 Krishi Kalyan

C ess would also be applic able and then th e ef fec tive r ate o f tax
would become 15%.
 Excise duty:

The excise duty falls under the excise duty Act 1944 ,
the taxes are levied on manufacturing or production of goods.

The Concessional central excise duty rate of 4% is

being increased to 5% and thus all goods currently attracting
4% duty will now attract 5% unless otherwise specified. A
Concessional r a t e o f e x c i s e d u t y @ 1 0 % i s b e i n g g i v e n t o
t h e H y d r o g e n Vehicles based on fuel cell technology.

Ex c i s e d ut y i s b ei ng r e du c ed f r o m 1 0 % t o 5 % o n Hyb r i d k it s fo r
conversion of fossil fuel vehicles to hybrid vehicles.

A Concessional rate of excise duty @ 10% is being

ex tended to fa ctor y bui lt a mbul anc es , othe r vehi cle s ret rof itted as
ambulances subsequent to their removal from the factory shall
continue to be eligible for refund based concession.
 Tax Deducted at Source (TDS) :

TDS or tax deducted at source is means of indirect

tax collection by Indian authorities according to the
I n c o m e T a x Act,1961. TDS is managed by the Central Board of
Direct Taxes ( C B DT) , whi ch co me s u nder the Ind ian Rev enue
S e rvic e.

TDS on dividends Se cti on 194 of I nco me Tax Act, 1961

b y law notes TDS provisions under this section are attracted only
in r e s p e c t o f d e e me d d i v i d e n d . R a t e o f d e d u c t i o n o f t a x i n
r e s p e c t of such dividend is 10%.

Section 194C of Income Tax Act - Tax need to be deducted 1 %

(for individual HUF)/2% (for others) of payment where
payment is made for carrying out any work by a contractor/sub -
contractor.
 Analysis of bills of store

Pending and temporary charges:

Some financial institution show authorization holds or pending charges.

These requests aren't actual charges and disappear after your purchase clears.
Multiple purchases might be grouped into single transaction on your credit or
debit cord statement a few days after the purchases.

Multiple purchases might be grouped into a single transaction On your credit or

debit card statement a few days after the purchase.
 Analysis of bills of contractor

The contractor shall employ technically

q u alified an d competent supervisors for the work
who shall be available throughout the working
h o u r s t o r e c e i v e a n d c o mp l y w i t h i n s t r u c t i o n o f t h e
e mp l o ye r s . T h e c o n t r a c t o r s h a l l e n a g a g e a t l e a s t o n e
experienced engineer as site-in-charge for
e x e c ut i on o f t he work . The contractor shall employ
i n c o n n e c t i o n w i t h t h e w o r k persons h a v i n g t h e
appropriate skill or ability to perform their job
efficiently.

The contractor shall employ local labourers on the

w o r k a s far as possible.N o l a b o u r b e l o w t h e a g e o f
fourteen years and who is not an I n d i a n N a t i o n a l
s h a l l b e e mp l o y e d o n t h e w o r k . The contractor shall
c o m p l y w i t h t h e p r o v i s i o n s o f a l l l a b o u r l egisl ation
in cluding in the requ ir e ment o f

a ) T h e p a yme n t o f w a g e s Ac t
b ) E mp l o y e r s L i a b i l i t y A c t
c) Workmen's Compensation Act
d ) Contractor Labour ( Regulation and Abolition ) Act 1970 and
Central Rules 1971
e) Apprentices Act 1961
f) Any other Act or enactment relating there to rule farmed
there under from time to time .
 Conclusion

Overall,in the intership period I learned about the working of the

company.Different departments performing allotted tasks for the smooth
functioning of the company.I basically learned about the accounts departments and
its working which is clerical in nature.

The process of MIGO.J1iex and MIRO for the purchase orders of goods in the
company.Basic filing ,checking and correction of documents,knowledge about
taxes.Types of cost and profit center codes in the company.Analysis of bills of
store,contractor etc.

All this learning is definitely going to enhance my knowledge and skills and will
help me in future course of career opportunity.