INTERNSHIP REPORT

SARN CONSULTING

Submitted By:
RAJA MUHAMMAD ALI ZAFAR
17-arid-6673
BBA (HONS) – Finance
Spring- 2021

Department of Management Sciences

Barani Institute of Management Sciences
PMAS- Arid Agriculture University, Rawalpindi
Internship/Employment Report
 (SESSION: SPRING 2021)

Internship/Employment Report Submitted in Partial Fulfillment of the requirements for the

Degree of
Bachelor of Business Administration (BBA-Hons)

SUBMITTED TO:
Sir Junaid Ahmad Kayani
Designation:
HOD
SUBMITTED BY:
Raja Muhammad Ali Zafar
17-Arid-6673
Finance
03341804673
[email protected]

INTERSHIP DETAILS:
Sarn Consulting
0512741611
Fax Number: N/A
Ashfaq Ahmad
03370646536

[email protected]
Office No. 13, 3rd Floor Al-Anayat
Plaza, G-11 Markaz Islamabad.

Start Date for Internship:14-05-2021

End Date for Internship:30-06-2021 Report Submission Date:15-07-2021

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 LETTER OF TRANSMITTAL

Date: (15-07-2021)

Mr. Sir Junaid Ahmad

HOD
Department of Management Sciences
Barani Institute of Management Sciences (BIMS)
PMAS-Arid Agriculture University, Rawalpindi.

Subject: Submission of Internship Report

Dear Sir,

I am hereby submitting my Internship Report, which is a part of the BBA Program

curriculum. It is great achievement to work under your active supervision.
This report is based on, “My internship/employment experience at SARN Consulting”. I have
got the opportunity to work at this organization in tax corporation under the supervision of
Mr. Sir Ashfaq Ahmad for Six weeks.
This project gave me both academic and practical exposures. I shall be highly obliged if you
are kind enough to receive this report and provide your valuable judgment. It would be my
immense pleasure if you find this report useful and informative to have an apparent
perspective on the organization’s position.

Sincerely Yours

___________________
Raja Muhammad Ali Zafar
17-Arid-6662
BBA (Hons) – Finance
BIMS

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 DECLARATION FORM

I Raja Muhammad Ali Zafar, Registration No. 17-Arid-6673 program BBA (Hons) have
completed my internship report of six weeks at Sarn Consulting under supervision of Sir
Ashfaq Ahmad.

(Signed by Student) (Signed by Supervisor at Internship)

_______________ _____________________________
Raja Muhammad Ali Zafar Ashfaq Ahmad

(Signed by Supervisor at University)

____________________________
Sir Junaid Ahmad Kayani

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 EVALUATION FORM

Raja Muhammad Ali Zafar

Completed internship at
SARN Consulting
From15-05-2021. To30-06-2021

Internship/Employment report submitted for the Final Evaluation in

Partial Fulfillment of the requirements for the Degree of

Bachelors in Business Administration (Hons)

It is certified that, the Internship/Employment report and the work contained in it

conforms to all the standards set by the Institute for the evaluation of any such work.

Evaluation Committee:

< Signature >

1.
Mr. Eimad Hafeez

< Signature >

2.
Ms. Anum Rashid

< Signature >

3.
Ms. Hira Rizwani

Barani Institute of Management Sciences

PMAS- Arid Agriculture University, Rawalpindi
(2021)

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 ACKNOWLEDGEMENT

I would like to thank the Almighty ALLAH. Who has bestowed and blessed me with the
time and the dedication to complete this report.

I would like to thank my Parents for always supporting me in whatever I do. I would also
like to thank my firm Staff and fellow interns especially my internship supervisor Mr. Ashfaq
Ahmad everyone at the branch who made these last six weeks of internship, an ultimate
learning experience for me.

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 DEDICATION

I’m dedicating this to my supervisor My mother who gave the wonder opportunity to do this
wonderful project, and who helped me a lot during my internship and support me to do things
effectively and efficiently.
As a mother you are truly an inspiration to your family. Your strong leadership skills, along
with the support and dedication you show to your team, has earned you much deserved
respect and admiration. I feel lucky to be my mother.
I would like to dedicate this Internship report to my sisters who supported me in every aspect
of life and especially all this credit goes to BIMS who makes me able to get market
experience during my theoretical tenure.

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 EXECUTIVE SUMMARY
This report will discuss my internship with SARN (Financial and Tax) Consulting (Cost
and management Accounting Firm). It will outline the following:

My internship at Sarn Consulting is very wonderful experience. C.E.O of the firm after
meeting me verified my internship letter issued by BIMS and introduced me to the
company’s staff. During my entire internship I reported to Mr. Ashfaq Ahmad (Companies
Compliance Supervisor) and Mr. Junaid Ahmad (General Manager). I was told to join Mr.
Ashfaq Ahamad (C.E.O). I was working on tax with holdings and helped in generating fee
Challan from the FBR website. I was also assigned duty to study and prepare the companies
registrations forms from the SECP website. I was sent SECP and FBR main Offices to check
and learn from their environment how these concerning Institutions are operating. At the
Organization I was assigned the task and responsibilities of a Junior Consultant and assisted
Senior Consultant (Asim Shahzad) and Supervisor (Sir Ashfaq Ahmad) with their workings
and operations. At start of the procedures to registered a Private company in FBR and SECP.
We done a meeting with our team, in this meeting we were told the procedures used by the
organization and personnel involved in consulting departments. For the next period of six
weeks, I never felt any boredom in that refreshing environment where I haven’t seen any
dispute or ordinary organizational politics. Besides it, there was no manager-subordinate
discrimination among the staff members. The remarkable cooperation among the employees
is one of the major causes of the success of the firm.

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 TABLE OF CONTENT
1. Later of Transmittal
2. Declaration Form
3. Evaluation Form
4. Acknowledgment
5. Dedication
6. Executive Summery
CHAPTER No. 01
1.1 Brief Intro Introduction of Organizations Business Sector
1.2 Overview Of the Organization
1.2.1 Brief History
1.2.2 Organization Hierarchy Chart
1.2.3 Business Value (Total number of stocks, shares, bonds/ commodities, future
contracts Planned for a particular period, etc.)
1.2.4 Product Line (List Complete range of products/ services of the organization)
1.2.5 Competitors
1.2.6 Brief Introduction of All the Departments
1.2.7 Comments On the Organization Structure
CHAPTER No. 02
2.1 TRANING PROGRAM
2.2 NTERNSHIP PLAN
a) A brief introduction of the branch or department where you performed your
internship
b) The starting and ending dates of your internship
c) The names of the departments in which you obtained training and the duration of
your training in these departments.
2.3 DUTIES PERFORMED
2.4 INTERNSHIP WEEKLY SCHEDULE
2.4.1 Week One Responsibilities and Tasks
2.4.2 Week Two Responsibilities and Tasks
2.4.3 Week Three Responsibilities and Tasks
2.4.4 Week Four Responsibilities and Tasks
2.4.5 Week Five Responsibilities and Tasks
2.4.6 Week Six Responsibilities and Tasks
2.5 LEARNI9NG EXPERIENCE
2.5.1 Knowledge Acquired
2.5.2 Skill Learned
2.5.3 Observed Attitude and Gained Values
2.5.4 The Most Challenging Task Performed
CHAPETER No. 03
3.1 SWOT ANALYSIS
3.2 ANALYSIS OF SPECIALIZED FIELD
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 a) Ratio analysis
b) Finance approval
3.3 PROBLEM IDENTIFICATION & SOLUTION
a) Problem identification
b) Consequences of the current problem
3.4 FUTURE PROSPECTS OF THE ORGANIZATION
CHAPTER No. 04

4.1 CONCLUSION
4.2RECOMMENDATION
a) Based on Strategies developed in SWOT
b) Should not be Vague, Abstract, Idealistic
c) Should be Specific, Concrete and Practical
4.3 REFERENCES

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 Chapter No. 1
INTRODUCTION.

1.1 BRIEF INTRODUCTION OF ORGANIZATION’S BUSINESS SECTOR

Taxes are the cost of living in a civilized society that people have to pay for economic
development and planning. It is the realization of money in the country. Government taxes on
goods, businesses, individuals and society. Pakistan's federal tax is the same as any other tax
system in the world. Direct tax and indirect tax can be broadly divided into two categories.
Direct taxes include salaries, interest on securities, income from property, and income from
businesses, while indirect taxes include sales tax. Unfortunately, only 5 percent of Pakistani
people pay taxes directly. The remaining 95% avoid payments by not showing income or by
building close relationships with tax professionals and senior executives. Tax collection is a
major economic challenge facing Pakistan
Our company serve clients in key areas of our business, including audits and guarantees,
taxation, accounting compliance, forensic audits, transaction advisory, due diligence research,
information technology, human resources, financial advisory services, management
consulting and disputes. We have a wealth of individual and group experience that we have
provided. Resolutions, arbitrations, family settlements, liquidations, acquisitions, mergers,
splits, reconstructions, etc.
By focusing on the industry that is the basis of RACO's approach, we were able to gain a
deeper understanding of our clients' businesses and provide an informed perspective on the
issues they are facing. This is a strategy implemented across all of RACO's core services,
backed by global and regional strengths.
The company is keenly aware of the need to provide consulting and technical services under
the concept of total client services. Our ability is always in a state of sophistication and
review to ensure our clients that the services available are in line with industry advances and
tomorrow's requirements. Our policy is to accept engagement only in areas where we are
qualified. We offer a very broad and continuously expanding range of services. The
following criteria for managing all our work, especially consulting work, overcome and
alleviate the concerns of many common clients.

1.3 OVERVIEW OF THE ORGANIZATION

My company is sarn Consulting is taxation and company registration firm located in Office No. 13
Al-Anayat Plaza G-11 Markaz, Islamabad
Firm profile

SARN Consulting, Inc., Management Consultants is an independent company of tax

professionals, accountants and auditors registered with the Pakistan Cost Management
Accountants Association (ICMAP) and FBR along with the Rawalpindi & Islamabad Tax Bar
Association (RITBA).

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Contacts
The origin of the company can be traced back to 1956. Through successful growth and rigorously
enforced quality standards, the company still maintains strong and independent practices today.
The company provides audit, tax and consulting services to a wide range of clients in a wide range of
industries / sectors and is a member of the World Bank, Asian Development Bank, United Nations,
Pakistan Stock Exchange, Pakistan State Bank and Stock Exchange. I will. The Pakistani
Commission, to name a few. The company engages in activities covering a wide range of profession-
related sub-activities in the areas of corporate law, secretarial compliance, taxation, auditing and
accounting. The main activities and services that the organization is responsible for are:

 Taxation
 International taxation
 consulting
 Secretary's work
 Accounting
 Evaluation
 Registration

Give an overview of the complete sectors in which your organization is categorized

according to your current scenario. A "brief introduction to the business sector" refers to the
main areas that an organization deals with: consumer consumables, durable goods, or
services. Textiles, dairy products, telecommunications, etc. However, you should discuss the
major sectors, not the organization under consideration. For example, in the case of an
organization (if the internship was done at a textile factory), here is a brief description of
Pakistan's textile sector. This will be done in the next section, so do not include an
organization referral here.

We serve clients in key areas of our business, including audits and guarantees, taxation,
accounting compliance, forensic audits, transaction advisory, due diligence research,
information technology, human resources, financial advisory services, management
consulting and disputes. We have a wealth of individual and group experience that we have
provided. Resolutions, arbitrations, family settlements, liquidations, acquisitions, mergers,
splits, reconstructions, etc.

Our industry focus has enabled us to develop in-depth knowledge of our clients' businesses
and to provide them with an informed perspective on the issues they face. It is a strategy that
runs across the full range and core services and is underpinned by regional strength.

The firm is acutely aware of the need to provide consulting under a total client service
concept. Our capabilities are under a constant state of refinement and review to assure clients
that available services are in keeping with the progress of industry and the requirements of
tomorrow. Our policy is to accept engagements only in fields in which we are qualified. We
offer a very broad and continually expanding range of services. The following standards,
which govern all of our work, especially consulting work, overcome and alleviate many
common client concerns.

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Professional approach
In this organization clients requesting consulting work are concerned about acquiring a high
degree of project expertise, careful management, and strict cost control. To ensure that these
are delivered, all consulting work is under the direct control of a senior expert responsible for
its completion. This responsibility begins with the initial consultation with the prospect and a
complete understanding of the prospect's needs. Understanding in a letter outlining the
purpose and scope of the work we propose to undertake, explaining our expected approach,
and providing a professional time and price quote that will be involved. Documented.

Customer preference

In organization clients know their company and their situation intimately and expect
consultants to make recommendations and develop solutions that are individually suited to
them. To advise each client we form an appropriately skilled project team, calling on our
consultants having the necessary skills. Through this carefully structured project team we
bring our prior experience to bear, we identify the problems, and then tailor our approach and
recommendations to solve the problems within the limits of available resources.

Responsive behavior
Responsive behavior is must to be effective consulting projects must have sufficient scope
and depth; to be cost effective the project team must perform no more work than is strictly
necessary. Our principle is to provide only as much or as little assistance as is needed to
achieve a project's goals. To ensure an optimum level of involvement we define methodology
and scope and manage the assignment with frequent and direct consultations between the
senior professional heading the project team and the client.

Engagement of client
Client is everything for firm so consulting projects too often leave the client stranded after the
consulting team has come in, studied, made recommendations, and departed. To achieve
better understanding, to prevent staff disruption, and to facilitate and cement necessary
changes, we strongly encourage involvement by a client's managers and staff.
Normally, client personnel are incorporated into the project team from the earliest phases so
that they can provide their knowledge of and insight into the client organization, become
thoroughly acquainted with the nature and intent of our study, and be capable of and
enthusiastic about implementing our recommendations.

Quality work
Firm provide quality work and thoroughness, consistency, and accurate detailed information
are the foundation of successful consulting projects. These are not only a direct reflection of
skills, experience, and qualifications of the individual professionals involved, they are also
the product of carefully developed and tested methodologies and standards.

Firm is strongly committed to quality control. Before we report to our client, all our
consulting studies are reviewed by an independent colleague, a senior professional who has

13
not participated in the project. Other controls are applied to ensure the validity of our
recommendations.

Culture difference
Each culture observes specific procedures, customs, and work habits which influence the
successful execution of an assignment. We recognize the importance of these differences and
adapt our work methods and recommendations to accommodate them. As well, wherever
practical, we use staff located in our offices for various assignments who are knowledgeable
about and comfortable with the local culture, history, economy, and political systems.

1.1 Brief History

SARN is a consulting Firm, Cost and Management Accounting was established in 1956.sarn
consulting have offices in all major financial districts of Pakistan . The firm employs a diverse
range of qualified and experienced professionals which includes ICMA Cost and
Management Accountants, Certified Internal Auditors, Certified Information System
Auditors, Masters in Business Administration, Law Graduates, Information System Analyst,
Tax Specialists and Corporate Affairs Consultants. Our client service teams unite local and
expatriate professionals to deliver knowledge where it is needed.

1.2 Organizational Hierarchy Chart

Leader
(C.E.O)

Manager of Manager of
Business
Operations Development

Corporate
Associate of
Audit Specialist Tax Analyst Compliance
Marketing
Manager

Supervisor Supervisor Supervisor Supervisor

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1.2.1 Business Volume (total number of stock, shares, bonds/ commodities, future
contracts planned for a particular period, etc.)
Sarn Consulting is the partner based having two-member Partnership and having 60-40
percentage of having shares in the organization. SARN Consulting will have an annual
revenue growth rate of 12% per year. The partner will acquire Rs. 600,000of debt funds to
develop the business. The loan will have tenure of 5 years with a interest of 5% per annum.

My Analysis:

In my point of view if economy trend goes to downward it will obtusely affect our firm
revenue just like Covid-19 but our services always have great demand due to complexity of
Tax as well as corporate matters so even in the extreme situations we are able to sustain our
business and follow the concept of going concern.

1.2.2 Product Lines (list complete range of products/ services of the organization)

TAXATION
income tax and sales tax filing of income tax returns, sales tax Indirect Taxes - VAT /
Services Tax / Professional Tax: Registration, Submission of VAT and Services Tax
returns, Assessment Processes, Consulting on related matters Special Taxes / Customs
and Other Related Duties: Registration, Special Tax Returns Filing, Appraisal Cases,
Consulting on related matters.
Wealth Reconciliation
transfer pricing
Departmental appeals, court appeals
customs resources
International Taxation -
FEMA, Transfer Pricing Audit, Form 15CB / DTAA, Advance Decisions (AAR),
Withholding Tax

CONSULTING
Corporate Compliance
legal opinion
Project / Investment Consulting
Creative Approach
Our approach is to provide principal-led customer service. An individual or lead
partner handles each customer's affairs and provides the focal point for each customer
inquiry. This management philosophy ensures that the work performed for a client,
whether routine or requiring specialized skills, is attended to with greater quality.

The engagement partner is supported by an experience pool

15
 composed of cost and management accountants, business consultants and specialists
in information solutions, cost and management accountants, lawyers, specialists in tax
and corporate law and other professionals from diverse disciplines
organization believe in a constant approach to offering high quality professional
services for our customers has helped us immensely in building long-term mutually
beneficial relationships.
Firm offer fast and reliable services in the field of income tax consultancy, auditing,
accountant certification, business formation consultancy services, accounting services,
NGO/Trust, etc.KCO is the team of young, passionate and energetic professionals to
provide high quality professional services.
With the combination of experience and young staff, we offer the most economical
and high-tech services and facilities to its customers. By our values, we do business
transparently and provide a comfortable and secure environment for our customers for
their confidential data and information.
Initial Public Offerings Services
Sarn Consulting Services team is comprised of highly experienced professionals who have
successfully guided hundreds of companies through the initial public offering process.
Beyond the technical knowledge necessary to help clients’ company launch its initial
offering, firm provides practical and unique advice that can help clients attain positive
results, both immediately and in the long term. Sheikh and Sarn Consulting team includes
dedicated partners and senior staff throughout the firm. With in-depth knowledge of GAAP,
International Financial Reporting Standards (IFRS) and SECP rules and regulations, firm
can help client’s company navigate the offering process, from initial strategy
through implementation and follow-up.
For Registered Private limited company’s IPOs Sarn Consulting:
• Provide seasoned insights throughout the course of clients transactions and other members
of transaction team, such as your SECP officials, underwriters and investor relations firms
• Participate with Clients in discussions with the SECP prior to filing
• Help clients identify the financial statement requirements, including footnote disclosures,
financial statement schedules, pro forma financial statements and other separate financial
statements.
• Review drafts of the prospectus or offering memorandum, including
the financial statements
• Anticipate SECP comments and advise clients company on how to
address and resolve SECP comments
• Assist clients firm’s teams in their preparation of comfort letters
• Provide training related to the implementation of and changes in GAAP
and the SECP's rules and regulations 29
• Advise clients company on how to meet ongoing SECP reporting
obligations

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1.2.3 Competitors
 TMR Consulting
 United Consultant G-8 Markaz Islamabad
 MAR BUSINESS & CONSULTANCY
 OLY Consultant - Consultancy Firm in Islamabad
 BSNS CONSULTING (Cost and Management Accountants)
 Apex Consulting Pakistan - Harnessing Knowledge
 Decision Management Consultants Islamabad (ICT)
 ABH Tax Consultants Islamabad
1.2.4 Brief Introduction of All the Departments
company has taxation department that offers
Corporate Taxation
Personal
Taxation
sales tax
advisory department that offers
business risk
Business management
Start
Privatization
Investment
Financial management

17
Modeling
Viability
Overdue Studies
Diligence
Secretariat and Corporate
1.2.5 Comments On the Organizational Structure
Organization structure is very balanced. O leads company with business managers and tax
consulting specialist and many public relation managers that deals public efficiently.
Taxation department is best department with separate team and professionals.

Chapter No. 2
INTERNSHIP PLAN & LEARNING EXPERIENCE
In this chapter I am going to write my training program and the reason for selecting the Sarn
Consulting (Cost & Management Accountants) why I choose sarn Consulting (Cost &
Management Accountants).

2.1 TRAINING PROGRAM

Reason for selecting the organization:
I choose Sarn Consulting firm to implement my theoretical knowledge into practical field, so
I found an opportunity to do my internship and to enhance my skills and to learn from
practical life with in the organization. I was also interested to be a tax consultant and the
auditor because I made a plane to does ICMA after my Bachelor degree and will start my
own consulting firm in capital territory. So Sarn Consulting becomes a way that makes me
able to achieve my career goal.

2.2 INTERNSHIP PLAN

My internship is in audit and taxation department, Companies compliances and cost and
management accounting, all these comes in the consulting department. I really like the work
envenoming, challenging tasks, and potential growth of the staff.

b. 15-may-2021 to 30-june-2021

c. I did work in Companies compliances department and it has some different sub-
departments like Cost and Management Accounting, Audit and taxation etc. So I spend my
time in all these areas of consulting firms.

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.
2.3 DUTIES PERFORMED
I learned that tax advisors and tax advisors are experts in professional tax law, planning and
compliance. They serve businesses and individuals, keeping up-to-date on new tax laws and
positioning taxpayers for short- and long-term tax optimization. In addition to preparing tax
returns, tax advisors also work closely with clients throughout the year to ensure the client's
tax liability is minimized.
They also teach me to adept these various skill sets. Being the tax consultants, I should
possess strong written and verbal communication skills and should be able to explain tax law
and strategies in a way that is accessible and easy for clients to understand. As a Tax
consultant I can work for public accounting firms, law offices, financial consulting firms and
many even have their my own independent tax consultation businesses.
My responsibilities are Conducting research on tax laws, strategizing with clients to minimize
tax liability, communicating with clients to explain tax issues, preparing tax returns Estate
planning, Keeping clients compliant with their tax obligations
Sarn as tax consulting firm, we have many clients affected by the same issue, the ability to
draft a well-written and concise letter is often the most effective means of disseminating
information to a number of different clients. To ensure that you have the best consultant,
choose them from renowned firms like us at Sarn Consulting which is a tax consulting
service.
Sarn Consulting are dedicated to serving small businesses in Accounting, Bookkeeping,
Financial Statements, HST Filing, WSIB Filing Payroll, Business Registrations, and Taxation
(Personal, Small Business or Corporations in Rawalpindi, Islamabad and the Peshawar). We
are experts in providing tax preparation for Pakistan.
Tax consultation for individual & corporate clients
At Sarn Consulting, we have been providing professional tax, audit and accounting solutions
to individuals and corporate clients since its inception way back in 2001.We are a tax
consultant in Islamabad that prides itself in taking an integrative approach to financial
planning, helping clients structure their finances from top to bottom.

2.4 INTERNSHIP WEEKLY SCHEDULE

Duties and responsibilities performed: Here is a detailed description of the duties and
responsibilities that i have performed during my internship on a weekly basis.

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2.4.1 Week One Responsibilities and Tasks
In first week, responsibilities are to create challan form on FBR website.
Sales Tax
Federal Excise
Income Tax
Income Tax Annual Return
Sales Tax withheld
Tax on Immoveable Property
2.4.2 Week Two Responsibilities and Tasks
Financial statements are the annual record of a business’s profit and loss for the year. They
are usually divided into two parts: an income statement which reflects the business's net
income, and a balance sheet which reflects the capital assets and liabilities of the business.
This includes both short-term and long-term assets and liabilities such as cash, accounts
receivable, accounts payable and notes payable. If you’re a self-employed individual doing
business as a sole proprietor, you’ll need to prepare a Schedule C for your tax return which is
the summary of your business income and expenses.

 Prepare the Schedule C, which is the record of your business income and expenses by
using the totals off the year-end profit and loss statement. The Schedule C has line
items for most income and expense items. For example, in the income section, the
form will ask for gross income. This can be found at the top of your financial
statements. The same applies for expenses. If your business has an expense item that
is not shown on the IRS form, you can list it as another expense at the bottom of the
form.
 There are several supporting schedules that must be attached to the return that provide
supporting detail to some of the expense items shown on Schedule C, such as
depreciation expense and auto and truck expenses. Your bookkeeper or accountant
should be able to provide the detail associated with the deductions for these items.
 Transfer the net profit or loss shown on the Schedule C to the front page of the
individual tax return and also to the Schedule SE which is part of the individual
return. Schedule SE is the form that reports self-employment -- or social security –
taxes to the government. This is how self-employed individuals pay into social
security. It is based on a flat-rate of 13.3 percent. For example, if your business
showed a profit of $10,000 you would have an SE-tax of $1,330.
 Complete your return by adding your net profit or loss from the Schedule C with all
the other personal tax return additions to income or deductions, including your
itemized deductions such as home-interest and property taxes. On page two of the
return, you’ll calculate your personal income tax and also add this to the SE-tax you
calculated from form SE. Your SE-tax and personal income tax comprise the total tax
bill on your return.

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2.4.3 Week Three Responsibilities and Task

In Third week, I have learned how to register new call center in Pakistan software export
board (PSEB).Signup and create login (login credentials will be provided by auto email).

Fill the online registration form, upload required documents (CNIC of all Directors /
Shareholders / Partners / Proprietor) and submit for initial approval (submission with missing
mandatory information may be declined).

After getting initial PSEB approval, deposit requisite fee, upload payment receipt and submit
for final approval.

Once the registration payment is verified it usually takes about 2-5 working days to process
and issue the provisional letter (valid for 60 days).

The registration will be confirmed after physical verification and site inspection of call center
premises by PSEB.

To complete the verification process, the applicant will be required to submit a request for
physical verification of their premises and upload all applicable documents as mention below:
PSEB registration/renewal charges can now be made through online banking/mobile banking
apps. If it is not possible to make online payments, you may pay through a pay order/demand
draft as well. Please note that the receipt of online payments along with company name and
contact details of the focal person must be emailed to [email protected] to ensure
timely processing of your PSEB registration application.

2.4.4 Week Four Responsibilities and Tasks

In fourth week, I learned how to register the business organization

In first step we choosing the business name and making a visiting card, letterhead and
stamp for that business name and give to Authorized person.

 Get business name Registered

 Go to SECP official website for send request for name availability after confirming the
name then register the business name.
 Signup and log in eservices portal
 Select fast track registration services if you want urgent processing
 Enter data in the online form
 Submit the process.
 Taking print of the fee challan of PKR 200/- OR URGENT FEES PKR 700/- selecting
branch of UBL OR MCB or making payment
 Register NTN number on FBR websites.
 Original CNIC

21
 Cell phone with SIM register against his original CNIC
 Personal E mail address belonging to him
 Original certificate of maintenance of person bank account in his own name.
 Original evidence of tenancy/ownership of the premises if have a business
 Original paid utility bill of business premises not older than 3-month if having a business
 After e- registration getting a E- mail with user name and password after that I am able
to log in and complete e- enrollment. After that declaring business name as mentioned
on letterhead while filling the form. And making Shure business name on NTN number
form and my bank accounts title must be the same.
2.4.5 Week Five Responsibilities and Tasks
In fifth week I learned how to file a Monthly Sales Tax Return. There are some steps to file a
sales tax return in Federal board of Revenue portal which are as follow.
visit the official website of FBR which is fbr.gov.pk
second step is to put the user id and password of a company.
After login, the windows open which shows the profile of a company in which their
previously return files are visible.
For filling a new sales tax return for any month, click on declaration, after clicking the tax
year and months are shown in the window, select year and month for which sales tax is going
to file.
In fifth step click on Annexure -C, when annexure – C windows become visible then report
the monthly sales by clicking on “Add sales invoice”. After adding all the sales return then
click on back button to see sales tax profile.
After that, click on Annexure – A, then click on search button, after clicking on search button
all the purchases of the month become visible on the window, after that select all entries and
go back to return.
After then create a PSID which is made through e- payments in the e.fbr.gov.pk site.
After submitting PSID, then Annexure C is submitted then verify the return.
After verifying return, then on below there is an option of feed CPR, then click it and
attached a required CPR of a month.
At the last click on the “process and submit “button then the return will be submitted.
Important periods of sales Tax Submission.
2.4.6 Week Six Responsibilities and Tasks
I Learned book keeping the process of bookkeeping involves four basic steps:
financial transactions and assigning them to specific accounts;
writing original journal entries that credit and debit the appropriate accounts;
posting entries to ledger accounts.

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After those adjusting entries at the end of each accounting period.

2.5 LEARNING EXPERIENCE

2.5.1 Knowledge Acquired
I learned many skill like how to do taxation how to handle public how to communicate with
higher management how to file tax returns and how to handle pressure .My overall
experience is very good and many people supported me during my this learning time.

2.5.2 Skills Learned:

I gained deeper insights into the audit industry and it has helped me significantly with my
career planning. I developed a better understanding of the career path of an auditor through
the internship, helping me to make an informed career decision. My biggest takeaway would
be the new long-term relationships and connections which I had forged with my colleagues
and fellow interns at Deloitte.”
2.5.3 Attitudes and Gained Values
I gained many things and my attitude change towards different things. I like how interns are
treated just like full-time associates and get assigned actual and meaningful tasks which are
crucial and beneficial to the audit engagements. It feels great to be a part of the actual audit
engagement team! The most memorable part of my internship was when my engagement
team completed our audit engagement for a major client. Even though I only joined the team
for the final seven weeks, I still felt a strong sense of achievement after the signing-off of my
first audit engagement. The best part of the internship was the Audit Off-Peak Party where
everyone in the audit department put their work aside and came together for a night of fun
and celebrations.
2.5.4 The Most Challenging Task Performed:
I faced many challenges being in department, I handled specialized accounts which
demanded skill sets which had not been taught in the general audit curriculum in school.
Hence, this was challenging at times when I was faced with a new account which I had not
seen before. However, the seniors and mentors were always ready and willing to give their
advice and guidance to help me overcome these challenges.

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 Chapter No. 3
ORGANIZATIONAL ANALYSIS
3.1 SWOT ANALYSIS
SWOT analysis can help you develop a plan for the future by analyzing your organization's
strengths, weaknesses, opportunities and threats. The SWOT analysis considers each
company's individual internal and external issues. Accounting and tax firms must evaluate
trade-specific factors for effective industry analysis.
Strengths
Good management
Leader have management skill
Company has many assets
Company has highly qualified employees
Controlled growth
Strong partnership relationship
Young owners
Family environment

Weaknesses
Limited knowledge of markets outside Islamabad
Time Consuming processes, only one draftsmen/computer operator
More emphasis on business Taxation Services rather than audit

Opportunities

Develop benefit business

Add additional high quality Companies Compliances and tax services to drive additional
business
Staff training on systems and new soft wares enabling them to perform their Companies
Compliances well

Threats

Possible Turnover of employees due to excess of working hours

Competent staff hiring
Day by day increasing Competition in taxation and audit markets

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Turnover of customers to another firm’s
Client handling is reactionary
Loss of contingents

3.2 ANAYSIS OF SPECIALIZED FIELD

a. Ratio’s analysis of the firm (2 Years)
The term current ratio is the relationship between current asset and current liabilities. This is
a measure of general liquidity.

YEARS CURRENT ASSESTS CURRENT LIABILITIES RATIO

2019 1265424 5277663 2.12

2020 1044233 3359933 1.5

current ratio has decreased from 2.12 to 1.5 in the year 2019 to 2020 due to pandemic and
lockdown situation in twin cities of Pakistan. This ratio determines margin of safety for
creditors, there has been decrease in the ratio during 2020 compared with 2019 due to covid-
19.

3.3 PROBLEM IENTIFICATION & SOLUTION

I identify a problem while my internship duration and we also tried to fine and to solve that
problem within and outside the organization

a. Problem identification:

The problem I found in the organization it was we had no much audit clients rather than
taxation so we find it was a problem for the organization, so we decided to solved out that
problem,

b. Consequences of the current problem:

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In our community there is a perception that only chartered accounted are the competent for
audit and taxation work in more or less than 3 million revenue SMCs or corporations. While
in real it is not true, in my opinion ICMA certified person is more competent than CA.

c. Solutions:

The solution is we should increase our study area and doing high profiling audit and taxation
qualifications courses to get more our audit clients. Improving our relationship with clients
and also changing their perceptions through giving them brief knowledge about the auditing
rules.

3.5 FUTURE PROSPECTS OF THE ORGANIZATION

Future of this organization is very bright. Organization will be recognized as a leader in the
community known for delivering timely, quality professional services through a multi-
disciplinary approach in taxation and company registration in all over the world.

Chapter No. 4
CONCLUSION AND RECOMMENDATION
In this chapter I discussed future recommendation and conclude my overall experience about
company.
4.1 CONCLUSION
Overall experience was good and best days of learning. It was a good start to my professional
experience. The friendly attitude of the staff convinced me to work in such a dynamic
environment, where peace and creativity are the key elements to drive the organization
towards its success.
I learned about taxation system in Pakistan and business system. This organization has a
professional vision of doing business, so the purity that exists in its environment is enough to
impress any potential business professional. Sarn Consulting (cost accounting and
management) since its formation in has really come a long way and achieved a lot in this
short period. The company has a big name in its industry and has phenomenal credibility and
market value. The company's operations are purely transparent and the services offered by
this company are in accordance with its business principles and corporate ethics. Over a
period of 2-3 years, the company has really expanded into all areas of business and has
formed a huge network of clients who provide compliance and auditing and taxation services
to the company's companies.

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4.2 RECOMMENDATIONS
Company must stand out from the competition
An increase in tax regulation, globalization, an influx of innovative technologies and a
greater demand for “always on” access make this an exciting time for tax and accounting
professionals to be in the market.

A significant trend that is sweeping the tax profession is the rise in value-added services so
company must focus on it.
Boost firm’s reputation
According to my view complete reputation-building strategies to help company gain new tax
clients so:
Provide regular information on tax, accounting and business issues through posts on social
media
Provide secure access to data for customers and employees through cloud applications and
portals
Increase your accounting firm's SEO to maximize visibility and searchability
Ask your customers to provide an online analysis of your company on sites like Google, Yelp
and Glassdoor and promote these glowing reviews on your website
New technology
Company also focus on new technology like AI artificial intelligence role in taxation, apps
for taxation and online booking for clients .

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\

REFERENCES

https://tax.thomsonreuters.com/blog/7-ways-to-attract-and-win-new-tax-clients/

https://sarnconsulting.com/services/

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