KL UNIVERSITY

DEPARTMENT OF COMMERCE
Interim Report

NAME:

ID NO:

SEMESTER : 8

C0URSE: B.COM(HONS)

SUBMITTED TO:

Mr. K.S.L.N.S.SUBRAHMANYAM,
ASSOCIATE PROFESSOR,
KL UNIVERISTY.
 ACKNOWLEDGEMENTS

I take immense pleasure in thanking Mr.HARI PRASAD for giving me a chance

to work as an intern at their company,GLOBAL VALUE ADDED BUSINESS
SOLUTIONS PVT LTD.

I would like to express my deepest gratitude to all those who provided me the
possibility to complete this report. A special gratitude to our faculty guide Mr
KLSNS SUBRAHMANAYAM, whose contribution in stimulating suggestions
and encouragement, helped me to coordinate my project especially in writing this
report.

Furthermore I would also like to acknowledge with much appreciation the

crucial role of the staff of R Computing, who gave the permission to use all
required equipment and the necessary materials to complete the task P.Srinivas
Reddy. A special thanks goes to my team mate, who help me to assemble the parts
and gave suggestion about the internship program. Last but not least, many thanks
go to our University guide Mr M.Satish Kumar, whose have invested his full
effort in guiding the team in achieving the goal.

I have to appreciate the guidance given by other supervisor as well as the

panels especially in our project presentation that has improved our presentation
skills thanks to their comment and advices.

I would like to express my special gratitude and thanks to company persons

for giving me such attention and time.
TABLE OF CONTENTS

1. Introduction about Company... 01

Objectives of Industrial Training

2. Tasks and targets 16

3. Progress made till date 17

4. Strategy for rest of training program 18

5. Achievements 19

6. Conceptual frame work. 20

7. Conclusion... 21
Objectives :
The main objective of the Industrial Training is to experience and understand real life
situations in industrial organizations and their related environments and accelerating the learning
process of how students knowledge could be used in a realistic way. In addition to that,
industrial training also makes one understand the formal and informal relationships in an
industrial organization so as to promote favorable human relations and teamwork. Besides, it
provides the exposure to practice and apply the acquired knowledge hands - on in the working
environment. Industrial training also provides asystematic introduction to the ways of industry
and developing talent and attitudes, so that one can understand how Human Resource
Development works. Moreover, I can gain hands-on experience that is related to the students
majoring so that the student can relate to and widen the skills that have been learnt while being in
university.

Industrial training also exposes the students to the real career world and accustoms them
to an organizational structure, business operation and administrative functions. Furthermore,
students implement what they have learned and learn more throughout this training. Besides,
students can also gain experience to select the optimal solution in handling a situation. During
industrial training students can learn the accepted safety practices in the industry. Students can
also develop a sense of responsibility towards society.

As we know, Internships provide real world experience to those looking to explore or

gain the relevant knowledge and skills required to enter into a particular career field. Internships
are relatively short term in nature with the primary focus on getting some on the job training and
taking whats learned in the classroom and applying it to the real world.
Executive Summary

GVA is an intuitive, customized, professionally designed service platform developed for delivery
of service offerings. Backed by professionals from the tax, software development, & process
outsourcing industry, our delivery capabilities are robust, scalable and designed to suit our client
needs.

Individual Services:

Advanced Tax Planning; Foreign Bank Account Reporting; IRS/State forms; US Taxation; ITIN
Preparation; Tax Representation; Early Tax Planning;

The study is mainly based on the US taxation to know how taxation system of US is designed
and implemented across the country. By going through this report, we will be able to understand
--Who has file US tax returns, progressive tax slabs, whether or not an Income is chargeable to
US tax, whether an expenditure can be claimed as a deduction from the Income assessable to tax,
whether or not tax payers can claim itemized or standard deductions on their tax returns and
areas which can reduce tax payers tax liability.

The residents of US need to use form 1040 and nonresidents need to use form 1040NR to file
their tax returns. The individuals can reduce their tax liability by contributing towards charity,
retirement plans etc.
Company Profile

About Company

Global Value Add, Inc. (GVA) was founded by professionals and alumni from Infosys, Jackson
Hewitt, KPMG, and other reputable consulting companies with a combined industry experience
of greater than 50 years in finance, book keeping, taxation and business consulting. GVA, as an
organization, is set on a strong foundation of integrity, trust, and commitment to customer
service.

Companys core service offerings for salaried, self employed & high net worth individuals (HNI)
include value added Income Tax solutions (Tax Planning, Preparation, Filing, Representation &
Advisory services) in United States. Other services include US Tax Identification numbers
(ITIN), Self Directed IRA (SDIRA), Solo 401K & Foreign Bank account reporting (FBAR).

MyTaxFiler from GVA is an intuitive, customized, professionally designed service platform

developed for delivery of service offerings. Backed by professionals from the tax, software
development, & process outsourcing industry, delivery capabilities are robust, scalable and
designed to suit the client needs.

GVA deliver the highest quality tax work after an in-depth research, planning and application of
strategies to the best possible extent as allowed by the domestic and international regulations and
tax code.
 Vision

At Global Value Add, vision is to be in the list of top 10 Professional Tax Services & Business
Consulting firms and become one of the most sought-after providers of Business and Individual
Taxation services internationally with the highest ethical standards that deliver exceptional value
for our customers, our employees, our communities and our partners. Company will accomplish
its Vision through our commitment to strategic growth, outstanding service, and community
involvement.

Mission

Global Value Add, Inc is a premier Professional Tax Services & Business Consulting firm.
Everything done is inspired by our enduring mission:

Create Value and make a difference, everywhere and in whatever we engage in.

To represent our clients through quality advisory and advocacy, and to reach their
objective & goals through commitment, uncompromising dedication and ethical standards,
while maintaining a stable and profitable business enterprise with the highest reputation.

Being accessible, efficient, responsive, technologically sophisticated, and maintain the

highest standards of professional integrity.
Companys objectives:

Commitment to Values

Integrity

Legal Compliance

Knowledge Demonstration

Quality of Service

100% repeat business

Feedback /Suggestions for improvement taken very seriously

Services

Business Services Mytaxfiler is a professional team of consultants specialized in Tax, Finance

and Accounts field more so in financial and accounts troubleshooting. Mytaxfiler is a young and
growing organization with all the security and process advantages of a large Company thus
enabling you to have the best of both the worlds with personalized service level with world class
security and quality standards.

Mytaxfiler provides suitable Finance and Bookkeeping services, including expert Bookkeeping
services to our clients. Our bookkeeping services and payroll services are best suited for
sustainable growth of the organizations. Our bookkeeping services and business payroll services
are designed to give you a hassle free and live information to meet your business challenges.
Large corporations can get advantage of the back office solutions in finance and Bookkeeping
process in order to improve efficiency and to remain cost effective. Our taxation division
provides comprehensive tax solutions and tax return processing to corporate clients.

Mytaxfiler has on the strength of the vast and wide-ranging experience of its management team
comprising professionals developed a reasonably strong base of clientele.

Non-Profit & Foundation formations

Non-profit organizations are as important as a profit-motive organization as they form an
pertinent part in the welfare and growth of human society.
Entity Formation

Business means continuity an there is always a starting point of an incessant process. Thus, a
business is no exception and it also has a starting point. This point starts with
INCORPORATION.

Book Keeping

Book Keeping Services Global Value Add provides end to end bookkeeping services to small and
medium size enterprises.

Individual Services

Mytaxfiler offers various individuals services for US, UK, Canada and India. It includes
services for Tax preparation, representation, advisory services, Tax consultation, ITIN
consultation, FBAR filing, PAN application, and many more. Our experienced and well trained
team will assist our client's requirements with the responsive and professional touch. You avail
24/7 service at Mytaxfiler

Advanced Tax Planning

Effective Tax planning is an important feature to financial success for businesses. Mytaxfiler
team of experts helps you to reduce your tax bill.Financial/tax planning services help businesses
grow by calculating the taxes properly and at the same time give you suggestions in order to plan
your finance in the best possible way.
Foreign Bank Account Reporting

Foreign Bank Account Reporting (FBAR) Foreign Bank and Financial Account Report (in short
FBAR) is a form that IRS requires you to file to comply with the requirements of reporting
Foreign Bank and financial accounts to Tax authorities in United States.

Tax Representation

People who avail themselves of such services, as opposed to representing themselves or having
their Accountant or Lawyer represent them, are generally thankful for the experience of
negotiations.

IRS/ State Forms

We also undertake preparation and filing of most of the IRS forms (e-file wherever possible).

US Taxation

The United States is an economic and political powerhouse with the fundamental principal of
equality. It is an individualistic culture made up of diverse ethnicities, religions and races.

US Tax Return Filing

US Income Tax Global Value Add, Inc (GVA) offers Tax Services under the Mytaxfiler banner.
GVA is registered with the IRS as an Electronic Return Originator and is governed by the Office
of Professional responsibility under circular 230 meant for tax professionals.

Early Tax Planning (ETPS)

US Income Tax Global Value Add Inc. the makers of Mytaxfiler are pleased to launch Early Tax
Planning Strategies (ETPS) for Tax year.

ITIN Preparation

The ITIN number is issued by the IRS, for certain resident and nonresident individuals who are
required to have identification number for tax purposes, but who don't have or are not eligible for
SSN.By using an IRS approved agency rather than doing the application you will be benefit.

Self Directed IRA

What is a Self Directed IRA? A Self Directed IRA is an IRA that allows you to buy or invest in
things other than Mutual Funds, Stocks and Bonds.

Company Process

GVA processes are robust, scalable, complaint and designed with an ultimate objective of making
the client experience a pleasant one. With an objective of offering the most hi-end, hi-tech and
hi-touch service competitive pricing, GVA has also followed the time tested Global Delivery
Model (GDM), delivering services from its US and worldwide offices. The current taxation
demands deep content expertise, delivery focus and global capability to provide end-to-end
solutions. Through GDM the organisation provides a 'one-stop shop' to meet complex client
requirements in the financial services industry.
GVA processes are delivered from Global Excellence Center in Plano, TX, an office which offers
the right blend of resources, leadership, technology, training powerhouse, execution excellence,
and infrastructure, making the final solution an ultimate experience for our stakeholders.

Step 3-
Initiate
Step 1- your tax Step 4- Step 5-
Step 2- Customer
Register return Approve TAX
Buy a feedback
your &confirm your tax RETURN
service Form
account for return FILED
processin
g

Accounting system

The accounting system followed in the company is US accounting mainly

Follows US tax rules and regulations
 US tax year i.e January to December is followed for reporting

Financial source of the company

The main financial source of the company is clients or costumers

Company files the tax returns of the individuals or businesses
For filing of the tax returns they charge some amount for their service.
Individuals and Business enterprises are the main financial source of the company

o GVA Business Solutions Pvt ltd is a listed company

Sudhir Gurudatt Pai, Founder & Chief Executive Office

Sudhir Pai is the Founder and Chief Executive Officer of Global Value Add, Inc. He founded
GVA in October 2008. Sudhir believes that success comes only if objectives and goals are
defined by proper planning followed by a thorough and detailed implementation which strictly
adheres to timeline and SLAs defined during the planning process. His vision is to see GVA in
the list of top 10 Professional Tax Services & Business Consulting firms and become one of the
most sought-after providers of Business and Individual Taxation services internationally.

Sudhir has over 16 years of experience in the Finance, Tax and accounting fields. He is a
Certified Public Accountant (CPA), Associate Chartered Accountant (ACA) from Institute of
Chartered Accountants of India (ICAI), and holds a Bachelors degree in Commerce. He began
his career with Infosys Technologies Ltd (Nasdaq Ticker-Infy) as Accounts Officer Finance &
Administration in 1997, and scaled to Associate Vice President & Head Finance &
Administration USA, just before he took the big leap to start GVA in 2008. At Infosys he was
responsible for Finance & Accounts related activities (including Capital Budgeting, Treasury, &
Procurement), Policy making, Infrastructure, Facilities, and Country penetration.
An outgoing, proactive accounting professional, he brings particular strengths to the area of
informal business consulting, working closely with business owners and managers to analyze
their operations and devising practical solutions for their needs. His extensive experience in the
area of personal and business tax planning, helping individuals, and owners of closely-held
businesses (S corporations, C corporations, Partnerships, and Limited Liability Companies)
minimize the total impact of business, and personal taxes.

His hobbies and interests include reading, workouts, and spending time with his family.

Supriya S Pai, Head Co-Founder & Director

Supriya Pai overseas GVA's US operations. Her experience encompasses many facets of the
accounting world, including personal tax, and QuickBooks support. Supriya's outgoing
philosophy makes our clients feel comfortable, by providing prompt, and friendly service. She
also manages the administrative section for the organization. Supriya holds a Bachelor degree in
Business Management, and pursuing IRS Enrolled Agent.

Corporate Headquarters

8765, Stockard Drive, Unit 101, Frisco, TX 75034

Phone: (888)-482-0279
Fax: (888)-482-0280
Sales: (972)-961-4814
E-mail: tax@mytaxfiler.com

Branch Office

Irving TX

Address: 300, E Royal Lane, Suite 127, Irving, TX, 75039

Phone: (888)-482-0279 | (972) 961-4814
Email ID: tax@mytaxfiler.com
India office

No. 26, Survey No. 39, Channasandra

Rajarajeshwari CMC, Uttarahalli Hobli
Bangalore, Karnataka 560061

E-mail Contacts

General Information: contact@globalvalueadd.com

Sales & Marketing: sales@globalvalueadd.com

Targets/Tasks
The tasks and targets I had assigned and achieved till date are

In the first fortnight I was on the training to learn about US Tax Returns.

I had observed the Tax proceedings, results of the undergone students

and got an idea how to implement the US Taxes.

In the Second fortnight I completed the tasks which are assigned by

senior colleagues which is relating to segregating of client details as
per the database. The tasks to be complete within a stipulated time
was given by guide and told us the cautious how to do the task?

In the third fortnight I was fully doing on the practice returns which are
assigned to me. In this I seen different cases in the filing of the Tax
Return.

I had contacted the clients which are assigned to me, discuss on the
filing of the tax return based on their filing status and collection of
documents.

Completion of tasks which are assigned by my team lead within the

stipulated time.

Analyze the various functions of U.S Taxation and the rules framed up
on.

Filing of tax return which is based on the laws and rules as per IRS
(Internal Revenue Service).
 PROGRESS MADE TILL DATE

TARGETS ACHIEVED DATE ACHEIVED

ANALYZING GOBAL VALUE Till 28/12/2015.

ADDED INC OBJECTIVES

THEORITICAL TRAINING ON THE

Till 07/01/2015.
U.S TAXATION

PRACTICAL TRAINING ON FILING

OF TAX RETURN TILL 14/01/2015

COMPLETION OF TASKS ASSINED

15/01/2015
BY SENIOR COLLAGUES

DEPARTMENTAL VISITS IN
02/02/2015
BANKS

SOFTWARE TRAINING 22/01/2015

FILING OF LIVE TAX RETURN TILL 21/02/2015 (CONTINUE UPTO APRIL)

These were the progress and achievements made till date at the GOBAL VALUE ADD INC,
BANGALORE.

STRATEGY OF WORK AT GOBAL VALUE ADDED INC:

 In Gobal Value Added Inc, we were guided by Team lead and all duties, works should be
performed by us are assigned by him. The duties performed were continuously monitored by the
company guide present in our organization.

The project implementations and the training process in Filing of Tax Return are guided
by the company guide. University guide and department manager evaluates the final work of the
training program.

Build relationships with the customers.

Create a customer database and contact them on a regular basis. Contacting through phone,
voice mail, E-mail and remind them every day. The customer is the loyal to the business.
Responding to them immediately to make them happy.

Be different and stand out from the competition.

Be as a different person to achieve the targets and completion of tasks which are assigned
by the team lead. Completion of tasks within the stipulated time makes stand out from the
completion.

Collect E-Mail Addresses.

Collection of E-Mail address from the database, contacting them by Get permission from your
customers to use their E-mail address. Periodically send updates and notices to the client list. As
long as we have their permission and avoid overuse, E-mail can be a powerful and inexpensive
marketing tool.
Achievements

Achievement of targets which are given by team leaders on daily basis.

Completion of task within the stipulated time.
Assigning to tasks which are allotted by team lead.
Customer relationship management.
Conceptual Framework:

As a part of regular academics I had completed course named MS-OFFICE, Operating System.

These courses were experienced in practical as:

In the process of working I had come across MS-OFFICE and their applications but in real time I
am experiencing its usage here in the advanced manner.

This is possible because of efforts of its commands and continues quality management. They
carry on zero error calculation techniques in making the whole process come a true realty that
matches the fair & transparent view.

There is a difference between Indian Taxation and U.S Taxation. There is a lot of difference
between theory and practice.

Compare to theory and practical in the E-Mail etiquette it is very helpful in the writing of an e-
mail according to the corporate level.

The exposure to the industry working scheme fetches a lot to my carrier as I would acquire the
professional behavior, industrial ethics, which would be very important when I get placed in a
company after my education.
CONCLUSION:

The training program fetches us lot of importance for successful carrier as

being an industry ready during education. The application of theory in practical is possible
through this program and gains the practical working experience with professional behavior.

This training program helped me to understand the present corporate society, ethics of
industrial behavior, working principles like a professional and this is a good opportunity to get
placed in the working industry based on our work progress and performance at our concerned
companies. The systematic achievement of tasks and targets in the organization could result in
the gain of technical knowledge and become efficient in certain areas of subject knowledge. The
tasks could also be better achieved by knowing the specific work in advance and going through
the data regarding it.

The implementation of the project with simultaneously coordinating the training

program would also fetch importance and develops the conceptual analysis.