You can also go through by steps
Let’s star by created a new document size of 500 x 500px resolution 300dpi and Background with White Color, now grab the Rounded Rectangular Tool and make rectangular shape on middle of the canvas.
Now by selecting layer go to Layer => Layer Style and set the following layer style as shown.
*Bevel and Emboss
Here grab the Custom Shape Tool choose any shape you like (I used Home with Black Color) then apply the following layer style as shown.
Next by Holding Ctrl Key click on the Thumbnail of the Rectangular shape layer so now you’ll be having selection around it then grab the Elliptical Marquee Tool with ‘Subtract from Selection Mode and select the bottom right, you should get something like this.
Now create a new layer and fill the selection with White Color then reduce the Opacity to 5%.
Here I applied shadow to it.
That’s it for this tutorial
Happy New Year