Industry Internship Project

2018 – 20 Batch
Title of the Project: Taxation (Income Tax)

Submitted by:

Name of the Student: Animesh Ranjan

Roll No. : PGDM182011537
Program : PGDM (Finance)
Batch : F3

Name of the Faculty Guide : Vijayanta Pawase

Name of the Company : H&R Block (India) Pvt. Ltd.

Name of the Company Guide : CA. Madhuri Marne

Company Guide Designation : Operations Lead

Institute for Technology and Management

Plot No. 25 / 26, Institutional Area,
Sector – 4, Kharghar, Navi Mumbai

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 Acknowledgement

It is my pleasure to be have worked for H&R Block (India) Pvt Ltd. and to have met various
people, who directly or indirectly contributed in the development of this work and who
influenced my thinking, behavior, and acts during the course of study.

I express my sincere gratitude to the entire H&R Block Pune team and especially Ms.
Aishwarya Pardeshi, Lead Quality Assurance & Corporate Trainer, for providing me an
opportunity to undergo summer internship at H&R Block (India) Ltd. in taxation.

I am also thankful to CA. Madhuri Marne and CA. Shreya Oturkar for their support,
cooperation and motivation provided to me during my internship and for the constant
inspiration and presence.

I would also like to express my heartfelt gratitude to Prof. Vijayanta Pawase, my faculty
guide for not only being a guide but also a mentor and for his tireless support and
guidance in the course of my project.

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 Table of Contents

Contents
Title of the Project ........................................................................................................................................ 1
Acknowledgement ....................................................................................................................................... 2
Executive Summary ...................................................................................................................................... 4
CHAPTER 1- INTRODUCTION ........................................................................................................................ 5
Introduction .............................................................................................................................................. 5
Problem on Hand- Live Assignment/Task Given ..................................................................................... 6
Operational Projects- Reasons which prompted the company to assign the project and likely
outcomes that project envisages to achieve. .......................................................................................... 7
Objectives of the Project .......................................................................................................................... 8
Entire Modus operandi and process through which the objectives or assigned tasks will be achieved.
.................................................................................................................................................................. 9
CHAPTER 2- Details of the organization .................................................................................................... 10
Introduction ............................................................................................................................................ 10
The Organization .................................................................................................................................... 13
Products and Services ........................................................................................................................ 13
Processes ............................................................................................................................................ 15
Facilities .............................................................................................................................................. 18
Organizational Structure .................................................................................................................... 19
Organizational Growth through various parameters over time ........................................................... 21
Other Relevant Information................................................................................................................... 22
CHAPTER 3- Tasks Performed .................................................................................................................... 23
Tasks assigned and achieved ................................................................................................................. 23
General Observation .............................................................................................................................. 27
Chapter-4 Conclusion ................................................................................................................................. 28
Summary................................................................................................................................................. 28
Gains of the Study .................................................................................................................................. 29
CHAPTER-5 RECOMMENDATIONS ............................................................................................................. 30
REFERENCES ................................................................................................................................................ 31

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 Executive Summary

a) Project Title: Taxation (Income Tax)

b) Company Name: H&R Block (India) Pvt. Ltd.
c) Project Duration: 132 Days

H&R Block was a great platform to plan and implement my theoretical idea into
practical one. I was guided by the Lead Quality Assurance and Retail head of the
company and got valuable insights under their guidance.
The company has three channels those are:
 Do it yourself
 Online Assisted E-filing
 Retail office services
I was involved in two channels i.e. Online Assisted E-filing and Retail office services.
Online Assisted E-filing is the channel where clients register on the portal and
uploads the required documents such as Form 16, Form 26AS etc. then the tax
advisors are assigned to the client, they discuss on various tax situation and then the
tax advisors prepare and file their return after approval from the clients. This online
Assisted E-filing services is the largest and the great source of revenue for H&R
Block.
The Retail office services offered by the H&R Block is the service where the clients
visit to the office and discuss the various tax situation with qualified tax advisors and
then the tax advisors file their income tax return accordingly.
The project focuses on lessons learned while working in both the department that is
the pillar of the organization. The objective was to understand the provision of
taxation, dealing with the clients and implement these accordingly for the benefit of
the organization.
My projects also includes how to approach the clients on phone to avail the services
offered by H&R Block.

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 CHAPTER 1- INTRODUCTION

Introduction

What is ITR FILING?

Income Tax Return (ITR) is a form in which the taxpayers file information about his
income earned and tax applicable to the income tax department. The department
has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 till
date.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file
returns with the Income Tax Department at the end of every financial year. Every
taxpayer should file his ITR on or before the specified due date. The applicability of
ITR forms varies depending on the sources of income of the taxpayer, the amount of
the income earned and the category the taxpayer belongs to like individuals, HUF,
company, etc.

ABOUT THE COMPANY

Name- H&R Block India Pvt. Ltd.

Type- Private
Industry- Service
Sector- Taxation
Founded- 2012 (In India)
Headquarter- Viman Nagar, Pune
Products- ITR-filing, US Filing, NRI Filing, software products, GST Compliance and
reconciliation, TDS Filing, Tax planning

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 Problem on Hand- Live Assignment/Task Given

 Involved in a task to train the Interns on taxation.

 Cold calling where I had to approach the clients to avail our services.

 Part of Simple tax complexity team where I had to file the Income tax return

considering the required documents, different tax situation.

 In Mid-complexity team, I had to consider different documents, analyze the

tax situation, discussed with the clients and then file the ITR accordingly

 In Complex team, I had to consider different tax situations like capital gain on

shares/Property, foreign income, Foreign Assets disclosures etc, required

documents and preparation of workings in Excel sheet then filing of return

accordingly.

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Operational Projects- Reasons which prompted the company to assign the
project and likely outcomes that project envisages to achieve.

 Good performance during Classroom and on the Job Training.

 Percentage of Marks obtained in 3 consecutive taxation evaluation tests are
83%, 93% and 74% respectively.
 Performed well in Group interview conducted by Vishal Sankla (Head- Digital
Business)
 Got excellent feedback from Quality Assurance Team.
 Got 10 out of 10 in NPA (Net Promotors Score) from many clients.
 One of my client’s comments has been displayed on the notice Board.
 Got Promoted from Simple tax Complexity team to mid-complexity team and
then to Complex tax situation team.

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 Objectives of the Project

 To know the how to file ITR.

 Problem during the filing of ITR.

 Mistakes by the clients.

 Errors by the system.

 How to handle a huge number of applications.

 Mistakes during data entry.

 To study for assessment of Individual Income tax.

 To study the planning of Individual Income tax.

 To study the saving of Individual Income tax.

 To study how to get exemptions and deductions from Individual Income tax.

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Entire Modus operandi and process through which the objectives or assigned
tasks will be achieved.

 Cold calling.

 Discussed with the clients regarding various tax situation.

 Analyzed the required documents for e-filing.

 Entering data into the system.

 Resolved the queries of the clients on the tax summary.

 Maintaining relationship with the clients and providing better service experience.

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 CHAPTER 2- Details of the organization

Introduction

About H&R BLOCK

Henry and Richard

Bloch
 The Company was founded by Henry and Richard Bloch in 1955 in Kansas City,
U.S.A.
 It is the largest tax filer in the world with over 2.5 crores clients served.
 H&R Block founded in India in January, 2012
 Since Inception in India, H&R Block tied up with 500+ corporates and e-filed 6
Lakhs+ returns, with 8.9/10 client satisfaction score.
 H&R Block India strives to blend tax expertise with a strong focus on innovation
and client experience to make the tax filing process easy and hassle free for our
clients.

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 H&R Block operations in various countries:

1. United States of America

 Founded in 1955
 Served 24.2 million clients
 12,000 retail offices

2. Canada
 Founded in 1964
 Served over 2.4 million clients

3. Australia
 Founded in 1971
 Served over 6,75,000 clients

4. India
 Founded in 2012
 Served over 6 lakhs of clients

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 In India

 A wholly owned subsidiary of H&R Block Inc. H&R Block, India commenced its
operations in 2012.
 Today H&R Block has offices across several major cities in India and is a leading
individual tax services company in India.
 While H&R Block employs the best tax professionals from across the country, it
also lay high emphasis on internal training and certification of H&R Block Chartered
Accountants, law graduates, MBAs and other experienced tax professionals.
 This helps to ensure that tax returns are being prepared with the latest tax
knowledge, thus reducing your tax burden.

The H&R Block Edge

 In a short span of time, H&R Block has emerged as the largest Online Assisted
Income tax e-Filing preparer in India.
 This is the most preferred channel for tax returns from the comfort of their home
or office, with the advantage of an experienced tax professional preparing the tax
returns.

Business Model

The Business Model on which these firms operate is providing Financial Services to
Individual and corporates.
They follow a B2B (Business to Business) and B2C (Business to Customer) model.
They are here to tap the growing services and Internet market in India by helping
corporate employees and firms to have Tax returns filed easily.

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 The Organization

Products and Services

 For individual tax preparation: Get an expert to file your taxes, starting at Rs.
299+GST.
 Self-filing of Tax (Do it yourself, DIY): H&R Block has highly intuitive software
that makes e-filing easy. Do hassle-free e-filing of your tax return with H&R
Block. An intuitive online application, the most accurate Income tax calculation
engine in India. It saves time by auto-reading Form 16 and Post-filing support is
available if required.
 US Tax Filing: Get your US taxes prepared and filed when you are in India by our
team of in-house tax experts in India. Federal and State tax return filing.
 Income tax e-Filing by tax experts: ITR online filing from anywhere, anytime. A
distinctive messaging platform to reach the tax expert.
 Service fees based on complexity.
 100% Data confidentiality and information.
 Proactive tax advice.

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 NRI Tax e-Filing

 Preparation and filing of Income tax Returns for Indian living abroad.

 Holistic tax advice

 Advice relating to foreign exchange regulation/ tax implication for Non-resident

Indian

 An online facility where the need based Advance Tax planning service is

provided at attractive prices

 Complete assistance in order to make optimum utilization of tax benefits

available to NRIs under Indian domestic tax laws and Double Taxation

Avoidance Agreements (DTAAs).

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 Processes

H&R Block’s e-Filing of Income Tax Return

Self e-Filing of Income tax Return for Free with #1 Tax Filing Portal

H&R Block has a highly intuitive software that makes e-Filing easy.
 An intuitive online application.
 The most accurate Income Tax calculation engine in India.
 Secured by auto-reading Form 16.
 Post-filing support if required.

Self e-Filing Process

 Register & enter personal information

 Upload Form 16 and Form 26AS & enter any other income
 Enter your deductions and answer some quick questions
 Review, e-File & e-Verify your return.

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 Hire an Expert for Online Income Tax Return Filing

Let H&R Block’s in-house team of tax experts prepare and file your tax returns online.

 ITR online filing from anywhere, anytime.

 Get expert tax advice.
 Service fees based on complexity.
 100% data confidentiality and information security.

Online Income Tax Return Filing Process

 Register, set up your profile, upload Form 16 & Pay the fees.
 Our dedicated tax expert calls you to discuss your tax situation.
 Our expert then prepares and shares your tax summary.
 Review and get your returns e-Filed.

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 The Process of E-filing

1. Clients register on a Secure Online Portal.

2. Clients provide basic information and uploads Form 16 and other documents.

3. Our tax experts resolve the queries of the clients and prepare the tax return.

4. The tax return is made available to the clients for his review.

5. Clients review and approves tax return for e-Filing.

6. Our tax experts e-File their returns.

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 Facilities

 The Income tax e-Filing services which can be availed free of cost also has an online
support which one can use while filing.
 The “Tax filing with the help of expert” service can be availed with price as low as
Rs.299/- plus GST.
 Year round support from the tax expert if one avails the “Expert tax preparation”.

Advantages of e-Filing Income Tax Return with H&R Block

 Professionally handled Income Tax Return e-Filing process.

 Auto-extraction of Data from Form 16 with an intuitive tool.
 Post-filing support if required.
 Secured cloud storage facility for your documents & past returns.
 H&R Block’s global satisfaction and accuracy guarantees.
 Industry’s best proprietary application portal which is built in-house.
 Easy, hassle free, fast and user friendly application.
 Tips and helpful hints to guide you in filling up your details in the application.
 100% secure with built-in encryption measures and assurance about the
confidentiality of your personal information.

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 Organizational Structure

CEO : Jeffrey J. Jones

Managing Director : Vaibhav Sankla

Head- IT & Marketing : Balkrishna Patil

Head- Business Development : Gouri Banik

Head- Expat Tax Services : Md. Faruq

Head- HR : Kaustav Mitra

Head- Tax Research : Chetan

Head- Digital Business : Vishal Sankla

Head- Finance : Shaju Thomas

Head- Administration : Dilbag Singh

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Some of the Clients Acquired by H&R Block

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 Organizational Growth through various parameters over time

Milestones Achieved by H&R Block

 Has prepared more than 20 million tax returns annually, with over 2.5 Cr satisfied
clients and a client satisfaction rating of 8.9/10.
 Operates approximately 12,000 retail tax offices staffed by tax professional
worldwide.
 Employs over one lakh certified tax experts globally.
 Provides a complete online solution to tax return preparation, e-Filing and storing
all the documents on a secure portal.
 Provides year round access to all your documents through client’s very own page
‘My Account’ page.
 With nearly 60 years of service, it is the world’s largest online tax e-filing service
provider.
 Provides 100% accurate tax filing solutions with a ‘pay only when satisfied’
assurance.

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 Other Relevant Information

SWOT Analysis of H&R Block

STRENGTHS WEAKNESS OPPORTUNITIES THREATS

Highly qualified Tax Price Tax regulatory Competition

experts changes with upcoming
retail offices
Committed to the Seasonal Demand Changes in tax slab –
original founding
cornerstone
Reputation – Social advertising Growing
competitors
Tax vault – Nationwide –
implementation

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 CHAPTER 3- Tasks Performed

Tasks assigned and achieved

1. Providing Training to new interns on Taxation

 I was involved in a team of 5 Interns where I had to provide training on taxation.

 Shared the knowledge of taxation.

 Asked questions related to taxation.

 Resolved queries of the interns.

 Given practical problems on taxation to interns.

 Discussed on various tax situation.

 Conducted mock telephonic conversation on client experience.

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2. Cold Calling

 Made cold calls from the given data of the clients. Cold calling is generally
referred to as an over-the-phone process and used to attempt to convince
potential customers to facilitate either the company’s product or service.
 Converted leads in to opportunities.
 Call was about to convince the clients to avail our services by applying the promo
code.
 After the client shows interest in the product and services, provide them with a
demo of how they can register to our portal and how the e-Filing works.
 Approximately 450 calls have been made.

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3. Involved in Simple and Mid-complex tax situation Team

 Cases on Simple and mid-complex tax situation assigned.

 Analyzed the documents required and received like Form 16, Form 26AS, Housing
Loan certificate etc.
 Asked clients to provide the pending documents.
 Discussed the different tax situation with clients.
 Resolved the queries of clients.
 Worked on how to save the taxes by applying applicable deductions.
 Shared tax summary with the clients.
 After approval from clients, e-Filed the returns.
 Guided for e-Verification of returns.
 Asked for NPS (Net Promotor Score) i.e. feedback of the services provided.
 Worked on Approximately 260 cases of Simple and Mid-complex tax situation.
 Successfully 80 Simple and Mid-complex cases ITR has been E-filed.
 Promoted to the Complex tax situation cases.

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4. Involved in Complex tax situation cases

 Cases on Complex tax situation are assigned.

 Maintained the record in Excel Sheet of Clients documents, information related to
clients like Name, Date of Assign, Status, Assign by, Review By, Documents
received, Documents pending, Date of e-File etc.
 Determination of Residential Status of the clients.
 Determination of Applicable ITRs form.
 Analysis of the documents like Form 16, Form 26AS, Interest on Home Loan
Certificate, Form 26QC, Capital Gain Statements, Purchase and sale deed of
House property, Saving interest certificate, rental agreement, Donation receipt
etc. for filing of return.
 Prepared workings of Short term/Long term capital Gain on shares in Excel format.
 Prepared workings for Bank Statements, Foreign Shares, RSUs (Restricted stock
units) etc. in excel format.
 Worked on Income from Salary, House Property, Capital Gain Cases, Foreign
Income, Foreign Assets disclosures, Returns for NRI, other Income etc.
 Calculation of Grandfathering value for Long term capital Gain on equity shares.
 Calculation of peak value of foreign Bank Accounts, value at cost of RSUs from
foreign company.
 Worked on 70 complex tax situation cases.
 Successfully 67 complex cases have been e-Filed.

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 General Observation

 Maximum people are not aware of the required documents for filing of return

like Form 26AS, Investment receipts etc.

 Maximum people are not much serious about their outstanding Tax demands if

the demand is of small amount.

 Many people don’t have much knowledge about Income Tax portal.

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 Chapter-4 Conclusion

Summary

This internship has given me an opportunity to learn the theoretical knowledge

and apply it in practical way. I was provided the training on taxation and client
experience where I learnt the basics of taxation and how to deal with the clients.
After learning this theoretical knowledge during training I applied this knowledge
of taxation while filing the returns and also the client experience training while
dealing with the clients. This internship has boosted my confidence to excel in any
field of my life.

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 Gains of the Study

1. Theoretical and Practical Knowledge of Taxation.

2. Practical knowledge of MS Excel.
3. How to deal with the clients.
4. E-Mail Writing.
5. Importance of Time Management.
6. Working in Teams.
7. Understanding the process of filing of returns.
8. Professional Attitude.
9. Work Culture.
10. Delegation of Tasks.
11. Understanding of tax filing related Documents like Form 16, Form 26AS, Interest
on Home Loan Certificate, Form 26QC, Capital Gain Statements, Purchase and
sale deed of House property, Saving interest certificate, rental agreement,
Donation receipt etc.

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 CHAPTER-5 RECOMMENDATIONS

 The software can be updated for auto-reading Form16 as it doesn’t read

properly.
 About us and Vision & Mission should be there at the website of H&R Block
(India) Pvt Ltd.

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 REFERENCES

 https://www.hrblock.in

 https://www.hrblock.in/leadership-team

 https://en.wikipedia.org/wiki/H%26R_Block

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