Final Year Project The Project Is Made PDF

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Final Year Project The project is made
Marketing (Jamia Hamdard)
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PROJECT REPORT
ON
“INCOME-TAX RETURN AND E-FILING PROCESS WITH REFERENCE TO BHUPESH
CHAUBEY AND COMPANY, DURG”
FOR THE DEGREE
OF
BACHELOR OF BUSINESS ADMINISTRATION
IN
HEMCHAND YADAV UNIVERSITY, DURG (C.G.)
SESSION 2018-19
PROJECT GUIDE: SUBMITTED BY:

MRS DURGA MISHRA SHAIKA SHAHEEN
(ASST. PROFESSOR) ROLL NO.- 1733813086
DEPARTMENT OF MANAGEMENT BBA 6 TH SEMESTER
DEPARTMENT OF MANAGEMENT
RUNGTA COLLEGE OF SCIENCE AND TECHNOLOGY, DURG (C.G.)

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ACKNOWLEDGEMENT
I, Shaika Shaheen, BBA 6th semester Student of RCST, highly grateful to all those who guided me in
completing this project.
First of all, I would like to pay my heartiest thanks to entire members of the firm especially
Mr.BHUPESH CHAUBEY for his helpful hand in the completion of my project.
Who provided me such a wonderful opportunity to do summer training and provided their valuable
suggestion in understanding the work of Research Project.
Last but not the least, I would like to thanks all the faculty members especially my H.O.D. Mrs Durga
Mishra who gave me the useful tips and suggestion regarding project. I would like to thanks for
imparting her valuable guidance to me.
SHAIKA SHAHEEN
(BBA 6 TH semester)

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PREFACE
I had under gone my summer training with BHUPESH CHAUBEY & COMPANY, DURG.
A student can gain this practical knowledge when he comes to same environment. He/she must have
knowledge to tackle various types of problems, which arise in business. He/she can be able to do it,
when actually faces the problem.
This is only possible during training period. A student may have a sufficient attitude for his/her future
jobs, but systematic practical training is essential to bring in his confidence for job performance,
mental preparation, which enable him to take a future job responsibility.
As discusses above importance and objectives of training, besides all this, such training solves
following purposes:
 Developing skills
In this ability, to perform work efficiently & effectively is being developed.
 Modifying attitude
Developing good attitude on the part of the training in regard to actual job requirement that is
management.
 Transmitting information
Information about the company, its product, services & policies.
So, as total above, I had the privilege of receiving my practical training in BHUPESH CHAUBEY &
COMPANY, DURG.The management of company offered excellent learning situation & sufficient
facilities, to fulfil the objectives of the training.

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DECLARATION
I hereby declare that the Internship project entitled “INCOME-TAX RETURN AND E-FILING
PROCESS” WITH REFERENCE TO BHUPESH CHAUBEY & COMPANY” submitted by me
as a partial fulfilment for the reward of Bachelor of Business Administration for the session 2018-
2019 is original and genuine work carried out by me.
Date:
Place:
SHAIKA SHAHEEN

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CERTIFICATE
This is to certify that MISS. Shaika Shaheen, student of Bachelor of Business Administration, Roll no.
- 1733813086, Enrolment no- DA/2016/42238, Batch 2015-19 at Rungta College of Science and
Technology, Durg have under taken a project titled “INCOME TAX RETURN AND E-FILING
PROCESS” in partial fulfilment of 3 years full time BBA program of Rungta College of Science and
Technology. The internship project has been undertaken under the guidance and approval of Mrs
Durga Mishra (Asst. Professor, Department of Management). This is also to ascertain that this project
has been prepared only for the award of Bachelor of Business Administration degree not been
submitted for any other purpose.
INTERNAL EXAMINER EXTERNAL EXAMINER

(Signature) (Signature)
APPROVED BY:
Mrs.Durga Mishra
H.O.D.Management
R.C.S.T, Durg

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TABLE OF CONTENTS
Chapter 1- Introduction 7-16
1.1 Introduction
Chapter 2- Company Profile 17-19
Chapter 3- Literature Review 20-21
Chapter 4 – Research Objective 22-23
4.1 Research Objective
Chapter 5- Research Methodology 24-25
Chapter 6- Data Analysis & Interpretation 26-36
Chapter 7- Finding and Analysis 37
Conclusion 38
Suggestion 39
BIBLIOGRAPHY 40
Annexure 41

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CHAPTER 1: INTRODUCTION
Income Tax in India: Guide, IT Returns, E-filing Process 2019
Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your
income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and
pays to the government such as restaurants, theatres and e-commerce websites recover taxes from you
on goods you purchase or a service you avail. This tax is, in turn, passed down to the government.
Direct Taxes are broadly classified as:
1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than
companies, pay on the income received. The law prescribes the rate at which such income should be
taxed.
2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses.
Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.
Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or
VAT on goods such as clothes and electronics. Goods and services tax, which has recently been
introduced, is a unified tax that has replaced all the indirect taxes that business owners have to deal
with.
31 JANUARY 31 MARCH 31 JULY OCT-NOV

Deadline to submit Deadline to make Last date to file your Time to verify your tax
your investment proofs investments under tax return return
Section 80C
Income Tax Basics

Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a
non-resident of India). Also read our article on Income Tax for NRIs. Your income could be salary,
pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners
of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. For simpler classification, the
Income Tax Department breaks down income into five heads:
Head of Income Nature of Income covered
Income from Income from salary and pension are covered under here
Salary
Income from Income from savings bank account interest, fixed deposits, winning KBC
Other Sources
Income from This is rental income mostly
House Property
Income from Income from sale of a capital asset such as mutual funds, shares, house
Capital Gains property

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Income from This is when you are self-employed, work as a freelancer or contractor, or
Business and you run a business. Life insurance agents, chartered accountants, doctors and
Profession lawyers who have their own practice, tuition teachers
Taxpayers and Income Tax Slabs

Taxpayers in India, for the purpose of income tax include:
 Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of
Individuals (BOI)
 Firms
 Companies
Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian
companies have a fixed rate of tax of 30% of profits, the individual, HUF, AOP and BOI taxpayers are
taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax
brackets or tax slabs. And each tax slab has a different tax rate. In India, we have four tax brackets
each with an increasing tax rate.
 Income earners of up to 2.5 lakhs

 Income earners of between 2.5 lakhs and 5 lakhs
 Income earners of between 5 lakhs and 10 lakhs
 Those earning more than Rs10 lakhs
Income Range Tax rate Tax to be paid

Up to Rs.2,50,000 0 No tax
Between Rs.2.5 lakhs and Rs.5 lakhs 5% 5% of your taxable income
Between Rs.5 lakhs and Rs.10 lakhs 20% Rs.12,500+ 20% of income above Rs.5
lakhs
Above 10 lakhs 30% Rs.1,12,500+ 30% of income above Rs.10
lakhs
This is the income tax slab for FY 2017-18 for taxpayers under 60 years. There are two other tax slabs
for two other age groups: those who are 60 and older and those who are above 80.
A word of note: People often misunderstand that if they earn let’s say Rs.12 lakhs, they will be paying
a 30% tax on Rs.12 lakhs i.e. Rs.3, 60,000. That’s incorrect. A person earning 12 lakhs in the
progressive tax system, will pay Rs.1, 12,500+ Rs.60, 000 = Rs.1, 72,500.
Exceptions to the Tax Slab

One must bear in mind that not all income can be taxed on slab basis. Capital gains income is an
exception to this rule. Capital gains are taxed depending on the asset you own and how long you’ve
had it. The holding period would determine if an asset is long term or short term. The holding period
to determine nature of asset also differs for different assets. A quick glance of holding periods, nature
of asset and the rate of tax for each of them is given below.

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Type of capital Holding period Tax rate

asset
House Property Holding more than 24 months – Long Term Holding 20% Depends on slab rate
less than 24 months – Short Term
Debt mutual Holding more than 36 months – Long Term Holding 20% Depends on slab rate
funds less than 36 months – Short Term
Equity mutual Holding more than 12 months – Long Term Holding Exempt (until 31 March
funds less than 12 months – Short Term 2018) Gains > Rs.1 lakh
taxable @ 10% 15%
Shares (STT Holding more than 12 months – Long Term Holding Exempt (until 31 March
paid) less than 12 months – Short Term 2018)Gains > Rs1 lakh
taxable @ 10% 15%
Shares (STT Holding more than 12 months – Long Term Holding 20% As per Slab Rates
unpaid) less than 12 months – Short Term
FMPs Holding more than 36 months – Long Term Holding 20% Depends on slab rate
less than 36 months – Short Term
Income Tax Return (ITR)

A tax return is defined as a form or different types of forms filed with a taxing authority which reports
income, expenses, and other pertinent tax information. Tax returns make it simple for taxpayers to
calculate their tax liability, schedule tax payments and request refunds for the overpayment of taxes.
All taxpayers who are filing their income tax returns are required to determine the type of income tax
return (ITR) form they need to fill before actually filing their returns. The form to be filled is solely
dependent on the income that the taxpayer earns or in certain cases if the taxpayer holds assets in a
country other than India or earns any form of income from a country other than India.
Different types of ITR forms

In total, there are almost 9 types of ITR forms available for a tax payer to file his taxes. However,
only the following forms are to be taken into consideration by individuals when filing returns as per
the Central Board of Direct Taxes in India:
 ITR-1
 ITR-2
 ITR-2A
 ITR-3
 ITR-4
 ITR-4S
The following income tax return forms are applicable only for companies and firms:
 ITR-5
 ITR-6

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 ITR-7
ITR-1
Also known as the Sahaj form, this income tax return form is to be filed solely by an individual
taxpayer. Any other assesse liable to pay tax is not eligible to avail of this form for filing their returns.
This form is applicable for the following people:
 A person who earns his income via salary or through other means such as pension
 A person who earns his livelihood from a single housing property
 An individual who has no income from no other business or who have no income from the
sale of any assets i.e. capital gains
 Individuals who do not own any assets or property in countries apart from India
 An individual who has no source of income from any country outside India
 A person whose income from agriculture is below Rs.5,000
 A person whose source of income is from various investments or sources like investments,
schemes or fixed deposits etc.
 Individuals who have not earned income from any windfall such as lotteries, horse racing etc.
 People who want to accumulate their spouse’s or underage child’s income with their own, as
long as the income to be clubbed is in accordance with the criteria mentioned above.
ITR-2A
Introduced in the assessment year 2015-16, The ITR-2A form is a new income tax return form. This
form can be used by a Hindu Undivided Family (HUF) or an individual taxpayer. The ITR-2A form is
applicable for the following people:
 People whose source of income i through salary or through means such as pension
 People who are also earning income from more than one housing property
 A person who has no income from any other business or who have no income from the sale of
any assets i.e. capital gains
 People who tend to earn income from different investments or sources such as Fixed
Deposits, Investments, and Shares etc.
 A person who does not own any property or assets in countries other than India
 A person who does not have a source of income from any country outside India
 A person whose income from agriculture is below Rs.5,000
 Individuals who have not earned income from any windfall such as lotteries or horse racing
ITR-2
The ITR-2 Form is a type of ITR form which is generally used by individuals who have accrued
income through the sale of assets or property. Also, this form is useful for individuals who earn
income from countries outside India. In most cases, individuals or Hindu Undivided Families (HUF)
can avail of this form to file their IT returns. This form is applicable for the following persons:
 People who earn income through salary or through means such as pension

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 A person whose source of income is through the sale of assets or property in India i.e. capital
gains
 A person who tends to earn income from more than one housing property
 People who don’t earn money from any business venture
 A person who own assets in countries outside of India
 People who earn income from countries outside of India
 A person whose income from agriculture is above Rs.5,000
 A person who gets his income from any windfall like lotteries or horse racing
ITR-3
The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided Family, who solely
operates as a partner in a firm but who do not conduct any business under the firm. This is also
applicable for individuals who do not earn any income from the business conducted by the firm. This
form is usually filed by those taxpayers whose taxable income earned from business is only in the
form of the following:
 Salary
 Commission
 Bonus
 Interest
 Remuneration
ITR-4
This type of ITR form is useful for those individuals who conduct a business or who earn income
through a profession. This form is applicable for all types of businesses, undertaking or profession,
without any limit on the income earned. Taxpayers can also club any income they receive from
windfalls, speculation, salaries, lotteries, housing properties etc., along with the income earned from
their business. An individual with any profession, right from shopkeepers, doctors or designers to
agents, retailers and contractors, is eligible to file their ITR using this form.
ITR-4S
Also known as Sugam form, the ITR-4S form can be used by any individual or Hindu Undivided
Family (HUF) for filing their income tax returns. This form is applicable for the following persons:
 Individuals who earn income from any business

 Individuals who earn income from a single housing property
 Individuals who do not earn income through the sale of assets or property in India i.e.: capital
gains
 Individuals whose income from agriculture is below Rs5,000
 Individuals who do not own any assets or property in countries other than India
 Individuals who do not earn income from any country outside India

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This form is useful in special circumstances and is applicable to businesses where any income earned
is based on a presumptive method of calculation.
ITR-5
The ITR-5 form is used only by the following bodies to file income tax returns:
 Firms
 Limited Liability Partnerships (LLPs)
 Body of Individuals (BOIs)
 Association of Persons (AOPs)
 Co-operative Societies
 Artificial Judicial Persons
 Local Authorities
ITR-6
Except those companies or organisations that claim tax exemption as per Section 11, the ITR-6 form
is used only by all companies. Organisations that can claim tax exemptions as per Section 11 are
organisations in which the income received is accumulated from the property used for the purpose of
religion or charity. This particular income tax return form is only available to be filed online.
ITR-7
Those individuals or companies that are required to submit their returns under the following sections
are required to file their income tax returns through ITR-7:
 Section 139(4A) - Under this section, returns can be filed by individuals who receive income
from any property that is held for the purpose of charity or religion in the form of a trust or
legal obligation
 Section 139(4B) - Under this section, returns are to be filed by political parties provided their
total income earned is above the non-taxable limit
 Section 139(4C) - Under this section, returns are to be filed by the following entities:
 Any institution or association mentioned under Section 10(23A)
 Any association involved with scientific research
 Any institution mentioned in Section 10(23B)
 Any news agency
 Any fund, medical institution or educational institution
 Section 139(4D) - Under this section, returns are to be filed by entities such as colleges,
universities or any other such institution wherein income returns or loss are not required to be
provided in accordance with other provisions outlined in this section.

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E-Filing of Income Tax Returns:

What is E-Filing?
As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income
during the previous year exceeds the maximum amount not chargeable to tax, should file their income
tax returns (ITR).The process of electronically filing income tax returns is known as e-filing. The
filing of returns can be done in two ways – one is the conventional offline route which requires you to
visit the office of the Income Tax Department and doing it manually, and the other is to file the returns
on the internet. E-filing has been gaining a lot of popularity in recent years thanks to advancements in
technology. E-filing is also relatively easier in comparison with offline filing as it doesn’t involve
tedious paperwork and can be done from the comfort of your home.
Types of e-Filing:
 Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT forms using
Digital Signature Certificate (DSC) by a chartered accountant.
 If you e-file without DSC, ITR V form is generated, which should then be printed, signed and
submitted to CPC, Bangalore by ordinary post or speed post within 120 days from the date of
e-filing.
 You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.
Who should e-file income tax returns?

Online filing of tax returns is easy and can be done by most assessees.
 Assessee with a total income of Rs.5 Lakhs and above.

 Individual/HUF resident with assets located outside India.
 An assessee required to furnish a report of audit specified under sections 10(23C) (IV),
10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID,
80JJAA, 80LA, 92E or 115JB of the Act.
 Assessee required to give a notice under Section 11(2) (a) to the assessing officer.
 A firm (which does not come under the provisions of section 44AB), AOP, BOI, Artificial
Juridical Person, Cooperative Society and Local Authority (ITR 5).
 An assessee required to furnish returns U/S 139 (4B) (ITR 7).
 A resident who has signing authority in any account located outside India.
 A person who claims relief under sections 90 or 90A or deductions under section 91.
 All companies.
Benefits of E-Filing
E-filing is preferred to offline filing among a large number of taxpayers in India. Here are some of the
major benefits of filing your income tax returns electronically:
 Quick Processing: When you file your returns online, they will be acknowledged promptly by
the Income Tax Department. One of the major benefits of e-filing is that if there are any
refunds, they will be processed much quicker in comparison with returns that are filed on
paper.

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 Convenient: You can file your returns anytime, anywhere, as long as you have a mobile
device or a laptop and an internet connection. The e-filing facility is open 24/7, making it a
way more convenient option in comparison with manual filing of returns.
 Accuracy: The software created for the e-filing of returns comes with built-in electronic
connectivity and validations that make it seamless. The software also reduces errors to a
considerable extent. Since filing your returns manually can leave the door open to human
errors, electronic filing of returns can ensure that there are no manual errors.
 Confidentiality: Filing your returns on paper has the potential for your details to get leaked.
Online filing of returns, however, is much safer in comparison with manual filing as your data
will not be accessible by chance or design.
 Easy to Use: The e-filing portal has been designed in a manner such that it is really easy to
file your returns. There are detailed instructions that you can follow to ensure that the process
is completed in a smooth and hassle-free manner.
 Proof of Receipt: Filing your income tax returns online will mean that the confirmation will
be sent to you promptly through email on your registered email address. Since the process is
automated, there will be no wastage of time in getting your confirmation.
 Electronic Banking: In case any refunds are due to you, they will be directly deposited to your
bank account. In case you have any tax payments to make, they too will be directly debited
from your bank account. You also have the choice to file your returns now and pay the taxes
later. You can accordingly choose to instruct your bank account and enjoy the convenience
offered by the facility.
 Accessibility: All the information regarding your past data can be accessed with relative ease
when you file your returns online. The applications ensure that the data has been stored
securely, so that it is easy for individuals to access it when filing their returns again.
Documents required to file income tax

When filing your income tax online or physically, it is always a good idea to be prepared. The below
mentioned details serve as a checklist to help you get started with the e-filing of tax returns.
General details that would be required
 Bank account details

 PAN Number
Reporting salary income required
 Rent receipts for claiming HRA

 Form 16
 Pay slips
Reporting House Property income required
 Address of the house property

 Details of the co-owners along with their share in the mentioned property and PAN details
 Certificate for home loan interest
 The date when construction was completed, in case an under-construction property was
purchased
 Name and the rental income of the tenant, if the property is rented

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Reporting capital gains required
 There is a requirement of a stock trading statement with purchase details, in case there are
capital gains from selling the shares
 If a house or property is sold, you must sought sale price, purchase price, details of
registration and capital gain details
 Mutual fund statement details, purchase and sale of equity funds, debt funds, SIPs and ELSS
Reporting other income required
 The income from interest is reported. In case of interest accumulated in savings account, bank
account statements are required
 Interest income from tax saving bonds and corporate bonds must be reported
 The income details earned from post office deposit must be reported
Steps to follow to file IT returns online

Now, filing your income tax has become an extremely easy process. Simply follow the below steps:
 To begin with, log on to IncomeTaxIndiaeFiling.gov.in and register yourself on the website.

Your Permanent Account Number (PAN) becomes your user ID.
 Now, you can view your tax credit statement or Form 26AS. The TDS in your Form 16 must
tally with the figures in Form 26AS. If not, you must correct the discrepancy.
 Click on the income tax return forms and choose the financial year you want to file your
returns for.
 Then, you need to download the ITR form which is applies to you. If your exempt income
exceeds Rs.5,000, then the appropriate form will be ITR-2. However, you can complete the
process on the portal itself, by using the 'Quick e-file ITR' link, if the applicable form is ITR-
1 or ITR 4S.
 Next step is to open excel utility, which is the downloaded return preparation software and
enter all the details in the form using your Form 16.
 Calculate and get an estimate of the tax payable amount by clicking the 'calculate tax' tab.
 Now, if applicable, pay tax and fill in the challan details.
 Confirm all the information provided in the worksheet by clicking on the 'validate' tab.
 Download this in an XML file and save it on your desktop.
 Then, go to 'upload return' on the portal's panel and upload the saved XML file.
 A pop-up will be appear, requesting to digitally sign the file. In case you have your digital
signature, then, select ‘Yes'. In case you have not got digital signature, select 'No'.
 ITR Verification (ITR-V), which is the acknowledgment form, will be generated in a
downloadable format.
 Generate a printout of the form ITR-V and sign it only in blue ink.
 Send this form to the Income-Tax Department-CPC , Post Bag No. 1 , Electronic City Post
Office, Bangalore, 560 100, Karnataka, by ordinary or speed post, within 120 days of filing
your returns online.
 E-Filing Tax Returns for 2019:

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E filing income tax returns for the assessment year 2019-20, which is the financial year 2018- 19
has started. The Income Tax Department will release the new ITR forms after 31st March and e-filing
for them will be allowed on their website.
 Deadline for E-Filing Tax Returns:

The last date for e-filing income tax returns for FY 2018-19 is 31st July 2019. You can e-file your tax
returns any time before then, but it is always better to e-file early to avoid the rush and heavy website
traffic in the last month.
 Penalty for Late Filing Income Tax Return:

Taxpayers who do not file their income tax return on time are subject to penalty and charged an
interest on the late payment of income tax. Also, the penalty for late filing income tax return on time
has been increased recently. The penalty for late filing income tax return is now as follows:
 Late Filing between 1st August and 31st December - Rs.5000

 Late Filing After 31st December - Rs.10,000
 Penalty if taxable income is less than Rs.5 lakhs - Rs.1000

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CHAPTER 2 : COMPANY PROFILE

A firm is a business organization—such as a corporation, limited liability company (LLC), or
partnership—that sells goods or services to make a profit. While most firms have just one location, a
single firm can consist of one or more physical establishments, as long as they fall under the same
ownership and utilize the same Employer Identification Number (EIN). When used in a title, "firm" is
typically associated with businesses that practice law, but the term may be used for a wide variety of
businesses including accounting, consulting, and graphic design firms. "Firm" is often used
interchangeably with business, company, or enterprise.
Firms Differ by Type of Ownership:

A firm's business activities are typically conducted under the firm's name, but the degree of legal
protection—for employees or owners—depends on the type of ownership structure under which the
firm was created. Some organization types, such as corporations, provide more legal protection than
others. Firms can assume a number of different types based on their ownership structures:
 One type of firm is a sole proprietorship or sole trader. A sole proprietorship is owned by one
person, who is liable for all costs and obligations, and owns all assets.
 A partnership is a business owned by two or more people; there is no limit to the number of
partners that can have a stake in ownership. A partnership's owners each are liable for all
business obligations, and together they own everything that belongs to the business.
 In a corporation, the businesses' financials are separate from the owners' personal financials.
Owners of a corporation are not liable for any costs, lawsuits, or other obligations of the
business. A corporation may be owned by individuals or by a government. Though business
entities, corporations can function similarly to individuals; for example, they may take out
loans, enter into contract agreements, and pay taxes. A firm that is owned by multiple people
is often called a company.
 A financial cooperative is similar to a corporation in that its owners have limited liability;
with the difference that its investors have a say in the company's operations.
ABOUT THE FIRM:
Established in the year 4th July 2011, “Bhupesh Chaubey & Co.”, is a partnership firm including ten
partners engaged in offering Advisory and Compliance services. The services offered by the firm
ensure that the diverse needs of its clients are achieved through efficiency, organization and precise
means. Our services are widely appreciated by the clients for its reliability and appropriate results.
The team members are recruited after a stringent screening of their professional as well as personal
backgrounds. To make sure that our team members are kept updated with latest techniques and
requirements of the industry, we conduct training programs and practice sessions on a regular basis
under the supervision of a seasoned trainer.
LOCATION:

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 MAIN HEAD & MANAGING PARTNER: Mr Bhupesh Chaubey

 HEAD OFFICE: At Durg
 BRANCH OFFICE: Raipur, Jabalpur, Chhindwara
The firm is specialised in the areas of Bank audit (Nationalised Bank, Private Bank, NRHM
(Nationalised Rural Health Mission Audit), PSU (Public Sector Undertakings) Audit.
AUDITORS ROLE IN THE FIRM:
The outside, independent auditor is engaged to render an opinion on whether a company’s financial
statements are presented fairly, in all material respects, in accordance with financial reporting
framework. The audit provides users such as lenders and investors with an enhanced degree of
confidence in the financial statements. An audit conducted in accordance with GAAS and relevant
ethical requirements enables the auditor to form that opinion.
To form the opinion, the auditor gathers appropriate and sufficient evidence and observes tests,
compares and confirms until gaining reasonable assurance. The auditor then forms an opinion of
whether the financial statements are free of material misstatement, whether due to fraud or error.
Some of the more important auditing procedures include:
 Inquiring of management and others to gain an understanding of the organization itself, its
operations, financial reporting, and known fraud or error
 Evaluating and understanding the internal control system
 Performing analytical procedures on expected or unexpected variances in account balances or
classes of transactions
 Testing documentation supporting account balances or classes of transactions
 Observing the physical inventory count
 Confirming accounts receivable and other accounts with a third party
At the completion of the audit, the auditor may also offer objective advice for improving financial
reporting and internal controls to maximize a company’s performance and efficiency.
Financial Advisors of the firm:

The firm places the client first and adopts a genuine partnering approach. From the outset, it places
great emphasis on understanding the client’s current and likely future business, alongside its
challenges and opportunities. Through this rigorous brief derivation, regular discussion and reporting,
the advisors breadth of experience enables our client to make decisions based on maximum
information.
The Firm’s Approach:

The firm’s team approach, with the right blend of experience and skills, offers the client effective
support. Rigorous proven methodologies, and innovative thinking, enable the firm to stimulate

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imaginative solutions that work. Good communications and a holistic approach involves with frequent
workshops.
The Firm is also specialised in GST return filing:

Filing GST return under the GST regime is crucial as non-compliance and delay will result in
penalties and affect your compliance rating and timely refunds.
A return is a document containing details of income which a taxpayer is required to file with the tax
administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
 Purchases
 Sales
 Output GST (On sales)
 Input tax credit (GST paid on purchases)
To file GST returns, GST compliant sales and purchase invoices are required.
In the GST regime, any regular business has to file two monthly returns and one annual return. This
amount to 26 returns in a year. The beauty of the system is that one has to manually enter details of
one monthly return – GSTR-1. The other returns GSTR 3B will get auto-populated by deriving
information from GSTR-1 filed by you and your vendors. There are separate returns required to be
filed by special cases such as composition dealers.
Late Fees for not Filing Return on Time:
If GST Returns are not filed within time, you will be liable to pay interest and a late fee.
Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to
be paid. The time period will be from the next day of filing to the date of payment.
Late fees is Rs.100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be
Rs.200/day. Maximum is Rs.5,000. There is no late fee on IGST.

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Chapter 3: LITERATURE REVIEW

A literature review or narrative review is a type of review article. A literature review is a scholarly
paper, which includes the current knowledge including substantive findings, as well as theoretical and
methodological contributions to a particular topic. Literature reviews are secondary sources, and do
not report new or original experimental work. Most often associated with academic-oriented
literature, such reviews are found in academic journals, and are not to be confused with book reviews
that may also appear in the same publication. Literature reviews are a basis for research in nearly
every academic field. A narrow-scope literature review may be included as part of a peer-reviewed
journal article presenting new research, serving to situate the current study within the body of the
relevant literature and to provide context for the reader. In such a case, the review usually precedes the
methodology and results sections of the work.
To find-out the gap in the literature, the following review of earlier works been done and summarized
as below:
 Anna A. CheAzmi and YusnizaKamarulzman, (2000),”Adoption of Tax E-filing: A

conceptual paper”, in their contribution towards providing useful input on the adoption and
evaluation of the E-filing system by users. It is predicted that many of these risks facts will be
significant. Among the risks that could possibly be significant are performance risk,
psychological risk, time risk and privacy risk. This study aims to the relationship of
perceptions of risk and its facts within the Technology Acceptance Modal with the tax E-filing
context.
 Yi-shun Wang, (2002), “The Adoption of Electronic Tax Filing Systems: An Empirical
Study”. He explained that the benefits, treads and highlights (ITRs) of E-filing among the
residents of the country. E-filing Income tax return using internet is a gift to a tax payers.
Using the Technology Acceptance Model (TAM) as a theoretical framework, this study
introduces ‘perceived credibility’ as a new factor that reflects use of E-tax filing system.
 Dr.Sujeet Kumar Sharma, Dr.RajanYadav, (2011), “An Empirical Study on Tax Payer’s
Attitude towards E-return Filing in India”, in their opinion that study employed factor
analysis and multiple regression analysis to understand tax payers’ attitude towards E-filing.
The study found that perceived ease of use, perceived usefulness, perceived credibility and
computer awareness significantly influence the customer’s acceptance of E-filing.
 Geetha R. and Sekar M. (2012),”E-filing of IncomeTax: Awareness and Satisfaction level of

Individual Tax Payers in Coimbatore city, India”, This study reveals that the existing users are
satisfied with the E-filing facilities but most of the individual tax payers are not awareness of
the E-filing and E-payment procedures so sufficient steps are required to create more
awareness in the mind of tax payers regarding E-filing of Income tax.

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 Meenu Gupta, (2012), she analysed that the acceptance of E-filing of Tax Returns is much
better than traditional system of paying Income tax. The benefits of E-filing heads up the
importance of technological advancement.
 BrahmbhattMamta, (2012),”Tax Payers Perception towards E-file Adoption: Empirical

Investigation”, this study attempts to develop an understanding of the factors that influence
citizens adoption of electronic tax filing services and to discuss taxpayer perception and
satisfaction with an online system for filling individual Income tax return.
 Mukesh Kumar and Mohammed Anees (2014),”E-filing Creating New Revolution in

Taxation of India”, in their opinion that changing scenario in Income tax due to
implementation of E-filing. India is in the phase of revolutionary changes in information
technology which also gives great advancement in E-filing field of Income tax department.
 Dr.Samir MazidbhaiVohra, (2015) “E-filing; New Revolution in Taxation of India”.

Analysed that the Income tax department has introduced E-filing of Income tax returns to
make the filing process easier for tax payers which will result into reduction of time and paper
work. India is in the phase of revolutionary changes in information technology which
ultimately gives more encouragement in E-filing of Income tax return. The study shows that
the E-filing is the new effective method of filing Income tax return through online and make
E-payment of tax.
 JyothiArora, (2016), “E-filing of Income Tax Return in India”, he analysed in this study,
deals with the benefits, process, trends and highlights (ITRs) of E-filing among the residents
of country. In the current world new information technology is being introduced very fast in
all fields. Due to the facet of time, researchers could not review more articles and books, but
with the available literature, they found that a very few works have been done on the area of
this topic earlier, hence, it’s a small effort is put in to fill-up the literature gap.

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CHAPTER 4 : RESEARCH OBJECTIVE
4.1 OBJECTIVES OF THE STUDY:
 To assess the perception and awareness of tax-payers towards e-filing of income tax returns.
 To study the satisfaction level of tax-payers towards e-filing of income tax returns.
 To know about the online process of filing ITR or e-filing.

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4.2 LIMITATIONS OF THE STUDY:
 All respondents may not give correct answers; the answer may vary according to their mood
and the technology given to them.
 The answer given by the respondent can also reflect by accommodations given to them, work
load and other aspects. For example, if the respondent has been given good accommodations
to use like latest computer with comfortable chair with latest gadget like computer and with
4g speed net in a comfortable environment, the respondent may feel easy to file income tax
return thus respondent will give positive response and vice versa.
 The respondents may not give answer what is actually in their mind due to shy or any other
feelings also the interviewee may not be interested in our questions or research.
 The respondent may not have detail knowledge about our topic which can affect our research.

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CHAPTER 5 : RESEARCH METHODOLOGY
The purpose of methodology is to describe the purpose involve in the research work. This include the
overall research design, the data collected method Research methodology refers to the various
sequential steps to be adopted by a researcher in studying a problem with certain object or objective in
view.
Sources of data collection:

Data was selected by using both primary and secondary method, in Primary method of data collection
questionnaire was used, in case of secondary data was collected by using magazine, books and data
available with the person working there.
Primary data:
Information obtained from the original source by research is called Primary Data. They offer much
greater accuracy and reliability. The data was collected from the respondents through the
questionnaire.
Secondary data:
It means data that are already available that is they refer to the data which has already been collected
and analysed by someone else. The data was collected from the websites and journals.
Questionnaire:
A structure questionnaire was administered to the respondent for the collection of primary data.
Questionnaire consists of 10 questions.
Research Design
Research design is the arrangement of conditions for collection for collection and analyse of data in a
systematic manner that aims to combine relevance to research purpose with economy in procedure.
The research study applied here is purely descriptive.
Sample size
50 Respondents are chosen as a sample size for the study.

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Sampling technique
The simple random sampling method was used for the primary data collection. Simple random
sampling is the basic sampling technique where we select a group of subjects (a sample) for study
from a larger group (a population). Each individual is chosen entirely by chance and each member of
the population has an equal chance of being included in the sample. Every possible sample of a given
size has the same chance of selection i.e, each meqmber of the population is equally to be chosen
stage in the sampling process.

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CHAPTER 6 : DATA ANALYSIS AND INTERPRETATION
A questionnaire was prepared for measuring the effectiveness of training and development under the
guidance of Mr BHUPESH CHAUBEY. The primary data collected by simple random sampling by
using questionnaires was tabulated, converted in to percentage and displayed both in table as well as
by graphical representation for analysis. Based on the data, Interpretations were made. The
questionnaire used for carrying out survey is included in the annexure.
1.1

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Q 1: Who Does Your Tax Filing?
TABLE 6.1
OPTIONS RESPONSE IN PERCENTAGE

Own 32 64%
Employer 2 4%
Tax Advisor 14 28%
Others 2 4%
TOTAL 50 100%
CHART 6.1
4.00%
27.00%
Own
Employer
Tax advisor
Others
65.00%
4.00%
Interpretation:-
From the survey conducted, the researcher has concluded that, 32 respondents will prefer to pay their
tax filing by their own, 14 respondents will prefer to pay through the tax advisor, 2 respondents will
prefer through their employer and the rest 2 will prefer to pay their tax through others sources.

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Q 2: How would you rate the income tax department free e-filing service?
TABLE 6.2

Easy 23 46%
Difficult 8 16%
Can’t say 5 10%
I don’t use I-T department e-file 14 28%
TOTAL 50 100%
CHART 6.2
28.00%
Easy
46.00%
Difficult
Can’t say
I don’t use I-T department e-file
10.00%
16.00%
Interpretation:-
From the survey conducted, the researcher has conducted that, 23 respondents finds the e-filing
service easy while for the 8 respondents the following service is difficult, 5 respondents can’t say
whether it is difficult or easy , and the rest 14 respondents don’t use I-T department e-file service.

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Q 3: How do you e-file?
TABLE 6.3

I.T. department’s free 40 80%
website
Paid e-filing site 6 12%
Others 4 8%
TOTAL 50 100%
CHART 6.3
8.00%
12.00%
I.T. department's free website

Paid e-filing site
Others
80.00%
Interpretation:
From the survey conducted, the researcher has concluded that, 40 respondents will prefer
I.T.deparment’s free website to e-file their income tax return while 6 respondents’ e-file through Paid
e-filing site and the rest 4 respondents will prefer to use other sources for e-filing.

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Q 4: How would you rate the paid e-filing service?
TABLE 6.4
OPTIONS RESPONSE IN-PERCENTAGE
Easy 10 20%
Difficult 3 6%
Can’t say 7 14%
I don’t use paid e-filing 30 60%
TOTAL 50 100%
CHART 6.4
20.00%
5.00% Easy
Difficult
Can't say
I don’t use paid e-filing
60.00%
15.00%
Interpretation:
From the survey conducted, the researcher has conducted that, 10 respondents finds the e-filing
service easy while for the 3 respondents the following service is difficult, 7 respondents can’t say
whether it is difficult or easy , and the rest 30 respondents don’t use I-T department e-file service.

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Q 5: Do you understand the tax calculations in your tax returns?
TABLE 6.5
Yes 42 84%
No 3 6%
Not sure 5 10%
TOTAL 50 100%
CHART 6.5
14.29%
4.76%
Yes
No
Not Sure
80.95%
Interpretation:
From the survey conducted, the researcher has concluded that, 42 respondents understand the tax
calculations in their tax returns while, 3 respondents do not understand the calculation in their returns
and the rest 5 respondents are not sure whether they understand or not.

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Q 6: Have you looked at Form 26AS before filing tax returns?
TABLE 6.6

Yes 40 80%
No 8 16%
Not Sure 2 4%
TOTAL 50 100%
CHART 6.6
16.00%
4.00%
Yes
No
Not Sure
80.00%
Interpretation:
From the survey conducted, the researcher has concluded that, 40 respondents looked at Form 26AS
before filing tax returns while, 8 respondents do not looked at Form 26AS before filing tax returns
and the rest 2 respondents are not sure about whether they looked or not at the time of their tax
returns.

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Q 7: Have you used online or offline tax calculator to verify your tax
computation?
TABLE 6.7

Yes 26 52%
No 19 38%
Sometimes 5 10%
TOTAL 50 100%
CHART 6.7
11.00%
Yes
No
52.00%
Sometimes
37.00%
Interpretation:
From the survey conducted, the researcher has conducted that, 26 respondents are agreed with the
statement that they used online or offline tax calculator to verify their tax computation while 19
respondents do not use it to verify their tax computation and the rest 5 respondents are sometimes use
it or sometimes not to verify their tax computation.

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Q 8: Do you easily get Form 16/16A from employer and banks?
TABLE 6.8

Yes 39 78%
No 8 16%
Not Sure 3 6%
TOTAL 50 100%
CHART 6.8
6.00%
16.00%
Yes
No
Not Sure
78.00%
Interpretation:
From the survey conducted, the researcher has conducted that, 39 respondents agreed on the statement
that they easily get Form 16/16A from employer and banks while, 8 respondents do not easily get
Form 16/16A from employer and banks and the rest 3 respondents are not sure about whether they
easily get it or not from employer and banks.

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Q 9: If you were eligible for refund, did you get it within six months of tax
filing?
TABLE 6.9

Yes 19 38%
No 18 36%
Not Sure 5 10%
Not Applicable 8 16%
TOTAL 50 100%
CHART 6.9
17.00%
37.00%
10.00% Yes
No
Not Sure
Not Applicable
36.00%
Interpretation:
From the survey conducted, the researcher has concluded that, 19 respondents will get the refund
within six months of tax filing while, 18 respondents will not get the refund , 5 respondents are not
sure whether they will get their refund or not and the rest 8 respondents are not applicable for the
refund.

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Q 10: If you had to make tax payment, did you find e-tax payment easy?
TABLE 6.10
OPTIONS RESONSE IN-PERCENTAGE
Yes 32 64%
No 3 6%
Not Sure 5 10%
Not applicable 10 20%
TOTAL 50 100%
CHART 6.10
20.00%
Yes
9.00% No
Not Sure
Not Applicable
7.00% 64.00%
Interpretation:
From the survey conducted, the researcher has concluded that, 32 respondents find e-tax payment
easy, while 3 respondents find it difficult, 5 respondents will not sure about the e-tax payment,
whether it is easy or difficult and the rest 10 respondents will not applicable for the e-tax payment.

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CHAPTER 7: FINDING AND ANALYSIS
E-Filing survey: 80% use I-T department's free facility for filing returns
Over 70% feel satisfied with free e-filing facility provided by the Income Tax
department. However, only half are using tax calculators to verify.
 Our online survey on “Do you e-file of your tax returns” received 688 responses. At first
glance, the survey shows that an overwhelming 65% are doing their own e-filing, while 26%
are using the services of a tax advisor or a chartered accountant (CA). Only 13% are using
paid e-filing sites when compared to nearly 80% using I-T department’s free e-filing website.
 Over 70% of the respondents, who have used free e-filing feel that it is easy or somewhat
easy. It means I-T department e-filing services have come a long way and still dominate, even
though paid e-filing services claim to provide easy filing and better support. Six out of 10
respondents who have used paid e-filing are also satisfied and hence e-filing services are
providing value for the charges. Those who file by visiting the I-T office to submit should
consider e-filing for convenience and ease.
 A good 87% claim to understand the calculations in tax returns. But, only one in two
respondents have used online or offline tax calculator to verify tax computation. Tax
calculators do help to catch any error in your tax returns preparation before it is e-filed.
 Two out of 10 respondents have not looked at Form 26AS before filing tax returns. This is a
matter of concern as you are overlooking the critical information that can even help to reduce
taxes. For example, you may have missed the credits for TDS. On the other hand, the I-T
department will catch you, if you failed to report the bank interest for which TDS was
deducted.
 Over 78% have easily got Form 16/16A from employer and banks, which means the process
is now smooth. Only 44% out of those who were eligible for refund have received it within
six months of tax filing. It means the majority of consumers are still struggling to get their tax
refund even after six months delay. Nearly eight out of 10 respondents who were required to
pay taxes found e-tax payment easy. It means you don’t have to visit banks to pay taxes. Tax
payers are doing it online.

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7.1 CONCLUSION:
In the present world, new technologies are introduced and improved very fast in all fields. Now new
technology is gifted to tax payers for filing their income tax returns through online i.e. through e-
filing. The e-filing is the new effective method of filing income tax return through online and make e-
payment tax. It saves time, energy and cost and also reduces tension. So the tax– payers are requested
to use e-filing and e payment facilities. This study reveals that the existing users are satisfied with the
e-filing facilities but most of the individual tax payers are not aware of the e-filing and e-payment
procedures. Therefore through this research adequate steps to create more awareness in the minds of
tax payers regarding e-filing of income tax are provided. This study is carried out to determine the tax
payer’s perception towards e-filing of income tax returns. One of the main challenges in e-filing is the
risk of security. As individual tax payers are the most important end users, sufficient understanding of
tax payers acceptance and usage of e-filing system should be made to reduce the risk of user rejection,
preventive and predictive measures ought to be taken on a timely basis to ensure further acceptance
among the non-users of e-filing.

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7.2 SUGGESTION:
• It is suggested that the income tax department can give information about e-filing through
media and Newspapers because only 4% of respondents know about e filing through Media.
• From the above study it is found that there has been extensive advertisement in national
newspaper. It is suggested that it can extended to local newspapers and also using radio stations and
local channels through local languages.
• It is suggested that the awareness can be increased by organizing awareness programs in

office/workplaces for the tax payers so that they are aware about e filing and file their income tax
returns easily by saving their cost and time.
• The researcher also intends to suggest to the income tax department upgrade its technologies
in e-filing of returns(e-filing website) because many respondents find reasons for their unsuccessful
attempt for e filing their income tax returns like e filing website not responding half way etc.
• Knowledge about convenience of e-filing should be given to those who do not have any
motivation towards e-filing.
• Campaigns on e-filing should be taken up in certain places, so that all are aware of its
flexibility.
• Awareness towards correct ITR forms should be given to the tax payers.

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7.3 BIBLIOGRAPHY:
• https://cleartax-in.cdn.ampproject.org/v/s/cleartax.in/s/income-tax/
• https://www.coverfox.com/personal-finance/tax/income-tax/income-tax-return/
• https://www.moneylife.in/article/e-filing-survey-80-percentage-use-i-t-departments-free-
facility-for-filing-returns/38553.html

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7.4 ANNEXURE:
1. Who does your tax filing?
a. Own b. Employer
c. Tax advisor d. others
2. How would you rate the Income tax department free e-filing service?
a. Easy b. Difficult
c. Can’t say d. I don’t use I-T department e-file
3. How do you e-file?
a. I-T department’s b. Paid e-filing site

-free website
c. Others
4. How would you rate the paid e-filing service?
a. Easy b. Difficult
c. Can’t say d. I don’t use paid e-filing
5. Do you understand the tax calculations in your tax returns?
a. Yes b. No
c. Not Sure
6. Have you looked at Form 26AS before filing tax returns?
a. Yes b. No
c. Not Sure
7. Have you used online or offline tax calculator to verify your tax computation?
a. Yes b. No
c. Sometimes
8. Do you easily get Form 16/16A from employer and banks?
a. Yes b. No
c. Not Sure
9. If you are eligible for refund, did you get it within six months of tax filing?
a. Yes b. No
c. Not Sure d. Not applicable
10. If you had to make tax payment, did you find e-tax payment easy?
a. Yes b. No
c. Not Sure d. Not applicable

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Final Year Project The project is made

Marketing (Jamia Hamdard)

Studocu is not sponsored or endorsed by any college or university

“INCOME-TAX RETURN AND E-FILING PROCESS WITH REFERENCE TO BHUPESH

CHAUBEY AND COMPANY, DURG”

FOR THE DEGREE

BACHELOR OF BUSINESS ADMINISTRATION

HEMCHAND YADAV UNIVERSITY, DURG (C.G.)

PROJECT GUIDE: SUBMITTED BY:

RUNGTA COLLEGE OF SCIENCE AND TECHNOLOGY, DURG (C.G.)

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In this ability, to perform work efficiently & effectively is being developed.

Information about the company, its product, services & policies.

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INTERNAL EXAMINER EXTERNAL EXAMINER

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Chapter 1- Introduction 7-16

Chapter 2- Company Profile 17-19

Chapter 3- Literature Review 20-21

Chapter 4 – Research Objective 22-23

4.1 Research Objective

Chapter 5- Research Methodology 24-25

Chapter 6- Data Analysis & Interpretation 26-36

Chapter 7- Finding and Analysis 37

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Income Tax in India: Guide, IT Returns, E-filing Process 2019

31 JANUARY 31 MARCH 31 JULY OCT-NOV

Income Tax Basics

Head of Income Nature of Income covered

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Taxpayers and Income Tax Slabs

 Income earners of up to 2.5 lakhs

Income Range Tax rate Tax to be paid

Exceptions to the Tax Slab

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Type of capital Holding period Tax rate

Income Tax Return (ITR)

Different types of ITR forms

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 Individuals who earn income from any business

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E-Filing of Income Tax Returns:

Who should e-file income tax returns?

 Assessee with a total income of Rs.5 Lakhs and above.

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Documents required to file income tax

General details that would be required

 Bank account details

Reporting salary income required

 Rent receipts for claiming HRA

Reporting House Property income required

 Address of the house property

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Reporting capital gains required

Reporting other income required

Steps to follow to file IT returns online

 To begin with, log on to IncomeTaxIndiaeFiling.gov.in and register yourself on the website.