INCOME-TAX RETURN AND E-FILING

PROCESS
Summer Internship Report

Submitted In Partial Fulfilment of the Requirements

For The Award of the Degree Of

BACHELORS OF BUSINESS ADMINISTRATION (BBA)

Submitted by
Rishika Agrawal
A80306421033
5th Semester

Guided by
Dr. Payal Dubey
(Assistant Professor)

August 2023

Submitted to:

AMITY BUSINESS SCHOOL

AMITY UNIVERSITY, CHHATTISGARH, INDIA

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 Declaration by the Candidate

I Rishika Agrawal hereby declare that the Project Work with the title INCOME-TAX RETURN
AND E-FILING PROCESS submitted by me for the partial fulfilment of the degree of BBA is
my original work and has not been submitted earlier to any other University /Institution for the
fulfilment of the requirement for any course of study.

I also declare that no chapter of this thesis in whole or in part has been incorporated in this report
from any earlier work done by others or by me. However, extracts of any literature which has been
used for this report has been duly acknowledged providing details of such literature in the
references.

Signature of the student

Name: Rishika Agrawal

Registration No: A80306421033

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3
 Certificate By Institute

This is to certify that this project report entitled INCOME-TAX RETURN AND E-
FILING PROCESS for KPHB &Associates is a bonafied work carried out by Rishika
Agrawal of BBA of AMITY BUSINESS SCHOOL for fulfilment of BBA degree
course of AMITY UNIVERSITY Raipur.

Name of the Supervisor Prof. (Dr.) Sumita Dave

Designation Director, Amity Business School,

Raipur, Chhattisgarh

Date:

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 Certificate by the Examiner

This is to certify that the project entitled INCOME-TAX RETURN AND E-FILING
PROCESS submitted by Rishika Agrawal Roll No.16 Enrollment No.A80306421033
Has been examined by the undersigned as apart of the examination for the award of
Master of Business Administration degree of AMITY UNIVERSITY ,
CHHATTISGARH (C.G.).

Name and Signature of Internal Examiner Name and Signature of External Examiner
Date:

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 Acknowledgement

Firstly, I would like to express my gratitude to the Head of Department of Amity Business
School, Prof. Sumita Dave for her constant guidance and advice that were crucial in making
this report flawless as possible.
I offer my solemn and earnest regards to my project internal guide Dr. Payal Sharma
whose scholarly guidance and illuminating suggestions inspired me in shaping my project
work.
I would also like to thank Mr NIRANJAN KEDIA for getting me through the concepts of
INCOME-TAX RETURN AND E-FILING PROCESS .
Working under CA NIRANJAN KEDIA was an interesting opportunity this one month of
internship. I would like to thank you for giving me this opportunity to learn about this helpful
software tally prime.

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 Abstract

I carried out my internship under chartered accountant under the supervision of Mr. NIRANJAN
KEDIA the study of this report is based on analysis of income tax and e-filing.
In accordance with the requirement of the Summer Internship program for BBA .semester 5th on
the topic this report involves the income tax and related topic I experienced great work time and
experience for one month I acquired skills about income tax and e-filing I was assigned different
work regarding the same.

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Table of Content

CHAPTER
TITLE
NO. PAGE NO.
I
DECLARATION BY THE CANDIDATE
II
CERTIFICATE BY THE ORGANIZATION
III
CERTIFICATE BY INSTITUTE
CERTIFICATE BY THE EXAMINER IV
ABSTRACT
V
ACKNOWLEDGEMENT
ABSTRACT VII

Introduction
1.1 Introduction 9-25
I 1.2 Need of Study

Company Profile 24-25

II

Review of Literature 26
III
Research Methodology (For Survey & Interview
Method)
4.1 Research Design
IV 4.2 Sampling framework 16-20
Research Methodology (For Observation Method)
4.1 Research Assignment
4.2 Methods of Observation
Data Analysis and Interpretations
5.1 Introduction
5.2 Analysis of data
5.3 Interpretation of data
V 29-35
Analysis of Observation And Interpretations (For
Observation Method)
5.1 Introduction
5.2 Interpretation of Observation

VI Conclusion 36-40

IX
References / Bibliography
APPENDICES
- Questionnaire
- Weekly Progress Report (WPR)

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 INTRODUCTION

The Governments around the world are increasing the use of information and communication
technologies to improve the delivery of public services and the dissemination of public
administration information to the public. Thus, the success of e-government depends on the
importance that citizen s place on factors such as convenience and usefulness of such services.
Various measures have been taken by the Indian government over the past few years.
Simplification of tax administration has been high on the government's agenda. E-filing is one of the
most important and advanced e-government services. It provides convenience to taxpayers for tax
assessments and payment. Internet allows consumers to conduct transactions within a few mouse
clicks. This convenience can serve as a key driver of e-filing adoption. E-filing provides many
aspects of ‘convenience’ to tax payers. Hence, it is time to file, place to conduct the filing, ease- of
use, information searching and online transactions at a degree that is not available through traditional
channels. E-filing also offers flexibility of time and reduces calculation error on the tax return form
to the taxpayers. Furthermore, e-filing offers many benefits to service providers, which are the tax
authorities. To the service provider, e-filing minimizes their workload and operational cost due to
the submission of tax returns in a paperless environment. It also reduces the cost of processing,
storing and handling of tax returns.

1.1 INCOME TAX

Income tax is a type of tax that the central government charges on the income earned during a
financial year by the individuals and businesses. Taxes are sources of revenue for the government.
Government utilizes this revenue for developing infrastructure, providing healthcare, education,
subsidy to the farmer/agriculture sector and in other government welfare schemes. Taxes are
mainly of two types, direct taxes and indirect form of taxes. Tax levied directly on the income
earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based
on the income slab rates applicable during that financial year.

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 Direct Taxes are broadly classified as:

 Income Tax – This is a tax 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.
 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.

TYPES OF TAX PAYERS-

The Income tax Act has classified the types of taxpayers in categories so as to apply different tax
rates for different types of taxpayers.

Taxpayers are categorized as below:

 Individuals
 Hindu Undivided Family (HUF)
 Association of Persons(AOP)
 Body of Individuals (BOI)
 Firms
 Companies

Further, Individuals are broadly classified into residents and non-residents. Resident individuals are
liable to pay tax on their global income in India i.e. income earned in India and abroad. Whereas,
those who qualify as Non-residents need to pay taxes only on income earned or accrued in India.
The residential status has to be determined separately for tax purposes for every financial year on
the basis of the individual tenor of stay in India. Resident Individuals are further classified into
below mentioned categories for tax purposes-

 Individuals less than 60 years of age

 Individuals aged more than 60 but less than 80 years
 Individuals aged more than 80 years

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TYPES OF INCOME-

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 ).For simpler classification, the Income tax department breaks down income
into five main heads:

Head of Income Nature of Income covered

Income from other sources Income from savings bank account interest,
fixed deposits, winning in lotteries is taxable
under this head.

Income from House Property Income earned from renting a house property is
taxable under this head of income.

Income From Capital Gains Surplus Income from sale of a capital asset such
as mutual funds, shares, house property etc. is
taxable under this head of Income.

Income from Business and Profession Profits earned by self-employed individuals,

businesses , freelancers or contractors & income
earned by professionals like life insurance
agents, chartered accountants, doctors and
lawyers who have their own practice, tuition
teachers are taxable.

Income from Salary Income earned from salary and pension is

taxable under this head of income.
(Source: Secondary data)

TAX PAYERS AND TAX SLABS-

Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian
companies have a fixed rate of tax calculated on their tax 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. Rate at which
income is charged to tax increases with increase in income. Budget 2020 introduced a ‘New tax
regime’ for the Individuals and HUF taxpayers.

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INCOME TAX SLAB UNDER OLD TAX REGIME-

The old tax regime provides 3 slab rates for levy of income tax which are 5%, 20% tax rate and 30%
for different brackets of income. The individuals have been given the option to continue with this
Old tax regime and they can claim deductions of allowances like Leave Travel Concession (LTC),
House Rent Allowance (HRA), and certain other allowances. Additionally, deductions for tax saving
investments as per section 80C (LIC, PPF, NPS etc.) to 80U can be claimed. Standard deduction of
Rs. 50,000, deduction for interest paid on home loan.

Tax slab rates applicable for Individual taxpayer below 60 years for Old tax regime is as below:

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

(Source: Secondary data)

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.

INCOME TAX SLAB UNDER NEW TAX REGIME-

From the FY 2020-21, a new tax regime is available for individuals and HUFs with lower tax rates
and zero deductions/exemptions. Individuals and HUF have the option to choose the new regime or
continue with the old regime. The new tax regime is optional and the choice should be made at the
time of filing the ITR. If the old regime is continued than all the deductions/exemptions as available
can be availed by the taxpayer.

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The income tax slabs under the new tax regime are:

Income Range Tax Rate

Between Rs.2.5 lakhs and Rs.5 lakhs 5%

Between Rs.5 lakhs and Rs.7.5 lakhs 10%

Between Rs.7.5 lakhs and Rs.10 lakhs 15%

Between Rs.10 lakhs and Rs.12.5 lakhs 20%

Between Rs.12.5 lakhs and Rs.15 lakhs 25%

Income above Rs.15 lakhs 30%

(Source: Secondary data)

Most of the deductions like deductions and exemptions are not allowed if the tax payer opts for the
New Tax regime. However, the exemptions and deductions available under the new regime are:

• Transport allowances in case of a specially-abled person.

• Conveyance allowance received to meet the conveyance expenditure incurred as part of the
employment.
• Any compensation received to meet the cost of travel on tour or transfer.
• Daily allowance received to meet the ordinary regular charges or expenditure you incur on
account of absence from his regular place of duty.

1.2 INCOME TAX RETURN

An Income tax return (ITR) is a form used to file information about your income and tax to the
Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In
case the return shows that excess tax has been paid during a year, then the individual will be eligible
to receive an income tax refund from the Income Tax Department.

As per the income tax laws, the return must be filed every year by an individual or business that earns
any income during a financial year. The income could be in the form of a salary, business profits,
and income from house property or earned through dividends, capital gains, interests or other sources.

Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails
to abide by the deadline, he or she has to pay a penalty.

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As per the tax laws laid down in India, it is compulsory to file your income tax returns if your income
is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers. A delay in
filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a
visa for travel purposes.

It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are
applicable to you:

1. If your gross annual income is more than the basic exemption limit.

2. If you want to claim an income tax refund from the department.

3. If you have earned from or have invested in foreign assets during the FY.

4. If you wish to apply for a visa or a loan

5. If the taxpayer is a company or a firm, irrespective of profit or loss.

Also, you are mandatorily required to file ITR even if your income is below the basic exemption
limit but you meet one of the following conditions:

1. Have deposited an aggregate amount of more than Rs.1 crore in one or more current bank
accounts; or
2. Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or
any other person; or
3. Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity
consumption.
4. If the tax deducted at source (TDS)/ tax collected at source (TCS) exceeds Rs 25,000 in the
previous year. In the case of a senior citizen (above 60 years), this limit is Rs 50,000.
5. In case you are a businessman and your total sales, turnover, or gross receipt exceeds Rs 60
lakh during the previous year.
6. You are liable to file a tax return if you are engaged in a profession and your gross receipts
are more than Rs 10 lakh during the previous year.

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 OBJECTIVES OF THIS STUDY-
The key objective is to make an analysis on the following-
1. To measure the level of satisfaction of the respondents towards E-filing.
2. To measure the problems of the respondents towards E-filing.
3. To provide suggestions to make the E-filing pattern of salaried employees in a more attractive
way.

TYPES OF ITR FORMS-

 ITR-1 Form or SAHAJ

This Return Form is for a resident individual whose total income for the AY 2022-23
includes:
• Income from Salary/ Pension; or
• Income from One House Property (excluding cases where loss is brought forward
from previous years); or
• Income from Other Sources (excluding Winning from Lottery and Income from Race
Horses)
• Agricultural income up to Rs 5000.

Who cannot use ITR-1 Form-

• Total income exceeding Rs 50 lakh
• Agricultural income exceeding Rs 5000
• If you have taxable capital gains
• If you have income from business or profession
• Having income from more than one house property
• If you are a Director in a company
• If you have had investments in unlisted equity shares at any time during the financial
year
• Owning assets (including financial interest in any entity) outside India, including
signing authority in any account located outside India
• If you are a resident not ordinarily resident (RNOR) and non-resident

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 • Having any foreign income
• If you are assessable in respect of income of another person in respect of which tax is
deducted in the hands of the other person.
• If tax has been deducted under Section 194N
• If in case payment or deduction of tax has been deferred on ESOP
• If you have any brought forward loss or loss needs to be carried forward under any
income head

 ITR-2

ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total
income for the AY 2022-23 includes:
• Income from Salary/Pension
• Income from House Property
• Income from Other Sources (including Winnings from Lottery and Income from Race
Horses)
• If you are an Individual Director in a company
• If you have had investments in unlisted equity shares at any time during the financial
year
• Being a resident not ordinarily resident (RNOR) and non-resident
• Income from Capital Gains
• Having any foreign income
• Agricultural income more than Rs 5,000
• Owning assets (including financial interest in any entity) outside India, including
signing authority in any account located outside India
• If tax has been deducted under Section 194N
• If in case payment or deduction of tax has been deferred on ESOP
• If you have any brought forward loss or loss needs to be carried forward under any
income head

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 Who cannot use ITR-2 Form-
This Return Form should not be used by an individual whose total income for the AY 2022-
23 includes Income from Business or Profession.

 ITR-3

The current ITR-3 Form is to be used by an individual or a Hindu Undivided Family who
have income from a proprietary business or is carrying on a profession. The persons having
income from the following sources are eligible to file ITR-3:

• Carrying on a business or profession

• If you are an Individual Director in a company
• If you have had investments in unlisted equity shares at any time during the financial
year
• The return may include income from House property, Salary/Pension and Income
from other sources
• Income of a person as a partner in the firm

In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should
file ITR-3

 ITR-4 or SUGAM

The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs),
which are residents and whose total income includes:

• Business income according to the presumptive income scheme under section 44AD
or 44AE
• Professional income according to presumptive income scheme under section 44ADA
• Income from salary or pension up to Rs 50 lakh
• Income from one house property, not more than Rs 50 lakh (excluding the amount of
brought forward loss or loss to be carried forward)

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 • Income from other sources having income not more than Rs 50 Lakh (excluding
income from lottery and race-horses )

A presumptive income scheme under sections 44AD, 44AE and 44ADA is when an
individual or an entity opts to derive its income on a presumptive basis, i.e. when the income
is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or
based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2
crores, the taxpayer will have to file ITR-3.

Who cannot use ITR-4 Form-

• If your total income exceeds Rs 50 lakh

• Having income from more than one house property
• Owning any foreign asset
• If you have signing authority in any account located outside India
• Having income from any source outside India
• If you are a Director in a company
• If you have had investments in unlisted equity shares at any time during the financial
year
• Being a resident not ordinarily resident (RNOR) and non-resident
• Having foreign income
• If you are assessable in respect of the income of another person in respect of which
tax is deducted in the hands of the other person.
• If in case payment or deduction of tax has been deferred on ESOP
• If you have any brought forward loss or loss needs to be carried forward under any
income head

 ITR-5

ITR-5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of

Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased,
Estate of insolvent, Business trust and investment fund.
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  ITR-6

For Companies other than companies claiming exemption under section 11 (Income from
property held for charitable or religious purposes), this return has to be filed electronically
only.

 ITR-7

For persons including companies required to furnish returns under section 139(4A) or section
139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).

Section 139(4A) - Individuals who receive income from property held in trust or legal
obligation for the purpose of charity or religion may file returns under this section.

Section 139(4B) - Under this section, political parties must submit returns if their total revenue
exceeds the non-taxable limit.

Section 139(4C) - The following entities are required to file returns under this section-

Section 10 mentions any institution or group (23A).

Any organization that is interested in scientific research.

Any of the institutions listed in Section 10 (23B).

Any news organization.

1.4 INCOME TAX RETURN E-FILING

E-filing is the short form of electronic filing of income taxes. E-filing is when you electronically file
your income tax returns online for a particular year. This means you no longer need to visit the
nearest Income Tax Department's office to file your returns physically. Instead, you log onto the
internet and do the job.

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E-FILING INITIATIVE OF INDIAN GOVERNMENT-

The e-filing project is an eminent e-governance and e-delivery measure taken by the Income Tax
Department for better services to the taxpayers and was notified in 2006-2007. During the Financial
Year 2012-13, the e-filing website has been revamped and made live on 9th November, 2012 with
many new utilities like extension of electronic filing of all other forms as prescribed in the I-T Rules
1962, enabling access to history of returns filed, and other services in the e-filing website. The project
is aimed at enabling E-filing of Income tax returns, Audit Reports and other forms of the Income
Tax over Internet directly by taxpayers and through e-return intermediaries (ERIs) on Virtual Private
Networks, enabling e-filing of Income Tax Returns and other web enabled services using XML to
enable public private participation in the filing of returns. A portal
https://incometaxindiaefiling.gov.inis functional with a host of services to taxpayers. The new system
also offers personalized services including pre-filling of returns with assesssee details and 26AS
data; online and offline filing of returns etc. The system includes submission of online rectifications,
verification of status updates for receipt of ITR-V, processing status and refunds for e-filed returns
processed at CPC, Bengaluru. Select information is also available through a mobile interface.

 DOCUMENTS REQUIRED DURING E-FILING-

1. General details
a. PAN
b. Aadhaar (Linked to PAN)
c. Bank account details
2. Computing income from salary
a. Salary slips
b. Rent receipts for claiming House Rent Allowance (HRA)
c. Form 16
3. Claiming deductions
a. Interest certificates from savings and deposits account
b. Insurance and home loan details
c. Details about investments liable for deductions

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 d. Any other proof of income (For e.g. Income from house property, income from capital
gains )

 DIFFERENT WAYS OF E-FILING-

1. You can use a Digital Signature Certificate or DSC to e-file your tax returns. It has been made
mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered
accountant.
2. In case you want to e-file your tax returns without DSC, an ITR V form is generated which
should then be printed, duly signed and submitted to CPC, Bangalore. This document must
be sent by ordinary post or speed post within 120 days from the date of e-filing.
3. As a taxpayer, you can also e-file IT returns through an E-return Intermediary (ERI), with or
without DSC.

 STEPS TO E-FILE ITR-

Step 1: Visit the e-filing website https://www.incometax.gov.in/iec/foportal

Step 2: Register or Login to e-file your returns
In case you have registered yourself on the portal earlier, click on the 'Login' Here'
button.
In case you have not registered yourself on the portal, click on the 'Register' Yourself'
button.
Step 3: Click on 'Taxpayer' and then enter the details of your PAN and click on 'validate'.
Next, click on 'Continue'.
Step 4: Provide details such as your name, address, gender, residential status, date of birth,
etc.
Step 5: Provide your Email ID and registered mobile number.
Step 6: Once the form has been filled up, click on 'Continue'.
Step 7: You will have to verify the details following which a 6-digit One Time Password
(OTP) will be sent to your registered mobile number and Email address.
Step 8: Enter the OTP follow the instructions given to complete the registration process
successfully.

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Step 9: Once the OTP has been verified, a new window will open where you will have to
verify the details provided by you. In case any detail given is incorrect, you can change
it, following which another OTP will be sent to validate the change.
Step 10: The final step will be set up a password and secure login message.
Step 11: Click on 'Register' following which you will receive an acknowledgment message
stating that the registration process has been completed successfully.

 BENEFITS OF E-FILING-

1. Convenience:
All or at least the majority of modern-day systems offer convenience to its users, and so is
the case with income-tax. Manual filing involves visiting a tax office crammed with people,
making the entire process tiresome and time-consuming for the taxpayer. On the other hand,
e-filing of returns reduces the strain by facilitating the taxpayers to file returns from the
comfort of their homes.

2. Status tracking:
It is not that taxpayers wouldn’t be made aware of their ITR status in the past. However, it
used to be a game of patience as the concerned person was intimated of it only through postal
means. This accorded the user with neither power nor convenience, as the taxpayer would
have to depend on postal services, which would restrict the user to track the status on his/her
discretion. The method of filing returns online benefits the taxpayer with the option of
tracking status according to his/her wish. It facilitates the user to check whether the particular
return has been received by the Income Tax Department, its current stage of progress or the
status of an income tax refund.

3. Access to documents:
E-filing of returns prompts the user to upload the necessary documents, thus creating a
database which could be accessed whenever the need arises. Manual filing of returns had no
such provision.

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4. Refund processing:
Taxpayers can claim their refunds by filing returns. The digital medium has been brought
into the fray to make way for quicker processing over the archaic ones in the country, which
had previously inflicted a severe burden on the common man, for whatever service it might
have been. E-filing of returns under income-tax provides the taxpayer with an edge, as he/she
is likely to receive funds faster than he/she ever could have under manual filing.

5. Auto-population of records:
Manual filing of returns involves the manual filling of forms, which is an activity dreaded by
many. E-filing takes away such complexities as the data is auto-populated during the initial
filing of returns, making it easier for the applicant on the filing of prospective returns.

6. Errors at bay:
We, humans, are prone to errors, especially when it comes to computations. Filing of return
involves a lot of computations, and manual filing could lead to the furnishing of incorrect
details due to erroneous calculations. The e-filing mechanism curbs this deficit by way of its
tax calculation mechanism.

7. Efficiency in cost:
In the absence of a calculating tool, the taxpayer might be required to hire a professional to
make the essential computations; which effectively means the taxpayer would be obligated
to pay more. The provision of e-filing is set to spare the taxpayer from such financial burdens.

8. E- verification:
Previously, income-tax returns were dispatched to CPC Bengaluru, which handled the aspects
of verification. Income tax returns can now be verified online through the e-verification
facility. However, for making use of the e-filing facility, the assessee should have an aadhaar
card. Moreover, the phone number mentioned in the aadhaar card should be valid, since the
verification OTP (One Time Password) is sent only to that phone number.

23
 COMPANY PROFILE

KPHB & ASSOCIATES. (CHARTERED ACCOUNTANT)

KPHB & ASSOCIATES. (Chartered Accountant), is one of the leading providers of financial and
business advisory, internal audit, statutory audit, corporate governance, & international taxation
and regulatory services in Korba, Chhattisgarh.
Having a great approach in service delivery, they are respondent to clients' complex business
challenges along with a broad range of services across industry sectors and many more. The Firm
has been set up by a group of energetic, open minded, highly skilled and motivated professionals
who have gained experience from top consulting companies and are extensively experienced in
their chosen fields has providing a wide array of Accounting, Auditing, Assurance, Risk, Taxation,
& Business advisory services to various clients & their stake holders.

SERVICES PROVIDED-
1. Setting up of companies
2. Business setup
3. Accounting and Outsourcing services
4. Income Tax, GST, Excise Duty, TDS, etc. Compliances
5. Company Formation and Secretarial Compliance
6. Corporate Finance
7. Payroll Processing Outsourcing
8. Physical verification of assets and inventory
9. Statutory certifications
10. Regulatory compliances and representations

VISION OF THE FIRM-

Turn knowledge into value for the benefit of client. To continually strive to achieve excellence,
identification of right source of finance with the financial institutions.
They are dedicated to being the trustworthy the Assurance tax business advisory form for growth
oriented business middle market enterprises.
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To be recognised as the best integral advisory service of the town and best integral advisory
services to cop values of the firm.

MISSION OF THE FIRM-

Their mission is to uphold the highest standards of accounting and taxation services to their clients
and create a good business environment that ensures good and happy communication and
relationship with our client.

CORE VALUES OF FIRM-

• They take initiative to provide optimal results for clients firm.
• Open and honest communication.
• Trust and respect to firm joining them.
• Commitment to finish on time transparency on both the sides.

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 REVIEW OF LITERATURE

1. Kalyani
In her study on tax planning of salaried employees in Coimbatore city of the financial year
1998-1999, identified that older the age higher the tax liability. Private sector employees get
higher income than the government employees. Tax payment decreases when tax saving
investment increases tax saving along with the income and employees preferred to invest in
life insurances corporation provident fund and national savings certificates.

2. Kennedy and Henry

A in their study state that, the Income Tax Act may appear as though it is difficult to
comprehend but once a methodical approach is employed in reading and using it,
understanding the income tax law becomes easier. The reader should find out who is liable to
pay the tax, based upon which the tax will be levied, the tax rates to be applied to the tax base
and how or when the tax is to be paid. These are the four requirements of a tax law which can
be found in the divisions of each part of the act. When these are identified, understanding of
the other structural elements will not be difficult.

3. Hite and McGill

In their study state they that tax practitioners must be a credible source of information for tax
payers they are to offer tax advice and have it receipted. As tax system become more complex
tax payers turn to tax practitioners for expert advice.

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 RESEARCH METHODOLOGY

Research methodology is a process used to collect information and data for the purpose of
making business decisions. The methodology may include publication research, interviews,
surveys, and other research techniques, and could include both present and historical
information.

RESEARCH DESIGN-

A research design is a systematic approach that a researcher uses to conduct a scientific study.
It is the overall synchronization of identified components and data resulting in a plausible
outcome. To conclusively produce an authentic and accurate result, the research design should
follow a strategic methodology, in line with the type of research chosen. In this report I have
used descriptive research technique. Descriptive research is used to describe characteristics of
a population or phenomenon being studied. This research includes survey and fact-finding
inquiries of different kind.

SOURCE OF DATA-

Primary data is the data which is collected through personal contact. Through questionnaire- The
questionnaire is written set of questions - used google forms

Secondary data is the data which are available in the form of fact and figures.
The source of secondary data is:
a. Websites
b. Magazines
c. Articles

DATA COLLECTION METHOD-

For data collection I have used questionnaires.

POPULATION-

The sample size for this project is 40 respondents.

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SAMPLING METHOD-

For this project I have used random sampling method.

Random sampling is the procedure for sampling from a population in which the section of a
sample is selected in which every element from the population has a known non-zero probability
of being selected.

HYPOTHESIS-
There is no significant difference between demographic profile and satisfaction towards e filing
of income tax returns.

LIMITATIONS OF THE STUDY-

There are few shortcomings on this project and sincere effort has been made to eliminate errors
as far as possible, but few would remain due to limitation of study. The limitations to this
research project are:
1. The sample sizes of the targeted respondents were limited because of the time and area
constraints. The maximum possible responses were gathered in the time available for data
collection.
2. Since the targeted audience were mostly technically poor, the questionnaire is designed as
simple as possible with YES/NO type options or multiple choice based.
3. The targeted audience have fear of threat from department or government officials which
made them reluctant to provide data or may have given inaccurate data.
4. Data has been collected only from the clients (specifically salaried individuals) coming to the
Naresh Arora & Co. for income tax return filling. Other regions of the city were not covered.

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 Data Analysis and Data Interpretation

Data analysis is described "as the process of bringing order, structure, and meaning" to the collected
data. The data analysis aims to unearth patterns or regularities by observing, exploring, organizing,
transforming, and modelling the collected data.

It is a methodical approach to apply statistical techniques for describing, exhibiting, and evaluating
the data. It helps in driving meaningful insights, form conclusions, and support the decisions making
process. This process of ordering, summarizing data is also to get answers to questions to evaluate if
the hypothesis holds. Exploratory data analysis is a huge part of data analysis. It is to understand and
discover the relationships between the variables present within the data.
Once the data has been analysed, the next progressive step is to interpret the data.

Data Interpretation is the process of assigning meaning to the processed and analysed data. It
enables us to make informed and meaningful conclusions, implications, infer the significance
between the relationships of variables and explain the patterns in the data.

Explaining numerical data points and categorical data points would require different methods; hence,
the different nature of data demands different data interpretation techniques.

 ANALYSIS OF THE PRIMARY DATA:

 Demographic profile of assesses-
Demographic information presented in the pie chart 1, 2, 3 and 4 below reveals that
67.50 per cent of the respondents are male, 38.50 per cent of the respondents are
between the age group of 30 and 40, 17.5 per cent of the respondents are professional
degree holders and 35 per cent of the respondents income level is between 3 Lakhs to
5 Lakhs

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Pie-chart: 01

(Source: Primary data)

Pie-chart: 02

(Source: Primary data)

Pie-chart: 03

(Source: Primary data)

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Pie-chart: 04

(Source: Primary data)

 Filing of income tax return-

It is found that, a majority of 38.5 per cent of the respondents are filing income tax as a
regular provision, 37.5 per cent of the respondents are filing income tax one month before
due date, 62.5 per cent of the respondents are filing income tax with digital signature and
67.5 per cent of the respondents are filing income tax returns before due date of filing
returns. (Data analysed from the below given pie-chart 05, 06, 07and 08)

Pie-chart: 05

(Source: Primary data)

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Pie-chart: 06

(Source: Primary data)

Pie-chart: 07

(Source: Primary data)

Pie-chart: 08

(Source: Primary data)

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  Awareness towards E-filing-
It is clear that out of 40 respondents, 20 respondents collect information about e-filing
through tax consultants (50%), 4 respondents know about e-filing through Website (10%),
9 respondents collect information about e-filing through friends (22.5%), 3 respondents
know about e-filing through newspaper (7.5%), 4 respondents know about e-filing through
Advertisement(10%). (Data analysed from the below given pie-chart 09)

Pie-chart: 09

(Source: Primary data)

 Level of satisfaction of respondents towards E-filing-

Satisfaction being an abstract concept cannot be measured directly in terms of quantitative
terms. Satisfaction can be measured indirectly by devising an attitude scale. An attitude
scale for measuring the level of satisfaction of e-filing of income tax returns. To analyse
the level of satisfaction of the respondents, some important components are identified and
a comprehensive study has been made by measuring the level of satisfaction. It is reveals
that out of 40 respondents contacted, 31 (77.5%) respondents have high level satisfaction
towards e-filing of income tax returns and 9 (22.5%) respondents have Low level
satisfaction towards e-filing of income tax returns.
(Data analysed from the below given pie-chart 10)

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Pie-chart: 10

(Source: Primary data)

 Problems in E-filing-
An analysis on attitude towards e-filing will be incomplete without going into the technical
and managerial constrains and problems related to e-filing and options of e-filing pattern.
To examine the problems faced in making e-filing, the respondents are asked to express
their views on certain problems faced by them in their e-filing.
(This can be analysed by the below given pie-chart 11 and 12)

Pie-chart: 11

(Source: Primary data)

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Pie-chart: 12

(Source: Primary data)

SUGGESTIONS TO IMPROVE E-FILING-

E-filing brings a security among the income tax assesses. Suggestions to increase e-filing among the
people may vary but some of the suggestions given by the respondents are given below:
1. Genuine usage of computer software
2. Usage of e-forms to be published effectively
3. Free training to individual
4. Tax payers to be motivated
5. Website of income tax return to be made user friendly

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 CONCLUSION

This internship has been highly enriching for me as it enables me to discover in detail about the
financial terminologies related to income tax and auditing, a practical experience in the field of
finance and e-filing of income tax return. This internship helped me in boosting my confidence and
different ways to approach people. I have successfully worked on the research and understood the
perception of people towards e-filing. This also helped me to know about the gaps present in the
society.
I think that an internship is extremely valuable to a student. It is a small taste of the real world. It
helped reinforce my knowledge of responsibility, focus, drive and ambition. I had to be responsible
for people’s money, credit card authorization forms, getting to work on time, fulfilling my word
and completing all of the tasks that I was assigned. I learned focus. I learned drive during really
long days of events. I got tired, but didn’t give up. The only way to gain experience, and move up
in the working world is to be driven, focused and to have a will to never give up. People noticed
my willingness to help in any department at any time. I was not paid, and was only supposed to
work 15 hours per week. I was working 40 hours a week. I was not getting any extra credit hours,
or over-time pay, but that was okay. I was gaining experience which is more valuable to my future
career success than any amount of money or credit hours. I was only able to gain this experience
because of the requirement to complete a semester internship. It was an invaluable tool to help me
figure out what I want to do.
Overall the experience of internship was fruitful.

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 BIBLIOGRAPHY

▪ Geetha R. and Sekar M.(2012) Awareness and Satisfaction level of individual Tax payers
in Coimbatore city, India, Research Journal of Management Sciences, 1(4),6-11.
▪ Meenu Gupta.(2012) The journey of e-filing of income tax returns in India, International
Journal of Research in Commerce and Management, 2(6),180.
▪ Pranav Agrawal Madhu Agarwal (2006) E-filing of Returns, The Chartered Accountant,
May 1567-1573
▪ Online sources-
 https://cleartax.in
 https://www.investopedia.com
 https://taxguru.in
 https://hdfclife.com
 https://canarahsbclife.com
 https://tax2win.in
 www.incometax.gov.in
 https://eportal.incometax.gov.in
 https://coverfox.com
 https://www.indiafillings.com

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 QUESTIONNAIRE

Q1. Gender-
Male
Female
Q2. Age-
Below 30
30-40
40-50
Above 50
Q3. Educational Qualification-
Secondary School
Diploma
Professional Degree
Bachelor Degree
Master Degree
Ph.D. Degree
Q4. Level of Income-
2 Lakhs to 3 Lakhs
2 Lakhs to 3 Lakhs
2 Lakhs to 3 Lakhs
Above 10 Lakhs
Q5. Reasons for Filing Return-
Regular Provisions
Refund Claim
Carry Forward of Loss
Notice from Income Tax Department
Q6. Preparations for Filing-
1 Month before due date
1 Week before due date
2-3 Days before due date
After due date

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Q7. Digital Signature-
Yes
No
Q8. Filing Return after due date-
Yes
No
Q9. Awareness towards E-Filing-
Newspaper
Friends
Tax Consultant
Advertisement
Website
Q10. Level of Satisfaction-
High
Low
Q11. Problems faced in E-filing
Lack of experience and knowledge to e-file
Do not trust e-filing
Unsuccessful attempts to e-file
No step by step explanation to use e-file
Network problem during peak hours
Difficult to remember Reg.No/ Password
Delay in execution
Digital sign renewal cost is high
Computer illiterate and so to depend on others

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WEEKLY REPORT

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 ALL RIGHTS RESERVED

AMITY BUSINESS SCHOOL

AMITY UNIVERSITY, CHHATTISGARH, INDIA

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