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Risk Management

Bachelors of Commerce (University of Calcutta)

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TITLE OF THE PROJECT

RISK MANAGEMENT
(Submitted for the Degree of B.Com. Honours in Accounting & Finance under the
University of Calcutta )

SUBMITTED BY
NAME OF THE CANDIDATE : SAGAR GUPTA
SECTION : B.COM (HONOURS)
SUBJECT : Risk Management
CAS REGISTRATION NO : 144-1111-0698-20
ROLL NO : 201144-21-0153
COLLEGE ROLL NO : BH0253

SUPERVISED BY
NAME OF THE SUPERVISIOR : SUBHABHRATA DINDA
NAME OF THE COLLEGE : BANGABASI MORNING COLLEGE

MONTH & YEAR OF SUBMISSION MAY , 2023

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SUPERVISOR’S CERTIFICATE

This is to certify that Mr. Sagar Gupta a student of B.com Honours

in Accounting & Finance of Bangabasi Morning College under
University of Calcutta has worked under my supervision and
guidance for the title Risk Management which he is submitting. His
Genuine and original work to the best of my knowledge.

Place : Kolkata Signature : __________________________

Date : 13.05.2023 Name : Subhabhrata Dinda
Name of College : Bangabasi Mornjng College

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STUDENT DECLARATION

I hereby declare that this project Risk Management submitted

by me for the partial fulfillment of the degree B.COM Honours
in accounting and finance under University of Calcutta is my
original work and has not been submitted earlier under any
other University or institution for fulfillment the requirement
of other course of study.
I also declared that no chapter of this manuscript or part has
been incorporated in this report from any earlier work done by
other or by me.
However, extracts of any literature which has been used for
this report has been duly acknowledge providing details of
search literature in this reference.

Place : Kolkata Signature :

Date : 13.05.2023 Name : Sagar Gupta
Address : 40, Chinta Moni Dey Road Howrah-
711101
Name of College : Bangabasi Morning College
C.U. Reg. No. : 144-1111-0698-20
C.U. Roll No. : 201144-21-0153
College Roll No. : BH0253

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INTRODUCTION
Filing income taxes doesn't need to be a challenging task. If you are
worried that filing taxes is about carrying hundreds of papers and
organising everything like students do before an exam, let us tell you
right away that income tax filing today is nothing like that. With India
embracing the digital world and the many conveniences it offers,
electronic filing (e-filing) makes it possible to file income tax returns
(ITRs) in a matter of few clicks. The best part is you can e-file your
taxes right from the comfort of your home or workstation in your
office. There are no long queues where time is wasted or human
interactions that complicate matters. Just register on the Income Tax
e-filing.

What is 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.

FEATURES

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Features of E Filing 2.0

The following are some of the new features that are available in E Filing 2.0:
A one-stop solution: all interactions, uploads, or pending activities will be
shown on a single dashboard, and taxpayers will be responsible for any
necessary follow-up measures. Refunds that are processed more quickly
Integrated with the rapid processing of the income tax return 2.0(ITRs) to
ensure that taxpayers get their money as quickly as possible
Free ITR preparation is now attainable with the availability of a cost-free ITR
preparation programme that includes interactive questions. In addition, the
submission of ITRs 1 and 4 (both online and offline) and ITR 2 will be easier for
taxpayers due to this (offline). In the future, the facility that allows for
preparing ITRs 3, 5, 6, and 7 will also be made accessible.
After the TDS and SFT statements have been posted, pre-filled ITR forms will be
accessible. These pre-filled ITR forms will include salary income, interest
income, dividend income, and capital gains. The information taxpayers supply
to update their profiles and provide specific income data, including salary,
home property, business or profession, will subsequently be utilised to pre-fill
their ITRs. Taxpayers will have the ability to do this.
Contact centre: A brand-new call centre has been established to support
taxpayers and provide timely responses to questions.
For taxpayers, quick and precise results improve the user experience. Through
ongoing participation, raise taxpayer awareness, educate and encourage
voluntarily paying taxes.
Tutorials for users include in-depth Frequently Asked Questions (FAQs), user
manuals, videos, and chatbots or live agents.
New features: New features are made accessible for filing I-T forms, adding tax
experts, making comments to notifications under impersonal inspection, and
appealing decisions.

E-filing 2.0 permits tax payments made by RTGS/NEFT, credit card, UPI, and net
banking, expanding the range of payment alternatives previously available.

E Filing 2.0 Features

 These new functionalities are included in E Filing 2.0:

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 One-stop-shop: For taxpayer follow-up actions, all interactions, uploads,

or pending actions will be shown on a single dashboard.
 Refunds are issued to taxpayers more quickly because of the integrated
rapid processing of income tax returns (ITRs).
 Free ITR preparation: Interactive questions are provided in a free ITR
preparation program. This will assist taxpayers in submitting ITRs 1, 4,
and ITR 2 (both online and offline) (offline). Later, a facility for ITRs 3, 5,
6, and 7 preparations will also be made available.
 Pre-filled ITR forms: After the TDS and SFT statements have been
submitted, pre-filled ITRs containing salary income, interest, dividends,
and capital gains will be available. In addition, taxpayers can update their
profiles and enter information about their income sources, such as their
salaries, real estate holdings, and businesses or professions, which will
be used to pre-fill their ITRs.
 New features: It is now possible to send comments to notices under
anonymous scrutiny or appeals, add tax professionals, file I-T forms, and
more.
 More choices for paying taxes: E-filing 2.0 now allows payments via
RTGS/NEFT, credit card, UPI, and net banking.
 A new call centre for taxpayer assistance will provide quick responses to
inquiries.
 Detailed FAQs, user guides, videos, and chatbot/live agent are all
examples of useful tutorials.

ADVANTAGE

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What are the advantages of e-filing?

SAVING OF TIME
The taxpayers do not need to visit a tax inspectorate. All information at almost any time of
day can be sent from a taxpayer office.

NO DUPLICATION
Submitting of tax returns and accounting documentation electronically does not require the
duplication in hard copy.

ERRORS AVOIDING
E-filing software greatly reduces the number of errors. The software allows checking tax and
accounting reporting automatically, processing data more accurately and reporting in
compliance with the standard.

GUARANTEED UPDATES
In case of change of tax or accounting reporting form, or the introduction of new reporting
forms, the taxpayer automatically gets an opportunity to update the list of forms before the
due date of e-filing.

PEACE OF MIND
When using e-filing the taxpayer has the opportunity to get from tax authority an official
statement (output printing on tax) confirming that the taxpayer is compliant. Such
information is also transmitted in secured form by tax authority through an authorized
operator.

PROMPT NOTIFICATION
The taxpayer has the opportunity to receive by e-mail publicly available information
on changes in tax laws, regulations, budgetary accounts, etc.

DELIVERY CONFIRMATION
When e-filing the taxpayer is guaranteed to obtain delivery confirmation, which has legal
validity in case of disputes.

CONFIDENTIALITY
E-filing software provides necessary level of information security and equipped with the
latest encryption software to protect privacy.

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IMPROVING DATA PROCESSING

The reporting filed electronically gets through input check and enters in separate accounts.
Due to e-filing system there is increasing efficiency of data processing and excepting of
technical errors.

DISADVANTAGE
Disadvantages of e-Filing
Check out some of the reasons why you may opt not to e-File.

Limitations
Filing taxes electronically is not for everyone. Although convenient,
there are some limitations to e-Filing.

For individual tax returns, you cannot use the e-File application if:

 You need to add statements or other attachments (e.g., PDF

attachments)
 You are filing decedent returns
 The “additional information” section on your form does not
contain enough space
 You file before e-Filing begins (January 28) or after e-Filing ends
(October 20)

Visit the IRS website for additional details on limitations for e-Filing.

Data loss
E-Filing does have the advantages of safe storage and regular
backups. However, technology isn’t perfect.

The possibility of losing data is a risk you take with e-Filing. Consider
what would happen to your information if your system, computer, or
hard drive crashes. Could you replace your information? Will you

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have the historical documents you need to prepare for upcoming tax
years?

1. PROJECT WORK ON REGISTRATION MY PAN

Step – 1
 Click Link https://www.incometaxindiaefiling.gov.in/home
 Click Register yourself
 Select User Type as Individual and Press Continue
 Fill the Registration form Individual – Enter Basic Details and Press Continue

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Step – 2
 Fill The Registration Form
 Enter Password Details
 Select Secret Question Form The Drop Down List
 Fill The Contact Details
 Fill The Address of Individual and Click Continue

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Step – 3
 Registration Verification
 Enter E-mail OTP
 Enter Mobile OTP

NOTE – OTP sent to Your E-mail and Mobile Number

Step – 4
 Registration Successful
 Open My Transaction ID and User ID

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2. PROJET WORK ON 26AS FORM

INTRODUCTION
From 26AS is an annual tax statement issued by Income Tax department under Section
203AA and rule 31AB of Income Tax Act, 1961. It reflects the details of tax credit appearing
against the Permanent Account Number (PAN) of the taxpayer as per the database of the
Income-tax Department. It contains the details of :
1. Tax deducted at source.
2. Details of No/Low tax deduction claimed by the taxpayer.
3. Tax collected at source.
4. Tax deducted on sale of immovable property (For seller of property/ for buyer of
property).
5. Advance / Self-Assessment tax / Regular assessment tax deposited by Tax Payer
(PAN holder).
6. Refund paid by Income Tax Department to Tax Payer during the financial year.
7. AIR transactions.
8. Comprehensive view of TDS defaults to all TAN’s associated with a PAN.

IMPORTANCE OF 26AS
Form 26AS is act as a ready-reckoner to view tax credited relating to assesse’s
transactions during a specific financial year. It facilitates the assessing officer to
match the details declared in tax return by the assessee with Form 26AS. Hence, it is
imperative that both the documents are tallied. So, before filing ITR it is advisable to
the assessee to get the Form 26AS, cross check the data. At the time of e-filing return
all those fields (TDS, TCS, advance and self-assessment tax) will be appeared with
auto populated amount including consolidated details of deductors and collectors of
tax at sources. However, on the basis of the details of TDS provided by the deductor,
the Income-tax Department will update Form 26AS of the deductee.
But in reality, sometimes it ais found that deductor fails the TDS return in
time, makes mistakes when filing return when filing return or fails to provide
assessee’s details or deliver with incorrect PAN. It may also happen if assessee
evaluate and furnish incorrect amount of advance tax or self-assessment tax, banks
incorrectly furnish details of tax deposited by the assessee. Problems crop up when
the return is processed by Income tax department. Any discrepancy (between actual
TDS and TDS credited as per Form 26AS) could lead the tax authority to send a letter
of intimation u/s 143(1).This letter contains two columns. First one reflects income
declared by the assessee and another one shows income computed as per u/s 143(1)
by Income Tax department.

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Step – 1
 Click Link https://www.incomtaxindiaefiling.gov.in/home
 Click on the log in here
 Fill The Log In Details – [User ID Your PAN No.]
 Enter Your User ID
 Enter Password
 Enter Captcha Code And Click on Log In Tab

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Step – 2
 Click On Profile Setting
 Select My Profit
 Click On Contact Details
 Click On PAN Details

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Step – 3
 Click On My Account
 Select View Form26AS (Tax Credit)
 Click Confirm
 Click Proceed

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Step – 4
 Click View Tax Credit (Form 26AS) to view your Form 26AS.
 Put Assessment Year ( Current Year ) in the box
 Put HTML in the view as box
 Click View/Download {See The Next Page}

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3. PROJECT WORK ON CHALLAN 280

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THANK YOU

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