PROJECT WORK ON COMPUTERISED ACCOUNTING

SYSTEM AND E-FILING OF TAX RETURNS

VIJAYGARH JYOTISH RAY COLLEGE

NAME: SURAJIT MONDAL

C.U. REGISTRATION NO. : 058-1111-0461-21

C.U. ROLL NO. : 211058-21-0004

SEMESTER: 6th SEMESTER

HONOURS / GENERAL: HONOURS

SUBJECT NAME: COMPUTERISED ACCOUNTING SYSTEM

AND E-FILING OF TAX RETURN

NAME OF PROJECT GUIDE: SREYAM ROY

DATE:

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AKNOWLEGEMENT
I am deeply indebted to our college for having allowed me to carry
out the project successfully. If it hadn’t been their vision to allot us
the task of preparing a paper, I wouldn’t have ever got so much
knowledge about this subject I especially thankful to my guide for his
constant guidance, professional help and supporting during the course
of the project. It was just because of his help and untiring effort that I
have been able to complete my project work.

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 1. STEPS OF CREATING A COMPANY USING TALLY
i. Open Tally and go to the start-up screen.

ii. Go to Work in Educational Mode and go to gateway of tally, then

“CREATE COMPANY”

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iii. Enter the required company details such as name, address, financial
year, and other relevant information and configure other settings
like currency, taxation details, and statutory compliance as per your
requirements.

iv. Save the company.

2. ENABLE GST FEATURES
i. Open the company for which you need to enable GST.

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ii. Press F11 to go to Company Features

iii. Then press F3to go to Statutory and Taxation and enable

GST(yes)

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iv. Set/alter GST details – Yes, The GST Details screen is shown

Now press “ENTER” or “Ctlr+A” to save.

3. Ledger creation
i. Go to the Gateway of Tally and select “Accounts Info”

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ii. Choose "Ledgers" and click on “Single Ledger” and then
click on “Create Ledger”.

iii. Now click on create and ledger creation window will be

open, then fill the necessary items

Now press “ENTER” or “Ctrl+A” to save the ledger.

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 2. E-FILING OF TAX RETURN

Question 1:State the steps to be followed for getting registration of

Mr Bhatia for log in purpose in the Income Tax E-filing Portal.
ANS:
STEP-1 Go to the Income Tax e-filing website and Log-In
 Visit the official Income Tax e-filing website and click on
“LOG-IN”.
 Enter your PAN in the user ID section.
 Click “CONTINUE” and check the security message in the
checkbox.
 Enter your password and click “CONTINUE”

STEP-2 Go to ‘File Income Tax Return’

 Click on the 'e-File' tab > 'Income Tax Returns' > ‘File Income Tax
Return’

STEP-3Select the right “Assessment Year”

 Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24.

STEP-4Select the “STATUS”

 For filing of persons like Mr Bhatia, select 'Individual' and 'Continue'

STEP-5 Select ITR Type

 Now, select ITR type. There are a total of 7 ITR forms available, of
which ITR 1 and 4 is applicable for Individuals and HUFs.

STEP-6 Choose the reason for filing ITR

In the following step, you will be prompted to specify the reason for filing your
returns. Select the appropriate option that is applicable to your situation:
 Taxable income is more than the basic exemption limit
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  Meets specific criteria and is mandatorily required to file ITR
 Others

STEP-7Validate Pre-filled Information and Summary of Tax

computation
Most of the details, such as your PAN, Aadhaar, Name, Date of birth, contact
information, and bank details will be pre-filled. Validate these details carefully
before you proceed further. Also, provide your bank account information. If you
have already provided these details, ensure they are pre-validated.
The website will show you a summary of your tax computation for the
concerned year as per the information provided by you.
The page will determine if you owe any tax or are eligible for a tax refund. You
can then preview and submit your return by entering the place of your
residence.

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Question 2:How do you link Aadhar to PAN in the E-filing portal?
Step1:Register yourself at the Income Tax e-filing portal, if you are
not already registered.

Step 2: Log in to the e-filing portal of the income tax department by

entering the user ID.

Step 3: Confirm your secure access message and enter the password.
And click ‘Continue’ to proceed further.

Step 4: After logging in to the website, click on ‘Link Aadhaar’.

Alternatively, go to ‘My Profile’ and select ‘Link Aadhaar’ under the
‘Personal Details’ option.

Step 5: Enter your Aadhaar number and click the ‘Validate’ button.

Step 6: A pop-up message will inform you that your Aadhaar number
has been successfully linked to your PAN card.

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Question 3: Point out the steps to view 26AS form before e-filing.
Step 1:Go to the ‘e-File’ tab on the home page, click ‘Income
Tax Returns’ from the drop-down, and select ‘View Form
26AS’.

Step 2:Read the disclaimer and click on ‘Confirm’, and you will
be redirected to the TRACES portal.
Step 3:Agree to the acceptance and usage of Form 16/16A
generated from TRACES, and click on the ‘Proceed’ button.

Step 4:Now, click ‘view tax credit (Form 26AS)’ to view Form
26AS.

Step 5:Select the ‘Assessment Year’ and ‘View type’ (HTML,

Text or PDF).

Step 6:Click on the ‘View/Download’ button.

Step 7:Form 26AS will open up on the screen. If you want to
download it as PDF, click on the ‘Export PDF’ button. A PDF
file of the Form 26AS will be downloaded.

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 Question 4:Show the calculation of Tax Payable for the Assessment
Year 2024-25 by Mr Bhatia.
OLD TAX REGIME

COMPUTATION OF TAXABLE INCOME OF MR BHATIA FOR THE

YEAR 2023-24:

Particular ₹ ₹
1. Income from salary 12,55,000
Less: Deduction u/s 16

i) Standard deduction 16(i) 50,000

ii) Professional tax 16(iii) 5,000
55,000
12,00,000
2. Income from house property(self-
occupied)

NAV u/s 23(i) (a) Nil

Less: Interest on loan u/s 24 (b) 1,00,000 (1,00,000)

3. Income from other sources

Income from savings Bank A/c 13,000

Remuneration from part time job 15,000

Interest on Fixed deposit in post office 12,000

40,000
GROSS TOTAL INCOME 11,40,000
Less: Deduction u/s chapter VIA:
u/s 80C (Investment in PPF, NSC, GPF and Life 1,50,000
policy) [exemptupto ₹1,50,00]
u/s 80D (Mediclaim) [ exempt upto ₹25,000] 25,000 1,75,000

TAXABLE INCOME 9,65,000

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 TAX SLABS
UP TO ₹2,50,000 NIL
₹2,50,001 TO ₹5,00,000 @5% 12,500
₹5,00,001 TO ₹9,65,000 @20% 93,000
1,05,500
LESS: Rebate u/s 87A NIL
1,05,500
ADD: Education Cess @4% 4220
TOTAL TAXABLE LIABILITY 1,09,720

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 NEW TAX REGIME

PARTICULARS ₹ ₹
Gross Salary 12,55,000
LESS: Standard deduction: 50,000
PROFESSIONAL TAX 5000
INCOME UNDER HEAD OF THE SALARY 12,00,000
Income From Other Sources:
Income from savings Bank A/c 13,000
Remuneration from part time job 15,000
Interest on Fixed deposit in post office 12,000
40,000
Gross total Income/Taxable income 12,40,000

TAX SLAB
UP TO ₹3,00,000 NIL
₹3,00,001 TO ₹6,00,000 @5% 15,000
₹6,00,001 TO ₹9,00,000 @10% 30,000
₹9,00,001 TO ₹12,00,000 @15% 45,000
₹12,00,001 TO ₹12,40,000 @20% 8000
98,000
ADD: Education Cess @4% 3920
TOTAL TAX LIABILITY 1,01,920

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BIBILOGRAPHY
 e-Filing Anywhere Anytime (Income Tax Department,
Government of India)
https://eportal.incometax.gov.in/iec/foservices/#/login

 Cleartax : https://cleartax.in/s/income-tax-slabs

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