PROJECT REPORT ON INCOME TAX RETURN (E-FILING) WITH RESPECT TO INDIVIDUAL ASSESSEE

SUBMITTED FOR THE PARTIAL FULFILLMENT OF REQUIREMENT FOR THE AWARD OF POST GRADUATE DIPLOMA IN MANAGEMENT 2012-2013

UNDER THE GUIDANCE OF:

SUBMITTED BY: SUBROTO DAS ROLL-1113101054 PGDM-2012-2013

Mr.SANDEEP AGARWAL Associate Professor-Marketing

MANGALMAY INSTITUTE OF MANAGEMENT STUDIES GREATER NOIDA 201 310

ACKNOWLEDGEMENT
Completing the project work is never one-man effort. It is often the result of valuable contributions of a number of individuals in a direct or indirect manner that helps in shaping and achieving stated objectives. This project report bears the imprint of those who had rendered their wholehearted support and encouragement without whose help this effort of us would be in vain.

I would like to express my sincere thanks to Prof. Sandeep Agarwal, my guide at the college whose guidance was instrumental in helping me to complete my project.

Thank you all for your time and guidance in helping me achieve my goal of completing this project to the best of my ability.

DECLARATION

I, Subroto Das, hereby declare that the Project Report on INCOME TAX RETURN (e- ITR filing) WITH RESPECT TO INDIVIDUAL ASSESSEE is written by me.

The empirical conclusion & findings in the project are based on the data collected by me and the entire project work is not a reproduction of any other sources.

Name: SUBROTO DAS

Signature:

Date:

PREFACE

I, student of MANGALMAY INSTITUTE OF MANAGEMENT STUDIES pursuing a PGDM course and submitting the final project report for the partial fulfillment of the requirement of the award of PGDM. I have put my sincere efforts to accomplish my objectives within the stipulated time.

Despite all the limitations, obstacles, hurdles and hindrances, I have toiled and worked to my optimum potential to achieve the desire goal. Being neophytes in the highly competitive world of business, I came across some difficulties to make my objectives a reality. Anyhow, with the kind help and genuine interest of one and all and formally supported by the guidance of my guide, I am presenting this hand carved effort in colored.

I tried my level best to conduct a research to gain a thorough knowledge about the project in my topic INCOME TAX RETURN (e-ITR) filing. I have put the best of my efforts and have also tried to do justice with the available. If anywhere something is found unacceptable or unnecessary to the theme, you are welcome with your valuable suggestions.

Thanks & Regards SUBROTO DAS

TABLE OF CONTENTS

INTRODUCTION

Taxation Taxation refers to the act of a taxing authority actually levying tax. Taxation as a term applies to all types of taxes, from income to gift to estate taxes. It is usually referred to as an act; any revenue collected is usually called "taxes."

Taxation can also refer to taxes as an abstract concept, an actual dollar amount of tax that has been levied or the material funds that have been received as taxes. Although all of these definitions are technically correct, the one listed above is the most common. Taxation is one of the primary powers of government over the people.

Income Tax Planning in India with respect to individual assesse Income Tax Act, 1961 governs the taxation of income generated within India and of income generated by Indians overseas. Income Tax Act, 1961 is the guiding baseline for all the content in this report and the tax saving tips provided herein are a result of analysis of options available in current market. Every individual should know that tax planning in order to avail all the incentives provided by the Government of India under different statures is legal. This project covers the basics of the Income Tax Act, 1961 as amended by the Finance Act, 2012 and broadly presents the nuances of prudent tax planning and tax saving options provided under these laws. Any other hideous means to avoid or evade tax is a cognizable offence under the Indian constitution and all the citizens should refrain from such acts.

What is E-Filing? The process of electronically filing Income tax returns through the internet is known as e-filing. It is mandatory for companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically for AY 2007-08 onwards. E-filing is possible with or without digital signature. Income Tax Return Obligation of filling Tax Return

It is a legal obligation for every individual to file a return of income, whose taxable income during the year has exceeded the exemption limit. Documents Required: Form No.16 (received from the employer). Form No.16 A (received from all the payers who have deducted tax). Summary of all bank accounts operated during the year. Details of property owned during the year. Sale & purchase bill/documents/contract note in respect of investments/assets sold during the year. Details of tax payments made during the year. This is required only if you have made advance tax payment during the year.

ITR FORMS
Meant For Individuals who have income e from salary, interest income (taxable/exempt), family pension and income from agricultural activities.

Individuals who is carrying out business/profession under a proprietary concern.

ITR 1

ITR 4

ITR
ITR 3

ITR 2
Individuals not having any income on account of carrying out business/profession or on account of being a partner in a partnership firm.

Individuals who are partner in a partnership firm and does not carry out any other separate business/profession.

Introduction to Income Tax and Income from Salary

Previous Year: Income Year ( 2011-2012) Assessment Year: Tax Year ( 2012-2013)

ASSESSMENT YEAR: it is defined as a year in which the income of the previous year is to be assessed and this is known as the tax year also. PREVIOUS YEAR: It means income year which immediately proceeds the assessment year.

Income Tax Act of 1961 The major tax enactment in India is the Income Tax Act of 1961 passed by the Parliament, which imposes a tax on income of individuals and corporations. This Act imposes a tax on income under the following five heads

Income from Salaries, Income from House and property, Income from Business and Profession, Income in the form of Capital gains, and Income from Other Sources

However, this Act is about to be repealed and be replaced with a new Act which consolidates the law relating to Income Tax and Wealth Tax, the new proposed legislation is called the Direct Taxes Code (to become the Direct Taxes Code, Act 2010). Act was referred to Parliamentary standing committee which has submitted its recommendations. Act is expected to be implemented with changes from the Financial Year 2013-14.

Income Tax Return: After making all possible investments to save tax, its time for Income Tax Return filling, which all about giving details of the income you have earned in that financial year. Income tax return is a term which is often used when we talk about income tax. It is a way by which we pay this tax. When total annual income of a person, including all sources, is more than maximum exemption limit ( at present it is Rs 180000/- and 190000 for female ) then that person is liable for income tax return. According to Income Tax Act 1961, every person, who is an assesses and whose total income exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates prescribed in the finance act.

The Benefits of Filling Income Tax return :

 Standard Income Proof: ITR is Considered Customary income proof not only in India but also globally. if you are looking for higher education or employment abroad, ITR is largely accepted income proof. Speed your loan application process: Apart from a good Credit history, the fact that you are filling your ITR regularly gives you speedier access to credit. Power of PAN: Permanent Account Number or PAN issued by the IT authority is not only a pre requisite for filling ITR but is also now mandatory for all financial transactions- from opening a bank account, or purchasing mutual fund to real estate for investment. Claim your Tax Refund: Filling ITR is not always about paying Tax, It can be used as a means to reduce your tax liability. e.g Salaried employees for whom TDS has been cut during the financial year can claim refund if the tax outgo has been more than the actual tax payable.

PERSONAL TAX RATES: The new and revised income tax slabs and rates applicable for the financial year (FY) 2011-12 and Assessment year (AY) 2012-13 are mentioned below:

New Income tax slab for FY 2011-12 New Income Tax Slabs for FY 11-12 for Resident Senior Citizens above 60 years. S. No. 1 2 Income Range Up to Rs 2,50,000 2,50,001 to 5,00,000 Tax Percentage (%) No tax / exempt 10%

3 4

5,00,001 to 10,00,000 Above 10,00,000

20% 30%

New Income Tax Slabs for AY1 2-13 for Resident Senior Citizens above 80 years (FY 2011-12) S. No. 1 2 3 Income Range Up to Rs 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 Tax percentage No tax / exempt 20% 30%

Income Tax Slabs for AY 12-13 for Resident Women (below 60 years) (FY 2011-12) 1 2 3 4 Up to Rs 2,00,000 2,00,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 No tax / exempt 10% 20% 30%

New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12) 1 2 3 4 Up to Rs2,00,000 2,00,000 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 No tax / exempt 10% 20% 30%

Surcharge: The surcharge on Income Tax for Individuals for total income exceeding Rs.10 lacs stands removed. Education Cess: 2% of the Income-tax.

Note: Education Cess is applicable @ 2 per cent on income tax, inclusive of surcharge if there is any. A marginal relief under section 89(1) provides that if an individual receives any portion of his salary in arrears or in advance, or receives profit in lieu of salary, he can claim relief in respect of such salary received. Agricultural income is exempt from income tax.

Mode of Collection of tax: Taxes are collected by three means: 1. 2. 3. Voluntary payment by persons into various designated Banks. For example Advance tax and Self Assessment Tax Taxes deducted at sources (TDS) on your behalf from the payments receivable by you. Taxes collected at sources (TCS) on your behalf at the time of spending.

It is the constitutional obligation of every person earning income to compute his income and pay Tax correctly.

ADVANCE TAX Advance tax is paying a part of your yearly taxes in advance. Advance tax should be paid in the year in which the income is received. Advance tax is applicable when an individual has sources of income other than his/her salary.

For instance, if one is earning through Capital gain Interest on individual Lottery House property Business The advance tax is required to be paid in three installments. Schedule of Advance Tax A B On or before 15th September On or before 15th December On or before 15th march Not less than 30% of advance tax Not less than 60% of advance tax as reduced by amount paid earlier. Full advance tax as reduced by the amount or amount if any, paid in earlier installments.

If the assesses does not pays the advance tax as described above, an interest of 1% is charged per month for 3 months for the deferment of advance tax instalments. If the total amount of advance tax is not paid on or before 15 March, an interest of 1% is charged per month.

TDS (TAX DEDUCTION AT SOURCE): TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payments to the other person and deducted amount is remitted to the govt. account. it is similar to pay as you earn scheme. It includes salary, interest, commission and contract fees, rent, professional fees, etc. This type of deduction is popularly known as TDS. Such tax is subject to certain limits and certain conditions

TAXABLE HEAD OF INCOME TAX

The total income of a person is divided into five heads, viz., taxable. 1. Income from salary. 2. Income from house property. 3. Income from business or profession. 4. Income from capital gains. 5. Income from other sources.

1) Income from Salary:- Whatever is received by an employee from an employer in cash, Kind or as a facility (perquisite) is considered as salary. All income received as salary under employer-employee relationship is taxed under this head. Employers must withhold tax compulsorily, if income exceeds maximum exemption limit, as Tax Deducted at Source (TDS), and provide their employees with a FORM 16 which shows the tax deductions and net paid income. In addition, the form 16 will contain any other deductions provided from salary such as:

1. Medical reimbursement: up to Rs. 15,000 per year is tax free it supported by bills. (company pay fringe benefit /facility tax on this amount) 2. Conveyance allowance: up to Rs.800 per month (Rs. 9,600 per year) Is tax free if provided as conveyance allowance. No bills are required for this amount. 3. House rent allowance the least of the following is available as deduction. a. Actual HRA received b. 50% or 40% (metro/ non-metro) of Basic salary c. Rent paid minus 10% of Basic salary. Basic salary for this purpose is basic pay + DA forming part + commission on sale on fixed rate.

2) House property Income :- Unlike the other heads of income, income from house property is a notional income based on a concept called annual value. This is the value a property is expected to fetch if it is let out. it may be more than actual

rent being received if let out. If it is not let out the expected market or fare rent will be considered as annual value for the purpose of taxation. Property includes the building and the land surrounding it.

3) Income from capital gain :- Surplus from capital assets from transfer of it.Eg archaeological collection, drawings, paintings, sculptures, any other work of art. Thus, now any surplus received from sale of these articles would be liable to tax under the head capital gain. but does not include some items like any stock-in-trade for businesses and personal effects. Transfer has been defined under section 2(47) to include sale, exchange, relinquishment of asset, extinguishment of rights in an asset, etc. certain transactions are not regarded as Transfer under section 47. For the tax purpose, There are two types of capital assets: Long term Capital Assets: Long term asset are held by a person for three years except in case of shares or mutual funds which becomes long term just after one year of holding. Sale of such long term as sets gives rise to long term capital gains. Short term Capital Asset: Any Capital gain arising out of asset transferred or sold before 12 months or 36 months depending on the asset, qualifies for STC.

4) Income from Business or Profession :- Any type of income received from business.

5.) Income from other Sources :Dividend, commission, lotteries, crossword puzzles, races including horse races, bull races, card games, any sort or from gambling or betting, or from any Key man insurance policy.

TAX BENEFITS DEDUCTIONS, REBATES & DONATIONS

Deduction With under Section 80C:

Maximum Exemption Limit - R.s 100000/- in the following Investments:

1. 2. 3. 4.

Life Insurance Premiums. Contributions to Employees Provident Fund Public Provident Fund NSC (National Savings Certificates)

5. Unit Linked Insurance Plan (ULIP) 6. Repayment of Housing Loan (Principal) 7. Equity Linked Savings Scheme (ELSS) of Mutual Funds 8. Tuition Fees including admission fees or college fees paid for full-time education of any two children of the tax payer. 9. Infrastructure Bonds issued by Institutions/ Banks such as IDBI, ICICI, REC 10. 5-Year fixed deposits with banks and Post Office Savings Schemes. 11. Senior Citizens Savings Scheme (SCSS). 12. Voluntary provident fund. 13. Stamp Duty and Registration Charges for a home.

BEYOND SECTION 80C:

80GG

Rent paid in respect of property occupied for residential use

Maximum deduction allowed is least of the following:

1) Rs.2000 per month; 2.) 25% of total income 3.)excess of rent paid over 10% of total income 80GGC Contribution made to any political parties or electoral trust. Amount donated to Political parties is full exempt

80U

Person suffering from Specific physical disability

Maximum Deduction allowed up to R.s 100000/Maximum deduction allowed 20000 1.) Actual HRA received 2.) Rent paid10%of basic salary. 3.) 50%or 40% basic salary .(depend on metropolitan city). Whichever is less.

80CCF

Investment in long term infrastructure Bonds

Section 10A

HRA Allowance

Section 24

Interest on house loan

Maximum deduction 150000

(self occupied).

TYPES OF INCOME TAX RETURN FILING:

1.) E-Filing (Electronic file). 2. Manually or Physical Filing. E-filing of Income Tax returns: The process of electronically filing income tax returns through the internet is known as e-filing. It is mandatory for companies and firms requiring statutory audit u/s 44AB to submit the income tax returns electronically from AY 2009-10. Any company/firm requiring statutory audit u/s 44AB return submitted without a e-filing receipt will not be accepted. E-filing is possible with or without digital signature. TYPES OF E-FILING: There are three ways to file returns electronically.

Option 1 : Use digital signature, in this case no further action required. Option 2: File without digital signature, in which case ITR-V form is to be filled with the department. This is a single page receipt cum verification Form. Option 3: File through an E-return intermediary Who would do e-filing and also assist the assesses file the ITR-V form.

Documents required in e-filing: Form no. 16 (for tax deducted by employers) Account statements of bank accounts Property details. Sale and purchase of investments/ assets Details of tax payments made PAN card number. Birth date. TAN number Bank account no. Bank details MICR code, type of a/c. Email id. Address details. Important Date for filing ITR: 31st march For Tax Deposit. 31st July for Filing Income Tax return. PROCESS OF E-FILING:

Steps Process For Filing Income tax return: Whether you go for E-filing Process or Manually filing income tax return. This link assists you in completing and submitting Your ITR. 1) Go to the website http://www.incometaxindia.gov.in/

2) Click the link e- file income tax return at the top left corner of the home page 3) Select the correct form there are two income tax forms for salaried individuals. ITR-1 is for those who derive their income from salary, pension or interest while ITR-2 is for income from capital gains, house property and other sources.

Those who wish to submit their tax returns manually may download the PDF forms external website that opens in a new window form here. These forms need to be printed, filled by hand and signed before submitting to your local income tax office. 4) Use of return Preparation Software Those citizens who wish to avail the e-filing system need to download the return preparation software-external website that opens in a new window for each ITR form. This software is an excel file that requires one to type in personal details as well as financial information from TDS certificates, bank statements, deductions made and interest statements. 5.) Generating an XML file After filling the details, check once for accuracy. After you are satisfied, click the generate button to create your tax return in XML format. Save this XML file on your computer. 6.) Register The next step requires you to register at the income tax website external website that opens in a new window. You registered Permanent Account Number (PAN card) has to be entered as your username. 7.) Login after registering, enter your user id and password to login. Click on the relevant form on the left panel and select submit return. 8.) Upload XML browse to select the XML file, which you had generated and saved in step 3. Click on the upload button to upload the file. 9.) Acknowledgement after the file is successfully uploaded, acknowledgement details or the ITR-V form will be displayed. Take a printout of this acknowledgement for your records. Digital signature if your income tax return was digitally signed, then no further paperwork or Visit to the income tax office is needed but if it was not digitally signed, in this case the ITR-V form should be filled and send to Income Tax office, Bangalore.

You need to Print and fill up the verification part of the acknowledgement cum Verification form (ITR-V). This has to be signed and submitted to the local income tax office within 60 days to complete the e-filing process. Additional assistance In case you require any more help in filing the paper copy of the return, please contact the public relations officer at your local income tax office. One may also phone the Aayakar Sampark Kendra (ASK) call centre at 124-2438000 or email at ask@incometaxindia.gov.in

WHO CAN USE WHICH ITR FORM: ITR-1: For Individual having income from Salary/pension/Family Pension and interest. ITR 2: To be used by individuals and HUFs having income from any source except business or profession. It is more comprehensive and seeks more detailed information by way of different schedules for salary, income from house property, capital gains and income from other sources. As regards the schedule for income from house property, it allows the taxpayer to fill in the details of up to two house properties. If there are more than two house properties, the details of remaining properties are to be attached on a separate sheet with the form. ITR-3: For individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

ITR-4: For individuals &HUFs having income from a proprietary business or profession. ITR-5: For Firms, AOPs and BOIs ITR-6: For companies other than companies claiming exemption under section 11.

ITR-7: For person including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D). ITR-8: Return for fringe Benefits.

ADVANTAGE OF E-FILING.

E-filing is easy, fast, and the most reliable and secure method. Fast Processing: The acknowledgment of ITR submission is fast and the refunds are processed faster by the ITD for E-Filed ITRs. More Accurate: E-Filing software with built-in validations and electronic connectivity to ITD are seamless and help minimize errors. Paper based filing with self calculations can be prone to error. Also, when any paper based form is transferred to electronic system, there is always a possibility of human error in data entry. No Time , place constraint: You can file anytime, anywhere. E-Filing is available 24 hours a day, seven days a week, so taxpayers may always file at their own convenience. More Secure than Paper based filing: E-filing is safer than paper based filing. With paper based filing your confidential identity information is lying in files and can be passed from person to person in the CAs office or in ITDs office.

 You can easily access and use your data for future returns: Most of the paid Efiling software applications store your data in a secure manner and allow you to access it whenever you are ready to file subsequent returns. It is good for the environment: E-Filing is environment friendly. You just need to print no or at most one page instead of multiple copies of multiple pages that is required in case of paper based filing.

DISADVANTAGE OF E-FILING: E-filing doesnt have many disadvantages but some time technological problems occur at the time of filing ITR online. Lack of control is another issue that certain individuals have with e-filing. Using an electronic technology that you may not thoroughly understand can be daunting and the idea of a paper-based tax return over which you have more control is more comfortable. Other than small provider fee, however, there arent many reason the average taxpayer wouldnt want to consider giving e-filing a try. PHYSICAL FILING/MANUAL FILING Physical Filling Method leaving behind, because of the new trend of e-filling. Physical filling method is very easy but time consuming method of filling the ITR. Facility of physical filling of ITR is also available in SPA capital. In the physical filling advantages are less but disadvantages are more. Physical filing is also called as a Manual filing. For Manual/physical filing, the individual takes a print out of the respective ITR form, from the income tax site, along with the acknowledgment form, and after duly filling it, files it with the respective income tax office. Forms are available free of cost.

PROCESS OF PHYSICAL FILE: Prepare the ITR through manually/through software.

 Take the print out (hardcopy) of the ITR if prepare through software. Take the signature of the respective clients on that ITR. Go to Nearest Income tax office. Submit the duly signed return. Take acknowledgement slip.

PHYSICAL FILINGS ADVANTAGE: It is reliable on primary data provided by the user. In Physical filing numbers of defects are less. Physical filing are filled in only original form, form cant be download by internet. PHYSICAL FILINGS DISADVANTAGE: Physical filing is lengthy process. Physical filing takes more time. Refund from physical filing come after 3 month. Physical filings are not filled by some companies when the annual salary of user is not more than 5 Lac. How SPA Capital Services Limited Files ITRs Of its Prospective Clients: SPA capital services ltd. Files approximately more than 18000 ITRs of its Prospective Clients all over India.

The Work Process in Delhi-NCR is as follows: The Employees who are engage in this process are Divided at three locations

Janakpuri (Head Office)

 Noida Gurgaon

And the respective works are assign by these Way: Noida and Gurgaons employees With the help of Trainee Students Distributes Questionnaires form to their Clients (Different companies), now these trainee students Collect completely duly filled questionnaires forms and Form 16 of every Client and if any query arise from the client side, with the help of their mentor they solve it. If the Income of employees are less than 5 lakh, they filled ITRs Physically/Manually. Income more than 5 lakh, they send it to Janakpuri location for e-filing.

Roll of janakpuris employees: 1. Janakuris employees file ITRs electronically. 2. With the help of Computax software, generates XML file of respective ITRs. 3. Upload these xml files online on income tax department websites. 4 .After successful upload, a Token number along with Acknowledgement generate. 5. These Token number and Acknowledge are keeps for future benefits.

Note: People from outside Delhi send theirs form 16 and filled questionnaires via e- mail with the help of using Company link to get filled theirs ITRs and Janakpuris employees do it.

1. Nature of the company Spa is dealing with finance sector .spa is one of leading companies in India SPA is being managed by its promoters along with a young and dynamic team of over 1000+ professionals with rich experience, in their respective fields. The Group has established itself as one of Indias leading financial advisory house, offering various financial solutions to its Institutional, corporate and individual clients.

2. INTRODUCTION SPA Group was promoted by a team of finance professionals in 1995 with an objective to provide value added financial services. Initially, the Group focused as a niche financial solutions provider in corporate finance and wealth management to Indian companies and high net worth individuals. In January 2000, the Group expanded its operations and the range of services. Today, SPA provides services for securities broking, merchant banking, wealth management, financial advisory, corporate finance, risk management and insurance broking. SPA is being managed by its promoters along with a young and dynamic team of over 1000+ professionals with rich experience, in their respective fields. The Group has established itself as one of Indias leading financial advisory house, offering various financial solutions to its Institutional, corporate and individual clients. Customer centric approach of SPAs dedicated professional team ha s helped carve a niche for itself in financial services arena and won confidence of its clients. Clients of

SPA are from a wide spectrum and comprise of Banks and other financial institutions, Mutual funds, Insurance companies, foreign institutional investors, public sector undertakings and government departments, private corporate, trusts and individuals.

Company is operating in finance sector. There are following areas under the company or in which the company deals/work. 1. SPA Capital Services Limited 2. SPA Merchant Bankers Limited 3. SPA Securities Limited 4. SPA Insurance Broking Services Limited 5. Financial management system 3. COMPANYs VISION AND MISSION VISION Vision, a compelling view of a future yet to be, creates meaning and purpose which catapults both individuals and organizations to high levels of achievement. We create meaning in our lives by pursuing our future visions, and we refine our visions based on the meaning we are discovering through our experience.

To provide best value for money to investors through innovative products. Trading investment strategies. State of art technology and personalized Clear understanding of applicable law

MISSION A mission statement is a statement of the purpose of a company and organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated.

To create long term value by empowering individual investors through superior financial services supported by culture based on highest level of teamwork, efficiency and integrity

4. Organizational structure

Mr.Rohit (Vice President Janak Puri Branch)

Mr.Anish (Senior manager NOIDA Branch)

Miss Yogita Manhas ( Branch Coodinator Janak Puri Branch )

Trainee

Members with whom I interact with their level in company

Mr. Anish is our leader in his leadership I had completed my summer training. He is a financial advisor and a good leader he guides us very well throughout our training period. I interact with other employees of the company as follows;-

1. 2. 3. 4. 5.

MR ROHIT VICE PRESIDENT MR ANISH -SR.MANAGER MS.YOGITA BRANCH CO-ORDINATOR MS.DIVYA - EMPLOYEE MS.JASLEEN KAUR HR MANAGER

PROBLEM OF THE STUDY The research suffers from the following problem: 1. The findings of the sample may not be the accurate representation of the population.

2. It is a time consuming method it required lot of time to collect data about spa from corporate clients.

3. The study may suffer with the Nom-response error i.e. the responses were not given by some sampling units.

4. The primary data used in the study may also suffer from some defects like human biasness, inconsistency or ambiguity in the answers, wrong interpretation of the questions by respondents, measurement error, and data analysis error 5. As the secondary sources are used. These may be biased.

RESEARCH OBJECTIVE
Based on the project title, research objectives can be formulated as 1. To understand the methods of calculating income tax of an individual assessee. 2. To understand the entire process of e-ITR filing.

SCOPE OF THE RESEARCH WORK

Based on the above mentioned research objectives, scope of the research work can be formulated as 1. To understand the available tools for calculating income tax. 2. To give suggestions for various scheme available for tax rebate. 3. To understand the methods of calculating income tax of an individual assesses. 4. To understand the entire process of e-ITR filing.

RESEARCH METHODOLOGY
Detailed research methodology to be adopted for this research project work is as follows. 1. Type of Research : Descriptive Research 2. Mode of Data Collection: The data has been collected from two sources asPrimary Data Collection: Questionnaire method Secondary Data collection: Through various text books will be used as reference. Internet.

3. Research Approach: Personal survey 4. Research Tools and Techniques: The tool adopted isQuestionnaireTypes of Questionnaire : Structured Questionnaire 5. Type of Questions: questionnaire will have open ended and close ended questions. 6. Designing of Questionnaire: A structured questionnaire will be prepared to collect the informations on various parameters from the respondents. once the questionnaire is prepared, it will be discussed with the academic mentor.

SAMPLING PLAN: Following sampling plan will be used during the research work: Type of sampling: Convenient sampling is used. Sampling Unit: Corporate employees Sample Size: 50 clients. Sample Area: Delhi and NCR Sampling Procedure: Primary data will be collected by personal meeting with the respondents. Questions will be asked and discussed on the basis of questionnaire.

DATA ANALYSIS AND INTERPRETATION

Graphical Representation of ITRS filing in SPA Capital Services Limited.

% of Physical filing and E-filing

E-filing (80%) Physical filing (20%)

Graphical representation of Percentage of different ITRS filing at SPA Capital Services Limited.

Percenatge of different ITRs filing

ITR 1 (85%) ITR 2 (10%) ITR 4 (5%)

Common mistakes people make while filing tax returns

The most common notion among salaried employees is that since tax has already been deducted from their salary, there is no need to file their income tax returns. This is not at all true or legal. Even though tax has been deducted and there is no further liability to pay tax, an employee has to compulsorily file his / her income tax return. Form No. 16 received from employer is not their income tax return. Employees do not include the interest that they receive on their savings bank account. The entire interest earned on your savings bank account is taxable. Omission of income received by a minor child. A minor child is not required to file a separate return of income. However, this income has to be included in the hands of either of the parents, although it might be a small amount of bank interest.

1. What will u prefer at the time of ITR filling?

Sales

depends on time 20% any 16%

e-filling 39%

physical filling 25%

Interpretation
In this survey has taken from some group if people and they answer about the question that how much they like to fill their ITR. Mostly people like to fill their ITR by online process. Then some 25% people like to fill physical filling .some of people dont bother about the way they prefer any present way to fill the ITR.

2. Are u satisfied by the services of SPA capital?

Sales
yes no never think about this highly satisfied

21% 42%

32% 5%

Interpretation

In this some people who are using the SPA capital services or have used the spa capital services in past .mostly(21%) people are highly satisfied with the services

provided by the SPA capital.(32%) people never think about the satisfaction about services they are using .but some people are not satisfied with their services.42% are satisfied but not highly.

3.Have you ever file your ITR from SPA capital?

Sales
no yes sometime 1% 11% 11% mostly

77%

Interpretation

SPA capital files ITR only for some time period of year. (77 %) of the people says that they are not using SPA capital services to file ITR. (11%) people say that they are using SPA capital services to file ITR.

Conclusion:

From the study it can be concluded thatSPA Capital is a growing organization which has through its corporate clients, grown at a considerable pace, which is quite appreciable.

One of the selling strategies adopted by SPA is assisting the corporate employees in their ITR filing. This has, for sure proven to be a successful strategy in building long-term relationship with their clients and thus grows in this competitive era.

As Income Tax Return filing is a mandatory procedure for every citizen of India who is earning money from any source, most of the people approach to such type of companies who file their ITR at a nominal rate and thus saving their time, so this is a great opportunity for SPA and to boost its business level.

There are some deficiencies in the working of SPA yet this can be removed by working on them and by proper handling of queries of clients.

SPA is an emerging organization which helps the people to fulfill their almost every financial need at one stop.

It is serving to various corporate employees such as Wipro, TCS, Aricept Technologies etc. and generating a good amount of business.

Suggestion

If u are working person then you should go for e-filing If you want to file your ITR by yourself then you should go for physical filing SPA capital is taking care of all your personal information. SPA capital is very dedicated towards their clients SPA capital is a company that you can trust. SPA capital make sure that all entries of ITR filing send to Bombay headquarter

Limitations:
Every study has its own advantages and disadvantages. No study is perfect as there is always a room for improvement. In this study though every effort has made to bring it into perfection and no stone is left unturned, there are still certain limitations, which need to be highlighted without which the study can become biased. Such limitations are: The data has been generated from the secondary source thus any error in the information would have got replicated in the report.

Time constraint was another limitation. As no efficient research can be done in this short period of time.

Also the information available was insufficient which has also been reflected in the report. The resources were also not much available.

The biasness of the sample units may also cause the wrong results.

Some of the information about the research sample is collected through their past record available with the company

The results drawn from the sample has been applied to the population which may give incomplete response.

QUESTIONNAIRE 1. Who is liable to file the income tax return? Ans ____________________________________________________________

2. What is the assessment year? Ans_____________________________________________________________ ________________________________________________________________ 3.What are the due dates of filing of income tax returns where primary source of income and salary? Ans _______________________________________________________________ 4.Which is the prescribed form for filing of income tax returns for assesses having income from salary? Ans______________________________________________________________ 5.What are various heads of income? Ans __________________________________________________________________ __________________________________________________________________ _________________________________________________________________ 6.How to pay the tax under income tax act? Ans_______________________________________________________________ __________________________________________________________________ 7.What are the rates of income tax? Ans __________________________________________________________________ __________________________________________________________________

8.How is the penal interest is calculated? Ans_______________________________________________________________ __________________________________________________________________

9.How is interest calculated for late or non furnishing of return? Ans_______________________________________________________________ __________________________________________________________________

10.What are the important points to be remember while filing income tax return? Ans_______________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________

BIBLIOGRAPHY

Text Books: Kharbanda R S (2012), Tax Deduction and Collection at Source, 14 th edition Universities Press (India) Pvt. Ltd., Hyderabad (A.P.) TAXMANNS (2012), INCOME TAX ACT- AS AMENDED BY FINANCE ACT, 56th edition, Delhi (India) Ahuja Girish and Gupta RAVI , Taxation of Salaried Employed, 13 th edition Laxmi Publications Delhi (India) Newspapers and Magazines: The Times Of India The Economic Times Websites: www.spacapital.com www.moneycontrol.com www.valueresearchonline.com www.incometaxindia.gov.in www.investopedia.com