Income Tax Return AMAN

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Income tax return.

PROJECT REPORT
SUBMITTED TO UNIVERSITY OF JAMMU
IN PARTIAL FULFILMENT OF THE
REQUIREMENT FOR THE DEGREE OF
MASTER OF COMMERCE
BY
Amandeep
ROLL NO 0041COM21

POST GRADUATE DEPARTMENT OF COMMERCE


UNIVERSITY OF JAMMU
JAMMU – 180005 (J&K)
2021
ACKNOWLEDGMENT

I would like to express my deepest appreciation to all those who provided me the possibility to complete

this report . I have taken efforts in this project.However, it would not have been possible without the kind

support and help of many individuals and the organization. A special gratitude I give to our project

manager Prof. JYOTI SHARMA and our summer training co-ordinator Dr. Jyoti Sharma, Dr. Rupa

Mahajan, Dr Vishal Gupta whose contribution in stimulating suggestions and encouragements, helped me

to complete my project efficiently.

Futhermore, I would also like to acknowledge with much appreciation the crucial role of the IT system

and our mentor, who gave the permission to use all required equipments and necessary materials

throughout the period. Last but not least, my thanks go to the head of the organization and our mentor CA

Numit Verma who has invested her full efforts in guiding us to achieve the goal. I would like to

appreciate her professionalism, guidance and co-operation that helped me to upgrade my knowledge my

experiencing the pragmatic way of doing work thanks to her comment and advances.
CONTENTS
CHAPTER NO. TOPIC PAGE
NO.
CHAPTER 1 Firm Profile 1-3
CHAPTER 2 Income Tax Return 4
2.1 Benefits of filing ITR 5-9
2.2 Tax Deducted at source 9-16

2.3 Tax Collected At Source 17

2.4 ITR Forms 16-26

2.5Tax Rates Of ITR In Old And New Regimes 27

2.6 How to file an Income Tax Return 28-29

CHAPTER 3 LEARNING OUTCOMES 30-31

CHAPTER 4 REFRENCES 32
CHAPTER1: FIRM PROFILE

RAGHAV GUPTA & ASSOCIATES (RGA) is a niche professional services firm rendering suite of

value added services. The firm takes pride in its ability to constantly deliver out of box solutions that are

technically sound, innovative and implementable for its clients We are a team of chartered accountants

with diverse skills and proficiency, enabling us to service clients of various sizes across industries.

RGA has been associated with RSM Astute Consulting Group for referral practice which is a part of RSM

International (globally of 6th largest accounting and consulting firm) and which has been ranked among

the top 6 accounting and consulting firms in India.

RGA has been a statutory auditor of the J&K Bank, Bank of India and Sydicate Bank.Besides this, RGA

Has been concurrent auditor of J&K bank, JBK Financial Services Ltd., Punjab & Sind bank and Punjab

National Bank.

RGA provides services to national/ international business houses for setting up their business units in

J&K. The clients include several large Indian groups, multinational corporations, government

organizations & business concerns from J&K & other states.

Publications for the Institute of Chartered Accountants of India (ICAI) from the team members of RGA:-

 Handbook on Cooperative and NPO Sector (published in February 2013).

RGA, currently working with the infrastructure of self owned 2 storey building having 12 operational

work stations, Wi Fi, a well equipped conference hall with, separate reception area and recreation

area.

Brief profile of the partner of the firm:

CA DIMPI GUPTA

B.com.,F.C.A
She is a qualified Chartered Accountant. She has carried out Statutory Audits,

Internal Audit, Bank Audits, Due Diligences, Tax Audits, System Audits & other Audits of various

companies covering wide range of industry. She has been associated with Resource Person for conducting

Investor Awareness Programmes organised for Ministry of Corporate Affairs, Govt. of India and

successfully conducted more than 20 such programmes. She has a core expertise in the area of Audit and

Taxation.

CA Numit Verma

M. Com., F.C.A. D.I.S.A.

She is a qualified Chartered Accountant. Her area of practice includes GST, Bank Audits, Government

Audits and Investigation Audits. She has been invited to attend a workshop on Financial Education

conducted by SEBI in New Delhi. She is also faculty with the Committee on Government Accounting,

Institute of Chartered Accountants of India to share knowledge relating to relevant subjects. She is guest

speaker on various forums including Department of Commerce, University of Jammu.

Particulars of Proprietor/Partners:

S No. Name Reg. No. Date of COP Specialize d Whether Contact No

with Icai Degrees/ DISA / CISA

Diploma

1 Dimpi Gupta 515825 20-04-2010 B.Com - 9469308888

2 Numit Verma 523979 07-03-2012 M.Com Disa 9796853063


BRIEF PARTICULARS

1. Name of Concurrent Audit firm : Raghav Gupta & Associates

2. Date of Establishment of Firm : 09-11-2010

3. Firm Registration No. allotted by ICAI : 023550N

4. Unique Code No. (UCN) with RBI : 951965

5. Category (Registered with RBI) : II

6. PAN of the Firm : AAOFR4214P

7. Empanelment No. allotted by CAG : SPJ182

8. Head Office of the Firm

a) Name of the Incharge : CA NUMIT VERMA

b) Address : Gupta Complex, 1/6A, Trikuta Nagar, Jammu-180012

c) Telephone Nos. : 0191-3511057

d) Mobile Nos. : 94191 88770, 97968 53063, 94693 08888

e) Email Address : raghavguptaandassociates@gmail.com

Chapter2: Income Tax Return


Income Tax

Income tax is a direct tax that a government levies on the income of its citizens. The income tax, 1961,

mandates that the central government collect this tax. The government can change the income slabs and

tax rates every year in its union Budget. Income does not only mean money earned in the form of salary.

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 a 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, 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.

2.1:Benefits of Filing Income Tax Return


Filing income tax returns is often seen as a cumbersome process by the majority of the people. That is the

reason why many decide to skip filing returns.

As a responsible citizen, you need to make sure that you file your returns every year. This is a moral duty

of every working Indian.

Filing ITR can be useful to you as well. Here are the various ways in which filing an Income Tax Return

can benefit you.

1. It Acts as a Legal Document

Income Tax Return holds immense legal value. It is recorded with the government. It acts as legal proof

in two ways,

 Identity Proof

The return that you fill can be used as identity proof in various scenarios such as while applying

for an AADHAR card, or any other document. The government accepts it as a proof of address as

well.
 Income Proof

As discussed, the ITR form contains a detailed list of all your incomes and expenses. On this

basis, the tax you have to file is calculated.

Thus, ITR can also be used as income proof as some transactions such as the purchase of property

do require you to show proof of income.

This can come in handy for the ones who are self-employed and don't receive Form 16.

 Can help you Claim Deductions

To reduce the burden on the taxpayers and to encourage more people to pay their taxes, the

government allows certain deductions to you.

a) These deductions and exemptions can be availed in some investments and thus help in reducing

the tax you ultimately pay.

b) TDS and rebates can also be claimed back.

But to have access to these tax benefits, you are required to file an income tax return. If you have

not filed ITR you cannot claim deductions as well.

3. Important Document While Applying for Loans

When you decide to apply for a loan to purchase something, say a car or a new home for your family or

for business, the bank requires you to submit some documents such as

a) Aadhar card
b) PAN card

c) Driver's license

d) Photo ID etc

One important document asked is your income proof. Banks generally asked for ITR for the last three

years. This is done to assess your past and current financial situation and whether you will be able to pay

the loan or not.

Not only while applying for loans from the bank, but ITR can also be useful to get you a credit card as

well. Credit card companies also ask for your past salary and returns before issuing you the card.

4. Helps if Planning to go Abroad

Going abroad involves some procedures to be followed. If you do not file your ITR, then it can deter your

plans to go abroad. ITR form is one item in the list of the documents that are required by the countries

that you want to visit.

This is because of the following:

a. Having a history of filing income tax returns helps your case and improves your chances of getting visa

approval.

b. It gives details about your financial situation to the embassy.

5. Avoid Penalty and Punishment


The taxes that apply to you are governed by the Income Tax Act 1961. Thus, you are required to pay

taxes if you fall above the exempt criteria.

So, if you are eligible to pay taxes on your income and yet still fail to file your Income Tax Returns, then

you attract charges

The income tax officer can levy a penalty of up to Rs 5000 Rs. Other serious punishments can also occur

if you do not file returns.

Thus, you should file ITR to be safe from such penalties and punishments.

6. Losses can be Carried Forward

Section 70 and 71 of The Income-tax Act 1961 contains some provisions for carrying forwarding losses

of a particular year to the subsequent year. This means that you can move your loss to the next assessment

year.

Here are a few examples:

a. Losses from house property can be carry-forward till the next 8 assessment years and can be set off

from income from house property.

b. Loss from business can be carried forward and paid with the future income from the business.

If you do not file an Income tax return, you cannot carry forward or set off your losses.

Filing of the Income-tax return not only helps you but also helps the nation. The tax that you pay is used

by the government to build infrastructure and to improve other facilities of the nation such as medical,

defence, etc.

The more people file, the more can government spend and provide us with a good country.
What is TDS?
TDS or Tax Deducted at Source is a specific amount that is reduced when a certain payment like salary,

commission, rent, interest, professional fees, etc. is made. The person who makes the payment deducts tax

at the source, while the person who receives a payment/income has the liability to pay tax. It lowers tax

evasion because the tax will be collected at the time of making a payment.

Dividend payments to REITs and InvITs will be exempt from TDS

In the Union Budget for FY22, Finance Minister Nirmala Sitharaman announced that dividend payments

to REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) will be made

exempt from Tax Deduction at Source (TDS). This aims to increase compliance with tax laws. A proposal

was also made to take advance tax liability on dividend income after the payment or declaration of a

dividend has been made.

When should TDS be deducted and who is liable to deduct?


 If you are making any sort of payment specified under the Income Tax Act, then TDS will be

deducted at the time of these payments. However, no TDS will be deducted if you are an

individual or Hindu Undivided Family (HUF), and your books are not required to be audited.

 In case of rent payment by an individual or HUF member, where the amount payable exceeds

Rs.50,000, then a TDS at 5% will be deducted even if your books are not liable for a tax audit.
You will not be required to apply for a Tax Deduction Account Number (TAN) if you are liable to

have TDS deducted at 5%.

 If you are a working professional then your employer will deduct TDS as per the applicable

income tax slab rates. The bank with whom you hold a working account will deduct TDS at 10%.

However, if they do not have your PAN details, then TDS at 20% will be deducted. For the

majority of payments, TDS rates are set in the Income Tax Act the payer deducts TDS as per the

rates applicable.

 You will not be required to pay any tax if you submit your investment proofs to your employer

and your total income that can be taxed is below the total taxable threshold. Thus, no TDS will be

deducted in this case. You can also submit Form 15G and Form 15H to the bank if the total

taxable income is below the total taxable limit. The bank in this case will not deduct any TDS on

your interest income.

 In case you failed to submit the investment proof to your employer and the bank deducted the

TDS, you can file a return and claim a refund of it, provided your total taxable income is below

the total taxable limit.

Types of TDS

Here are some of the income sources that qualify for TDS:

 Salary

 Amount under LIC


 Bank Interest

 Brokerage or Commission

 Commission payments

 Compensation on acquiring immovable property

 Contractor payments

 Deemed Dividend

 Insurance Commission

 Interest apart from interest on securities

 Interest on securities

 Payment of rent

 Remuneration paid to the director of a company, etc

 Transfer of immovable property

 Winning from games like a crossword puzzle, card, lottery, etc.

How to File TDS return online?

In order to file your TDS return, there are few things you must ensure. They are as follows:

 You must have a valid Tax Deduction and Collection Account Number (TAN) and make sure it is

registered for e-filing

 Prepare your TDS statements using Return Preparation Utility before validating the same using

File Validation Utility


 You must have a valid Digital Signature Certificate that is registered for e-Filing in case you want

to upload your returns using DSC

 Provide the demat account or bank account details of your principal contact, or ensure that his/her

PAN is linked with his/her Aadhaar in case you want to upload your returns using Electronic

Verification Code

TDS Due Dates of FY 2022-23 for Return Filing


Steps to upload TDS statements

Here is a simple guide to upload your TDS statements on the official website of the Income Tax

Department :

1. Visit https://www.incometaxindiaefiling.gov.in/home. On the right side of the page, you will see

'Registered User?' followed by the 'Login Here' option.

2. Click on the aforementioned option and fill in your login information before clicking on 'Login'. Your TAN

will be your user ID.

3. After you have logged in, locate the 'TDS' drop-down menu where you will have to select 'Upload TDS'.

4. A form will appear, and you will have to choose the right details before clicking on 'Validate'.

5. You will then have to validate your returns using either DSC or EVC.

Challan for TDS Payment


Challan ITNS 281 is the Challan form for online payment of TDS (Tax Deducted at Source) and TCS

(Tax Collected at Source). Challan No. 281 is applicable for Tax Deducted at Source / Tax Collected at

Source (TDS/TCS) from corporates and non-corporates. TDS exception is essentially a mechanism

developed by the Indian Government where in there is a tax deduction at the source of an income,

calculated at a specific rate and thereby becomes payable to the department of Income Tax.

Penalty for Late Filing TDS Return


Here are the penalties levied by the Income Tax Department for the failure to submit or defaults in

submitting your TDS return/statements:


 Failure to submit your returns: Under Section 272A (2) of the Income Tax Act, a penalty of

Rs.100 will be levied for each day that the returns remain unsubmitted, subject to a maximum of

the TDS amount.

 Failure to file your returns on time: Under Section 234E of the Income Tax Act, a penalty of

Rs.200 will be levied for each day that the returns remain unfiled, subject to a maximum of the

TDS amount.

 For defaults in the filing of TDS statement: Under Section 271H of the Income Tax Act, a

penalty of Rs.10,000 to Rs.1 lakh will be levied in case the deductor defaults at the time of filing

TDS return within the due date.

 For incorrect details: Under Section 271H of the Income Tax Act, a penalty of Rs.10,000 to Rs.1

lakh will be charged in case the deductor submits incorrect information pertaining to PAN, challan

particulars, TDS amount, etc.

 For non-payment of TDS: Under Section 201A of the Income Tax Act, interest will also be

levied along with the penalty in case TDS is not paid within the due date. In case a part of the tax

amount or the whole of it is not deducted at source, interest will be charged at 1.5% every month

starting from the date on which the tax was deductible to the date on which the tax is actually

deducted.

Steps to check TDS Deduction Status

one needs to follow the steps mentioned below to check their status of TDS

1. Visit the official website of the Income Tax Department.

2. Provide your details and login to the portal.

3. Under the 'My Accounts' tab, click on 'view Form 26AS (Tax Credit)'.

4. Select the year and PDF format to download the file.


5. Your downloaded PDF file is password protected. The password here will be the date of birth

mentioned on your PAN. For example, if your date of birth is 5 March 2000 then the password

will be 05032000.

6. You can then view all the details related to the TDS deduction.

7. You can use your bank's net banking facility to check whether your TDS has been deducted

provided your PAN is linked to it.

How to Claim TDS Refund?

Individuals can claim TDS refund on the Income Tax website. However, the Income Tax Returns must be

filed, and the TDS refund must be shown. Once the ITR is filed, the TDS refund will be processed by the

Income Tax Department. The refund might be credited to the bank account within 6 months. Individuals

can also check the status of the refund on the official website of the Income Tax Department.

What is a TDS Certificate?

TDS Certificates are of two types: Form 16 and Form 16A. Under Section 203 of the Income Tax Act,

1961, a certificate must be provided to the deductee showing the amount that has been subtracted as tax.

The deductor is liable to provide this form to the deductee.

 For salaried class: In case of salaried employees, employers are required to provide them with Form 16

with a mention of the amount that has been deducted as TDS. Form 16 contains a host of details such as the

computation of tax, the deduction of tax, and the payment of TDS. Employers must issue this form to their

employees before May 31 of the following financial year.

 For non-salaried class: The deductor provides the deductee with Form 16A, and it contains all the details

regarding the computation of tax, the deduction of TDS, and payments.


2.4 Tax collected at source

Tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it

can be deposited with the tax authorities. Section 206C of the Income-tax act governs the

goods on which the seller has to collect tax from the buyers. Such persons must have the Tax

Collection Account Number to be able to collect TCS.

2.5:What are ITR Forms?

Income tax return is a form which is filed with the taxing authority. It reports income, expenses, and other

relevant tax information. Tax returns make it easy for taxpayers to determine their tax liability, plan their

tax payments and request refunds for its over payment. Taxpayers are required first to determine the type

of ITR forms they need to fill before actually submitting the returns. ITR forms are solely dependent on

the income of taxpayers.

Income Tax Return (ITR) forms refer to those forms in which taxpayers file information

about their income earned and tax applicable to the department of income tax. The department

has notified 7 types of ITR forms –


  ITR 1

  ITR 2

  ITR 3

  ITR 4

  ITR 5

  ITR 6

  ITR 7

Every taxpayer must know all the ITR forms details and file the ITR before the specified due

date to avoid penalties. The applicability of ITR forms depends on the amount of the income

earned, sources of income of the taxpayer, and the category the taxpayer belongs to, such as

individuals, HUF, and company.

Why Should You File ITR? 


It is compulsory by law to file income tax returns (ITR) in India if any of the following conditions
mentioned below apply to you:

1. If your gross yearly income is more than-

Age Amount

For people below 60 years Rs 2.5 Lakh

For people above 60 years but below 80 years Rs 3.0 Lakh

For people above 80 years Rs 5.0 Lakh

2. If you earn from more than one source,such ascapital gains or house property

3. If you want to claim a refund from the income tax department


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

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

6. If the individual is a company or a firm, irrespective of profit or loss

Types of ITR Forms

To know more about ITR forms details let us look at the types of ITR forms. There are

various types of ITR forms available for taxpayers to file taxes. Depending on the type/source

of income generated, the group of the taxpayer falls under (individual, company, and Hindu

Undivided Families). The income of the individual will make the income Tax Returns (ITR)

form to be submitted vary.

The following forms are to be taken into consideration by individuals while filing returns as

per the Central Board of Direct Taxes in India:

ITR-1 Form or SAHAJ

I TR1 is for a person with an income of up to RS50 lakhs. When the income is from salaries, one house

property other sources ( interest, dividend etc). And agricultural income up to INR 5000. It is not for non

ordinary residence for an individual who is either director in a company or has done investment in

unleased equity shares.

This form is for resident Indians who fall under the below-mentioned categories:
1. If income is created from a pension or salary

2. If income is created from single house property, however, in case the losses have been

carried forward from the previous year, the exclusion is allowed.

3. In case the income is generated from agriculture (not more than Rs.5,000)

4. The total income produced can be a maximum of Rs.50 lakh and not more

5. Income that has been created from other sources such as lottery or winning horse races

Who Cannot Opt for this Form? 

Individuals who fall under the following groups cannot opt for ITR-1:

1· If the total income created is more than Rs.50,000

2· In case individuals have taxable capital gains

3· In case income is created from more than one house property

4· During the financial year, if any investments were made in unlisted equity bonds

6· If you are an NRI (Non-Resident Indian) or RNOR (Resident Not Ordinary Resident)

7· In case there is an income produced from agriculture more than Rs.5,000

8· In case income is produced from profession or business

9· In case the taxpayer is the director of a company

10· In case any income is created from a property located abroad

11· In case an individual possesses foreign income or foreign assets.

Time periods of ITR


 There are two type of time periods of ITR that is financial year and Assessment year both are

started from 1st April and hence at 31st March Financial year it is the year in which Income is

earned.

 Assessment year it is the year that follows the financial and it is the period in which tax return are

filled.

ITR 2 Form

 ITR 2 is a form which is filed by the person who earns is income from salary, one house property,

and capital gain.

 Capital gain is the income which individual earns by selling of fixed asset share and equity.
ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who fall under any of the following

categories:

1· The income of the taxpayer must be more than Rs.50 lakh

2· Income can be created via salary or from a pension

3· Income generated from house property

4· Income generated from sources such as lottery or horse races

5· In case the taxpayer is a company’s director

6· Agricultural income of the taxpayer is higher than Rs.5,000

7· Revenue produced from capital gains

8· In case any investments were made in equity bonds unlisted during the financial year

9· Income is generated from foreign assets and foreign income 

Who cannot opt for this form?

Taxpayers who make an income from profession and business cannot opt for ITR 2 form.

ITR 3 Form

ITR3 is a type of form which filed by group of individual in a partnership firm and notinperfession under

any proprietorship.

This form must be chosen by individual taxpayers and HUFs who make an income from a profession or from

owning a business. The following mentioned taxpayers can select the ITR-3 form:


1. Individuals creating a profit from a business or profession

2. In case any investments were made in equity shares unlisted at any time during a financial year

3. In case the taxpayer is a partner in a company

4. In case the taxpayer is a Director of a company

5. If income is produced from salary or a pension, house property, or any other source of income

6. Turnover of the business pension exceeds Rs.2 crore.

ITR 4 Form (Sugam)

In the case ofindividuals, HUFs and Partnership Firmswho are residents of India create an income from a

business or profession; they must select ITR-4. Limited Liability Partnerships (LLPs) cannot choose this

type of ITR form. Taxpayers who have also selected the presumptive income scheme under Section

44ADA, Section 44AD, and Section 44AE of the Income Tax Act 1961, must also choose this form.
Who cannot opt for this form?
 
The below-mentioned taxpayers and HUFs are not allowed to opt for ITR-4:

1. In case the gross income generated is higher Rs.50 lakh

2. In case any losses have been carried forward from previous years

3. In case the taxpayer has a signing authority at a place outside India

4. In case any investments were made in equity bonds unlisted at any time during the financial year

5. In case taxpayers have generated a foreign income or foreign assets

6. In case the income has been produced from more than one house property

7. In case the taxpayer is the Director of a company

8. In case the taxpayer is an NRI or an RNOR

ITR 5 Form

Anyone following under the categories mentioned below can file ITR 5 Form:

1. Artificial Juridical Person (AJP)

2. Business trusts

3. Estate of insolvent

4. Estate of deceased

5. Associations of Persons (AOPs)


6. Body of Individuals (BOIs)

7. LLPs and companies

ITR 6 Form

ITR-6 is for any company that are not claiming exemptions related to Section 11 of the Income Tax Act,

1961. Firms that are filing income tax returns under this section can only do it electronically.

ITR 7 Form

Individuals and firms that have furnished returns related to Section 139(4A), Section 139(4B), Section

139(4C), Section 139(4D), Section 139(4E) and Section 139(4F) must choose this ITR form.

Listed below are the details of the returns that should be filed section-wise:

 Section 139(4A): The ITR forms must be submitted by individuals who gain an income from a property

that belongs to a charity/trust or other legal obligations and the income that is produced is solely used for

charitable or religious purposes

Section 139(4B): ITR forms must be filed under this section by a political party if the gross income that

has been generated is more than the maximum sum

Section 139(4C): ITR forms must be submitted under this section if it is a Scientific Research

association, hospitals, medical institutions, universities, funds, News agencies and other educational

institutions

Section 139(4D): Any educational institution such as a college or university that are not required to

furnish any income or loss must submit ITR forms under this section

Section 139(4E): Business trusts that do not need to furnish any kind of income or loss must file ITR

forms under this section


Section 139(4F): Investment funds present under Section 115UB and do not need to furnish any income

or losses must also submit ITR forms under this section

2.6 Tax rates of ITR in old & New regime

In an old regime tax rate are high but we can take advantage of deductions .

In an new regime tax rates are comparability are low but we cannot take advantage of deductions
How to file Income Tax Return?

Step 1: Visit the e-filing website (https://incometaxindiaefiling.gov.in)

Step 2: If you are already listed on the portal, click ‘Login Here’. In case you are not listed on the portal,

select ‘Register Yourself’.

Step 3: Next, you will have first to choose your ‘User Type’. The options available to you will include

Individual, Hindu Undivided Family (HUF), Other than Individual/HUF, Chartered Accountants,

External Agency, Tax Deductor and Collector, and Third-Party Software Utility Developer.

Fill in your current address and your permanent address before entering the Captcha code and hit

‘Submit’.
Step 4: Fill up your details such as name, PAN, birth date, mobile number and email id. 

Step 5: The system will then verify your pan number, and your transaction ID will be displayed on the

screen.

Step 6: Finally, activate your Income Tax Department account through the link received by your email id.

Chapter 3:Learning Outcomes.


 A great opportunity to grow and develop my skills.

 Integrate theory and practice .

 Enhanced my knowledge and skills as well as improved my professional ability , to work in a

multicultural environment.

 Communication skills.

 Vouching of purchase and sale invoices.

 Different GST rates on hotel services.

 Preparing books of accounts in tally.

 Vouching

 Voucher Entry

 Preparing Data in Excel Sheet

 Taxation

 Theoretical learning of different types of Taxation and GST

 E-Way Bill

 Banking Statement

 Gst Return file

 Itr E-Filling

 How to apply for Pancard

 Preparation of technical feasibility report.

 GST and GST registration process.


 Practice of GSTR1 return.

 Preparation of basic financial statement in excel.

 Basic of Ms word along with practice of learned skill.

 Practice of various tools of Ms excel.

Software used during internship:

 MS office

 Tally Software

 Busy

Chapter4:References

 Pandey, Prof. Dr. K. A. (n.d.). Way to e-Filing of Income Tax Return. Lulu.com.
 Publications, T. (2022). Taxmann’s Direct Taxes Manual (3 Vols.) – Covering Amended, Updated

& Annotated text of the Income Tax Act, Rules, 25+ Allied Acts & Rules, Circulars &

Notifications, Case Laws, etc. | 52nd Edition. Taxmann Publications Private Limited.

 Taxmann. (2020). FAQs on income-tax returns for assessment year 2020-21. Taxmann

Publications Private Limited.

 Taxmann. (2021). Know about 30 changes in new ITR forms for AY 2021-22. Taxmann

Publications Private Limited.

 Taxmann. (2022a). Taxmann’s Income Tax Rules – Covering Amended, Updated & Annotated

text of the Income-tax Rules, 1962 [updated till Income Tax (Second Amendment) Rules 2022] |

59th Edition. Taxmann Publications Private Limited.

 Taxmann. (2022a). #TaxmannAnalysis | Know about the 30 changes in the new Income-tax

Returns (ITR) Forms for A.Y. 2022-23. Taxmann Publications Private Limited.

 Taxmann. (2022b). Taxmann’s 60+ faqs on income tax returns (ITR) | A.Y. 2022-23. Taxmann

Publications Private Limited.

 https://www.hdfclife.com/insurance-knowledge-centre/about-life-insurance/what-is-income-tax-

return

 https://en.m.wikipedia.org/wiki/Income_tax

 https://www.bankbazaar.com/tax/all-about-tds.html

 https://www.canarahsbclife.com/tax-university/articles/6-benefits-of-filing-income-tax-return.html

 https://www.maxlifeinsurance.com/blog/tax-savings/itr-forms

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