Summer Training ReportOn E-filing Of Income Tax Return Completed In SPA Capital Services Submitted In Partial Fulfilment Of the Requirement Of Masters of Business Administration Corporate Mentor: Name: Ms. Yogita Manhas Designation: Asst Manager Organization: SPA Capital Services Submitted By: Name of the student: Madhu Ruhil ENR No: 00361203912 Batch : 2012-2014 Submitted To: Ms. Kamini Tandon Banarsidas Chandiwala Institute of Professional Studies, Dwarka, New Delhi (Affiliated to Guru Gobind Singh Indraprastha University) 1 CERTIFICATE This is to certify that the project work done on “ E-filing Of Income Tax Return “ Submitted to Guru Gobind Singh Indraprastha University, Delhi by Madhu Ruhil in partial fulfilment of the requirement for the award of degree of Master Of Business Administration, is a bonafide work carried out by him/her under my supervision and guidance. The work was carried during 5th June 2013 to 5th August 2013 in SPA Capital Services. During the training period his/her behavior & performance was satisfactory. Date: Seal/Stamp of the Organization Name of the guide: Ms. Yogita Manhas Address: 25 C-Block Community Center Janak Puri, New Delhi- 110058 2 SUMMER TRAINING REPORT ON E-FILING OF INCOME TAX RETURN 3 BCIPS. New Delhi during June-July 2013. -------------------Ms. Dwarka. in partial fulfillment of the requirements for the Summer Training Project of the Degree of Master of Business Administration. Kamini Tandon Project Guide (Internal) Date: Counter signed by ------------Dr. She has worked under my guidance.BONAFIDE CERTIFICATE This is to certify that as per best of my belief the project entitled “ E-Filing of Income Tax Return ” is the bonafide research work carried out by Madhu Ruhil student of MBA. Satish Taneja Director Date: 4 . Dwarka is a bonafide work undertaken during the period from 5th June 2013 to 5th August 2013 by me and has not been submitted to any other University or Institution for the award of any degree diploma / certificate or published any time before.: 00361203912 Date: / / 2013 5 . (Signature of the Student) Madhu Ruhil Enroll.DECLARATION I hereby declare that this Project Report titled E-Filing Of Income Tax Return submitted by me to Banarsidas Chandiwala Institute of Professional Studies. No. A special thanks goes to my team mate. Furthermore I would also like to acknowledge with much appreciation the crucial role of the staff of SPA Capital Services. Yogita Manhas whose have invested her full effort in guiding me in achieving the goal. whose contribution in stimulating suggestions and encouragement. Last but not the least. who gave the permission to use all required equipment and the necessary materials to complete the task “E-Filing of Income Tax Return”.ACKNOWLEDGEMENT I would like to express my deepest appreciation to all those who provided me the possibility to complete this report. I have to appreciate the guidance given by other supervisor as well as the panels especially in our project presentation that has improved our presentation skills thanks to their comments and advices. A special gratitude I give to my summer training supervisor. many thanks go to the head of the project. who help me to assemble the parts and gave suggestion about the task “EFiling of Income Tax Return”. helped me to coordinate my project especially in writing this report. Ms. 6 . Kamini Tandon. Ms. PARTICULARS 1 Executive Summary 2 Introduction/Theoretical Background 3 Literature Review 4 Objective & Scope of the study 5 Company Profile 6 Research Methodology 7 Data Collection & Analysis 8 Findings. Conclusion.CONTENTS Chapter No. 7 . Suggestion & Bibliography 9 Appendix-1: Questionnaire PAGE NO. Executive Summary 8 . slow processing. importance.The Income Tax Department (ITD) of the Ministry of Finance. but. Thus the income tax department has facilitated the taxpayers with defining the provisions to be followed. This study attempts to develop an understanding of the factors that influence citizens’ adoption of electronic tax-filing services and to discuss taxpayer perception and satisfaction with an online system for filing individual income tax returns.class services to taxpayers in the country. E-filing of income tax is understood as successful filing of income tax return through the internet. employing 5000 unemployed people to perform as tax return preparers after getting training from NIIT. This project deals with the process. Government of India.. making tax compliance easy and convenient. frequent crashes etc. which can be filed and how to file the income tax for the benefit of tax payers as well as the Government. 9 . A survey has been used to collect primary data and questionnaire approach was used in final analysis. awareness and satisfaction of e-filing among the citizens of the country. The e-filing of income tax returns has its own limitations like. the government has taken necessary steps like. One of the initiatives of the Income Tax Department was the introduction of Electronic Filing (e . The e-governance has developed the concept and strategies of e-filing of income tax return through the internet. is committed to provide world .Filing) of income tax returns (ITRs) to make the filing process easier for taxpayers as well as to reduce the time required for data entry on receipt of returns. Chapter-1 Introduction/Theoretical Background 10 . Taxability of individuals is summarized in the table below Status Indian Income Foreign Income Resident and ordinarily resident Taxable Taxable Resident but not ordinarily resident Taxable Not Taxable Non-Resident Not Taxable Taxable I.000/.exceeds Rs. 30. Where the total income does not exceed 2.Rs.BASIC INFORMATION ABOUT TAX Taxes in India are of two types.00.total income exceeds Rs. Where the total income exceeds 5.+ 20% of the amount by which the Rs.00.but does not exceed Income Tax Rate Rs. The burden of Indirect tax are like service tax. can be passed on to a third party. etc. Direct taxes are like income tax. 2.NIL Rs.000/-. every person who is assesse and whose total income exceeds the maximum exemption limit.but does not exceed 5. iii. shall be chargeable to the income tax at the rates or rates prescribed in the finance act. Direct Tax and Indirect Tax. VAT etc.00. The total income of an individual is determined on the basis of his residential status in India.00. Income tax is all income other than agricultural income levied and collected by the central government and shared with the states. wealth tax. Individual (Male and Female) Income Slabs i. ii.000/-.00. Where the total income exceeds 2.000/-. 5.00.000/.000/Rs.10% of amount by which the total income Rs. 11 . Such income tax shall be paid on the total income of previous year in the relevant assessment year.000/. According to income tax act 1961. are those whose burden falls directly on the tax payer. Where the total income exceeds Rs. 5.00. 10. 130.ident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year Income Slabs Income Tax Rate Where the total income does not exceed Rs.000/.00.+ 30% of the amount by which 10. Education Cess : 3% of the Income-tax. ADVANCE TAX 12 . Where the 10.Rs.000/-.10.NIL 2.50.50.+ 30% of the amount by which the total income exceeds Rs. One must pay his taxes in advance and by the due dates.000/-. Where the total income exceeds Rs.000/iii. 10. Individual resident who is of the age of 80 years or more at any time evious year Income Slabs Income Tax Rate i. 25.00. in the prescribed percentages.000/.00. 10.Rs.00.+ 30% of the amount by which 10.00.000/iv.total income exceeds Rs. 10.but does not exceed Rs.+ 20% of the amount by which the 5. ii.000/.000/-. ii. total income exceeds Rs.000/-.000/. The basic of income tax is the principle ‘pay as you earn’. Where the total income exceeds Rs.exceeds Rs.000/. Education Cess : 3% of the Income-tax. 5.but does not exceed Rs.000/-. iii.000/-.10% of the amount by which the total income 2.00.000/.NIL 5.000/.Rs.Rs.000/-. Education Cess: 3% of the Income-tax.00.00. III. Where the total income exceeds Rs. 2. Know-how of Income Tax Income tax is levied on the ‘total income’ of the assesse. Where the total income does not exceed Rs. 125.but does not exceed Rs.000/-. 5.20% of the amount by which the total income 5. 100.000/the total income exceeds Rs.00. 10.000/the total income exceeds Rs.50.00.00.00.00. Where the total income exceeds Rs.000/-. i.000/. Income of the ‘previous year’ is taxed in the ‘assessment year’. Income is classified into and computed under five categories called ‘heads of income’. iv.exceeds Rs.000/-.00. for Default in Payment of Advance Tax. For Individuals with Salary as the sole source of income. Businessman etc. then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year.e. if any. Interest under section 234C– Interest @ 1%per month is payable if the tax is not paid as per the above schedule i. For all assesses earning income from any source other than salary. 2.e. Payment of Advance Tax Advance Tax is liable to be paid as per the following schedule In case of Assesses Due Date of Installment On or before 15th Sep On or before 15th Dec On or before 15th Mar Amount Payable Not less than 30% of the Advance Tax Liability Not less than 60% of the Advance Tax Liability as reduced by the amount. Advance Tax is liable to be paid by all assesses like Salaried. paid in earlier installment 100% of the Advance Tax Liability as reduced by the amount. Interest is liable to be paid for late payment of tax as follows 1. during the year rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or “pay as you earn tax” as tax is liable to be paid at the time the income is earned i. if any. Self Employed. for Deferment in Installments of Advance Tax. 280 by selecting Advance Tax (100) as the type of payment as shown below:- Interest on Late Payment of Advance Tax If the Income Tax is not payable as per the above schedule.000 in a financial year.e. For computing Interest u/s 234A/B/C and any other Interest. before the filing of Income Tax Return. Income Tax shall be rounded off to nearest hundred and fraction of hundred shall be ignored TAXABLE HEAD OF INCOME TAX 13 . Advance Tax is payable in instalments as explained below. to receive a constant flow of tax receipts throughout the year so that expenses can be incurred rather than receiving all tax payments at the end of the year.10. paid in earlier installments Payment of Advance Income Tax is to be made through Challan No. Advance Tax receipts help the Govt. Interest under section 234B– Interest @ 1% is payable if 90% of the tax is not paid before the end of the financial year i. Advance Tax would be taken care of by the TDS deducted by the employer at the time of payment of salaries as reflected in Form 16 and thus there would hardly be any Advance Tax payable.If the Income Tax Liability of any assesse is more than Rs. then you get the value which is charged under the head income from house property. rent received or municipal rent. after exemptions available. gratuity.5 Heads of income in the Indian Income Tax Act:1) Income from salary (Section 15 – 17):Income can be charged under this head only if there is an employer employee relationship between the payer and payee. Basic salary along with commissions and bonuses is fully taxable. commission. it will be considered earning rental income and you will need to pay tax on it. advance of salary. Even if your piece of real estate is not let out. The income tax blokes are a bit easy going on this – they tax you on the capacity of the real estate to earn income and not the actual rent. The aggregate of the above incomes. is known as Gross Salary and this is charged under the head income from salary. any annuity or pension. leave encashment. The computation of income from let-out property is as under:- Gross annual value (GAV) xxxx 14 . Salary includes basic salary or wages. The Annual Value can go through a standard deduction of 30% and if you reduce the interest on borrowed capital. This is called the property’s Annual Value and is the higher of the fair rental value. The Act contains exemptions including (the list isn't exhaustive):Particulars Leave travel concession Death-cum-Retirement Gratuity Commuted value of Pension (not taxable for specified Government employees) Leave encashment Retrenchment Compensation Compensation received at time of Voluntary Retirement Tax on perquisite paid by employer Amount received from Superannuation Fund to legal heirs of employee House Rent Allowance Some Special Allowances Relevant section for computing exemption 10(5) 10(10) 10(10A) 10(10AA) 10(10B) 10(10C) 10(10CC) 10(13) 10(13A) 10(14) 2) Income from house property (Section 22 – 27):Any residential or commercial property that you own will be taxed as well. perquisites in lieu of or in addition to salary and retirement benefits. 44AE. Sections 42. 43C.Less: Municipal Taxes paid Net Annual value (NAV) Less: Deductions under section 24 Income from House property (xxx) xxxx (xxx) xxxx 3) Profits and gains of business or profession (Section 28 – 44):Income earned through your profession or business is charged under the head “profits and gains of business or profession”. insurance and repairs for machinery and furniture. 33AC. The computation of income under the head "Profits and Gains of Business or Profession" depends on the particulars and information available. In summary. 44BBB. 44DA. Sections 44AD. Sections 40. 44B. advertisements. 40A and 43B cover inadmissible expenses. 35ABB. 44DB. rent for premises. then the computation would be as under: Income (including deemed income) chargeable as income under this head Less: Expenses deductible (net of disallowances) under this head Xxx (xx) However. 44BB. The deductions allowed are depreciation of assets used for business. 44A. 35A. the sections relating to computation of business income can be grouped as under: Specific deductions Specific disallowance Deemed Incomes Special provisions Presumptive Income Sections 30 to 37 cover expenses which are expressly allowed as deduction while computing business income. 41. If regular books of accounts are not maintained. 44. The income chargeable to tax is the difference between the credits received on running the business and expenses incurred. Sections 33AB. 33ABA. 43D. if regular books of accounts have been maintained and profit and loss account has been prepared. traveling and many more. then the computation would be as under: Net Profit as per profit and loss account Xxx Add: Inadmissible expenses debited to profit and loss account Xx Add: Deemed incomes not credited to profit and loss account Xx Less: Deductible expenses not debited to profit and loss account (xx) Less: Incomes chargeable under other heads credited to Profit & Loss A/c (xx) 4) Capital gains (Section 45 – 55):15 . 44BBA. 1. Might be worth reading to see how indexation is used in long term capital gains scenario to reduce tax outgo. Employees' contribution towards staff welfare scheme.Any profit or gain arising from transfer of capital asset held as investments are chargeable to tax under the head “capital gains”. Any amount received from keyman insurance policy as donation. 4. any sum of money exceeding Rs. 3. Interest on securities (debentures. 7. Computation of Capital Gains:Full value of consideration Less:Cost of acquisition Less:Cost of improvement Less:Expenditure pertaining to transfer incurred by the transferor xxx (xx) (xx) (xx) 5) Income from other sources (Section 56 – 59):Any income that does not fall under the four heads above is taxed under the head “income from other sources”. Interest on compensation/enhanced compensation. under a will or inheritance). An example is interest income from bank deposits. 5. 50. on marriage. Gifts (subject to certain conditions and exemptions). Government securities and bonds). winning from lottery. 2. 6. Income from horse races/lotteries. There are also some specific incomes which are to be always taxed under this head. Income by way of Dividends. 16 . Hop over to the Long Term and Short Term capital gains article to read more about this.000 received from a person (other than from relative. Section 80C :Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. It states that qualifying investments.TAX BENEFITS – DEDUCTION. has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. The new section 80C has become effective w. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C. the deduction is limited to 10 per cent of his salary in the previous year. PPF and other pension plans. However. there are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall. Section 80CCC :Deduction for Contribution to Pension Funds-Section 80CCC provides deductions from gross (total) income for amounts paid or deposited by the assessee to any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the fund referred to in clause (23AAB). A tax benefit allows some type of adjustment benefiting a taxpayer's tax liability. Section 80CCD:Deduction is allowed to an individual employed by the Central Government or any other employer on or after the 1st day of January. 1st April. This means that your income gets reduced by this investment amount (up to Rs. However. DONATION A tax benefit is an allowable deduction on a tax return intended to reduce a taxpayer's burden while typically supporting certain types of commercial activity. REBATES. are deductible from your income. this new section has allowed a major change in the method of providing the tax benefit. 2006. 1 Lakh. 1 Lakh). up to a maximum of Rs. 2004.f. Included under this heading are many small savings schemes like NSC.e. Even the section 80CCC on pension scheme contributions was merged with the above 80C. Unlike Section 88. 17 . and you end up paying no tax on it at all. Sec 80C of the Income Tax Act is the section that deals with these tax breaks. The total limit under this section is Rs 1 lakh. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. the amount in the scheme is returned to the individual and is taxable in his hands in the year that it is received. Section 80D:Any Premium which is paid for medical insurance that has been taken on the health of the assessee. from the said scheme. is allowed as a deduction.000. Section 80DD:Deduction under this section is available to an individual who: Incurs any expenditure for the medical treatment.000. the deduction is limited to 10 per cent of his salary in the previous year. The deduction is available only if the premium is paid by cheque. medicine or management.Where. will be eligible for a deduction of the amount actually spent or Rs 40. or a post-graduate course in applied science or pure science. Section 80E:Under this section. deduction is available for payment of interest on a loan taken for higher education from any financial institution or an approved charitable institution. resident in India spending any amount for the medical treatment of specified diseases affecting him or his spouse. dependent parents or dependent children. An annuity or a lump sum amount is paid to the dependant or to a nominee for the benefit of the dependant in the event of the death of the individual depositing the money. subject to a ceiling of Rs 10. children. to a nominee for the benefit of the dependant in the event of the death of the individual depositing the money. his spouse. Deposits any amount in schemes like Life Insurance Corporation for the maintenance of a disabled dependant. parents. Where any premium is paid for medical insurance for a senior citizen. If the death of the dependent occurs before that of the assesse. from the said scheme. This deduction is also available to Hindu Undivided Families (HUF). an enhanced deduction of Rs 15. 18 .000 is allowed. brothers and sisters and who are dependent on him. the Central Government or any other employer makes any contribution to the employee’s account. However. training and rehabilitation of a disabled dependant. Section 80DDB:An individual. the employee shall be allowed a deduction in the computation of his total income. whichever is less. The loan should be taken for either pursuing a full-time graduate or post-graduate course in engineering. 000 a year.The deduction is available for the first year when the interest is paid and for the subsequent seven years.100.per Month. Section 80GG:Deduction under section 80GG for payment of rent by individual salaried taxpayer who is not receiving House rent allowance (HRA) and should not own any residential accommodation and maximum deduction under Section 80GG is Rs 2000/. Any sum paid by the assesse in the previous year to a public sector company or a local authority or to an association or institution approved by the National Committee (please read the tax law to know what National Committee is). for carrying out any eligible project or scheme.000/. Up to March 2005. 12-13) 19 . deduction was available for the repayment of principal and interest aggregating to Rs 40.50. The university/college/institution should be in the list notified by the Income Tax department. Section 80G:Deduction under section 80G for Contribution/Donation to charitable organization and maximum deduction under Section 80G is 100% of contribution amount to 10% of 10% of adjusted gross total income of the taxpayer. Exemption in Income Tax for Assessment Year 2013-14 (F. which runs programs for rural development. Any sum paid by the assesse in the previous year to an association or institution. Any sum paid by the assesse in the previous year to the National Urban Poverty Eradication Fund set up and notified by the Central Government. Section 80U:Deduction under section 80U for disable person. Any sum paid by the assesse in the previous year to a rural development fund set up and notified by the Central Government. college or other institution which undertakes scientific research. Section 80GGA:Section 80GGA covers the following contributions: Any sum paid by the assesse in the previous year to a university.Y.000/-.and Rs. Individual can claim deduction from taxable income based on his physical disability and amount of deduction is dependent on percentage of disability and maximum deduction under Section 80U is Rs. spouse. 80C General deduction for investment in Maximum PPF. Rs 15.000 for insurance on parents. In case disability is or insurance of physical disable severe. In case of disease. 80D 5. 80DDB For medical treatment of self or Actual amount paid to the relatives suffering from specified extent of Rs 40.000 is 2. year in which he /she starts paying interest and runs till the interest is paid in full. 35. Stamp allowed.000 p.00.a. amount is Rs 60.00.000. patient being Sr. Life Insurance. Maximum is Rs 1.000. extra sum should be read as Rs 20. Fixed deposits for 5 years . 20 . Medical insurance on self. it should be noted that surrender value or employer contribution is considered income. duty on house. 4. 80CCD Deduction in case of contribution to pension fund. Deduction in respect to contribution to new pension scheme. 1.000 Maximum is sum of employer’s and employee’s contribution to the maximum: 10 % of salary. However. No Section Details of deductions Limit 1.000.000.S.00. Employees of central and others are eligible. 80E For interest payment on loan taken Actual amount paid as interest for higher studies for self or and start from the financial education of spouse or children. spouse & children or parents.000 for self. 7.000 Thus maximum is Rs. For maintenance including treatment Rs 50. children Extra Rs 15. the amount is Rs dependent relatives. bonds etc Rs 1. 80CCC 3. 80DD 6. IF parents are above 65 years. PF. Citizen. ULIP. Prime minister relief fund etc. 9.and based on his physical disability Rs 100. 10. 80U 100% or 50% of amount of donation made to 19 entities (National defense fund.50. 80GGA 11. Maximum is Rs 2000 per month.) This is only for people not getting any House Rent Allowance.000/-. For donation to entities in scientific Only those tax payers who research or rural development.000/. 80G Donations to charitable institution. Rule 11B is method of computation.8. Maximum is equivalent to 100 % of donation. have no business income can claim this deduction. Computation of salary Income Basic Salary Dearness Allowance House Rent Allowance Pension Annuity Bonus Commission Arrears of salary Advances of salary Allowances Total Add: Gratuity Leave encashment Value of perquisite Gross Taxable salary Less: deduction allowed u/s 16 Deduction allowed u/s 80C Income chargeable under the head salary ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× ××××× 21 . For disable person. 80GG For rent paid. Individual can Maximum deduction under claim deduction from taxable income Section 80U is Rs. below the age of sixty years and has gross salary income of Rs. 8.000 Tax on the remaining Rs 50.80.150 AND I NTEREST ON S AVING B ANK Ms Bharti is a salaried employee below 60 years of age. Gross Total Income Deductions Taxable Income Income Tax Calculations Tax on Income upto Rs 1.000. Basic salary is Rs 8.Example 1: Woman below age of 60 years with no tax savings investment A female employee.00.000 Nil Rs. 240.000 Total Taxable Income 7. 5.000. She has made no tax savings investments during the year. 150 Rs. 5.90. TDS deducted by her employee is 80. She has received Rs 14. Income from salary Income from other sources Total Income Deductions: Rs.80.000 Rs.610 Less: TDS / Advance Tax deposited 80.90.000 Total Income Tax Due Educational Cess @ 3% Total Tax Payable E XAMPLE 2: W OMAN A CCOUNT 0% 10% WITH I NCOME FROM S ALARY Rs.000 Zero Tax at 10% ( on income between Rs 1.000 Tax at 20% (on income exceeding Rs.000 Interest on Saving Bank Account Rs 14.610 Total Tax liability 89.40.610 22 .001 to Rs 5.000. say Ms Anjali.000 Income Tax Calculations Tax on Income upto Rs 1.14.000 87.e 280000) 56. Her contribution towards Employee Provident Fund is Rs 34.00.5.000 as interest from bank.000 Under Section 80C :Employee Provident Fund 34.5.000) 31.00. Let us calculate her income tax liability.00.000 8.000 Rs.000 Education Cess @ 3% of Income Tax Payable 2.000 Tax Zero Rs.000 Net Income Tax due 9.000 Total tax on income of Rs 7.000 i. 2. 240.90.000. 84.80. His contribution towards Employee Provident Fund is Rs 34. 8.000 34.000 as interest from Saving Bank Account.000) Tax at 20% (on income exceeding Rs.84.00. 23 .000 Rs 18.000 56.000 7.000 Zero 32. Basic salary is Rs 8.18. It is mandatory for Companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically for AY 2013-14. If Ajay has not paid advance tax before 31st July he would also have to pay interest under Section 234 A.000 11.000 S ALARY AND I NTEREST ON S AVING B ANK Mr Ajay is a salaried employee below 60 years of age.000 Tax at 10% ( on income between Rs 1.000 8. He has received Rs 18.000 Ajay had to pay advance tax .E XAMPLE 3: M AN A CCOUNT WITH I NCOME FROM EXCEEDING 10.e 284000) Total tax on income of Rs 7.000.00. 5.800 88. B and C.00.664 91. Income from salary Income from other sources Interest on Saving Bank Account Total Income Deductions: Under Section 80C :Employee Provident Fund Total Taxable Income Income Tax Calculations Tax on Income upto Rs 1.464 + 883) INCOME TAX E-FILING The process of electronically filing Income tax returns through the internet is known as eFiling.000. TDS deducted by his employer is 80. So total tax due is 12.000.800 2.00.001 to Rs 5.000 Education Cess @ 3% of Income Tax Payable Total Tax liability Less: TDS / Advance Tax deposited Net Income Tax due Rs.347(11.000 i.80.464 80.464 As total tax due is more than 10. Which in his case turn out to be Rs 883. You will need to enter the IFSC code instead of MICR code while specifying your account details. The e-filing of income tax returns has its own limitations like. you have to specify an 11-digit number Bank Account Number. Certainty of delivery and quick confirmation – provides immediate confirmation from tax administration that returns have been received. the government has taken necessary steps like. then you have t o request your refund via cheque. Accessibility is allowed 24x7x365. Any Company/Firm requiring statutory audit u/s 44AB return submitted without a e-Filing receipt will not be accepted. Now there are 92 intermediaries performing this function in 61 cities throughout India.. frequent crashes etc. If you do not have an 11-digit bank account number. the government is modifying provisions every year for the convenience of both beneficiaries. Documents handling and storing is made easy CHANGES IN E-FILING IN AY 2013-2014 E-Filing is compulsory for people earning more than Rs. Taxpayer privacy and security is assured. For the best e-filing. Use of online commercial tax preparation software. 5Lakhs. E-filing is possible with or without digital signature. Eliminates error notices from tax administrations caused by data entry errors. slow processing. The transactions can be done electronically with a click of a button.e. This refers to the total income amount after claiming tax deductions like section 80 deductions. They will perform in 100 centers in 80 cities across the country. Benefits of E-filing: Convenience – returns can be filed at anytime (day or night). The e-governance has developed the concept and strategies of e-filing of income tax return through the internet. but. directly into your bank account ). which can be filed and how to file the income tax for the benefit of tax payers as well as the Government. Thus the income tax department has facilitated the taxpayers with defining the provisions to be followed. 24 . Fast refunds– allows taxpayers receiving refunds to get them sooner. E-filing of income tax is understood as successful filing of income tax return through the internet. For getting refund via ECS ( i. employing 5000 unemployed people to perform as tax return preparers after getting training from NIIT. 5000 for preventive Healthcare Expenses. 5.000. Dividend earned from shares etc. Section 80D (Preventive Healthcare Expenses) You can claim up to Rs. File through an e-return intermediary who would do e filing and also file the paper return on behalf of the taxpayer. Figure No. Common examples of Exempt Income are PPF interest. 25 Lakhs. (The expenditure could have been in cash too) Declaration of Assets and Liabilities for Business people:If you earn Income from Business or Profession and your Total Income exceeds Rs. you have to provide the details of all your personal and business Assets & Liabilities in Income Tax return itself. 1: Types of e-filing 25 . You will have to file the ITR-2 in case of exempt income exceeding Rs. TYPES OF E-FILING There are three ways to file returns electronically: Use digital signature in which case no paper return is required to be submitted. Foreign Income declaration: Income earned from foreign countries has to be declared in the ITR. File without digital signature in which case paper return has to be submitted. This is in addition declaration of all foreign assets in your I-T Return. This is for people filling in ITR-3 and ITR-4 only. Remember to claim Section 80TTA: Everyone should declare their Bank Interest Income and then claim this deduction. Figure No. 2: By Intermediary Without Digital Signature With Digital Signature 26 . 27 . 16 (for Tax deducted by employers) Form No.MICR code. Type of Account.16A Account Statements of bank accounts Property details Sale and purchase of investments/assets Detail of tax payment made Pan card photocopy Birth date Tan number Bank account no. Bank details. IFSC code 28 .DOCUMENTS REQUIRED FOR E-FILING Form No. Figure. 3: Process of e.filing 29 . 1.gov. filled by hand and signed before submitting to your local income tax office. Click the link eFile Income Tax Return at the top left corner of the home page 3. WHO CAN USE WHICH FORM For Individuals Select appropriate Income TaxITR-1 Return (ITR) Preparation Software Individual 1 ITR-2 ITR-3 ITR-4 Individual Individual Individual Income from ▪ Salary/Pension Income from Other Sources ▪ (only Interest income or Family Pension) ▪ ▪ ▪ ▪ ▪ ▪ 3 Income/Loss from Other Sources ▪ ▪ ▪ 4 Income/Loss from House Property ▪ ▪ ▪ 5 Capital Gains/Loss on sale of investments/property ▪ ▪ ▪ 6 Partner in a partnership Firm Income from Proprietary Business/Profession ▪ ▪ 2 7 ▪ 30 . pension or interest while ITR-2 is for income from capital gains. house property and other sources.in 2. ITR-1 for those who derive their income from salary. Those who wish to submit their tax returns manually may download the pdf forms which need to be printed. Select the Correct Form There are two income tax forms for salaried individuals. Open the web site http://incometaxindia. Trusts.. Local Authority. minor child. financial year 2012-13 includes income chargeable to income-tax under the head “salaries” or income in the nature of family pension as defined in the Explanation to clause (ii a) of section 57 but does not include any other income except income by way of interest chargeable to incometax under the head “income from other sources”. 31 . etc. It may please be noted that a person in whose income the income of other person like his/her spouse. Companies. is to be clubbed is also not entitled to use this form. There should not be any exempt income other than agriculture income and interest income.Companies BoI. Fringe Benefit Tax (FBT) Return Select appropriate Income Tax ReturnITR-5 ITR-2 (ITR) Preparation Software Firms. Further. LA 1 Income/Loss from Other ▪ ▪ Sources 2 Income/Loss from House ▪ ▪ Property ITR-3 ITR-4 Trust Only FBT ▪ ▪ 3 Capital Gains/Loss on sale of ▪ investments/property ▪ ▪ 4 Income/Loss from Business ▪ ▪ ▪ 5 Fringe Benefit Tax ▪ ▪ ▪ ▪ ITR-1 This Form can be used by an individual whose total income during the previous year i. this Return Form can be used where such income falls in any of the above categories. etc.e. minor child. in a case where the income of another person like spouse. is to be clubbed with the income of the assesse.For Association of Persons (AoP). ITR-2 This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2012-13 includes:(a) Income from Salary / Pension (b) Income from House Property (c) Income from Capital Gains (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). AoP. Body of Individuals(BoI). LLPs. bonus. Use of Return Preparation SoftwareThose 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. due to. 4. ITR-7 This Form can be used by persons including companies who are required to furnish return under section 139(4A) or under section 139(4B) or under section 139(4C) or under section 139(4D). artificial juridical person referred to in section 2(31) (vii). In case a partner in the firm does not have any income from the firm by way of interest. etc. This software is an excel file that requires one to type in personal details as well as financial information from TDS certificates. ITR-4 This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. ITR-8 This Form is applicable in case of a person who is not required to furnish the return of income but is required to furnish the return of fringe benefits. AOP. cooperative society and local authority.ITR-3 This Return Form is to be used by an individual or a Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest. by whatever name called. he shall use this form only and not Form ITR-2. deductions made and interest statements. However. bank statements. ITR-5 This Form can be used a person being a firm. or received by him from such firm. salary. ITR-6 This Form can be used by a company. commission or remuneration. BOI. salary. other than a company claiming exemption under section 11. 32 . and has only exempt income by way of share in the profit of the firm. click the 'Generate' button to create your tax return in XML format. AcknowledgementAfter the file is successfully uploaded. Instructions for filling up Form ITR-V Rule 12(3)(iii) of the income-tax Rules. Generating an XML fileAfter keying in the details.Digital SignatureIf your income tax return was digitally signed. Here is some information about how to get digital signature. 7. Your registered Permanent Account Number (PAN card) has to be entered as your username. 1962 provides that any assessee can file a return of income electronically without the use of a digital signature. Save this XML file on your computer. Register- The next step requires you to Register at the Income Tax website-External website that opens in a new window. which you had generated and saved in Step 3. LoginAfter registering. Form ITR-V duly filled shall be generated by the Income-tax Department's server to the 33 . After you are satisfied. 9. Take a printout of this acknowledgement for your records. enter your user id and password to login. acknowledgement details or the ITR-V Form will be displayed. Once a return of income is filed electronically on successful transmission of the data. Click on the relevant form on the left panel and select 'Submit Return'. Click on the 'Upload' button to upload the file.External website that poens in a new window. 8. Upload XMLBrowse to select the XML file. 10. In such cases only an acknowledgement needs to be filed with the Department physically by the assessee. then no further paperwork or visit to the income tax office is needed. check once for accuracy. This format helps in sharing of structured data across different information systems. please contact the Public Relation Officer at your local Income Tax Office.Additional AssistanceIn case you require any more help in filing the paper copy of the return. 12. This ITR-V will also contain the acknowledgement number of electronic transmission and the date of the transmission as an evidence of filing for the benefit of the assessee.gov.00% 2011 86. This has to be signed and submitted to the local Income Tax Office within 15 days to complete the e-filing process. the particulars of TRP be also filled and this verification form be countersigned by the TRP.00% 2009 64. then you need to print and fill up the verification part of the acknowledgement cum verification form (ITR-V).00% 2008 60. In case the return was prepared by a Tax Return Preparer (TRP).VerificationIf your return is not digitally signed.20% 2010 69. One may also phone the Aayakar Sampark Kendra (ASK) call centre at 124-2438000 or email at [email protected]. Please download a copy of such duly filled Form and verify under your signature in the space provided. This acknowledgement in Form ITR-V duly signed by the assessee needs to be filed physically (in duplicate) with the concerned Assessing Officer.00% 34 . 11. Number of electronically filed returns in India Year %Returns e-filed 2007 58. One copy of this acknowledgement would be returned back to the assessee for his record. The codes for the form number and the status of the assessee shall be generated electronically by the Department's server.in. 35 . CHAPTER-2 Literature Review 36 . These are the four requirements of a tax law which can be found in the divisions of each part of the act. cutting down on the chances of an audit. The reader should find out who is liable to pay the tax. the tax rates to be applied to the tax base and how or when the tax is to be paid. Hite and McGill in their study state that tax practitioners must be a credible source of information for tax payers they are to offer tax advice and have it receipted. (2008) used the Unified Theory of Acceptance and Use of Technology (UTAT). Hung et al. Taxpayers without computers and/or Internet access at home may choose to use computers elsewhere in order to e . states.. the Income Tax Act may appear as though it is difficult to comprehend but once a methodical approach is employed in reading and using it. Tax payment decreases when tax saving investment increases tax saving along with the income and employees preferred to invest in life insurances corporation provident fund and national savings certificates. understanding the income tax law becomes easier. Gallant et al. A 2005 survey by Anderson of 277 preparers showed that “respondents with larger practices were more likely to e-file than those with smaller practices”. Tax software often provides automatic error checking. expert tax advice. 2002. In U. 3.. The IRS list of e-file benefits includes “IRS computers quickly and automatically check for errors or other missing information”. while Wang et al. and other services that can catch errors. (2007) used the Innovation Diffusion Theory to observe e-filing adoption among taxpayers 2. Other literature such as Carter et al. 2006) to assess the adoption intention of the efiling system. 37 . Identified that older the age. theory of planned behaviour (TPB) Fishbein and Ajzen(1975) (Hsu and Chiu. Higher the tax liability. Kennedy and Henry. 2006) and a unified model of both theories (Fu et al. 2004. “Many VITA sites offer free electronic filing”. Studies have concluded that electronic filing offers the potential to greatly enhance tax services. Chang et al. understanding of the other structural elements will not be difficult. A in their study state that. Most of the literature related to e-filing adoption applies and extends the well known technology acceptance model (TAM) by Davis (1989) (Wang. Your Federal Income Tax. As tax system become more complex tax payers turn to tax practitioners for expert advice. though the data indicates this is a relatively infrequent occurrence. based upon which the tax will be levied. Private sector employees get higher income than the government employees. 4. At present. IRS Publication 17. 2005.S Self . When these are identified. 2007).preparers may visit IRS Taxpayer Assistance Centers (TAC) or VITA locations or may utilize computers that are available to them at work or a public library.1. Kalyani in her study on tax planning of salaried employees in Coimbatore city of the financial year 1998-1999. there is very limited literature that focuses on the adoption of e-filing systems. The embryonic world of electronic filing has certainly evolved during the past few years...file. CHAPTER-3 Objective & Scope of the study 38 . PRIMERY OBJECTIVE: The main objective of this project report or of this Internship is To practically know how the process of e-Filing works To find out the awareness and satisfaction level of tax-payers about e-filing of Income Tax Return. SECONDARY OBJECTIVE: To get the basic knowledge of Income Tax To know the benefits of e-filing of ITR. Types of e- filing of ITR. Documents required for filing ITR. Changes in E-filing of ITR. Process of E-filing of Income Tax Return. 39 CHAPTER-5 COMPANY PROFILE 40 (SPA CAPITAL SERVICES LTD.) Objective: To provide quality goods and services those are reliable and allow customers to receive the performance that they expect. To produce a given output efficiently. Corrective actions taken to respond to customer needs. Improving responsiveness to customers. Maximizing output of goods and services with minimum resources Maximizing utilization of manpower, machines etc. output. Mission: To formulate progressive tax policies. To make compliance easy. To enforce tax laws with fairness. To deliver quality services. To continuously upgrade skills and build a professional and motivated workforce. Vision: “To partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance.” SPA believes in attaining customer satisfaction, on continuing basis, by providing highest standard of financial services in India. The philosophy at SPA is to provide services to clients after assessment of their profile, needs and riskappetite. The basic work theme at SPA is Dedicated, competent and honest team of professional customer Centric work environment Insight of customer perspectives 41 Today. Our clientele consist of domestic and multinational companies including various Fortune 500 companies. corporate re-structuring. public sector undertakings and government departments. securities broking and Merchant banking. We are providing valuation services to various corporate and have done more than 1000 valuations across industries. The Group has established itself as one of India’s leading financial advisory house. risk 42 . in their respective fields. Insurance companies. mutual funds. the Group focused as a niche financial solutions provider in corporate finance and wealth management to Indian companies and high net worth individuals. corporate and individualclients. statutory / legal etc. financial advisory. CFAs. merchant banking. PRESENT STATUS OF THE ORGANIZATION SPA CAPITAL SERVICES LTD is a financial services provider and deal with all financial products like insurance. accounting. Customer centric approach of SPA’s dedicated professional team has helped carve a niche for itself in financial services arena and won confidence of its clients. Chartered Accountants. Clients of SPA are from a wide spectrum and comprise of Banks and other financial institutions. The Team consists of very senior professional from Industry. As a financial consulting firm. Initially. Strong research base Clear understanding of applicable laws ORIGIN: SPA Group was promoted by a team of finance professionals in 1995 with an objective to provide value added financial services. investment. catering varied needs of our clients ranging from investment advisory services to investment banking. SPA provides services for securities broking. corporate finance. our major specialty is valuing businesses and corporate securities. unbiased business and professional practice valuations for a variety of reasons including acquisition. private corporates. trusts and individuals. Equity broking. distribution and broking services. with the coming into existence of the SPA Group. SPA is being managed by its promoters along with a young and dynamic team of over 500+ professionals with rich experience. In January 2000. merger. the Group expanded its operations and the range of services. We prepare independent. offering various financial solutions to its Institutional. Mutual funds. risk management and insurance broking. we have diversified into a complete financial solution providing house. foreign institutional investors. wealth management. and Company Secretaries. MILESTONES Since 1994. buyout. disposal. restructuring. FINANCE This is the most important function in the business. invoices.g. Finance staff supports the accountants by keeping financial records. ORGANIZATION STRUCTURE OF THE SPA CAPITAL COMPANY Managing Director ↓ President ↓ Senior Vice president ↓ 43 . Within a short span of time. e. FINANCE FUNCTION IN AN ORGANISATION Finance Concerned with money and future plans Preparing accounts. the Group has made a place for itself in the midst of the top financial solutions provider in the country. chasing up late payments and paying for items purchased. This is essential if the business is to achieve its aims and objectives.g. but usually additional money will be needed. These items may be bought from money held back (reserved) from past profits. financial accounts for shareholders and Inland Revenue.management and insurance advisory. This enables critical decisions to be made rapidly and accurately because they are based on accurate information. equipment and materials . Finally. FUNCTIONAL DEPARTMENT IN AN ORGANISATION The main purpose of functional departments is to ensure that all important business activities are carried out efficiently. This is because all businesses need a regular stream of income to pay the bills. management accounts. expansion or simply updating their equipment or machinery. Finance staff record all the money earned and spent so that the senior managers always know how much profit (or loss) is being made by each product or each part of the business and how much money is currently held by the business. Deciding where to obtain these funds is a specialist job and normally the task of the senior financial manager. If the business needs to borrow money it will want the cheapest interest rates possible and also want good repayment terms. Preparing wages and salaries. e. businesses will often need money to fulfill specific aims and objectives linked to growth. Obtaining capital and resources. money for expansion or to pay for resources such as. Mutual Funds 4. SPA provides following services: 1. Insurance 3. Merchant Banking 2.400 021 44 . Janak Puri. Mumbai . mutual funds. Head Office: New Delhi 25.110 058 Ph . New Delhi . Securities broking 5. Mittal Court. 10th Floor. C-Block Community Centre. A Wing Nariman Point.011-25517371 / 25515086 Fax . Equity Services. Equity [email protected] E-mail . Debt broking 6.com Corporate Office: Mumbai 101.Vice president ↓ Senior Manager ↓ Manager ↓ Senior Relationship Manager ↓ Relationship Manager ↓ Senior Executive ↓ Executive PRODUCT AND SERVICE PROFILE OF THE ORGANIZATION SPA CAPITAL PVT LTD is a financial services provider and deal with all financial products like insurance. securities broking and Merchant banking. 022-22801240-49 Fax [email protected] E-mail .Ph .com 45 . Chapter-6 Research Methodology 46 . To analyze the level of satisfaction among the tax payers towards e-filing of income tax returns. Source: Primary Data: Information required for fulfilling the objective of the study has been collected from various sources. primary data were collected through a set of questionnaire to the selected sample of taxpayers to identify their level of satisfaction. Tools and Techniques: ANOVA: It is an important technique in the context of that entire situation where we want to examine the significant mean differences between more than two groups. Results and Discussion Limitations of the Study: The survey was conducted only in Delhi city. While information on tax system and its development were collected from secondary information. The results of the ANOVA will show whether or not the means of various groups are significantly different from one another as indicated by F statistic. This study mainly focuses on assessing awareness and satisfaction level of tax payers about e-filing of income tax returns.Hypothesis of the study: To assess the tax payer’s perception. awareness towards e-filing of income tax returns. Hence the results arrived at from this study may not be applicable to other areas. 47 . Chapter-7 Data Collection & Analysis 48 . out of 100 respondents 85% of the respondents are highly aware of the using software of the e-filing and it is ranked first. It is inferred from the above that majority of the individual tax payers are male (56%). of respondents Percentage Male 56 56 Female 44 44 49 . 75% of the respondents are highly aware of the registration number and it is ranked second. and 44% of the respondents are female. On the other hand 20% of the respondents are highly no aware of the filling the Chelan for payment and it is ranked last.Source: Primary Data: Table-4 reveals that. Sex Table-1 Sex-wise classification of the individual tax payers No. Analysis of awareness and satisfaction level of individual tax payers: Table-1 reveals that 56% of the respondents are male. S. 9 percent of the individuals are got awareness through various advertisement made by the income tax departments.C/HSC 37 37 Degree holders 34 34 Diploma 15 15 Postgraduates 14 14 Total 100 100 Sources of awareness: Table-3 reveals that out of 100 individuals.S. of respondents Percentage Newspapers 44 44 Friends 23 23 Auditors 23 23 Media 1 1 Advertisement 9 9 50 . It is inferred from the above that 44 percent of the individual tax payers are got e-filing awareness through news papers. 23 percent of the individuals are availed e-filing information through their friends.D / HSC. and 14 percent of the individual tax payers are postgraduates.C / HSC.L. 44 percent of the individual tax payers are aware about e-filing through the newspaper.L. 34 percent of the individual tax payers are degree holders. and only one individual are availed e-filing information through other medias.S. Table-2 Educational qualification wise the individual Tax payers are given below Educational qualification No. 37 percent of the individual tax payers are studied up to S. It is inferred from the above that majority of the individual tax payers are studied up to S. of respondents Percentage Below S.100 Total 100 Source: Primary data. Educational qualification-wise classification of the individual tax payers: Table-2 reveals that out of 100 respondents. Table-3 The classification of the respondents based on their sources of awareness regarding e-filing of income tax Sources of Awareness No. 15 percent of the individual tax payers are diploma holders.L. 23 percent of the individuals are aware about e-filing through auditors. e-payment through banks. usage of IRS forms and the terms and conditions of e-payment. hypothesis is accepted.Total 100 100 Satisfaction Levels of The Individual Tax payers: Assessment of the level of satisfaction of individual tax payers about various aspects of e-filing of income tax returns are presented in the table-5. 61% of the respondents are satisfied with safety of e-filing and other hand 4% of the respondents are highly dissatisfied with the acknowledgement generated. The calculated value is less than 0. the calculated value is greater than the 0. Hence.It is observed from the table-5 89% of the respondents are highly satisfied with the efiling procedure and it is ranked first. digital signature. website address. Table-6 explains that. Testing of Hypothesis using ANOVA: Relationship between Residential status and awareness level of the individual tax payers: Ho: There is no significant relationship between residential status and awareness level of the individual tax payers. usage of ITR forms. time limit of returns. So. TDS returns. usage of computer software for e-filing.05 at 5% level of significance regarding the relationship between residential status and the level of awareness regarding usage of e-forms and Awareness of e51 . It is inferred from the above table that majority of the individual tax payers are satisfied with the various aspects of e-filing. filing the chelan for payment.05 at 5% level of significance. cost of e-filing. it is concluded that there is no significance relationship between the residential status and the level of awareness regarding the e-filing of income tax returns. e-payment. registration number. 52 .filing procedure. So. Hence the hypothesis is rejected. there is a significance relationship between residential status and the level of awareness regarding usage of e-forms and Awareness of e-filing procedure. SUGGESTIONS & BIBLIOGRAPHY 53 .Chapter – 8 FINDINGS CONCLUSIONS. time limit for return. cost of e-filing. registration number. digital signature.S.2.000. Majority (34%) of the individual tax payers are in the age group of 25 –35 years.001 – Rs. TDS return.C / HSC. 3. cost of e-filing. usage of computer software for e-filing. and terms and conditions of e-payment. Majority (33%) of the individual tax payers are earned income from salaries. But there is a significance relationship between residential status and the level of awareness regarding usage of e-forms and awareness of e-filing procedure. e. Majority of the individual tax payers are male (56%) then female clients.50. 2. ITR form.00. website address.L. 4. usage of ITR forms. filing the chelan for payment. TDS returns. registration number. usage of IRS forms and the terms and conditions of e-payment. Education qualification and awareness level of the individual tax payers: The study reveals that there is a significance relationship between the educational qualification and the awareness level regarding the website address. Majority (58%) of the individual tax payers are married. But there is no significant relationship between the educational qualification of the individual tax payers and their awareness level regarding e-filing procedure. Majority (57%) of the individual tax payers are private employees.payment. Majority (72%) of the individual tax payers are living in the city area. Majority of the individual tax payers are studied up to S. 54 . 7. Majority (56%) of the individual tax payers are earned annual income of Rs. The ANOVA results reveal that there is no significance relationship between the residential status and the level of awareness regarding the e-filing of income tax returns. time limit of returns. 8.Findings from the Research Individual Tax payers awareness and their level of Satisfaction: Profile of the Individual tax payers: 1. 6. digital signature. 9.1. 5. Majority (49 %) of the individual tax payers are having 10 –20 years of experience in filing of income tax returns. filling the chelan for payment. e-payment. computer software for e-filing. Satisfaction level of the individual tax payers: Majority of the individual tax payers are satisfied with the various aspects of e-filing Testing of Hypothesis – Using ANOVA: Relationship between Residential status and awareness level of the individual tax payers: i. e-forms. ii. banks for e-payment. e-payment through banks. the following seven factors are identified as the most influencing factors for creating e-filing awareness among the tax payers. Various simplified Forms. Time saving. Among the fifteen variables used to assess the most influencing factor for creating e-filing awareness. v. 55 . vi. Payments made easy. Payment through online Banking. Simplified Procedures. iv.The most influencing Factor of Awareness: The factor analysis is used to find most influencing factor for creating the awareness among the tax payers. i. Cost effective. Online facilities. vii. ii. iii. The e-filing is the new effective method of filing income tax return through online and make e-payment tax. My experience with filing tax return on behalf of various customers of the various companies was totally different and gave us an edge adding to my knowledge.CONCLUSION Under the umbrella of my project. So the tax – payers are requested to use e-filing and e-payment facilities. 56 . In the present world day by day new technologies are introduced and improved very fast in all fields. as a participant of the project I glad to understand the design and pattern of income tax e-filing online. energy and cost and also reduces our tension. Now new technology gifted to tax payers for filing their income tax returns through online is e-filing. It saves our golden time. This study reveals that the existing users are satisfied with the e-filing facilities but some of the individual tax payers are not awareness of the e-filing and e-payment procedures so sufficient steps are required to create more awareness in the minds of tax payers regarding efiling of income tax. The suggestion given by the employees must be duly responded. A few measures can be taken to develop and organize the training program. The employee’s works are been recognized by the management and appreciated. It can be maintained in such a way employee’s involvement and commitment will increase. The employees should be rewarded according to the work done by them. Employees are willing to give suggestions for the development of the organization. It can be maintained in such a way that the employee morale will be improved. Employees have high trust in management. 57 .SUGGESTIONS The management provides sufficient training to employees. http://www. www.gov. htp://ftinance.ISCA-RJMS-2012-031.taxfaq.in 2.html#section-80e 8.in 4.sensystechnologies. www.indiamart.incometaxindia.isca.spacapital. http://www.in/list-of-income-tax-deduction-under-section80c-80ccg-80d-80dd-80e80g-80gg-to-80u. http://www.com/taxation/tax_rebates/income_tax_dedu ctions.com 3.com/blog/?p=223 6.gov. www.BIBLIOGRAPHY 1.com 5. www.pdf 58 .scribid.in/IJMS/Archive/v1i4/2.incometaxindiaefiling.html 7. 1 Full name of the respondent: Q.APPENDIX – 1 SURVEY QUESTIONNAIRE ON TAXPAYERS’ AWARENESS AND SATISFACTION LEVEL Instructions: This survey is about taxpayers’ level of awareness & satisfaction.2 What is your gender? 1. Whatever information you provide will be kept strictly confidential and will be used only for the said purpose. 3.5 What highest level of education have you completed? 59 . we hope that you will participate in this survey since your views are important for reform measures. We would very much appreciate your participation in this survey. 4. 2. 5. Unmarried Married Separate Divorce Widower/ Widow Q. Participation in this survey is voluntary and you can choose not to answer any individual question or all of the questions.4 What is your marital status? 1. However. Female Q. 5. 4. Section A: Primary Details Q. 3.3 In which age group you fall in? 1. 25-35 35-45 45-55 55-65 Above 65 Q. 2. Male 2. 2. Newspapers Friends Auditors Media Advertisement Q. 2. 1 2 3 4 5 6 7 8 9 10 11 Questions Respondent have: Awareness of filing tax Awareness of e-filing procedure Awareness of e-forms Awareness of time limit of return Awareness of cost of e-filing Awareness of web site address Awareness of digital signature Awareness of ITR-V form Awareness of payment Awareness of filing the Chelan for payment Awareness of using the computer software for e-filing Strongly Disagree Disagree Neutral Agree Strongly Agree 60 . Ltd.C/HSC Degree holders Diploma Postgraduates Q. 7. 5.7 What is the type of tax payer you are? 1.S. Public Ltd.6 What is the sources of awareness regarding e-filing of income tax? 1. Co-operative Public Organization Individual Salary Earner/ Pension Holder Section B: Awareness level of the individual tax payers Please tick (√) in the appropriate box Serial No. Below S. 4. 4. 3. 3. 3. 2. Proprietorship Partnership Pvt.1.L. 4. 6. 5. Accuracy of e-filing Time limit given for e-filing Acknowledgment generated by efiling systems Easiness of e-filing Availability of e-filing Satisfaction level of IRS Facilities provides by e-filing Payment procedure Satisfaction level with DGFT online e-payment Services if e-payment banks Satisfy with the payment procedure Satisfied with the payment of files Satisfy with the e-payment procedure Neutral Dissatisfied Highly Dissatisfied Please provide us with any suggestions/ comments you may have to improve the tax system Thank you for your contribution to our work. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 How much satisfied are you with Highly Satisfied the following : Satisfied E-filing procedure Safety of e-filing. 61 . Awareness of terms and conditions of e-payment Section C: Satisfaction level of the individual tax payers Please tick (√) in the appropriate box Serial No.12 13 14 15 16 Awareness of list of banks for payment Awareness of TDS returns Awareness of registration number Awareness of IRS.