COMPUTERIZED ACCOUNTING PROJECT

NAME- LAZAR BBHUYAN

CLASS ROLL NO- BC-20-003
EXAM ROLL NO- 213032
REGD NO- 43192/2020
TOOIC - ONLINE E-FILING INCOME TAX RETURN
NAME OF EXAMINATION: SEMESTER-V
PROJET MARK-
VIVA MARK-

TOTAL MARK=

EXTERNAL SIGNATURE INTERNAL SIGNATURE

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 ABSTRACT
New technologies are emerging day by day with improved
and fast speed in all the fields. Internet has changed the
present scenario of working by reducing the work load
from manual to sitting on chair. In previous year tax
filing was a load full task for any individual as he/she
has to go through a long process such as depositing the
tax amount in the bank and then again queuing in for
tax filing but by emerging technologies in new era , one
thing that is lacking awareness and use of these
technologies.

This study thus focuses upon the facility of e-filing of

returns of income tax and its awareness and satisfaction
towards it.

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 Contents
sl.no particulars PAGE NO
1. INTRODUCTION 03
2. INCOME TAX RETURN 05
3. INCOME TAX RETURN FILING 06
4. LATEST AMENDMENTS 07
5. TYPES OF ITR FORM 08
6. E-FILING LIMITATIONS 10
7. TYPES OF E-FILING 11
8. PROCESS OF ITR FILING 12
9. ELIGIBILITY 13
10. DOCUMENTS REQUIRED 14
11. OBJECTIVES 17
12. CONCLUSION 18

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 E-FILING OF INCOME
TAX RETURN

INTRODUCTION:
Income tax is an annual tax on the income of an assessee.
Section 4 of the Indian Income Tax Act, 1961 provides that
in respect of the total income of the previous year of every
person, income tax shall be charged for the corresponding
assessment year at the rates laid by the finance Act for that
assessment year. Section 14 of the Income Tax Act further
provides that for the purpose of charge of income tax and
calculation of total income all income shall be classified
under the following heads of income:
Income from Salaries,
 Income from House Property,
 Profits and Gains from Business or Profession,
 Income from Capital Gains,
 Income from Other Sources.
The total income from all the five heads of income
is calculated in accordance with the provisions of the
Income Tax Act, 1961 in respect of each head as they stand
on the 1st April of any financial year. The competence and

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justice in collecting fiscal revenues are government
priorities for any administration. The Income Tax
Department is responsible for all activities related to the
taxation process. The Income Tax Department is governed
by the Central Board for Direct Taxes (CBDT) and is
division of the Department of Revenue under the Ministry of
Finance, Government of India.
Income Tax Department of India launched the
Electronic tax filing system of Income Tax Returns because
the lion’s share of revenue of the country is generated by
direct taxes. E-taxation scheme was one of the “action lines”
introduced in Indian tax machinery in the A.Y. 2006-07 for
all assesses for improving the Return filing system. The
general aim of e-taxation is to replace cumbersome manual,
bureaucratic service systems with collaborative, efficient,
process-driven and secure online delivery.
E-filing is a system for submitting tax documents
to the income tax department through the internet or direct
connection, usually without the need to submit any paper
documents. Various tax return preparation software with e-
filing capabilities are available as standalone commercial
use. E-file is the term for electronic filing, or sending your
ITR from tax software via the Internet to the tax authority.
E-filing of Income tax return online refers to the
process of filing Income Tax electronically. Now no longer
have to stand in long queues and no waiting for deposits.
Customized return forms have been devised by the Income
Tax Authority which is available on the site of the
department. These forms have been devised with such
details that tax payers need not file any supporting document
along with.
The department desired a system that would make
the process of filing of Income Tax Returns easier for tax
payers as well as reduce the time required for data entry at
their end on receipt of the income tax returns. Enabling the
filing of income tax returns over the internet was the most
viable answer to the department’s needs. While the facility

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would be beneficial to the tax payers, the department had to
create an environment wherein the user would feel secure
about filing his income tax returns online. E-filing helped
furnish income tax returns through authorized intermediaries
who were called e-return intermediaries. Response time for
processing the income tax returns as well as claiming refund
dropped significantly. Duplication of efforts were eliminated
by these intermediaries and most of all in the online
procedure the tax payers do not have to be physically
present for filing their returns.

INCOME TAX RETURN is the form in which

assessee files information about his/her income and tax
thereon to Income Tax Department. Various forms are
ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When
you file a belated return, you are not allowed to carry
forward certain losses.
The Income Tax Act, 1961, and the Income Tax Rules,
1962, obligates citizens to file returns with the Income
Tax Department at the end of every financial year.

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These returns should be filed before the specified due
date. Every Income Tax Return Form is applicable to a
certain section of the Assessees. Only those Forms which
are filed by the eligible Assessees are processed by the
Income Tax Department of India. It is therefore
imperative to know which particular form is appropriate
in each case. Income Tax Return Forms vary depending
on the criteria of the source of income of the Assessee
and the category of the Assessee.
E-FILING is a system for submitting tax documents to
the income tax department through the internet or direct
connection, usually without the need to submit any
paper documents.
“E-file is the term of electronic filing, or sending your ITR
from tax software via the internet to the tax authority”.
E-filing of Income Tax Return Online refers to the process
of filing Income Tax Return electronically.

INCOME TAX RETURN

FILING
Every responsible Indian citizen is required by law to file
income taxes with the government. However, you may file
your income tax online using today's technologies. This
procedure is quick and precise, with no time limits.

However, submitting any income tax return in India via

the official website necessitates the completion of ITR
forms. Individuals must complete a different ITR form
than salaried employees. This is an important activity
since the income tax agency has a variety of documents

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designated ITR 1 through ITR 7. Each form serves a
unique purpose and belongs to a distinct category.

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 Latest Amendments in the
Income Tax Filing Provisions
In the new Income Tax Return Forms, the phrase
accounting period is replaced by the calendar year
ending on 31 December 2021, which indicates that the
assessor must now include all information on foreign
assets owned by him between 1 January 2021 and 31
December 2021 in ITR for AY 2022-23.

Starting in the fiscal year 2020-21, the number of late

fines is lowered from 10,000 to 5000 for taxpayers
earning more than 5 lac; however, there is no change for
taxpayers earning less than 5 lac. Therefore, the
punishment remains the same as before, namely Rs1000.

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 TYPES OF ITR FILING FORM
ITR 1 (Sahaj)
Individuals with income from a salary, a single-family
home, agriculture, or other means. Individual
inhabitants with total revenue of up to Rs. Fifty lakhs
and agricultural income of up to Rs. 5,000 must
complete this form.

ITR 2
This form is intended for individuals and HUFs
generating income from sources other than PGBP (profits
and gain of business or profession). It might be from a
financial gain, a lottery, overseas assets, or anything
else, as long as the total income exceeds Rs. 50 lacs.
Agriculture revenue should be greater than Rs. 5,000. It
is also filed by people who purchased unlisted equity
shares during the fiscal year.
ITR 3
Individuals & HUFs earn money via company or
professional profits and gains. Therefore, it must also be
reported by persons with income as a firm partner.

ITR 4 (Sugam)
Individuals, HUFs, and Firms (other than LLP) with a
total income of Rs.50 lakhs from business or profession
are considered residents. It also applies to persons who
have chosen the presumptive income plan under
Sections 44AD, 44ADA, and 44AE of the Income Tax Act.

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ITR 5

Firms, LLPs, the Association of Persons, Bois (Body of

Individuals), and other entities file ITR 5.
ITR 6
Companies other than those demanding exemption u/s
11 submit ITR 6. (Income from property.

ITR 7
It must be submitted by those who fall under section
139(4A), section 139 (4B), section 139 (4C), or section
139 4(D), which might be an individual or a corporation.

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E-Filing Limitation
 Married, but filing a separate return , and live in a
community property state,
 Claiming a dependents who has already been claimed
by someone else.
 Submitting a tax form that cannot be electronically
filed ( such as multiple support agreement),
 Filing before e-filing begins (January 15) or after e file
ends (October 15).

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PROCESS OF INCOME TAX RETURN FILING
ONLINE

The process of ITR filing online involves the following

steps-

 Step 1: Go to the official site of the Income Tax

Department.
 Step 2: Create a PAN account, which will serve as
your user ID. Registered users can log in by clicking
'Login Here.'
 Step 3: Go to e-file and choose 'Income Tax Return.'
 Step 4: Select the ITR form number and AY from the
drop-down menu. You must choose
"Original/Revised Return" as your filing type and
"Prepare and Submit Online" as your submission
option.
 Step 5: Select 'Continue.'
 Step 6: Fill in the required information on the ITR
form.
 Step 7: Determine the amount of tax due.
 Step 8: Select the appropriate option from the 'Taxes
Paid and Verification' menu.
 Step 9: After that, click 'Preview and Submit.'
 Step 10- Complete the verification procedure using
Aadhaar OTP, electronic verification code (EVC)
through bank account details, bank ATM, and
Demat account details, or send a completed ITR-5
(either quick post or regular mail) to the IT
Department.

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  Step 11- To complete the submission, enter the
OTP/EVC that was issued to your registered
cellphone number during its validity time and follow
the instructions.

ELIGIBILITY FOR FILING INCOME TAX

RETURNS

As per the Income Tax Department, the followings bodies

are eligible for Income Tax Filing-

 Salaried people whose gross income exceeds the

exemption limit before deductions under Sections
80C to 80U.

 Regardless of profit or loss, every company, whether

private limited, limited liability partnership, or
partnership, is required to file IT reports.

 Individuals who hold the position of Director in a

Private Limited Company or Partner in a Limited
Liability Partnership.

 Individuals who get dividends through mutual

funds, bonds, stocks, fixed deposits, interest, and
other investments.

 Individuals that get income from charitable trusts or

religious foundations, as well as money from
voluntary donations.

 Individuals and corporations looking for tax breaks.

Anyone with foreign income or assets, including NRIs

and IT professionals on onsite deputation.

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Documents Required
Indiviual/Salaried Person+
 Pan card and aadhaar card.

 All bank statement.

 TDS certificate(form 16-for TDS on salary).
 TDS certificate (form 16a-for TDS on non-salary)
like professional fees, rent, interest etc.

Private Limited Company+

 Directors pan and aadhaar card

 Company pan card

 Profit and loss statement
 Balance sheet
 All bank statements
 Investment proofs
 Others

LLP Company+
 LLP pan, address details, date of registration proofs

 Partner pan, aadhaar and address details

 Profit and loss statement
 Balance sheet
 Bank statements

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What happens if I delay in ITR filing?
There is no relaxation if a taxpayer faces late filing
of returns in such cases penalty would be levied
on:
Delay in Filing: Interest imposed u/c 234 Income
Tax Interest where a penalty is levied 1 % on the
outstanding tax amount and must be paid from
the first day after the due date of filing the return
until the date of the actual filing of the return.
Refunds could Delay: If you are likely to get a
refund from the government for excess in payment.
Then you must file your income tax return before
the due date.

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 Due dates for filing within which ITR should be filed by various
Assesses
Due date of
Category of Due date of flings
furninshing of audit Penalty
Taxpayer ITR
report

Individual & HUF

31st July, 2022 Upto 10,000/-
(Non Audit case)

Individual & HUF

30th September, 2022 31st October, 2022 Upto 10,000/-
(Audit case)

Partnership firms
(inc LLPs)(Non Audit 31st July, 2022 Upto 10,000/-
case)

Partnership firms
(inc LLPs)(Audit 30th September, 2022 31st October, 2022 Upto 10,000/-
case)

Trustm colleges &

political parties (Non 31st July, 2022 Upto 10,000/-
Audit case)

Trustm colleges &

political parties 30th September, 2022 31st October, 2022 Upto 10,000/-
(Audit case)

Companies including
private limited 30th September, 2022 31st October, 2022 Upto 10,000/-
companies & OPC

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OBJECTIVES OF THE STUDY 
To assess the perception and awareness of tax-payers on
gender basis towards e-filing of income tax returns .

To study the satisfaction level of tax-payers on gender

basis towards e-filing of income tax returns.

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 Conclusion
ITR is compulsory and mandatory to file the government.
ITR is helps to the taxpayers to choose correct form to pay
tax because it contain information to all the things.

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