SUMMER INTERNSHIP PROJECT REPORT ON

“INCOME TAX RETURN FILING IN INDIA”

FOR
D.K. MITTAL & CO.
UNDER THE GUIDANCE OF

Mr. Rahul Kumar Jha

Submitted in the partial fulfillment for the award of degree of

MASTER OF BUSINESS ADMINISTRATION (MBA-FM)

BANARAS HINDU UNIVERSITY, VARANASI (UTTAR PRADESH)

SUBMITTED BY:
RAKSHA SAGAR
Enrollment No.-393556
Exam Roll No.-23415MFM045
Session- 2023-2025

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ACKNOWLEDGEMENT

At the outset, I would like to take this chance to thank “D.K. MITTAL & CO.” for providing me
with a great opportunity that offered me a learning experience as well as a glimpse into the
daily management functions of an organization. During the tenure of this project, I am
fortunate enough to have interacted with people, who in their own capabilities have
encouraged and guided me throughout.

The summer internship project would not have been possible without the kind support and
help of many individuals and their guidance. I would like to extend my sincere thanks to all
of them.

I am highly indebted to Mr. D.K. Mittal (CA & Founder), Mr. Rahul Jha and Mr. Atul Agrahari
(Manager) for their guidance and constant supervision as well as for providing necessary
information regarding the project and also for their support in completing the project. I
would like to extend my gratitude towards the members of the team for their kind
cooperation and encouragement that helped me in completing this internship report.

DATE: 15-11-2024 RAKSHA SAGAR

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CONTENTS
➢ Introduction

➢ Company Profile

➢ Introduction about Tax

➢ Tax Terminologies

➢ Basis of charging Income tax

➢ Taxable Head of Income tax

➢ Income tax e-filing

➢ Types of ITR-Form

➢ Objectives of the study

➢ Need of the study

➢ Contribution during Internship

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1.INTRODUCTION

Introduction to Internship
An internship is a short-term work experience offered by companies and other organizations
for people usually students, to get some entry-level exposure to a particular industry or field.
It is as much of a learning experience as it is work.

An internship would give you practical skills, workplace experience and greater knowledge of
that industry, in exchange for employer benefiting from your labour. An internship can be
either paid or voluntary.

Internship is a great opportunity even to employers to recognize the talents in the market, as
in the competitive environment and high rate of unemployment, finding a right person for a
right job has become a difficult task. This indirectly makes internship programme effective as
the employer can see a candidate’s potential and dedication towards his work and his skills,
strengths, weakness, etc., throughout the internship period.

An employer can encourage the right and eligible candidates with pre-placement offer which
will help his organisation to hire a suitable candidate who can contribute to the organisation
well.

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INCOME TAX
In the modern times, income tax is an annual tax on income. The Indian Income Tax Act
(Section 4) 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 down 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 computation of total income all income shall be classified under the following heads
of income: salaries, income from house property, profits and gains of business or profession,
capital gains, income from other sources.
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
part of the Department of Revenue under the Ministry of Finance, Government of India.

HISTORY OF INCOME TAX IN INDIA

The history of income tax in India has evolved significantly over the years, beginning during
British rule and continuing through various reforms post-independence. Here’s an overview
of its development:

1. Introduction of Income Tax in India (1860)

The first income tax was introduced in India by British Governor-General James Wilson in
1860 to address the financial losses from the Indian Rebellion of 1857.
This act laid the foundation of a structured income tax system, with tax imposed on income
above a certain threshold. However, it was initially experimental and repealed after a few
years.

2. Income Tax Act of 1886

To make taxation more systematic, a new Income Tax Act was introduced in 1886. This act
laid out clear definitions of taxable income and introduced different categories of income,
including business profits, property, and salaries.
The 1886 Act also established tax exemptions and began categorizing tax according to
income sources, providing a more structured approach than earlier laws.

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3. Income Tax Act of 1918
As British India faced rising administrative expenses during World War I, the Income Tax Act
of 1918 was introduced to replace the 1886 Act.
This act included further refinements, focusing on defining income, assessing tax liability,
and introducing progressive tax rates (i.e., tax rates increased with income levels).

4. Income Tax Act of 1922

The Income Tax Act of 1922 marked a significant milestone, as it provided a comprehensive
system that remained largely in place until India’s independence.
This Act centralized tax collection and administration and allowed the central government to
levy income tax directly.
It also introduced the concept of "previous year" and "assessment year," which remains a
part of the income tax framework in India today.

5. Post-Independence Reforms
After independence in 1947, India retained the 1922 Act but began modernizing it to suit the
needs of the newly independent nation.
In 1949, the Income Tax Investigation Commission was formed to address issues of tax
evasion and streamline tax enforcement.

6. Income Tax Act of 1961

To modernize and overhaul the outdated 1922 Act, the Indian government introduced the
Income Tax Act of 1961, which continues to govern income tax in India.
The Act was based on the recommendations of the Law Commission and the Enquiry
Committee and implemented changes to improve tax collection, streamline administration,
and combat evasion.
This Act has been amended numerous times to adapt to economic and social changes, and it
covers all aspects of income tax including exemptions, deductions, penalties, and more .

7. Post-Liberalization and Modernization (1990s - Present)

Following economic liberalization in 1991, India made significant tax reforms to make
income tax more effective and to encourage foreign investment. The introduction of

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Permanent Account Number (PAN) in 1995 streamlined tracking of taxpayers and enabled
easier identification of income sources, helping combat evasion.
Digitization of the tax process started in the 2000s, making it easier for taxpayers to file
returns online, a major shift toward efficiency and transparency.
Recent reforms include introducing new income tax slabs, lowering corporate taxes,
implementing tax incentives for start-ups, and introducing a faceless assessment system to
reduce corruption and streamline procedures.

8. Current Tax Regime

The Indian income tax system now includes both an old tax regime (with various exemptions
and deductions) and a new tax regime (with lower tax rates but without exemptions).
In recent years, the government has aimed to simplify tax processes further, implementing
measures like faceless appeals and assessments, and strengthening compliance and
enforcement.

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2.COMPANY PROFILE

Name of firm: D.K. Mittal & Co.

Type of firm: Chartered Accountants firm
Address: D-59/50, Rathyatra-Mahmoorganj Road
Phone: 0542-2363999, 2364099
E-mail: dkm99in@yahoo.com

D.K. Mittal & Company, located in Mahmoorganj, Varanasi, is a prominent Chartered

Accountancy firm offering financial and tax consultancy services. Established as a
professional accounting and advisory service, the firm assists clients with tax filing, GST
compliance, tax audits, and general financial planning.
Known for over two decades of expertise, D.K. Mittal & Co. has built a reputation in Varanasi
for supporting both individual and corporate clients in navigating complex financial
regulations. The firm is situated conveniently opposite the Maruti showroom on Rathyatra-
Mahmoorganj Road.

SERVICES PROVIDED

▪ Company registration- is the primary process by which business owners establish or

incorporate their company. The process enables us to set a mark of reputation
among its customers and the stakeholders.

▪ GST registration- Registration of any business entity under the GST Law implies
obtaining a unique number from the concerned tax authorities for the purpose of
collecting tax on behalf of the government and to avail Input tax credit for the taxes
on his inward supplies.

▪ Project financing- helping the potential business to prepare project reports for loan
financing, to ensure that they get best eligible amount in shortest time.

▪ GST returns- GST return is a document that will contain all the details of company
sales, purchases, along with taxes. Once we file GST returns, we need to pay the
resulting tax liability.

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▪ TDS returns- Income tax requires TDS deduction file the TDS returns on periodic
basis by mentioning TAN no.

▪ Income tax (salaried and business) - CA helps the employees for better tax planning
and reduce the TDS. It is a requirement for business and companies for filing income
tax returns. So, CA helps in reducing non-compliance of income tax laws.

▪ Tally accounting- tally is most used accounting software, and with the help of that CA
handles the accounting of different businesses.

▪ Audit- 'An audit is independent examination of financial information of any entity,

whether profit oriented or not, and irrespective of its size or legal form, when such
examination is conducted with a view to expressing an opinion thereon’.

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3. INTRODUCTION ABOUT TAX

TAX IN INDIA
To run a nation judiciously, the government needs to collect tax from the eligible citizens;
paying taxes to the local government is an integral part of everyone’s life, no matter where
we live in the world.
Now, taxes can be collected in any form such as state taxes, central government taxes, direct
taxes, indirect taxes, and much more.

TAX
A tax is a mandatory fee or financial charge levied by any government on an individual or an
organization to collect revenue for public works providing the best facilities and
infrastructure. The collected fund is then used to fund different public expenditure
programs. If one fails to pay the taxes or refuses to contribute towards it will invite serious
implications under the pre-defined law.

TYPES OF TAXES
Be it an individual or any business/organization, all have to pay the respective taxes in
various forms. These taxes are further subcategorized into direct and indirect taxes
depending on the manner in which they are paid to the taxation authorities.
DIRECT TAX:
Direct tax is a type of tax levied on individuals or entities (corporate and non-corporate)
directly by the government. These taxes are imposed on the basis of the taxpayer's ability to
pay, meaning that those with higher incomes or more valuable assets typically pay more
in direct taxes.

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INDIRECT TAX:
The taxes levied on goods and services are referred to as indirect taxes. They are different
from direct taxes as they are not imposed on an individual who shells out them directly to
the Indian government, they are, as an alternative, imposed on the products and an
intermediary, the individual selling the product, collects them. The most common examples
of indirect taxes are Sales Tax, Taxes levied on imported goods, Value Added Tax (VAT), etc.

LIST OF DIFFERENT TYPES OF TAX

DIRECT TAXES INDIRECT TAXES OTHER TAXES

Corporate tax Sales tax Professional tax

Securities transaction Goods $ Services Tax Entertainment

tax (GST) tax

Capital gains tax VAT Education cess

Gift tax Custom Duty Toll tax

Wealth tax Octroi Duty Registration fees

Income tax Service tax Property tax

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4. TAX TERMINOLOGIES
Income Tax Return:
An income Tax Return (ITR) is a form or document that people and businesses in India fill out
to tell the government how much money they made and to pay taxes accordingly. It helps
the government figure out how much tax you need to pay based on your earnings and
deductions.

Tax Deduction at Source (TDS):

Tax Deduction at Source (TDS) is when the government collects a portion of tax directly from
the income you receive. For example, if you earn a salary, your employer deducts a certain
amount of tax from your salary and sends it to the government on your behalf. This ensures
that tax is paid regularly throughout the year.

Form 26AS:
Form 26AS is like a statement that shows all the important information related to your taxes,
like a summary of your taxes in India. It shows the taxes deducted from your income, the
taxes you’ve paid, and other tax details. It helps ensure your tax records are accurate when
filing your tax return.

Form 16:
Form 16 is a certificate issued by an employer to its employees. It provides details of the
salary earned by the employee during a financial year (April to March) and the taxes
deducted at source (TDS) on their salary. It is essential for filing Income Tax Return (ITR) as it
serves as proof of the tax deducted.

Surcharge:
A tax surcharge is like an extra fee added to the regular tax you have to pay. It is imposed on
people with higher incomes or certain types of income, such as capital gains, dividends,
interest income, rental income, and other sources of income apart from regular salary
income. The surcharge is calculated as a percentage of your tax amount and is meant to
increase the overall tax you owe. It helps the government collect more money from those
who earn more or have specific types of income.

Advance Tax:
Advance tax is a system where you estimate and pay your taxes in installments throughout
the year rather than waiting until the year’s end. It applies to individuals, professionals, and
businesses whose tax liability exceeds a specified amount. By making regular payments, it
helps you manage your tax obligations and avoid a large tax burden at the end of the year.

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Self-Assessment Tax:
Self-Assessment Tax is the extra tax you voluntarily pay if you still owe money to the
government after considering your regular deductions and advance tax payments. It’s like
making sure you’ve paid all your taxes correctly. You calculate the remaining amount and pay
it before the tax filing deadline. It helps you fulfill your tax obligations and avoid penalties for
unpaid taxes.

Section 80C:
Section 80C is a rule that lets you save tax by investing in specific things like life insurance,
provident fund, and other saving schemes. You can reduce your taxable income by up to
₹1.5 lakh if you invest in these things. It helps you save money on taxes while encouraging
you to save and invest for the future.

Tax deductions:
Tax deductions are special expenses or investments that you can subtract from your income
to pay less tax. They include things like medical expenses, home loan interest, donations,
and more. Claiming deductions lowers your taxable income and helps you pay less in taxes.
It’s like getting a discount on your taxes for certain expenses or investments you make.

Tax exemptions:
Tax exemptions are specific types of income that you don’t have to pay taxes on. They
include things like certain investments, allowances, scholarships, and more. It’s like getting a
break from paying taxes on certain earnings.

Tax slabs:
Tax slabs are different income ranges where different tax rates apply. As your income
increases, you move into higher tax slabs with higher tax rates. It means you pay more taxes
as you earn more money. The tax slabs help determine how much tax you owe based on
your income level.

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5. BASIS OF CHARGING INCOME TAX
The total income is computed on the basis of the Residential Status of the assessee.

RESIDENTIAL STATUS
According to Indian tax laws, residential status is classified as either "resident" or "non-
resident" (NRI) based on the number of days you spend in the country during a financial year
and other criteria. A "resident" is someone who meets the specified conditions for being
considered a resident in India for tax purposes, while a "non-resident”(NRI) is someone who
does not meet these conditions.

Resident Status Classifications

Here is how the different residential statuses can be classified –
1. A resident and ordinarily resident (ROR)
2. A resident but not ordinarily resident (RNOR)
3. A non-resident (NR)

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A. RESIDENT AND ORDINARILY RESIDENT(ROR)
A taxpayer would qualify as a resident of India if he satisfies one of the following 2
conditions:
a) Stay in India for a year is 182 days or more in previous year or
b) Stay in India for the immediately 4 preceding years is 365 days or more 60 days or more in
the relevant financial year.

B. RESIDENT BUT NOT ORDINARILY RESIDENT(RNOR)

If an individual qualifies as a resident, the next step is to determine if he/she is a Resident
and ordinarily resident (ROR) or Resident but not ordinarily Resident (RNOR). He will be an
ROR if he meets both of the following conditions:
1. Has been a resident of India in at least 2 out of 10 years immediately previous years and
2. Has stayed in India for at least 730 days in 7 immediately preceding years.

C. NON-RESIDENT
An individual failing to satisfy the condition of stay in India for:
1. 182 days or more in the previous year or
2. 60 days or more in the previous year and 365 days in the 4 years preceding previous
years will be considered as a Non-Resident for that financial year.

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6. TAXABLE HEAD OF INCOME TAX
• Income from Salaries/Pension
• Income from Profit and gains of Business and profession
• Income from House and Property
• Income from Capital gains
• Income from Other Sources

A. INCOME FROM SALARIES

Income received by the employee from the employer is categorized under the head ‘Income
from Salaries’.
Few important exemptions allowed under the head salaries include:
• House Rent Allowance (HRA): Employees can claim exemption from
HRA after meeting the conditions related to: rent paid, salary, and the location of the
residence whether metro or non-metro cities.
• Standard Deduction: A flat deduction of INR 50,000 is allowed from gross salary.

B. INCOME FROM HOUSE PROPERTY

An individual’s income from his or her house property or land appurtenant such property is
taxable under the head of income from house property.
Broadly Income from House Property has three sub-classifications
1. Self-Occupied Property
2. Let out Property

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 3. Deemed Let out Property
In case you own more than two self-occupied houses, then only two of such houses is
considered to be self-occupied and the rest are considered to be deemed let out.

C. INCOME FROM PROFITS AND GAINS OF BUSINESS & PROFESSION

The ‘Income from Profits and Gains from Business and Profession’ includes income from
trade, commerce, business, profession or vocation conducted by individuals, partnerships, or
corporations.
Individual or HUF earning income from business and profession must file ITR-3 or ITR-4.

D. INCOME FROM CAPITAL GAINS

When you earn profits by transferring or selling an asset that was held as an investment,
that income is taxable under the head of income from capital gains. A large number of
assets, like gold, bonds, mutual funds, real estate, stocks, etc., fall under capital assets.
Now, you can subdivide capital gains into
1. Short-term capital gains and
2. Long-term capital gains.

E. INCOME FROM OTHER SOURCES

Among the five heads of income tax, this one includes any other income that does not have
any mention in the above 4 heads.
It includes income from dividends, interest, rent on plant and machinery, lottery, bank
deposits, gambling, card games, sports rewards, etc.

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7. INCOME TAX E-FILING
E-Filing refers to the process of submitting your tax returns electronically. Short for
electronic filing, E-Filing can be completed through income tax website. E-Filing can be used
by all taxpayers.
E-Filing offers speed, security, and convenience to taxpayers. It also reduces the income tax
department’s burden and provides a sophisticated alternative to traditional paper filing.

WAYS TO DO E-FILING
There are two ways to complete the e-Filing process:
▪ OFFLINE: You can download the applicable ITR form from the Income Tax website.
The form can be downloaded using Excel Utility or Java Utility. You need to fill out the
form offline and save it in XML format. You can then upload this file on the portal
again and submit your return.

▪ ONLINE: You can enter all relevant information and submit the form on the Income
Tax website itself. This option can be used in the case of ITR 1 and ITR 4 forms.

Documents required for e-Filing

General documents:

• PAN
• Aadhaar (Linked to PAN)
• Bank account details
Income-related documents:

• Salary slips
• Rent receipts for claiming House Rent Allowance (HRA)
• Form 16, Form-16A, Form-16B, and Form- 16C
• Form 26AS
Deductions and exemptions-related documents:

• Interest certificates from savings and deposits account

• Home loan details
• Proof of tax-saving instruments, such as insurance
• Income from capital gains
• Rental income, foreign income, and dividend income proofs

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8. INCOME TAX SLABS
Income Tax in India follows a tax slab system. Here, taxpayers’ income is categorised as
ranges or slabs and certain tax rates are assigned to them.
This is a progressive system of taxation where people earning more income are taxed at
higher income tax slabs in proportion to their higher income.
By introducing income tax slabs in India, the Government of India aims to achieve a fair
taxation system for all citizens.
With this aim, the government revises the tax slabs periodically and announces
amendments to the Union Budget accordingly.

New Income Tax Slabs as per Union Budget 2023:

Income Tax Rates Applicable for FY 2023-24 as

Income Tax Slab per the new regime for HUF and all Individuals

<₹ 3,00,000 No Tax

₹ 3,00,001 to ₹ 6,00,000 5%

₹ 6,00,001 to ₹ 9,00,000 10%

₹ 9,00,001 to ₹ 12,00,000 15%

₹ 12,00,001 to ₹ 15,00,000 20%

>₹ 15,00,000 30%

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Income Tax Slabs for Individuals below 60 years and
HUF for F.Y. 2023-2024:

Income Tax Slab Tax Rates

<₹ 3,00,000 NIL

₹ 3,00,001 to ₹ 5,00,000 5%

₹ 5,00,001 to ₹ 10,00,000 20%

>₹ 10,00,000 30%

Income Tax Slabs for Individuals aged between 60

years and 80 years:

Income Tax Slab Tax Rates

<₹ 3,00,000 NIL

₹ 3,00,001 to ₹ 5,00,000 5%

₹ 5,00,001 to ₹ 10,00,000 20%

>₹ 10,00,000 30%

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Income Tax Slabs for Individuals above 80 years:

Income Tax Slab Tax Rates

<₹ 5,00,000 NIL

₹ 5,00,001 to ₹ 10,00,000 20%

>₹ 10,00,000 30%

Tax Regime for FY 2023-24:

Income Tax Slab Tax Rates

Up to Rs. 3,00,000 NIL

Rs. 3,00,001 - Rs.6,00,000 5%

Rs. 6,00,001 - Rs. 9,00,000 10%

Rs.9,00,001 - Rs.12,00,000 15%

Rs. 12,00,001 - Rs.15,00,000 20%

Above Rs. 15,00,000 30%

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9. TYPES OF ITR FORM

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 ❖ The Income Tax department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5,
ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified
due date. The applicability of ITR forms varies depending on the sources of income of
the taxpayer, the amount of the income earned and the category of the taxpayer like
individuals, HUF, company, etc.

WHO SHOULD FILE ITR?

Basic Exemption Limit under the old tax regime is as follows –

AGE GROUP BASIC EXEMPTION LIMIT

For individuals below 60 years Rs 2.5 lakh

For individuals above 60 years but below 80 Rs 3.0 lakh

years
For individuals above 80 years Rs 5.0 lakh

Irrespective of age, basic exemption limit under the new tax regime is Rs.3 Lakh.
Given below is a list of such conditions that specify who should file ITR –
• Bank Deposits of more than 50.
• Current Account Deposits of more than Rs. 1 Crore.
• Professional income above Rs.10 lakh.
• Electricity Bill Exceeding Rs. 1 Lakh.
• TDS/TCS exceeding Rs.25,000.

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ITR FORM:
Taxpayers in India are responsible to file their ITRs, giving full disclosures about their income,
tax payments and deductions claimed. As there are many categories of taxpayers in the
country, various ITR forms have been designated for each one, to file an ITR.

ITR-1 OR SAHAJ
This form is for resident Indians who fall under the below-mentioned categories:
• Income from Salary/ Pension; or
• Income from One House Property (excluding cases where loss is brought forward
from previous years); or
• Income from Other Sources (excluding Winning from Lottery and Income from Race
Horses)
• Agricultural income up to Rs 5000.

NON-APPLICABILITY OF ITR-1
ITR 1 is not for taxpayers:
• Who are NRIs.
• Who have a foreign income.
• Whose agricultural income is more than Rs 5,000.
• Whose total income is over Rs 50 lakh.

ITR-2
ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who are not eligible for
ITR-1.

NON-APPLICABILITY OF ITR-2
This Return Form should not be used by an individual whose total income includes Income
from Business or Profession.

ITR-3
This form must be chosen by individual taxpayers and HUFs who make an income from a
profession or from owning a business.

NON-APPLICABILITY OF ITR-3
ITR 3 cannot be used by:

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 • Anyone other than an individual or an HUF.
• Those who don’t earn business or profession income.

ITR-4 OR SUGAM
To be filed by resident individuals, HUFs and firms (other than LLP) who are residents having
total income up to ₹ 50 lacs and having income from business or profession computed under
section 44AD, 44ADA or 44AE.

NON-APPLICABILITY OF ITR-4
ITR 4 cannot be used by:
• NRIs or those who are not ordinarily residents.
• Director of a company.
• Taxpayers whose total income exceeds Rs 50 lakhs.
• Those with income from more than one house property.

ITR-5
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

NON-APPLICABILTY OF ITR-5
ITR 5 cannot be used by a person who is required to file the return of income under Section
139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges,
etc.).

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ITR-6
For Companies other than companies claiming exemption under section 11 (Income from
property held for charitable or religious purposes), this return has to be filed electronically
only.

NON-APPLICABILITY OF ITR-6
ITR 6 cannot be used by a company claiming exemption under Section 11.

ITR-7
ITR 7 can be filed by people, including companies, required to furnish return under Section
139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D). These include trusts,
political parties, institutions, colleges, etc.

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FORM 16
Form 16 is a TDS certificate that shows the salary earned and the TDS deducted from your
salary.
It has two components: Part A and Part B.

Part A of Form 16
Part A of Form 16 provides details of TDS deducted and deposited quarterly details of PAN
and TAN of the employer and other information.
Some of the components of Part A are:
• Name and address of the employer
• TAN and PAN of employer
• PAN of the employee
• Quarterly summary of total salary payments for the concerned financial year
• Summary of tax deducted and deposited quarterly, which is certified by the employer

Part B of form 16
Part B of Form 16 is an Annexure to Part A. Part B is to be prepared by the employer for its
employees and contains details of the breakup of salary and deductions approved under
Chapter VI-A.

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AIS (ANNUAL INFORMATION STATEMENT)
The Annual Information Statement (AIS) is a detailed summary of a taxpayer's information
which is given in Form 26AS. In addition to the TDS/TCS details, AIS will also show interest,
dividend, stock market transactions, mutual fund transactions etc.

TIS (Taxpayer Information Summary)

Taxpayer Information Summary is an aggregated category-wise summary for a taxpayer. It
shows the processed value (i.e., value generated after deduplication of information based on
predefined value) and derived value (i.e., value derived after considering the taxpayer’s
feedback) for each information category. The derived information in TIS is used for pre-
filling IT returns.

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36
FORM 26AS
Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from
various sources of income of a taxpayer. It also reflects details of advance tax/self-
assessment tax paid, and high-value transactions entered into by the taxpayer.

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ITR-V FORM
Form ITR-V stands for 'Income Tax Return-Verification' Form. It is a single-page document
which is received when an ITR is filed online without a digital signature. The income tax
department sends ITR-V to taxpayers through email. To complete the income tax filing
process, verification of ITR is an important step.

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ITR-V ACKNOWLEDGEMENT FORM
ITR Form-V is a document issued by the income tax department when tax returns are filed
but not yet verified.

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 OBJECTIVES OF THE STUDY

❖ To make the study of income tax segment.

❖ To know about the customer’s awareness about the income tax filing.

❖ To know the process of income tax return filing.

❖ Studying the importance about ITR Filing.

❖ To know the how to save taxes by using various deduction of income tax.

❖ To get detailed knowledge about e-filing.

❖ To know about customer satisfaction and dissatisfaction at the CA firm.

❖ To get suggestions and feedback from the customers that will help the firm.

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 NEED OF THE STUDY

❖ There may be changes in the slab rate of tax returns every year or when there is
change in government policies.

❖ The user should be known about the current rates and taxes.

❖ The tax payer should know the detail knowledge of filing income tax returns and also
about the amendments made on the rules and slab rate of taxes.

❖ The tax payer should know how to file income tax return online through internet.

❖ The tax payer should know the documents required and the things required in filing
income tax such as digital signatures by chartered accountant which is mandatory.

❖ A practicing and efficient CA can help you out with more services apart from just
filling out the returns.

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SKILLS LEARNED
During my journey as MBA student, one of the most pivotal experiences has been my
internship at a prestigious CA firm. This opportunity not only provided me with practical
exposure to the corporate world but also allowed me to apply my academic knowledge in a
real-world setting. Here, I share the transformative experiences and lessons learned during
my internship.

Communication skills: Communication is the key to success in a professional

environment.
I learned that it’s important to communicate with CA or other employee via phone or email
or SMS if I have questions or if I don’t know how to work on a task. Asking for help and
clarification is better than pretending to be understood. As an intern, good communication
will help with productivity, efficiency, engagement and growth.

Keeping a journal: During my internship, I had a journal and took notes every day about
new things I learned, feedback I was given by CA, strength and weakness I noticed, and
things I wanted to research and learn more about.
Keeping journals helped me understand myself more and identify the areas that I needed to
improve in.

Following the organization culture: Every organization despite their size has its own
culture. It’s essential to observe others and learn how they engage and interact with co-
workers, or help them with projects and task.
During my internship in that organization, I was able to adopt quite well in their working
environment as employees were kind and helpful. It also helps me know how the
organization culture actually feels like.

Networking: During my internship, the organization working environment was very

favourable where communicating and asking for clarification was easy.
I learned how to communicate and build relationships with the people I worked with. I
learned how to introduce myself, talk about my interests, knowledge and skills with
entrepreneurs and business owners, as well as how to ask questions and gain a better
understanding of businesses not only in the co-working space, but also others in the market.

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Personal Growth and Reflection: My internship at the CA firm was a transformative
period of personal growth. It challenged me to step out of my comfort zone, adapt to new
situations, and continually strive for excellence. I gained confidence in my abilities and
developed a deeper appreciation for the complexities of the financial world .

Data entries in excel sheet: I learned regarding segmentation of data into different
heads. It also helped me knowing many technical aspects of MS excel and also improved
typing speed with more precision.

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CONTRIBUTION DURING INTERNSHIP
• Knowing about organizational culture and adapting to it.

• Learning how to file ITR.

• Getting training how to do that work.

• Analyzing bank statement.

• Document understanding.

• Filing return for different clients.

• Analysis about the recorded transactions.

• Kept eye on application and saved the data on excel sheet.

• Identified various document required for the E-filing Return.

• Working on CompuOffice software for filing returns.

• ITR-1 filing

• ITR-4 filing

• Whole excel sheet data submitted to manager.

• Collected Certificates from the company.

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CONCLUSION
The internship report is prepared to explain the learnings and different tasks performed
during the time. I understood about the procedures and systems that the company uses for
filing of ITR.I got a clear understanding of various government website, their working and
usage to the common customer. I got to know that the service provided by the company is
highly appreciated by the customers.

Furthermore, D.K. Mittal & Co. team were very helpful and ready to assist us in our
learning’s. Despite, the firm being small with fewer members there was good cooperation
among them. However, for better operations and growth firm need to opt for better
technology and need to have more training programs.

In conclusion, my internship at the CA firm was more than just a professional experience; it
was a journey of discovery and development. I am grateful for the opportunity to learn from
industry experts, collaborate with talented professionals, and contribute to meaningful
projects. As I continue my academic journey, I carry with me the lessons learned and the
memories made during this enriching internship experience.

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