A STUDY ON FILING OF INCOME TAX RETURN

VALUATION OF ASSETS IN KAILASH SUSHIL &

ASSOCIATES.

CA KAILASH SUSHIL & ASSOCIATES

Submitted in partial fufillment of the requirements

for the award of the degree of

Bachelor of Commerce (B.COM)

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Submitted by :
Dr.Vani Majumdar Jibin Mathew Panicker
02090388814

Institute of Innovation in Technology &

Management
New Delhi -110058
Batch(2014-2017)

1
 CERTIFICATE

I, Mr. Jibin Mathew Panicker , Roll No. 02090388814 certify that the Project

Report/Dissertation (B.COM-311) entitled A STUDY ON FILING OF INCOME TAX

RETURN & VALUATION OF ASSETS is done by me and it is an authentic work

carried out by me at KAILASH SUSHIL & ASSOCIATES. The matter embodied in

this project work has not been submitted earlier for the award of any degree or diploma

to the best of my knowledge and belief.

Signature of the
Student
i. Date :

Certified that the Project Report/Dissertation (B.COM-311) entitled A STUDY ON

FILING OF INCOME TAX RETURN & VALUATION OF ASSETS done by Mr.Jibin

Mathew Panicker ,Roll No . 02090388814 , is completely under my guidance .

Signature of the guide

Name of the guide : Dr. Vani Majumdar

Designation :
Date :

Countersigned

2
 (Director/Project Coordinator)ACKNOWLEDGEMENT

First and foremost I would like to pay my sincere gratitude which I owe to Dr . Vani

Majumdar, for her valued help and guidance which she gave me when I needed it the

most. It was only due to her sincere help and efforts that I was able to end up with this

project. I sincerely acknowledge her for extending their valuable guidance .support for

literature, critical review of the project and the report and the above all the moral support

he had provided for me with all the stage of this project

I owe special thanks to Dr. C.P. Chawla Director of Institute of Innovation In

Technology & Management for his valuable co-operation and guidance in completing

the project work.

Last but not the least; I would like to pay my gratitude to my Parents for their moral

support and encouragement during the entire period.

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 TABLE OF CONTENTS

CHAPTER 1: INTRODUCTION 1-28

1.1 Overview of industry as a whole

1.2 Problems of the Industry
1.3 Profile of the company
1.4 Statistical Facts and information
1.5 Competition information
1.6 SWOT analysis of the organization

CHAPTER 2: LITERATURE REVIEW 36-63

2.1 Discussion about the work done by others on similar issues

2.2 Current Issues
2.3 New Development in the company and industry

CHAPTER 3: RESEARCH METHODOLOGY 29-35

3.1. Statement of the Problem
3.2. Objectives & Scope of Study
3.3. Managerial usefulness of study
3.4. Type of Research and research Design
3.5. Data Collection Methods
3.6. Limitations of Study

CHAPTER 4: DATA ANALYSIS 64-80

4.1. Methods and techniques of data analysis
4.2. Primary Data Analysis
4.3. Secondary Data Analysis

CHAPTER 5: LIMITATION, CONCLUSION AND SUGGESTIONS

REFERENCES
APPENDICES
Questionnaires

4
 Chapter -1
Introduction

5
 INTRODUCTION

1.1 Overview of industry as a whole

The Central Government has been empowered by Entry 82 of the Union List of Schedule
VII of the Constitution of India to levy tax on all income other than agricultural income
(subject to Section 10(1)). The Income Tax Law comprises The Income Tax Act 1961,
Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct
Taxes (CBDT), Annual Finance Acts and Judicial pronouncements by Supreme Court
and High Courts.

The government of on taxable income of all persons including individuals, Hindu

Undivided Families (HUFs), companies, firms, association of persons, body of
individuals, local authority and any other artificial judicial person. Levy of tax is separate
on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The
Indian Income Tax Department is governed by CBDT and is part of the Department of
Revenue under the Ministry of Finance, Govt. of India. Income tax is a key source of
funds that the government uses to fund its activities and serve the public.

The Income Tax Department is the biggest revenue mobilizer for the Government. The
total tax revenues of the Central Government increased from 1,392.26 billion (US$21
billion) in 1997-98 to 5,889.09 billion (US$88 billion) in 2007-08.

Residential status
For all purposes of Income tax Tax payers are classified into 3 categories
1. Resident and Ordinarily Resident
2. Resident but Not Ordinarily Resident
3. Non-Resident

Charge to income-tax
An entity whose income exceeds the "maximum amount", which is not chargeable to the
income tax, is an assessee, and shall be chargeable to the income tax at the rate or rates
prescribed under the finance act for the relevant assessment year, shall be determined on
basis of his residential status.

6
Income tax is a tax payable, at enacted by the Union Budget (Finance Act) for every
Assessment Year, on the Total Income earned in the Previous Year by every Person.
.

Residential status of a person other than an individual

Type Control & Control & Control &
of person management of management of management of
affairs of the affairs of the affairs of the
taxpayer is wholly taxpayer is wholly taxpayer is partly in
in India outside India India partly outside
India
HUF Resident Non-Resident Resident
Firm Resident Non-resident Resident
Association of Resident Non-resident Resident
persons
Indian Resident Resident Resident
company
Foreign Resident Non-resident Non-resident
company
Any other Resident Non-resident Resident
person except
an individual
HUF is resident or non-resident, the additional conditions (as laid down for an
individual) should be checked for the karta to determine whether the HUF is ordinary or
not-ordinary resident.
An Indian company is the one which satisfies the conditions as laid down under
section 2(26) of the Act.
Foreign company is the one which satisfies the conditions as laid down under
section 2(23A) of the Act.
1.2 Problems of the Industry
The basic aim of problem analysis is to obtain a clear understanding of the needs of the
clients and the users, what exactly is desired from the income tax, and what the
constraints on the solution are. The analysts have to ensure that the real needs of the
clients and the users are uncovered, even if they dont know them clearly.
7
The Filing of Income Tax Return Valuation of Assets in T.R. Chadha & Co. is effectively
a charge on consumer spending which applies to the value added to a product or service
at each stage of its production and distribution. The Income Tax is collected in stages by
Income Tax registered firms. The consumer pays the full amount of the tax but at each
stage up to that point firms handling the goods pay input tax to their suppliers and collect
output tax from their customers. Firms pay the net Income Tax collected to Customs and
Excise. In principle, Income Tax is very simple, though for some sectors such as retail, it
can be quite complex. The Inland Revenue and Customs & Excise are due to merge in
autumn 2004 to create HM Revenue and Customs. But the organizations new chairman
has announced that big business is likely to be the first beneficiary of the merger, as one
of the first new departments within the new body will be a one-stop shop for large
companies. Elsewhere, Revenue and Customs has been given fresh targets to reduce the
amount of Income Tax fraud, which currently stands at an estimated 11 billion.
Accountants across Europe are calling for major reforms of the current Income Tax
system, claiming the present arrangements facilitate fraud and cost the EU's member
states revenue. The European Federation of Accountants (FEE) is concerned that the
Income Tax system has not evolved enough in the last 50 years and is increasingly
complex for business to deal with. The European Commission estimates that fraud
accounts for between £ 80 and £ 100 billion of lost revenue every year -
equivalent to the entire Income Tax collection of France

A key complaint of the traders was that the government has not bothered to educate them
before imposing new tax. It has been introduced without a preamble. The main problem
with the implementation of Income Tax it is going to increase the load of traders and
decreasing their profitability .For this purpose I had to study the over all impact of new
tax reform Income Tax

The basic principle used in analysis is the same as in any complex task: divide and
conquer. That is, partition the problem into sub problem and its relationship to other sub
problems in an effort to understand the total problem.

8
In this section few methods of problem analysis are presented. The goal is to understand
the problem domain, with different methods of analysis and pick the approach that is best
suited to the problem at hand.
Informal approach
The informal approach to analysis is one where no defined methodology is used. Like in
any approach, the information about the system is obtained by interaction with the client,
end user, questionnaires, study of existing documents, etc. however, with this approach
no formal model is built of the system. The problem and the system model are essentially
built in the minds of the analysts and are directly translated from the minds of the
analysts to the SRS.

1.3 Profile of the company

1.3.1. About the Company

The Company's Board of Directors is responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these
standalone financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatements,
whether due to fraud or error. We have audited the accompanying financial statements of
SSIPL Lifestyle Private Limited (the Company), which comprises the Balance Sheet as
at 31stMarch 2015,the Statement of Profit and Loss , the Cash Flow Statement for the
year then ended and a summary of significant accounting policies and other explanatory
information.

9
1.3.2 Formation/ Company Profile

(A limited liability partnership with LLP Identification No. AAF-3926)

with effect from 28th December, 2015

With over 70 years of history, KAILASH SUSHIL & ASSOCIATES has been one of
Indias prominent Chartered accountancy firms providing wide array financial and
advisory services to numerous MNCs as well as reputed Indian companies.

In May 1946, Mr.KAILASH SUSHIL (Founder) laid down a solid foundation for the
brand with strong emphasis on client satisfaction and delivering excellence in
Accounting, Auditing, Taxation, Assurance and Business Advisory services.

Following a top notch corporate culture, we believe in delivering accurate, relevant

and timely information to the decision makers using industry expertise. We help
companies to stay compliant and lawful. We aim at applying intelligence and expertise
by providing realistic solutions to complicated business scenarios using analytical skills,
functional expertise and intensive training. Our result oriented and success driven
partners believes in providing equal services to clients of all sizes and at all locations.

Our diverse team consists of 13 partners and over 585 employees with over 174
Chartered Accountants and other domain experts. Nation-wide we are spread across
8 different locations and have more than 11 associates providing us with a
geographical advantage.

1.3.3 MISSION VISION AND VALUES

Mission: Being mindful of the impact that we have on our customers, employees,
communities and environment; we at CA KAILASH SUSHIL & ASSOCIATES aim at
delivering sheer excellence in Financial, Legal and Advisory service sectors.

Vision: To lead by example by combining industry expertise and experience to deliver

critical information to leading decision makers.

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Values

INTEGRITY: Upholding the highest level of professional standards and reputation for
integrity, we platform a culture of transparency and responsibility. We are each
personally accountable for the highest standards of behavior, including honesty and
fairness in all aspects of our work. We are committed to the wide range of expert services
we provide maintaining high ethical standards. Integrity is our cornerstone and
commitment is the heart of our business.

PASSION FOR EXCELLENCE: Utmost expertise and excellence of the services we

offer is part of our corporate DNA. We strive to succeed by exceeding client expectations
of affordability, quality and time-bound delivery schedules. Our unique business model
aims at delivering customized tailored solutions and services.

COLLABORATIVE GROWTH: We believe in continuous development and

collaborative growth. Capitalizing from our cultural and ideological diversity, we at CA
KAILASH SUSHIL & ASSOCIATES offer best in the league mentoring, development
and coaching programs for our people and budding accounting professionals. People are
the core of our business and we value them.

1.3.4 Functions/ History

History of Taxation Pre 1922: "It was only for the good of his subjects that he
collected taxes from them, just as the Sun draws moisture from the Earth to give it back a
thousand fold" --Kalidas in Raghuvansh eulogizing KING DALIP.

It is a matter of general belief that taxes on income and wealth are of recent origin but
there is enough evidence to show that taxes on income in some form or the other were
levied even in primitive and ancient communities. The origin of the word "Tax" is from
"Taxation" which means an estimate. These were levied either on the sale and purchase
of merchandise or livestock and were collected in a haphazard manner from time to time.
Nearly 2000 years ago, there went out a decree from Ceaser Augustus that all the world
should be taxed. In Greece, Germany and Roman Empires, taxes were also levied
sometime on the basis of turnover and sometimes on occupations. For many centuries,
revenue from taxes went to the Monarch. In Northern England, taxes were levied on land
and on moveable property such as the Saladin title in 1188. Later on, these were

11
supplemented by introduction of poll taxes, and indirect taxes known as "Ancient
Customs" which were duties on wool, leather and hides. These levies and taxes in
various forms and on various commodities and professions were imposed to meet the
needs of the Governments to meet their military and civil expenditure and not only to
ensure safety to the subjects but also to meet the common needs of the citizens like
maintenance of roads, administration of justice and such other functions of the State.

In India, the system of direct taxation as it is known today, has been in force in one form
or another even from ancient times. There are references both in Manu Smriti and
Arthasastra to a variety of tax measures. Manu, the ancient sage and law-giver stated that
the king could levy taxes, according to Sastras. The wise sage advised that taxes should
be related to the income and expenditure of the subject. He, however, cautioned the king
against excessive taxation and stated that both extremes should be avoided namely either
complete absence of taxes or exorbitant taxation. According to him, the king should
arrange the collection of taxes in such a manner that the subjects did not feel the pinch of
paying taxes. He laid down that traders and artisans should pay 1/5th of their profits in
silver and gold, while the agriculturists were to pay 1/6th, 1/8th and 1/10th of their
produce depending upon their circumstances. The detailed analysis given by Manu on
the subject clearly shows the existence of a well-planned taxation system, even in ancient
times. Not only this, taxes were also levied on various classes of people like actors,
dancers, singers and even dancing girls. Taxes were paid in the shape of gold-coins,
cattle, grains, raw-materials and also by rendering personal service.

Collection of Income-tax was well organised and it constituted a major part of the
revenue of the State. A big portion was collected in the form of income-tax from dancers,
musicians, actors and dancing girls, etc. This taxation was not progressive but
proportional to the fluctuating income. An excess Profits Tax was also collected. General
Sales-tax was also levied on sales and the sale and the purchase of buildings was also
subject to tax. Even gambling operations were centralised and tax was collected on these
operations. A tax called yatravetana was levied on pilgrims. Though revenues were
collected from all possible sources, the underlying philosophy was not to exploit or over-
tax people but to provide them as well as to the State and the King, immunity from
external and internal danger. The revenues collected in this manner were spent on social

12
services such as laying of roads, setting up of educational institutions, setting up of new
villages and such other activities beneficial to the community.

Taking an overall view, it can be said without fear of contradiction that Kautilya's
Arthasastra was the first authoritative text on public finance, administration and the fiscal
laws in this country. His concept of tax revenue and the on-tax revenue was a unique
contribution in the field of tax administration. It was he, who gave the tax revenues its
due importance in the running of the State and its far-reaching contribution to the
prosperity and stability of the Empire. It is truly an unique treatise. It lays down in
precise terms the art of state craft including economic and financialadministration.

History of Taxation Post 1922

1. Preliminary : The rapid changes in administration of direct taxes, during the last
decades, reflect the history of socio-economic thinking in India. From 1922 to the
present day changes in direct tax laws have been so rapid that except in the bare outlines,
the traces of the I.T. Act, 1922 can hardly be seen in the 1961 Act as it stands amended to
date. It was but natural, in these circumstances, that the set up of the department should
not only expand but undergo structural changes as well.

2. Changes in administrative set up since the inception of the department: The

organisational history of the Income-tax Department starts in the year 1922. The Income-
tax Act, 1922, gave, for the first time, a specific nomenclature to various Income-tax
authorities. The foundation of a proper system of administration was thus laid. In 1924,
Central Board of Revenue Act constituted the Board as a statutory body with functional
responsibilities for the administration of the Income-tax Act. Commissioners of Income-
tax were appointed separately for each province and Assistant Commissioners and
Income-tax Officers were provided under their control. The amendments to the Income
tax Act, in 1939, made two vital structural changes: (i) appellate functions were
separated from administrative functions; a class of officers, known as Appellate Assistant
Commissioners, thus came into existence, and (ii) a central charge was created in
Bombay. In 1940, with a view to exercising effective control over the progress and
inspection of the work of Income-tax Department throughout India, the very first
attached office of the Board, called Directorate of Inspection (Income Tax) - was created.
As a result of separation of executive and judicial functions, in 1941, the Appellate

13
Tribunal came into existence. In the same year, a central charge was created in Calcutta
also.

3, Computerisation : Computerisation in the Income-tax Department started with the

setting up of the Directorate of Income tax (Systems) in 1981. Initially computerisation
of processing of challans was taken up. For this 3 computer centres were first set up in
1984-85 in metropolitan cities using SN-73 systems. This was later extended to 33 major
cities by 1989. The computerized activities were subsequently extended to allotment of
PAN under the old series, allotment of TAN, and pay roll accounting. These computer
centres used batch process with dumb terminals for data entry.
In 1993 a Working Group was set up by the Government to recommend computerisation
of the department. Based on the report of the Working Group a comprehensive
computerisation plan was approved by the Government in October, 1993. In pursuance
of this, Regional Computer Centres were set up in Delhi, Mumbai, and Chennai in 1994-
95 with RS6000/59H Servers. PCs were first provided to officers in these cities in
phases. The Plan involved networking of all users on LAN/WAN. Network with leased
data circuits were accordingly set up in Delhi, Mumbai and Chennai in Phase-I during
1995-96. A National Computer Centre was set up at Delhi in 1996-97. Integrated
application software were developed and deployed during 1997-99. Thereafter, RS6000
type mid range servers were provided in the other 33 Computer Centres in various major
cities in 1996-97. These were connected to the National Computer Centre through leased
lines. PCs were provided to officers of different level upto ITOs in stages between 1997
and 1999. In phase II offices in 57 cities were brought on the network and linked to
RCCs and NCC.

4. Restructuring of the Income-tax department : The restructuring of the Income-tax

Department was approved by the Cabinet in its meeting held on 31-8-2000 to
achieve the following objectives :-
Increase in effectiveness and productivity;
Increase in revenue collection;
Improvement in services to tax payers;
Reduction in expenditure by downsizing the workforce;
Improved career prospects at all levels;
Induction of information technology

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1.3.5 Product & services

For over 70 years, our specialized team of accountants

are entrusted to provide a comprehensive range of
Assurance & Taxation services and Corporate Advice to
our 5lients in India and around the globe. T R Chadha &
Co LLP preserves professionally qualified and well
experienced resources that are further enhanced with
special training in one or more areas, to add value to the
organization.

Statutory Audits: Statutory Audits are conducted to

report the state of companys finances and accounts to
the Government of India. At T R Chadha & Co LLP an
elite team of qualified auditors are designated to do such
audits. The audit report are prepared strictly in
accordance with the rules and regulations defined by the
Government agencies.

Due Diligence: The financial due diligence process is

one of the most crucial part of any transaction. T R
Chadha & Co LLP holds an expertise and an established
track record in this area. Our aim is to enable
entrepreneurs and decision makers to make sound
investment decisions with great confidence at every stage. We aim at eliminating the risk
and potential flaws of investing at domestic and international locations.

IFRS: IFRS at present can be viewed as the most important initiative in the financial
reporting standards at the global podium. Approximately 120 nations and reporting
jurisdictions permits/ requires IFRS for domestic listed companies, while over 90
countries have fully conformed to IFRS as promulgated by the International Accounting
Standards Board (IASB) and include a statement acknowledging such conformity in their
audit reports. We have qualified and trained resources to assist in IFRS convergence,
balancing both, the short term and the long term objectives of the businesses.

Stock Audit: Stock Audit is an area of specialization and core competence for T R
Chadha & Co LLP We are committed to provide unmatched Internal Audit Services
because of our unparallel reach and all India network. Stocks and physical assets such as
raw materials are critical real assets and needs systematized management. As a large
number of companies are operating across the borders through multiple locations and

15
channel partners, making asset management a challenge. We aim at delivering focused
services to companies to keep their physical assets check intact.

Our vast experience in the field of process advisory, coupled with our keen insight of
business principles enables us to identify the problems faced by the organizations and
provide feasible solutions that cater to the specific need of our clients.

Internal Audits: The end result of an internal audit is no longer limited to focusing on
the processes and controls surrounding financial reporting. Internal audit now has a more
strategic role. It can create value by identifying enterprise-wide risks, leveraging
synergies, monitoring and providing early warning of new risks; and improving
processes/ efficiency. T R Chadha & Co LLP provides a platform to its clients to achieve
more from the business by providing internal audit services of highest standard.

Risk Assessments: Risk Assessment is the identification and analysis of risks that
influence the accomplishment of an organizations objectives, and determining the risk
management processes. Risk assessment involves determining the operating objectives,
systematic identification of activities/ events that could prevent a business unit from
achieving its objectives. At T R Chadha & Co LLP, we aim at creating an analytical tool
that maps out the potential alarming glitches and the preventive measures to avoid those
glitches.

1.3.6 Organizational Structure

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LEADERSHIP TEAM
Managing Partner FCA MANAGER - AUDIT
Mr. Manu Chadha & ASSURANCE
FCA,LLB PARTNER Mr. Neeraj Gupta
Designated Partner Mr. Aashish Gupta B.com, ACA
Mr. Sumant Chadha ISA, CIA
FCA,LLB AVP, INDIRECT TAX
Vice President Client relations: country Mr. Himanshu Goel
Mr. Ankit Chadha head ACA
B.Com (Hons.), PGDM Mr. Vikram Gera
(Finance) B.Com., LLB Senior Manager,
Indirect Tax
Partners Client Relations: Ms. Ankita Jain
Mr. Surender Agarwal Mumbai ACA
FCA Ms. Shilpa Bajaj Pune
B.Com, MBA
PARTNER HEAD OF BRANCH -
Ms. Neena Goel Client Relations: PUNE
FCA Bengaluru Mr. Pradeep Jadhav
Mr. Manish Basotia FCA
PARTNER B.Com., ACA
Mr. Arvind Modi SENIOR MANAGER -
FCA Client Relations: Delhi PUNE
Mr. Harpreet Singh Mr. Lalit G. Koshe
PARTNER Popli ACA
Mr. Kashyap Vaidya B.Tech, MBA Hyderabad
FCA,DISA
Client Relations: SR. AUDIT
PARTNER Gurgaon MANAGER
Mr. Veenu Aggarwal Mr. Sagar Dhingra Mr. Adinarayana Babji
FCA B.com(Hons.),MAF,MI Kota
B FCA, DISA
PARTNER
Mr. Pramod Tilwani Execution Team SR. AUDIT
FCA Gurgaon MANAGER
Avp - Tax & Regulatory Mr. Sheshu Samudrala
PARTNER Services ACA
Ms. Nirupma Dwivedi Ms. Aakanksha Goel
FCA B.Com, FCA ASSOCIATE
TAXATION
PARTNER AVP - TAXATION Mr. M. Srikanth
Mr. Pravin Jabade Mr. Sandeep Gupta ACA
FCA FCA, LLB Delhi

PARTNER SENIOR AUDIT SR. MANAGER

Mr. Paras Nath MANAGER TAXATION
FCA Mr. Puneet Batra Ms. Anju Goel
ACA ACA
PARTNER
Mr. Vikas Kumar VICE PRESIDENT
17
Hitesh Garg Mr. Amit Agarwal FCA
B.Com(H), FCA ACA, LLB
Ahmedabad SR. AUDIT
SR. AUDIT MANAGER
SR. AUDIT MANAGER Ms. Seema Safaria
MANAGER Mr. Manish Rajyaguru ACA
Mr. Brijesh Thakkar ACA Chennai
ACA
Mumbai SR. AUDIT SR. AUDIT
MANAGER MANAGER
SR. AUDIT Mr. Kamal Mr. M. Vaidhyanathan
MANAGER Bhanuchandra Shah MBA Finance
Ms. Alka Hinge ACA
FCA Bengaluru SR. AUDIT
MANAGER
SR. MANAGER BRANCH HEAD Ms. Visalakshi
TAXATION Mr. Swagat Jhankar Arunachalam
Mr. Jitendra Trivedi Patra FCA
ACA B.Com, FCA
BRANCH HEAD
SR. AUDIT SR. AUDIT Mr. Radhakrishnan. V
MANAGER AUDIT & MANAGER FCA , CS
TAX Ms. Geeta Chaurasiya

18
1.4 Competition information

Tax competition, a form of regulatory competition, exists when governments are

encouraged to lower fiscal burdens to either encourage the inflow of productive
resources or discourage the exodus of those resources. Often, this means a governmental
strategy of attracting foreign direct investment, foreign indirect investment (financial
investment), and high value human resources by minimizing the overall taxation level
and/or special tax preferences, creating a comparative advantage.

Some observers suggest that tax competition is generally a central part of a government
policy for improving the lot of labour by creating well-paid jobs (often in countries or
regions with very limited job prospects). Others suggest that it is beneficial mainly for
investors, as workers could have been better paid (both through lower taxation on them,
and through higher redistribution of wealth) if it was not for tax competition lowering
effective tax rates on corporations.

Some economists argue that tax competition is beneficial in raising total tax intake due to
low corporate tax rates stimulating economic growth. Others argue that tax competition
is generally harmful because it distorts investment decisions and thus reduces the
efficiency of capital allocation, redistributes the national burden of taxation away from
capital and onto less mobile factors such as labour, and undermines democracy by
forcing governments into modifying tax systems in ways that voters do not want. It also
tends to increase complexity in national and international tax systems, as governments
constantly modify tax systems to take account of the 'competitive' tax environment.

It has also been argued that just as competition is good for businesses, competition is
good for governments as it drives efficiencies and good governance of the public budget.

COMPETITION

COMPANY LAST MARKE SALES NET TOTAL

PRICE T CAP. TURNOVE PROFI ASSETS
(RS. CR.) R T
ADANI PORTS 273.00 56,536.94 4,630.75 2,841.58 29,943.46
GAIL (INDIA) 363.70 46,134.62 57,464.50 3,039.17 41,333.77
CONTAINER 1,366.15 26,635.83 5,484.10 1,047.55 7,692.65
CORPN.
PETRONET LNG 343.85 25,788.75 39,500.95 882.52 9,247.02
BAJAJ HOLDINGS 1,817.95 20,231.97 1,394.51 1,270.51 6,825.09
CRISIL 2,133.40 15,211.14 956.10 222.01 697.19
3M INDIA 13,210.0 14,887.73 2,187.14 200.93 1,042.99
5
VOLTAS 381.65 12,628.80 5,214.33 332.89 2,327.71
TUBE 537.85 10,076.62 4,208.49 729.89 3,313.10
INVESTMENTS
INFO EDG.(INDIA) 827.95 10,011.57 723.48 141.58 1,770.45
INDRAPRASTHA 699.15 9,788.10 4,059.64 437.73 2,254.72
GAS
GUJARAT GAS 677.35 9,325.75 9,137.43 443.58 5,799.97
SPARC 370.20 9,140.24 161.28 -69.99 90.85
GUJ.ST.PETRONE 151.20 8,518.91 1,064.60 410.36 4,813.61
T
ADANI ENTERP. 77.05 8,473.96 8,148.86 496.33 10,837.26
GUJ PIPAVAV 173.50 8,387.68 659.95 236.66 1,954.05
PORT
BATA INDIA 550.55 7,075.67 2,451.26 218.75 1,285.90
MAHANAGAR 577.10 5,700.59 2,285.76 308.69 1,547.59
GAS
RELAXO 464.90 5,578.80 1,734.44 120.28 731.88
FOOTWEAR
MULTI COMM. 989.95 5,048.75 222.49 125.05 1,413.89
EXC.
1.5 SWOT ANALYSIS OF KAILASH SUSHIL & ASSOCIATES.
STRENGTHS

THREATS WEAKNESSES

OPPORTUNITIES

1. STRENGTHS:
$2.3 billion industry having $500 million domestic and $ 100 foreign direct
investment.
Creates employments in the economy.
100% prices control proper regulation compare with India.
Annual 15% growth rate of industry.

2. WEAKNESSES:
More standardize and systematic procedures for testing and validation of
dosage.
Technical support to companies for improving exports.
Form and facilitate infrastructure that helps to make possible pharmacy
industry to improve process and technique.
Creates employments in the economy.

3. OPPORTUNITIES:
100% prices control proper regulation compare with India.
Annual 15% growth rate of industry.
$2.3 billion industry having $500 million domestic and $ 100 foreign direct
investment.
5-25% duties and taxes on machinery and inputs. No proper policies Cost
management and tax reduction.
Completion in generics and contract manufacturing.
The acquisition and mergers impact on the management challenges and
decision making.
Lake of research and development in the industry.
 Lack of PhDs and no concentration on training and development of
employees.

4. THREATS:
Cost of discovering and testing of new drugs is high.
90% of ingredients imported from outside. That impact on price level of
medicines.
Focus on export instead of imports by the help of proper export policies
and political stabilities.
 Chapter -2
Research Methodology
 OBJECTIVES OF THE STUDY

2.1. Statement of the Problem

The basic aim of problem analysis is to obtain a clear understanding of the needs of the
clients and the users, what exactly is desired from the income tax, and what the
constraints on the solution are. The analysts have to ensure that the real needs of the
clients and the users are uncovered, even if they dont know them clearly.

The Filing of Income Tax Return Valuation of Assets in T.R. Chadha & Co. is effectively
a charge on consumer spending which applies to the value added to a product or service
at each stage of its production and distribution. The Income Tax is collected in stages by
Income Tax registered firms. The consumer pays the full amount of the tax but at each
stage up to that point firms handling the goods pay input tax to their suppliers and collect
output tax from their customers. Firms pay the net Income Tax collected to Customs and
Excise. In principle, Income Tax is very simple, though for some sectors such as retail, it
can be quite complex. The Inland Revenue and Customs & Excise are due to merge in
autumn 2004 to create HM Revenue and Customs. But the organizations new chairman
has announced that big business is likely to be the first beneficiary of the merger, as one
of the first new departments within the new body will be a one-stop shop for large
companies. Elsewhere, Revenue and Customs has been given fresh targets to reduce the
amount of Income Tax fraud, which currently stands at an estimated 11 billion.
Accountants across Europe are calling for major reforms of the current Income Tax
system, claiming the present arrangements facilitate fraud and cost the EU's member
states revenue. The European Federation of Accountants (FEE) is concerned that the
Income Tax system has not evolved enough in the last 50 years and is increasingly
complex for business to deal with. The European Commission estimates that fraud
accounts for between £ 80 and £ 100 billion of lost revenue every year -
equivalent to the entire Income Tax collection of France

Informal approach
The informal approach to analysis is one where no defined methodology is used. Like in
any approach, the information about the system is obtained by interaction with the client,
end user, questionnaires, study of existing documents, etc. however, with this approach
no formal model is built of the system. The problem and the system model are essentially
built in the minds of the analysts and are directly translated from the minds of the
analysts to the SRS.

2.2. Objectives & Scope of Study

The scope of this study is limited to analyzing the impact of Income Tax on the tax
liability of assesses in NCR Delhi & Gurgaon.

The Objectives of the study are:-

To get to know about the awareness among public regarding income tax.
To find out whether the public knows abot different income tax imposed by
whom and when.
To study the benefits of different income tax.
To find out the revenue generated by T.R. Chadha & Co.
To determine how Income tax is different from existing sale tax.
To determine benefit of availing input tax credit under income tax.
To determine impact of income tax over vendor, manufacturer, distributor, retailer
and end consumer
To examine the impact of income tax in Indian economy.

2.3 Managerial usefulness of study

Finance is a field that deals with the study of investments. It includes the dynamics
of assets and liabilities over time under conditions of different degrees of uncertainty and
risk. Finance can also be defined as the science of money management. Finance aims to
price assets based on their risk level and their expected rate of return. Finance can be
broken into three different sub-categories: public finance, corporate finance and personal
finance.
Questions in personal finance revolve around:
Protection against unforeseen personal events, as well as events in the wider
economies
Transference of family wealth across generations (bequests and inheritance)
 Effects of tax policies (tax subsidies and/or penalties) on management of personal
finances
Effects of credit on individual financial standing
Development of a savings plan or financing for large purchases (auto, education,
home)
Planning a secure financial future in an environment of economic instability
Personal finance may involve paying for education, financing durable goods such as real
estate and cars, buying insurance, e.g. health and property insurance, investing and
saving for retirement.
Personal finance may also involve paying for a loan, or debt obligations. The six key
areas of personal financial planning, as suggested by the Financial Planning Standards
Board, are:
1. Financial position: is concerned with understanding the personal resources
available by examining net worth and household cash flow. Net worth is a
person's balance sheet, calculated by adding up all assets under that person's
control, minus all liabilities of the household, at one point in time. Household
cash flow totals up all the expected sources of income within a year, minus all
expected expenses within the same year. From this analysis, the financial planner
can determine to what degree and in what time the personal goals can be
accomplished.
2. Adequate protection: the analysis of how to protect a household from
unforeseen risks. These risks can be divided into the following: liability, property,
death, disability, health and long term care. Some of these risks may be self-
insurable, while most will require the purchase of an insurance contract.
Determining how much insurance to get, at the most cost effective terms requires
knowledge of the market for personal insurance. Business owners, professionals,
athletes and entertainers require specialized insurance professionals to adequately
protect themselves. Since insurance also enjoys some tax benefits, utilizing
insurance investment products may be a critical piece of the overall investment
planning.
3. Tax planning: typically the income tax is the single largest expense in a
household. Managing taxes is not a question of if you will pay taxes, but when
and how much. Government gives many incentives in the form of tax deductions
 and credits, which can be used to reduce the lifetime tax burden. Most modern
governments use a progressive tax. Typically, as one's income grows, a
higher marginal rate of tax must be paid. Understanding how to take advantage of
the myriad tax breaks when planning one's personal finances can make a
significant impact in which it can later save you money in the long term.
4. Investment and accumulation goals: planning how to accumulate enough
money - for large purchases and life events - is what most people consider to be
financial planning. Major reasons to accumulate assets include, purchasing a
house or car, starting a business, paying for education expenses, and saving for
retirement. Achieving these goals requires projecting what they will cost, and
when you need to withdraw funds that will be necessary to be able to achieve
these goals. A major risk to the household in achieving their accumulation goal is
the rate of price increases over time, or inflation. Using net present value
calculators, the financial planner will suggest a combination of asset earmarking
and regular savings to be invested in a variety of investments. In order to
overcome the rate of inflation, the investment portfolio has to get a higher rate of
return, which typically will subject the portfolio to a number of risks. Managing
these portfolio risks is most often accomplished using asset allocation, which
seeks to diversify investment risk and opportunity. This asset allocation will
prescribe a percentage allocation to be invested in stocks (either preferred stock
and/or common stock), bonds (for example mutual bonds or government bonds,
or corporate bonds), cash and alternative investments. The allocation should also
take into consideration the personal risk profile of every investor, since risk
attitudes vary from person to person.
5. Retirement planning is the process of understanding how much it costs to live at
retirement, and coming up with a plan to distribute assets to meet any income
shortfall. Methods for retirement plan include taking advantage of government
allowed structures to manage tax liability including: individual (IRA) structures,
or employer sponsored retirement plans.
6. Estate planning involves planning for the disposition of one's assets after death.
Typically, there is a tax due to the state or federal government at one's death.
Avoiding these taxes means that more of one's assets will be distributed to one's
heirs. One can leave one's assets to family, friends or charitable groups.
2.4 Type of Research and research Design
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. In it we study the
various steps, the research process that is generally adopted to study the research
problem and basic logics behind them.

Research methodology includes the following steps:

Formulate the objectives of the study.
Collection of the primary and secondary data.
Interpreting the data and drawing the conclusions.

Problem Statement: It is said that if the problem is clearly defined, half of the problem
is solved automatically. In this most of the people dont know about the taxes which is in
posed in India.

The research methodology for the present study has been studied under the followings
heads:
Research Design
Research Instrument
Date Collection
Analysis and Interpretation

RESEARCH DESIGN
Exploratory research design was used. Exploratory research often relies on secondary
research such as reviewing available literature and/or data, or qualitative approaches
such as informal discussions with consumers, employees, management or competitors,
and more formal approaches through in-depth interviews, focus groups, projective
methods, case studies or pilot studies.

It is the basic framework, which provides guidelines for the rest of the research process.
It is the map or blueprint according to which the research project is conducted. It
specifies the methods for data collection and data analysis. It facilitates the smooth
sailing of the various research operations, thereby making research as efficient as
possible yielding maximal information with minimal expenditure of effort, time and
money. It is a specification of methods and procedures for acquiring the information
needed. Research design stands for advance planning of the methods to be adopted for
collecting the relevant data and the technique to be used in their analysis, keeping in
view the objective of the research and the availability of staff, time and money.
A research design is the arrangement of condition and analysis of data in a manner that
aims to combine relevance to research purpose with economic in procedure. It is the
overall operational pattern or framework of the project. What information is to be
collected from which sources by which procedures? Three research designs are:-
Exploratory Research
Descriptive Research
Experimental Research

1. Exploratory Research to gain familiarity with a phenomenon or to achieve new

insight into its studies.

2. Descriptive Research to portray accurately the characteristics of particular individual,

situation of a group.

3. Experimental Research to determine the frequently with which something occur or

with it is associate with sometime else.
I select the Descriptive Research for my research.
Research will be Exploratory, the 100 people awareness of Income Tax (Delhi &
Gurgaon). The data collected will be analyzed as per need of objectives and hypothesis.
Sampling plan: - The plan calls for two decisions.
(a) Sampling Unit: - who is to be surveyed?
Delhi NCR & Gurgaon .
(b) Sampling Size: - How many people should be surveyed?
Sample size consists of 100 respondents.

2.5 Data Collection Methods

Data collection: -
The study is mainly based on the secondary data; however, the primary data is also used
to some extent.

Primary data: -
Primary data collected is fresh & for the first time & thus happened to be the original in
nature. It is used to measuring the factors which affect overall risk & return for the bank
while sanctioning the auto & home loan for various purposes mentioned earlier.

Research instrument used:-

Questionnaire: A questionnaire consists of a number of questionnaires printed or typed.
In a definite order on a form, the questionnaire was given to working executives in banks
as well as serving other places but having relation to this part for which I am conducting
research.
Some aspects of questionnaire:-
Structured & sequential order of questions.
Simple and easy wording.

Secondary data: -
Secondary data has obtained from various articles and websites.
I collect primary data with the help of questionnaires.

Statistical Tool
The Microsoft excel template was used for analyzing the data collected .the various
statistical tool used for analyzing were:
Pie diagram
Bar diagram
Column chart
Doughnut

Analysis & Interpretation: - Analysis of study will be performed by comparing the

Outcome obtained by clarification and tabulation which will be helpful to reach out at
final conclusion
2.6 Limitation of the study
The income tax sector in India is taken for the study and a limited number of consumers
and companies are included in the sample because of time and resource constraints.
Moreover, many demographic factors are ignored in the study. There is a need for a more
detailed study on the topic taking samples across the countries and industries and using a
more scientific and effective tools like focus group discussions and more sophisticated
questionnaires.

No assessment or re-assessment under section 32 of this Act shall be made by the

Commissioner after the expiry of four years from

(a) The date on which the person furnished a return under section 26 or Sub-
section (I) of section28 of this Act; or

(b) The date on which the Commissioner made an assessment of tax for the tax
period, whichever is the earlier.

Provided that where the Commissioner has reason to believe that tax was not paid
by reason of concealment, omission or failure to disclose fully material
particulars on the part of the person, the said period shall stand extended to six
years.

Notwithstanding sub-section (1) of this section, the Commissioner may make an

assessment of tax within one year after the date of any decision of the Appellate
Tribunal or court where the assessment is required to be made in consequence of,
or to give effect to, the decision of the Appellate Tribunal or court which requires
the re-assessment of the person.

Time is the major constrains.

The study is restricted to the Electronic city, Gurgaon only.
The study is based on the assumptions that all the responses given are true.
Sample size is small; hence the out come cannot be applicable to the universe.
Respondent provides data from their own intuitions and perception, which may
be rough estimates.
Since this study is time specified, the study findings are valid only for this study
only.
 Chapter -3
Data PRESENTATION &
analysis
 DATA ANALYSIS
MARKET SURVEY

3.1 Methods and techniques of data analysis

There are different types of survey methods:
Market Survey

Telephone Personal Mail Electronic Interviewing

Interviewing Interviewing Interviewing

Traditional In-Home Mail E-mail

Computer- Mall Mail Internet

Assisted Intercept Panel
Computer-
Assisted
In my market survey I have used the mall intercept in personal interviewing. In this
method I have prepared the questionnaire. Main aim preparing for this questionnaire for
increase the sales, provide the extra facility which customer wants, add the some extra
features in new product launch, and short out the customer problems.
Technique
To uncover the important attributes which determine the satisfaction level of the
employee with respect to the various services catered by the company, a non-structured
in-depth interview of employee selected by convenience is carried out. Then a list of
attributes is finalized keeping in mind that an attribute once selected is not repeated on
being encountered for the second time.

Statistical Techniques to be tool used

The data was shown with the help of diagrams and bar graphs.
2. Primary Data Analysis
Tools of Primary Data
A structured questionnaire which has both fixed alternative questions and open ended
questions is administered to the employees in the operations to gauge their perceptions
on the utility of subsystems under study.

DATA ANALYSIS AND INTERPRETATION

1.
Income Tax 75
Gift Tax 10
Wealth Tax 7
All the Above 8
Table-1.1

Direct Tax

All the Above; 8%

Wealth Tax; 7%
Gift Tax; 10%

Income Tax ; 75%

Figure -1.2

Interpretation:- from the above diag, it can be stated that 75% sample was aware of the
Income tax as a direct tax, 10% consider gift tax as direct tax whereas 7% thought of
wealth tax as income tax and 8% are of the view that all 3 comes under direct tax.
2.
Custom Duty 50
Exise Duty 15
Sales & Service Tax 20
All the Above 15
Table-2.1

Indirect Tax

All the Above; 15%

Sales & Service Tax; 20% Custom Duty ; 50%

Exise Duty; 15%

Figure -2.2

Interpretation:- from the above diag, it can be stated that 50% sample was aware of the
Custom Duty as a indirect tax, 15% consider Excise Duty as indirect tax whereas 20%
thought of Sales & Service Tax as indirect tax and 15% are of the view that all 3 comes
under indirect tax.
3

Salary Income 40
Income From house property 13
Income From Other Sources 27
Income From Capital Gains 20
Table-3.1

Gift Tax

Income From Capital Gains; 20%

Salary Income; 40%

Income From Other Sources; 27%

Income From house property; 13%

Figure -3.2

Interpretation:- It can be stated that 40% sample was aware of the Salary Income as a
Gift tax, 13% consider income from house property as gift tax whereas 27% thought of
income from other sources as gift tax and 20% are of the view that income from capital
gains comes under gift tax.
4

Wealth Tax & Gift Tax 50

Excise Duty 20
Custom Duty &Sales Tax 14
All Direct Taxes 16
Table-4.1

Direct Tax Code

All Direct Taxes; 16%

Custom Duty &Sales Tax; 14% Wealth Tax & Gift Tax; 50%

Excise Duty; 20%

Figure -4.2

Interpretation:- It can be stated that 50% sample was aware of the Wealth tax and gift
as a Direct tax code, 13% consider income from house property as gift tax whereas 27%
thought of income from other sources as gift tax and 20% are of the view that income
from capital gains comes under gift tax.
5

Seller 45
Manufacturer 15
Consumers 28
None of the Above 12
Table-5.1

Ultimate Tax Burden

None of the Above; 12%

Seller; 45%
Consumers; 28%

Manufacturer; 15%

Figure -5.2

Interpretation:- It can be stated that 45% sample was aware of the Seller as a Ultimate
tax burden as code, 15% consider Manufacturer as Ultimate Tax Burden whereas 28%
thought of Ultimate Tax Burden as Ultimate tax Burden and 12% are of the view that
None of the above comes under Ultimate Tax Burden.
6

Central Government 17
State Government 23
Both central & State government 45
Local Government 15
Table-6.1

Sales Tax

Central Government; 17%

Local Government; 15% State Government; 23%
Both central & State government; 45%

Figure -6.2

Interpretation:- :- It can be said that 23% sample was aware of the State government as
a Sales tax as code, 45% consider Both Central & state Govt as sales Tax whereas 15%
thought of Local government as Sales Tax and 17% are of the view that Central
Governement comes under Sales Tax.
7

CENVAT 35
Value Added Tax(VAT) 26
MODEVAT 39
Table-7.1

State Sales Tax

MODEVAT; 39% CENVAT; 35%

Value Added Tax(VAT); 26%

Figure -7.2

Interpretation:- It can be said that 26% sample was aware of the Value added Tax as a
State Sales tax as code, 39% consider MODEVAT as State sales Tax whereas 35%
thought of CENVAT as State Sales Tax.
8

Set off is givenfor input tax and tax paid on 35

previous purchases
It avoid double taxation 25
Turnover Tax & Surcharges abolished 14
All the above 26
Table-8.1

Benefits of VAT

Set off is givenfor input tax and tax paid on previous purchases; 35%
All the above; 26%
Turnover Tax & Surcharges abolished; 14%
It avoid double taxation; 25%

Figure -8.2

Interpretation:- It can be said that 35% sample was aware of the Set off is givenfor
input tax and tax paid on previous purchases as a Benefits of VAT as code, 25% consider
Double taxation as Benefits of VAT whereas 14% thought of Turnover Tax & Surcharges
abolished as Benefits of VAT and 26% are of the view that all the 3 comes under
Benefits of VAT.
9

CENVAT 15
VAT 25
Indirect Tax Code 45
Goods & Services Tax(GST) 15
Table-9.1

Indirect Taxes

Goods & Services Tax(GST); 15% CENVAT; 15%

VAT; 25%
Indirect Tax Code; 45%

Figure -9.2

Interpretation:- It can be said that 25% sample was aware of the VAT as a Indirect
Taxes as code, 45% consider Indirect Tax Code as Indirect Taxes whereas 15% thought
of Goods & Sevices Tax as Indirect Tax and 15% are of CENVAT as Indirect Taxes.
10

Income Tax 35
Custom Duties 11
Excise Duties 39
Corporation Tax 15
Table-10.1

Tax Revenue

Corporation Tax; 15%

Income Tax; 35%

Excise Duties; 39%

Custom Duties; 11%

Figure -10.2

Interpretation:- It can be said that 11% sample was aware of the Custom Duties as a
Tax Revenue as code, 39% consider Excise Duty as Tax Revenue whereas 15% thought
of Corporation Tax as Tax Revenue and 35% are of Income Tax as Tax Revenue.
 Chapter -4

SUMMARY
AND
CONCLUSIO
N
 SUMMARY, CONCLUSION AND SUGGESTIONS

Direct taxes like income tax, wealth tax, etc. are based on the principle of ability to pay,
so the equity or justice in the allocation of tax burden is well secured by these taxes. A
horizontal equity is maintained by taxing persons in a similar economic situation at the
same rate, so also a vertical equity in direct taxation is maintained by discriminating
between tax payers according to their differing economic standing. Usually direct
taxation is progressive in effect. Since direct taxes can be designed with fine gradation
and progressiveness, they can serve as an important fiscal weapon of reducing the gap of
inequalities in income and wealth. Direct taxes thus lead to the objective of social
equality. Death duties and inheritance taxes are unique in this respect. Direct taxes are
elastic and productive. Revenue from direct taxes increases or decrease automatically
with the change in the national income or wealth of the country. The canon of certainty is
perfectly embodied in direct taxation. Compared to indirect taxes, direct taxes are more
exact and precise in estimating the revenue. Further, in direct taxes, the tax-payer knows
how much he has to pay and the State can estimate the yields correctly. The canon of
economy is also well maintained under direct taxation. Direct taxes like income tax etc.
being collected annually in lump-sum, the administrative cost of such collection will be
minimum as compared to the indirect taxes like sales tax, excise duties, etc., which are
collected at short intervals (usually, quarterly), and which involve a high cost of
collection. Further, chances of tax evasion are also minimized in direct taxes when they
are collected at source. Gladstone, therefore, puts it as: If you had only direct taxes you
would have an economical government.Direct taxes have an educative value as they
create a civic sense among the tax-payers. Citizens realise their duty to pay taxes and
because of the direct burden of taxes they become conscious and keep vigil on how the
public income is spent by the government in a democratic country.Direct taxation can
serve as a good instrument of anti-inflationary fiscal policy designed to maintain the
price level at a stable level. The excessive purchasing power during inflation can be
mopped up from the community through increased direct taxes.

Public should be more aware about the taxes and its payment.
 The sample must get educated regarding the rate of taxes and it is implemented in
an economy

The govt should ensure that all the citizens are paying taxes and performing their
responsibilities on time

The people should know that Why it is important to pay taxes to government and
they are unaware about the reason behind pay the taxes

If they are aware about the payment of taxes they will get loans from govt banks
and if they are not aware about taxes it is difficult that the loan is to be approved.

Govt should take measures to improve their communication regarding taxes

majorly to rural areas it will help our agriculture sector.
 APPENDICES

Questionnaire
Dear Sir/Madam,
I am a student of GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY Deemed
University Institute of Innovation in Technology and Management, New Delhi
undertaking A Study on Filing of Income Tax Return &Valuation of Assets in
KAILASH SUSHIL & ASSOCIATES .. This exercise is a part of our curriculum. I
would be obliged if you could provide me with some of your valuable time to answer a
few questions.
Name - ..
Organization -
Designation - ..
Email-Id -
Contact No.-

1. Which of the following are Direct Taxes:-

Income Tax
Gift Tax
Wealth Tax
All the Above

2. Which of the following are Indirect Taxes:-

Custom Duty
Exise Duty
Sales & Service Tax
All the Above

3. If the value of gift tax Exceeds Rs 50000 it is taxable under the head:-
Salary Income
Income From house property
Income From Other Sources
 Income From Capital Gains

4. Direct Tax Code(DTC) Bill 2010 was introduced in parliment to overcome the
Complications Of
Wealth Tax & Gift Tax
Excise Duty
Custom Duty &Sales Tax
All Direct Taxes

5. Who Bear the ultimate tax burden of indirect Tax:-

Seller
Manufacturer
Consumers
None of the Above

6. Sales Tax in india is imposed By:-

Central Government
State Government
Both central & State government
Local Government

7. State Sales Tax was replaced by:-

CENVAT
Value Added Tax(VAT)
MODEVAT

8. What are the benefits of VAT

Set off is givenfor input tax and tax paid on previous purchases
It avoid double taxation
Turnover Tax & Surcharges abolished
All the above
9. Most of the Indirect Taxes are joint to be replaced by:-
CENVAT
VAT
Indirect Tax Code
Goods & Services Tax(GST)

10. Which of the following is the most important contributer to the Tax Revenue?
Income Tax
Custom Duties
Excise Duties
Corporation Tax
 BIBLIOGRAPHY/REFERENCES

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Newspaper
a. Economic Times
b. European Journal of International Law
c. Business wire

Magazine
Business World (Issue: 25th July, 2015)

Research Reports
a. Research report by UBS Warburg
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Economictimes.com
Eurekahedge.com
Google.com
http://www.trchadha.com/
Invetopedia.com
Vanguard.com
www.bpoindia.com
www.itindustry.com