A Project Report

ON

“Income Tax and E-Filing with reference to B.Behera&Associates

Session – 2024-25

Project Guide Submitted by:

 Acknowlwdgement

I Vishnu Priya Agrawal, MBA 3rd Semester student of BIITM

highly grateful to all those who guided me in completing this project.

Last but not the least, I would like to thanks to my faculty

guide who gave me the useful tips and suggestion regarding project.
I would like to thanks for imparting his valuable guidance to me.
 Preface

I had gone my summer internship program with B.Behera& associates. A

student can gain this practical knowledge when he/she comes to same
environment. He/She must have knowledge to tackle various types of
problems, which arise in business. He/She can be able to do it, when
actually faces the problem.

This is only possible during training period. A student may have a sufficient
attitude for his/her future jobs, but systematic practical training is
essential to bring in his confidence for job performance, mental
preparation, which enable him to take a future job responsibility.

As discussed above importance and objectives of training , besides all this ,

such training solves following purposes:

 Developing skills
In this ability, to perform work efficiently & effectively is being developed.
 Modifying attitude
Developing good attitude on the part of the training in regard to actual job
requirement that is management.
 Transmitting information
Information about the company, its product, services & policies.

So, as total above, I had the privilege of receiving my practical training in

B.Behera & Associates. The management of firm offered excellent
learning situation & sufficient facilities , to fulfil the objectives of training.
 Declaration

I hereby declare that the internship project entitled “ income tax return and
e- filling process with reference to B.Behera & Associates submitted by me
as a partial fulfillment for the reward of Mba for the session 2024-25 is
original and genuine work carried out by me.

Date
Place

Vishnu Priya Agrawal

Certificate
TABLE OF CONTENTS

PARTICULARS PAGE
NO.
Chapter 1- Introduction

Chapter 2- Company profile

Chapter 3- Literature Review

Chapter 4- Research objective

Chapter 5 – Research Methodology

Chapter 6- Data Analysis & interpretation

Chapter 7- Finding and analysis

Conclusion
Suggestion
Bibliography
Annexure

confidence for job

performance,
mental preparation,
which enable him to
take a future job
responsibility
confidence for job
performance,
mental preparation,
which enable him to
take a future job
responsibility
confidence for job
performance,
mental preparation,
which enable him to
take a future job
responsibility
confidence for job
performance,
 mental preparation,
which enable him to
take a future job
responsibility
confidence for job
performance,
mental preparation,
which enable him to
take a future job
responsibility

CHAPTER 1 : INTRODUCTION
Income Tax in India: Guide, IT Returns, E-Filing Process
 Taxes in India can be categorized as direct and indirect taxes. Direct tax is a
tax you pay on your income directly to the government. Indirect tax is a tax
that somebody else collects tax on your behalf and pays to the government
such as restaurants, theaters and e-commerce websites recovers taxes from
you on goods you purchase or a service you avail. This tax is, in turn passed
down to the government. Direct taxes are broadly classified as:

 Income Tax: Income tax is levied on the income of individuals, Hindu undivided
families, unregistered firms and other association of people. The law prescribes
the rate at which such income should be taxed.
 Corporation Tax: Corporation tax levied on the income of corporate firms and
corporations. For taxation purpose, a company is treated as a separate entity
and thus must pay a separate tax different from personal income tax of its
owner. Here again, a specific rate of tax for corporate has been prescribed by
the income tax laws of India.

Indirect taxes is levied by the government on goods and services. Therefore, it

can be shifted from one tax-paying individual to another. E.g; the wholesaler
can pass it on to retailers, who then pass it on to customers. Therefore,
customers bear the brunt of indirect taxes. The Central Board of Indirect Taxes
and Customs (CBIC) governs and administers indirect taxes.

Income Tax Basics

Paying your income tax for the first time is a milestone in any citizen’s life.
Everyone who ears or gets an income in India is subject to income tax ; be it a
resident or a non-resident of India. Your income could be business, salary ,
pension or from saving account’s interest. Even the lottery winners (such as
“kaun banega Crorepati”) have to pay tax on their prize money.

Defining the ‘Previous year’: The previous year or the financial year or your
tax year is the 12-month period that begins on the 1st of April and ends on the
31st of March of the next year. No matter when you start your job, your tax
year closes on 31st March and a new tax year starts on 1st April.
 Assessment Year : It is the financial year after the previous year in which you
will ‘assess’ and file your return for the previous year. So, the assessment year
is 2024-25 for the previous year 2023-24. Assessment year is the year in which
you will file your return for the previous year. For instance, if you start your job
on 1 January 2024, your tax year closes on 31 March 2024, 2023-24 is your
previous year and your AY is 2024-25.

For simpler classification, the Income Tax Department breaks down to income
into five heads:

Head/Sources of Income Nature of Income covered

Income from Salary Salary, Allowances, Leave encashment, Gratuity, Pension,

basically all the money you receive while rendering your
job as a result of your employment agreement

Income from House Income from house or building, this may be owned and
Property self-occupied or may be rented

Income from Business or Income/loss that arises as a result of carrying on a

Profession business or profession

Income from Capital Gain Income from gain or loss when you sell a capital asset

Income from Other Sources This is the residual head – includes your income from
savings bank accounts, fixed deposits, family pension or
gifts received

Taxpayers and Income Tax Slabs

Taxpayers in India, for the purpose of income include:
 Individuals, Hindu Undivided Family (HUF) Association of Persons (AOP)
and Body of Individuals(BOI)
 Firms
 Companies

Each of these taxpayers is taxed differently under the Indian Income Tax
laws. The income tax slabs in India vary according to the total income
earned and based on the type of regime chosen - old or new. Under the
new tax regime, income earned up to Rs. 3 lakh is tax-free whereas
under the old system, an income of up to Rs. 2.5 lakh is tax-free.

In old regime, we have four tax brackets each with an increasing tax rate.
 Income earners of upto 2.5 lakhs
 Income earners of between 2.5 lakhs and 5 lakhs
 Income earners of between 5 lakhs and 10 lakhs
 Income earning more than 10 lakhs

OLD REGIME

Slabs Individuals Resident Senior Citizens Resident Super

(Age< 60years) (>=60 but >80 years) Senior
Citizens(above
80 years)

Up to Rs. 2,50,000 Nil Nil Nil

Rs. 2,50,0010020 to 5% Nil Nil

Rs. 3,00,000

Rs. 3,00,001 to Rs. 5% 5% Nil

5,00,000

Rs. 5,00,001 to Rs. 20% 20% 20%

10,00,000

Above Rs. 10,00,000 30% 30% 30%

NEW REGIME

Slabs Income Tax Rates

Up to Rs. 3,00,000 Nil

 Rs. 3,00,001 to Rs. 6,00,000 5% (Tax Rebate u/s 87a)

Rs. 6,00,001 to Rs. 9,00,000 10% (Tax Rebate u/s 87a up to Rs 7,00,000)

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

Rs. 12,00,001 to Rs. 15,00,001 20%

Above Rs. 15,00,000 30%

Exceptions to the Tax Slab

One must bear in mind that not all income can be taxed on slab basis.
Capital gains income is an exception to this rule. Capital gains are taxed
depending on the asset you own and how long you have had it. The holding
period would determine if an asset is long term or short term. The holding
period to determine nature of asset also differs from different assets. A
quick glance of holding periods, nature of asset and the tax rate for each of
them is given below.

Type of capital Holding period Tax rate

asset
House Property Holding more than 24 months – Long Term
Holding, less than 24 months- Short Term 20% Depends on slab rate

Debt mutual Holding more than 36 months – Long Term 20% Depends on slab rate
funds Holding, less than 36 months- Short Term

Equity mutual Holding more than 12 months – Long Term 10% over and above Rs. 1
funds Holding, less than 12 months- Short Term lakh without indexation

Shares (SST paid) Holding more than 12 months – Long Term 10% over and above Rs. 1
Holding, less than 12 months- Short Term lakh
without indexation

Shares (SST Holding more than 12 months – Long Term 20% As per slab rates
unpaid) Holding, less than 12 months- Short Term

FMPs Holding more than 36 months – Long Term

Holding, less than 36 months- Short Term 20% Depends on slab rate

Income Tax Return

Income Tax Return or ITR is a form used to show your gross taxable
income for the given fiscal year with a taxing authority which reports
income, expenses, and other pertinent tax information. Tax return make
it simple for tax payers to calculate their tax liability, schedule tax
payments and request refunds for the overpayment of taxes. All
taxpayers who are filing their income tax returns are required to
determine the type of income tax return (ITR) form they need to fill
before actually filing their returns. The form is used by taxpayers to
formally declare their income, deductions claimed, exemptions and taxes
paid.

Types of ITR Forms

 There are nine different types of ITR forms which can be use to file ITR.
According to the Central Board of Direct Taxes in India, we must use
the relevant form to file income tax. Here is a brief about the forms.
The following income tax return forms are applicable for individuals :
 ITR-1 or Sahaj
 ITR-2
 ITR-2A
 ITR-3
 ITR-4 or Sugam
 ITR-4S

The following income tax return forms are applicable only for companies
and firms:
 ITR-5
 ITR-6
 ITR-7

ITR 1
Also known as the Sahaj form, this income tax return form is to be filed
solely by an individual taxpayer. ITR-1 can be filed by a Resident Individual
whose:

 Total income does not exceed ₹ 50 lakh during the FY

 Income is from salary, one house property, family pension income,
agricultural income (up to ₹5000/-), and other sources, which include:
o Interest from Savings Accounts
o Interest from Deposits (Bank / Post Office / Cooperative
Society)
o Interest from Income Tax Refund
o Interest received on Enhanced Compensation
o Any other Interest Income
o Family Pension
 Income of Spouse (other than those covered under Portuguese Civil Code)
or Minor is clubbed (only if the source of income is within the specified
limits as mentioned above).

ITR-1 cannot be filed by any individual who:

 is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian

(NRI)
 has total income exceeding ₹ 50 lakh
 has agricultural income exceeding ₹ 5000/-
 has income from lottery, racehorses, legal gambling etc.
 has taxable capital gains (short term and long term)
 has invested in unlisted equity shares
 has income from business or profession
 is a Director in a company
 has tax deduction under section 194N of Income Tax Act
 has deferred income tax on ESOP received from employer being an eligible
start-up
 owns and has income from more than one house property
 is not covered under the eligibility conditions for ITR-1

ITR-2A
ITR-2A is a newly-introduced income tax return form meant for
individuals and HUFs

Assesses who are eligible to file using the ITR-2A Form are:

 This form is applicable for those who have salary income and own more
than one house property and DO NOT have any capital gains.
 Those who have long-term capital gains from transactions on which
Securities Transaction Tax is paid (which are exempt) from tax can still use
this form.
 NRIs can file ITR-2A, if applicable, however residents who have a foreign
asset or foreign income CANNOT file this form.
 Those who have long-term capital gains from transactions on which
Securities Transaction Tax is paid (which are exempt) from tax can still
use this form.

ITR 2
ITR-2 form is for individuals and HUF receiving income other than
income from ‘Profits and Gains from Business or Profession’. Thus,
individuals with income from the following sources are eligible to file
Form ITR-2:

 Income from salary/pension

 Income from house property (income can be from more than one
house property)
 Income from capital gains/loss on sale of investments/property (both
short-term and long-term)
 Income from other sources (including winning from lottery, bets on
racehorses and other legal means of gambling)
 Agricultural income of more than Rs. 5,000
 Resident not ordinarily resident and a non-resident

The total income from the above sources may exceed Rs. 50 lakh.

ITR-2 cannot be filed by:

 Any individual or HUF having income from business or profession

 Individuals who are eligible to fill out the ITR-1 form (Sahaj)

ITR 3
The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided
Family, who solely operates as a partner is a firm but do not conduct
any business under the firm. The ITR-3 is applicable for individual and
HUF who have income from profits and gains from business or
profession. One can call it a master Form, as this is the one form where
an individual or HUF can report all the possible incomes.

The form is usually filed by those :

 Carrying on a business or profession (both tax audit and non-audit

cases)
 The return may include income from house property,
salary/pension, capital gains and income from other sources (bonus,
interest)
 Remuneration received from a partnership firm
 No persons other than individuals & HUF are eligible to file ITR -3
Form.
 Individuals & HUFs not having income by way of business or
profession or partnership firm are not eligible to file the ITR-3 Form.

ITR-4
This type of ITR form is useful for those individuals who conduct a
business or who earn income through a profession. This form is
applicable for all types of business, undertaking or profession,
without any limit on the income earned. Freelancers such as online
content writers, bloggers, vloggers, etc. need to file the ITR-4 form.
Also, professionals like chartered accountants, doctors, lawyers and
engineers, etc. whose income is computed on a presumptive basis
u/s 44AD, 44ADA or 44AE need to file this form.

ITR-4 is the Income Tax Return form for taxpayers who opt for a
presumptive income scheme under Section 44AD, Section 44ADA
and Section 44AE of the Income-tax Act,1961.
 ITR-4 is to be filed by the individuals/HUF/Partnership firm whose
total income includes as below:

 Income from business income calculated under Section 44AD or

44AE
 Income from profession calculated under Section 44ADA
 Income filed in ITR1, the total income from all the sources together
should not exceed Rs. 50 Lakhs.

ITR-4S
The Sugam ITR-4S Form is the Income Tax Return form for those
taxpayers who have opted for the presumptive income scheme as per
Section 44AD and Section 44AE of the Income Tax Act.

This form is applicable for the following persons:

 Individuals who earn income from any business.

 Individuals who earn income from a single housing party.
 Individuals who do not earn income through the sale of assets or
property in India i.e. capital gains.
 Individuals whose income from agriculture is below Rs. 5,000.
 Individuals who do not own any assets or property in countries other
than India.
 Individuals who do not earn income from any country outside India.

This form is useful in special circumstances and is applicable to business

where any income earned is based on a presumptive method of
calculation.
 ITR-5
This income tax return is meant for firms, LLPs (Limited liability
partnership), AOPs (Association of persons) and BOIs (Body of
Individuals), AJP (Artificial Juridical Person), Estate of deceased, Estate of
insolvent, Business trust and investment fund.
This form can be used by the following persons
 Firm
 Limited Liability Partnership (LLP)
 Association of Persons (AOP)
 Body of Individuals (BOI)
 Artificial Juridical Person (AJP)
 Local Authority referred to in clause (vi) of Section 2(31)
 Representative Assessee referred to in Section 160(1)(iii) or (iv)
 Cooperative Society
 Society registered under Societies Registration Act, 1860 or under any other
law of any State

ITR 6

ITR 6 is the Income Tax Return filing form specifically meant for
Companies other than companies claiming exemption under section 11
must furnish their income tax return in ITR-6 Form. Companies claiming
exemption under section 11 are those whose income from property is
held for charitable or religious purposes. This particular income tax
return form is only available to be filed online.

ITR 7
ITR-7 is filed when persons including companies are required to file their
returns as per these section:
 section 139(4A): Income of Charitable and Religious Trusts
 section 139 (4B): Political Parties
 section 139 (4C): Under this section, returns are to be filed by the
following entities:
 Any institution or association mentioned under Section 10(23A)
 Any association involved with scientific research
 Any institution mentioned in Section 10(23B)
 Any news agency
 Any fund, medical institution or educational institution
 section 139 4(D): University, college or other institution

E-Filing of Income Tax Returns

What is E-Filing ?
As per section 139(1) of the Income Tax Act 1961 in the country,
individuals whose total income during the previous year exceeds the
maximum amount not chargeable to tax, should file their income tax
returns (ITR). The process of electronically filing income tax returns is
known as e-filing. The filing of return can be done in two ways – one is
the conventional offline route which requires you to visit the office of
the Income Tax Department and doing it manually, and the other is to
file the returns on the internet E-Filing has been gaining a lot of
popularity in recent years thanks to advancement in technology. E-filing
is also relatively easier in comparison with offline filing as it doesn’t
involve tedious paperwork and can be done from the comfort of your
home.

Types of e-filing:
 Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT
forms using Digital signature Certificate (DSC) by a chartered
accountant.
 If you e-file without DSC, ITR V form is generated, which should then be
printed, signed and submitted to CPC, Bangalore by ordinary post or
speed post within 120 days from the date of e-filing.
 You can e-file IT returns through an E-return Intermediary (ERI) with or
without DSC.

Who should e-file income tax returns?

Online filing of tax returns is easy and can be done by most assesses.

 Assessee with a total income of Rs.5 Lakhs and above

 Individual/ HUF resident with assets located outside India.
 An assessee required to furnish a report of audit specified under
sections 10(23C) (IV), 10(23C) (V), 10(23C) (VI), 10(23C) (via), 10A, 12A
(1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the
Act.
 Assessee required to give a notice under Section 11(2) (a) to the
assessing officer.
 A firm (which does not come under the provisions of section 44AB),
AOP, BOI, Artificial Juridical Person, Cooperative Society and Local
Authority (ITR 5)
 An assessee required to furnish returns U/S 139 (4B) (ITR 7).
 A resident who has signing authority in any account located outside
India.
 A person who claims relief under sections 90 or 90A or deductions under
section 91.
 All companies

Benefits of Filing:
Filing tax returns online, or e-filing as it is called, has many benefits for
taxpayers.

 Prompt processing : The acknowledgment of Income Tax Return

(ITR) is quick. More importantly, refunds, if any, are processed faster than
paper-filed returns.
 Better accuracy : E-filing software with built-in validations and
electronic connectivity is seamless and minimizes errors considerably.
Paper-filings can be prone to errors. Also, when any paper-based form is
migrated to the electronic system, there is a possibility of human error in
data entry.
 Convenience : No time and place constraint in filing returns online.
E-filing facility is available 24/7 and you can file anytime, anywhere at
your convenience.
 Confidentiality : Better security than paper filings since your data is
not accessible to anyone either by design or by chance. With paper filings
details of your income can fall in the wrong hands at your chartered
accountant's office or in the Income Tax Department's office.
 Accessibility to past data : You can easily access past data while
filing returns. Most e-filing applications store data in a secure manner
and allow for easy access at the time of filing subsequent returns.
 Proof of receipt : You get prompt confirmation of filing, both at time
of filing and subsequently, via email on your registered email id
 Ease of use : E-filing is friendly and the detailed instructions make it
easy even for individuals not very conversant with the internet
 Electronic banking : Convenience of direct deposit for refund and
direct debit for tax payments. You have the option to file now, pay later -
decide what day to debit your bank account for tax payment, among
other convenience features.

Documents required to file income tax

While filing an income tax return, there are certain documents that need
to be submitted which held as evidence for the income earned in a
particular financial year. Every person liable to pay Income Tax is required
to act and submit such documents to Income Tax Department.

General details that would be required:

 PAN Card

This is the first and foremost prerequisite if you are filing an income tax
return. PAN is also required to deduct TDS and should be linked with your
bank account for direct credit of income tax refund (if any). It is issued by
the Income Tax

 Aadhaar Card

According to Section 139AA of the Income Tax Act, individuals need to

provide his/her Aadhaar card details while filing the returns. If you do not
have your Aadhaar card but have applied for the same, you must provide
the enrolment ID in your IT returns.

Reporting salary income required:

 Rent receipts for clamming HRA

 Form 16
 Pay slips

Reporting House Property Income required:

 Address of the house property

 Details of the co-owners along with their share in the mentioned
property and PAN details
 Certificate for home loan interest

 The date when construction was completed, in case an under-

construction property was purchased
 Name and the rental income of the tenant, if property is rented

Reporting Capital Gains required:

 There is a requirement of a stock trading statement with purchase

details, in case there are capital gains from selling the shares
 If a house or property is sold, you must sought sale price, purchase
price, details of registration and capital gain details
 Mutual fund statement details, purchase and sale of equity funds,
debt funds, SIPs and ELSS

Reporting Other Income required:

 The income from interest is reported. In case of interest

accumulated in savings Account, bank account statements are required
 Interest income from tax saving bonds and corporate bonds must
be reported.
 The income details earned from post office deposit must be
reported.

Steps to file IT return online

Filing your income tax has become an extremely easy process. Simply
follow the below steps:

 To begin with, log on to incometax.gov.in and register yourself on

the website. Your Permanent Account Number (PAN) becomes your user
ID.
 Now, you can view your tax credit statement or Form 26AS. The TDS
in your Form 16 must tally with the figures in Form 26AS. If not, you must
correct the discrepancy.
 Click on the income tax return forms and choose the financial year
you want to file your returns for.
 Then, you need to download the ITR form which applies to you. If
your exempt income exceeds Rs5,000, then the appropriate form will be
ITR-2.
 After that on Income Tax Return Page, select your ITR Form Number
and file your income tax return online.
 After filing your Income Tax Return, proceed towards e-Verifying
your Income Tax Return.
 The e-Verification process can be done using any of the following
modes:
 EVC generated through bank ATM or Generate EVC option under
My Account
 Aadhaar OTP
 Pre-validated Bank Account
 Pre-validated Demat Account

 After verifying and submitting your Income Tax Return, view your
submitted ITR form on the My Account > e-Verify Return option or by
sending signed ITR-V to CPC.

 Finally, you can view your uploaded Income Tax Returns.

E-Filing Tax Returns for 2024:

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has
started from 1st April 2024. The income Tax Department has released the
new ITR form and e-filing is now allowed on their website.

Deadline for E-Filing Tax Returns:

The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25)
without a late fee is 31st July 2024. You can e-file your tax returns any
time before then, but it is always better to e-file early to avoid rush and
heavy website traffic in the last month. However, if you miss filing within
the due date, you can still file a belated return before December 31,
2024.

Penalty for Late Filing Income Tax Return:

Taxpayers who do not file their income tax return on time are subject to
penalty and charged an interest on the late payment of income tax. The
penalty for late filing income tax return is now as follows:

 Amounting to Rs. 1,000 if the income in below Rs.5,00,000 and a

penalty of Rs. 5,000 if the income is above Rs. 5,00,000 in addition to
penalty in the form of interest and loss of certain benefits normally
available to on-time filers.
 Late filing After 31st December – Rs 10,000
 Penalty if taxable income less than Rs 5 lakhs- Rs. 1000

CHAPTER 2: COMPANY PROFILE

A firm is a business organization- such as a corporation, limited liability
company(LLC), or partnership- that sells goods or services to make a profit.
While most firms have just one location, a single firm can consist of one or more
physical establishment, as long as they fall under same ownership and utilize the
same Employer Identification Number (EIN). When used in a title, “firm” is
typically associated with business that practice law, but the term may be used
for a wide variety of business including accounting, consulting, and graphic
design firms. “Firms” is often used interchangeably with business, company, or
enterprise.

Different types of firm based on Ownership:

A firm’s business activities are typically conducted under the firm’s name, but
the degree of legal protection- for employees or owners- depends on the type
of ownership structure under which the firm was created. Some organization
types, such as corporations, provide more legal protection than others/ Firms
can assume a number of different types based on their ownership structures.

 One type of firm is a sole proprietorship or sole trader. A sole

proprietorship is owned by one person, who is liable for all costs and
obligations, and owns all assets.
 A partnership is a business owned by two or more people; there is no limit
to the number of partners that can have a stake in ownership. A partnership’ s
owners each are liable for all business obligations, and together they own
everything that belongs to the business.
 In a corporation, the business’s financials are separate from the owners’
personal financials. Owners of a corporation are not liable for any costs,
lawsuits, or other obligations of the business. A corporation maybe owned by
individuals or by a government. Though business entities, corporations can
function similarity to individuals; for example, they may take out loans, enter
into contract agreements, and pay taxes. A firm that is owned by multiple
people in often called a company.
 A financial cooperative is similar to a corporation in that its owners have
limited liability; with the difference that its investors have a say in the
company’s operations.

ABOUT THE FIRM:

Established in the year 31st January 2000, “B. Behera & Associates” is a
firm engaged in the areas of Project Finance, Company Law, Income Tax,
GST filing, and other miscellaneous services based on the client needs.
The services offered by the firm ensure that the diverse needs of its
clients are achieved through efficiency and precise means.
Our services are widely appreciated by the clients for its reliability and
appropriate results. The members are recruited after a stringent
screening of their professional as well as personal backgrounds.

ABOUT THE PROPRIETOR:

Mr. Bhagyadhar Behera, M.Com,LL.B, ACMA,FCS is in practice as a

Company Secretary w.e.f 31st January 2000 having Membership No.
F3202 & Certificate of Practice No. 3285 is the one who runs this firm.
With his consultancy more than 200 Rice Mills have come up in the State.
Being an Ex-Banker, he weilds good command over banking. With his
suggestion governor of Reserve Bank could take a decision to categorize
all “Agro based industry’s Finance” under “Direct Agriculture Finance” to
render interest benefits, to such industry.

LOCATION:

 MAIN HEAD: Mr Bhagyadhar Behera

 FIRM LOCATION: S-100, Maitree Vihar, BBSR-23.
 CONTACT DETAILS: 9937877108/7978662038
 EMAIL: [email protected]

FINANCIAL ADVISORS OF THE FIRM:

The firm places the client first and adopts a genuine partnering approach.
From the outset, it places great emphasis on understanding the client’s
current and likely future business, alongside its challenges and
opportunities. Through this rigorous brief derivation, regular discussion
and reporting, the advisors breadth of experience enables our client to
make decisions based on maximum information.

The Firm’ Approach:

The firm’s approach, with the right blend of experience and skills, offers
the client effective support. Rigorous proven methodologies, and
innovative thinking, enable the firm to stimulate imaginative solutions
that work. Good communications and a holistic approach involves with
frequent workshops.

GST Return Filing:

The firm is also specialized in GST return filing. Filing GST return under
the GST regime is crucial as non-compliance and delay will result in
penalties and affect your compliance rating and timely refunds.

A return is a document containing details of income which a taxpayer is

required to file with the tax administrative authorities. This is used by tax
authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that include:

 Purchases
 Sales
 Output GST (On Sales)
 Input tax credit (GST paid on purchase)

To file GST returns, GST compliant sales and purchase invoices are
require

In the GST regime, any regular business has to file two monthly returns
and one annual return. This amount to 26 returns in a year. The beauty of
the system is that one has to manually enter details of one month return-
GSTR-1. The other returns GSTR 3B will get auto-populated by deriving
information from GSTR-1 filed by you and your vendors. There are
separate returns required to be filed by special cases such as composition
dealers.

Late fees for not Filing return on Time:

If GST Returns are not filed within time, you will be liable to pay interest
and a late fee.

Interest is 18% per annum. It has to be calculated by the taxpayer on the

amount of outstanding tax to be paid. The time period will be from the
next day of filing to the date of payment.

Late fees is Rs.100 per day per Act. So it is 100 under CGST 100 under
SGST. Total will be Rs 200/day. Maximum is Rs.5,000. There is no late fee
on IGST.