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1. PROJECT ICITSS Submitted To : Mr.Chetan bhasin Mrs. Deepa Verma Mr. Raman Deep Singh Mr. krisnhan Jain Submitted by: Batch no : 43 Group no : 04 (Roll no 34 to 45) Batch timimgs : 2PM TO 8PM Centre name Vishwas Nagar JNJ E-FILING

2. I wish to express my sincere gratitude to all my teachers Mr. Chetan Bhasin, Mr. Raman Deep Singh, Mrs. Deepa Verma and Mr. Krishan Jain for providing me an opportunity to make this project report on e- filing. I sincerely thank Mrs. Deepa Verma for their guidance and knowledge in carrying out this project work. I also wish to express my gratitude to the officials and members of the team who rendered their help during the period of the project work. I also thank the board of studies, Institute Of Chartered Accountants Of India, for providing us the opportunity to embark on this project. Acknowledgment

3. SHREYA BHARGAVA SHRIYA AGRAWAL SHUBHAM SHARMA SIMANT SHRIVASTAVA TAMANNA UJJWAL GARG 34 35 36 37 38 39 40 41 42 43 VANSHIKA LUTHRA YACHNA YATHARTH JAIN KARTIK GUPTA PARTICIPANTS

4. INTRODUCTION BENEFITS DIFFERENCE BETWEEN E-FILING AND PAPER FILING ADVANTAGES AND DISADVANTAGES XBRL DATE COLLECTION AND CONSUMPTION STEPS FOR E-FILING IN XBRL FORMAT BENEFITS OF XBRL WHAT IS GST RETURN GSTR - 1 AND GSTR - 2A GSTR-3 AND GSTR - 9 HOW TO FILE RETURN AND PROCEED PAYMENT RETURN OF INCOME DUE DATE OF FILING OF ITR SECTION FOR FILING RETURN DEFAULT IN FURNISHING RETURN Company Law E-filling Pre-requisite software for e-filling E-filling Process INDEX

5. Introduction Of E-filing E-filing is the short form of electronic filing of taxes. E-filing is when you electronically file your tax returns online for a particular year.

6. WHAT IS E-FILING The Process of electronically filing tax return through the internet is known as e-filing .

7. Benefits Of E-filing (1) Saving of time. The taxpayers do not need to visit a tax inspectorate. (2) No Duplication. (3) Errors avoiding. (4) Confidentiality.

8. Difference between E-filing and Paper Filing

9. Difference between E-filing and Paper Filing

10. RETURN OF INCOME R eturn of income is the format in which the assessee furnishes information as to his total income and tax payable COMPULSORY FILING OF RETURN OF INCOME SECTION139(1) (A) Company & Partnership Firm (B) Individual HUF, AOP,BOI, Artificial Judicial Person (C) Representative Assessee (D) Every Resident and Ordinary Resident (E) Insertion vide the Finance Act , 2019

11. (A) Company (other than company required to be furnished report u/s 92 E) (B) Any other person who is required to get his accounts audited either under Income Tax Act or under any other Act. (c) A partner of a partnership firm whoes accounts are requried to be audited under Income Tax Act or any other law for time being in force . DUE DATE OF FILING OF ITR 31st October of A.Y. 30th November of A.Y. (D) Assessee who is required to furnish a REPORT u/s 92E ,i.e. Assessee having international transaction . 31st July of A.Y. (E) Any other assessee.

12. SECTION FOR FILING RETURN Original Return section 139(1) : Return filed within due dates. Belated Return section 139(4): Return filed after due dates. Revised Return section 139(5): Assesse has filed his return within the due dates and has made any error while filing the return or furnished incomplete details then he/she can revise the return u/s 139(5) and send the revised ITR-V to the department. Defective Return section 139(9) INTEREST CHARGES 1 REFUND : 0.5% per month or part of the month 2 Demand : 1% per month 3 Belated Return : 1% per month or part of the month u/s 234A 4 Advance tax: 1% per month u/s 234B and 234C

13. FEES FOR DEFAULT IN FURNISHING RETURN [SECTION 234F] Where a person required to furnish a return of income u/s 139 fails to do so within the time prescribed u/s 139(1), he shall pay, by way of fees, a sum of- (a) Rs. 5,000 if the return is furnished on or before the 31st day of December of the assessment year; (b) Rs. 10,000 in other case Provided that if the total income of the person does not exceed Rs. 5,00,000 the fees payable under this section shall not exceed Rs. 1,000

14. The XBRL language uses different dictionaries, known as ‘ taxonomies’ , to define the specific tags used for each standard Taxonomies differ according to reporting purposes, the type of information being reported and reporting presentation requirementsTaxonomies are the computer-readable ‘dictionaries’ of XBRL. XBRL tags are formed in a universally-accepted way, they can be read and processed by any computer that has XBRL software . Computers can treat information that has been tagged using XBRL ‘intelligently’; they can recognize, process, store, exchange and analyze it automatically using software. XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. XBRL is a world-wide standard, developed by an international, non-profit-making consortium, XBRL International Inc. XBRL

15. Data Collection and Reporting Data Consumption and Analysis By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently if the sources of information have been upgraded to using XBRL. Users of data which is received electronically in XBRL can automate its handling, cutting out time- consuming and costly collation and re-entry of information . Software can also immediately validate the data, highlighting errors and gaps which can immediately be addressed.

16. 1 Creation of XBRL instance document 2 Download XBRL validation tool 3 Load the instance document 4 Validate the instance document 5 Pre-scrutiny of the instance document 6 Convert to pdf and verify the contents of the instance document 7 Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL Steps for e-filing of financial statements in XBRL format on MCA portal 8 Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL Creation of XBRL instance document Download XBRL validation tool Load the instance document

17. Automated data collection Reliable and accurate Time-saving process Analytical process Improved way of reporting Safe in data handling Cost-effective Helps in better decision making BENEFITS OF XBRL

18. WHAT IS GSTR RETURN? GST return is a document that will contain all the details of the sales, purchases, tax collected from sale , and tax paid on purchase. All business owners and dealers who have registered under the GST system must file GST returns in GST PORTAL according to the nature of their business and transactions to avoid interest and penalities . Once registered person file GST returns, he will need to pay the resulting tax liability.

19. Every registered person has to file GSTR1 monthly by furnishing details of all outward supples (sales ) in GST PORTAL made during a tax period. It is also filled for reporting credit/debit notes issued. Small taxpayers with ₹1.5 crore turnover in the previous financial year can file for a GST quarterly return under QRMP scheme. Form GSTR-2A is a system generated Statement of consisting details of the Inward Supplies and purchases made by a recipient. Form will be AUTOPOPULATED when the supplier uploads t he B2B transaction details in their Form GSTR-1 GSTR-1 GSTR-2A

20. GSTR-3B IS A SIMPLIFIED SUMMARY RETURN . The purpose is to declare the summary of their GST liabilities for a particular tax period and discharge these liabilities. It is required to form GSTR-3B return for every tax period. GSTR-9 is an ANNUAL RETURN to be filed once for each financial year, by the registered taxpayers who were regular taxpayers. Here, the details of purchases, sales, input tax credit or refund claimed or demand created etc will be furnished . The details will be AUTOPOPULATED by GST portal based on GSTR-1 and GSTR -3B filed by taxpayer in Editable format. GSTR-3B GSTR-9

21. HOW TO FILE RETURN AND PROCEED PAYMENT? Register for GSTIN Log in to the GST portal Returns dashboard, select financial year Select return to file Enter details and submit it Check submission status Tax payment Offset liability confirmation message displayed

22. Company Law E-filling Ministry of Corporate Affairs, Government of India brought up a revolutionary change in administration of company law matters by making it completely "electronic". Right from name approval of a company till closing a company, everything is in elctronic format. All the activities are managed through www.mca.gov.in The Ministry is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law.

23. For e-filling on MCA 21 your computer must have the following components install Windows 2000/Windows XP/Windows Vista/Windows 7 All users using below mentioned services on MCA21 are required to have Windows XP (SP3) Windows Vista/Windows and JDK 1.6 updated version30 installled on the machine Any user looking on MCA 21 using a DSC Any existing user registering/updating a DSC Any new user registering using a DSC Internet Explorer v6.0 and above, Google Chrome, Mozilla Firefox Adobe Reader from version 9.4 or later Java Runtime Envronment (JRE) 1.6 or uploaded version 8 update 131 Pre-requisite software for e-filling

24. E-filling Process Sele1ct a category to download an e-form the MCA 21portal. 2. At any time, you can read the related instruction to familiarize yourself with the process. 3. You have to fill the downloaded e-form 4. You have to attach the necessary documents as attachments (in PDF form only). 5. You can use the Pref II button in E-Form to populate the grayed out portion by connecting to the Internet. 6. The appliccant or a representative of the applicant needs to sign the document using a digital signature. 7. You need to click the Check Form button available in the e-form 8. You need to upload the E-form for pre-security.

25. E-filling Process 9. The system will calculate the fee, including late payment fees based on the due date on filling, if applicable. 10. Payments will have to be made through appropriate mechanism - electronic or traditional means. 11. The payment will be exclusively confirmed for all online (Internet) payment transactions using payment gateways. 12. Acceptance or rejection of any transaction will be explicity communicated to the applicant. 13. MCA 21 will provide a unique transaction number, a Service Request Number (SRN) which can be used by the applicant for enquiring the status pertaining to that transaction. 14. Filling will be complete only when the necessary payments are made. 15. In case of a rejection, helpful remedial steps will be provided to the applicant. 16. The applicants will be provided an acknowledgement through email or alternatively they can check the MCA portal.

26. ITR 1 (SAHAJ) This form must be used by resident Indians who fall under the below-mentioned categories: Income is generated from salary or pension single house property (exclusion from brought forward losses) other sources (winning horse races, lottery, etc.) income of not more than Rs.5,000 is generated from agriculture. The total income that is generated can be a maximum of Rs.50 lakh. ITR 2 form must be used by individuals and Hindu Undivided Families (HUFs) who fall under the below-mentioned categories: Income of the individual must be more than Rs.50 lakh. Income can be generated via a pension or from salary. Income that is generated from house property. Income that is generated from winning a lottery or horse races. In case the individual is the Director of a company. Agricultural income of the individual is more than Rs.5,000. Income has been generated from capital gains . LIST OF ITR ITR 3 This form must be chosen by individuals and HUFs who make an income from a profession or from a proprietorship business.

27. ITR 4 (SUGAM) In case HUFs, Partnership Firms, and individuals who are Indian residents generate an income from a profession or business, they must opt for ITR-4 . However, Limited Liability Partnerships (LLPs) cannot opt for this form. Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form ITR 5 Investment funds, Business trusts, Estate of insolvent, Estate of deceased, Artificial Juridical Person (AJP), Body of Individuals (BOIs), Associations of Persons (AOPs), LLPs, and firms must opt for ITR-5 form LIST OF ITR ITR 6 ITR-6 , For any companies that are not claiming exemptions under Section 11, this form must be chosen. Companies that are filing returns under this section can only do it electronically.

28. OVERVIEW OF E-FILLING WEBSITE

29. OVERVIEW OF E-FILLING WEBSITE

30. 01 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. CONVENIENCE 02 03 E-filing systems often include built-in validation checks and error notifications.These features help ensure that the submitted documents meet the required formatting, data entry, and completeness criteria. ACCURACY AND ERROR REDUCTION E-filing systems typically employ robust security measures to protect sensitive information which provides a higher level of security. ADVANTAGES ENHANCED DATA SECURITY

31. 04 05 06 ADVANTAGES TIME-SAVING E-filing significantly reduces the time required for document processing. This leads to faster processing times and quicker access to relevant services or benefits. ENVIRONMENTAL SUSTAINABILITY By reducing paper usage and transportation-related emissions, e-filing contributes to environmental sustainability. The digital submission of documents helps conserve natural resources and reduces the carbon footprint COST-EFFECTIVE E-filing eliminates the need for printing, photocopying, and mailing paper documents, which can be costly in terms of materials and postage fees.

32. 01 02 03 DISADVANTAGES E-filing is entirely reliant on technology, and any technical failures or system malfunctions can disrupt the process and taxpayers may be unable to file their returns on time ACCESSIBILITY CONCERNS E-filing assumes access to digital resources and internet connectivity, which may not be available or accessible to everyone. LEARNING CURVE Transitioning to e-filing may require individuals to learn new software or online platforms. This can be challenging for those who are less technologically inclined or have limited access to digital resources. DEPENDENCY ON TECHNOLOGY

33. Despite the automation and validation features of e-filing systems, there is still a possibility of errors. Taxpayers might accidentally input incorrect information or make mistakes during the electronic filing process 04 POTENTIAL ERRORS 05 Taxpayers who encounter issues or have complex tax situations may find it challenging to receive personalized guidance or clarification when using e-filing systems. LIMITED SUPPORT DISADVANTAGES

34. Company Law E-filling About MCA Ministry of Corporate Affairs, Government of India brought up a revolutionary change in administration of company law matters by making it completely "electronic". Right from name approval of a company till closing a company, everything is in elctronic format. All the activities are managed through www.mca.gov.in The Ministry is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law.

35. E-filling Process Select a category to download an e-form the MCA 21portal. At any time, you can read the related instruction to familiarize yourself with the process. You have to fill the downloaded e-form. You have to attach the necessary documents as attachments (in PDF form only). You can use the Pref II button in E-Form to populate the grayed out portion by connecting to the Internet. The applicant or a representative of the applicant needs to sign the document using a digital signature. You need to click the Check Form button available in the e-form. You need to upload the E-form for pre-security.

36. E-filling Process The system will calculate the fee, including late payment fees based on the due date on filling, if applicable. Payments will have to be made through appropriate mechanism - electronic or traditional means. The payment will be exclusively confirmed for all online (Internet) payment transactions using payment gateways. Acceptance or rejection of any transaction will be explicity communicated to the applicant. MCA 21 will provide a unique transaction number, a Service Request Number (SRN) which can be used by the applicant for enquiring the status pertaining to that transaction. Filling will be complete only when the necessary payments are made. In case of a rejection, helpful remedial steps will be provided to the applicant. The applicants will be provided an acknowledgement through email or alternatively they can check the MCA portal.