PRACTICAL NOTE BOOK

(Prepared for the Degree of B. Com. Honours in Accounting & Finance under the University
of Calcutta)

SUBJECT: COMPUTERISED ACCOUNTING SYSTEM and E-FILING OF TAX

RETURN

Submitted by

Name of the Student : ANUBHAV MISHRA

Registration No : 145-1111-0475-20
Name of the College : Goenka College of Commerce & B.A.
University Roll No : 201145-21-0481
College Roll No : 345

Supervised by
Name of the Teachers : Prof. Asit Kr. Ghosh& Prof. Anup Ghosh
Designation : Associate Professor in Accountancy
Name of the College : Goenka College Of Commerce & B.A.

Month & Year of submission

JUNE- 2023

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 SUPERVISOR’S CERTIFICATE

This is to certify that ANUBHAV MISHRA ,a student of B.Com Honours in

Accounting & Finance of GOENKA COLLEGE OF COMMERCE AND
BUSINESS ADMINISTRATION Under the University of Calcutta has worked
under my supervision and guidance for his project work and prepared a project
report with the title COMPUTERISED ACCOUNTING SYSTEM AND
EFILING OF TAX RETURN.

This project report, which he is submitting, is his genuine and original work to
the best of my knowledge.

Place: KOLKATA
Date: / / SIGNATURE: …………………………..

NAME: Prof. Anup Ghosh & Asit Kr. Ghosh

DESIGNATION: ASSOCIATE PROFESSOR
COLLEGE: GOENKA COLLEGE OF COMMERCE AND B.A.

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 ACKNOWLEDGMENT

It gives me immense pleasure to present on Computerized Accounting System and e-FILING OF TAX
RETURN carried out in a Partial Fulfilment of B. Com Honours Sem-VI study. No work can be carried out
with the help and guidance of Various persons. I am happy to take this opportunity to express my gratitude
to those who have been helpful to me in completion of my project.

At the outset I would like to thank my supervisor prof. Anup Ghosh & Asit Kumar Ghosh for their valuable
advice and guidance during my project completion, also for their timely help concerning various aspect of
the project.

I would be failing in my duty if I do not express my deep sense of gratitude to my friends without whom I
could not have completed my project work.

Place: KOLKATA
Date: / /

Signature: ………………………….

Name: ANUBHAV MISHRA

Semester :VI
CU registration no.:145-1111-0475-20
CU roll no.:201145-21-0481

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 TABLE OF CONTENT

Section Topic Page No.

Unit 1: I)Company Creation 5-10
Computerised
Accounting System
II)Ledger Creation 11-14
III)Voucher Entry 15
IV)Generic accounting 16
Software-Advantages
And Disadvantages
Unit 2:E-filing Of Tax I)Condition for 17
Return compulsory e-filing by
individual

II)Condition for using 18

ITR 1&ITR 2

III)Information 19
required for online
ITR filling

IV)Steps of 20-29
Registration &e-filing
of ITR

V)Specimen Copy Of 30-32

Form 10E & Challan
280

VI)Filled in ITR1 of 33-40

given information

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 Unit -1
COMPUTERISED ACCOUNTING SYSTEM

I) COMPANY CREATION:-
STEPS ACTIONS INSTRUCTIONS TO BE
FOLLOWED

Step 1 To open Tally Software Double click on tally icon

from your desktop

Step 2 To go to Create Company To do this select create

Screen company from the
company info. Menu
using up and down arrow
key and press enter key.

Step 3 To fill up the details in In this company creation ,

Company Creation you should enter all the
Screen. details of the company
that you been asked for.

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Details to be filled in company creation screen:-
Directory:-It is nothing but data storage location. The tally directory will store all data you entered in Tally
ERP 9.Anyway,by default ,the data storage will be inside the installation folder.

Name:-In this field, we are required to type the name of the company. for example XYZ INC.

Address;-In this data field, we are required to enter the address of the company.

Country:-Here we are required to select the country from the list in which business operates.

State:-In this data field, We have to select the state in which we would comply with statutory laws.

Contact Details:
Phone No:-Every company contact number which we would like to display on invoices.

Mobile No.:-Enter the contact number of managing person to whom any queries related to invoicing of
delivery of product, complaining in the product could be reached to.

Fax No.:-Enter the fax number to which any confirmation statements ,ledger copies etc., could be sent and
received.

Email:-Enter the company’s email address.

Website:-Enter the company’s web address if any.

Books and financial year details:

Financial year begins from-year-

In this data field, you have to type the financial year in which you want to create a company .suppose you
may have be starting company on December 01 2023,you should enter the financial year from as
01.04.2023.

Books beginning from-

In this data data field ,you have to type the financial year in which you want to create company on
December 01 2023,you should enter the financial year from 01.04.2023

1)Starting in the middle of the financial year.

2)Companies which are migrating from manual accounting to Tally ERP 9 in the middle of the financial
year.

Security Control:
Tally Vault Password(if any)-

This data field is for security purpose. By enabling this data field, Tally ERP 9 convert tally data into an
encrypted format. To encrypt means convert the data from recognized format to unrecognized format.

By entering the Tally Vault password we can prevent unauthorized access of company data.

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CAUTION:- FORGETTING TALLY VAULT PASSWORD WILL RENDER THE DATA
INACCESSIBLE.

Use Security Control?

Enabling this data field, we will get complete control over the data, we can assign users for specific
purposes, for example:

1)We can assign data entry operators who can access only voucher entry screens.

2)We can assign billing clerks who can access only sales invoice voucher.

3)We can assign Financial Managers who can access financial data and reports as the administrator control
his access.

In this data field, we will be asked the administrator name and password.

Base Currency Information:-

Base Currency Symbol-

In this data field,the currency symbol of the country is auto selected based on the country of origin fed by
you in the previous data field. There is no need to change this data field if you are using the same currency
for accounting.

Formal Name-

This is the formal name of the currency selected in the previous field.

Suffix Symbol to amount?

This data field will ask you whether currency symbol is required. For example: prior to amount like $4,500.

Add space between amount and symbol?

This data field is like $4,500 space in between currency symbol and amount.

Show amount in millions?

If we set this data field to yes ,Tally will display the amount in millions that are in the balance sheet or other
reports. Amount for example 100,00,000 will be shown as 10.[one million equals 10,00,000]

Number of decimal places-

It is general practice to use 2 decimal places , for example:1)for using paisa in Indian Currency System we
use 2 decimal places.

2)for using cents in American dollar Currency we use 2 decimal places.

Word representing amount after decimal-

This data field is used in printing in Indian Currency decimal portion is said to be paisa .Set this data as per
your formal name of the decimal value in your currency.For US $ it is cents. Hundred cents make one dollar.
While printing 75 paisa will print as seventy paisa.

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 II) LEDGER CREATION :-
There is a total of 2 major ways to create a ledger in Tally.

1)one way is to create single ledger.

2)another way is to create with multiple ledger.

To create ledger from voucher screen by pressing ALT+C

Explanation:-When We need to create 1 or 2 ledgers ,we can create with the help of single ledger option. On the
other hand, when we need to create more ledgers, we can create easily with the help of an option called Multiple
Ledgers..

Method1:Single Ledger Creation in Tally:-

Step 1:From Gateway of Tally, go to Accounts Info

Step 2:Go to Ledger

Step 3:Under Single ledger, Selec the option Create

Step 4:Fill in the particulars in the Ledger Creation screen displayed:

Name: The first box is the Name of the ledger. Enter the name of the ledger, for example ,Furniture A/C; Party ledger
account(Sales)

Under: Every ledger requires a group to operate in .For example, Furniture A/C will be under fixed asset group and
party ledger account(Sales) under Sundry Debtors as they are receivables which the company will realize on the future
point of time.

[Rule: The rule is very simple .We just have to select the group that is required as per the nature of the ledger.]

Inventory Values are affected: This needs to be set to yes if we have stock to be maintained.

Mailing Details: Details like Name, Address, Country and Bank Details for the ledger has to be filled.

[Note: It is for the ledgers such as debtors and creditors which require these kind of details.]

Tax Registration Details: Tax registration details include:

PAN /IT NO.: _________________________

Registration Type: __________________________

GSTIN/UIN: __________________________

Set/Alter GST details: __________________________

[Note: Similar to mailing details , these details are also of people and not for ledgers like furniture, building etc.]

Only one step is different.

Step 1: From Gateway of Tally, go to Accounts Info.

Step 2: Go to Ledger.

Step 3: Under Multiple Ledgers, Select the option Create

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Step 4:Fill the particulars in ledger creation screen.

Under Group: This option is similar to the under option under single ledger method. For example , Furniture A/C
,Electrical and fittings will be under Fixed Asset group, Investment in shares , Investment in Fixed deposit account
under Investment group etc. ,This works well if we create ledgers under only one group.

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III)VOUCHER CREATION :-
Accounting Vouchers:-
Skip Date field in Creation Mode (faster entry)-

By default, the cursor skips the Date field during voucher creation . If you do not want to skip the date field
then set this option to NO.

Use Single Entry Mode for Pymt/Rcpt/Contra-

By default, Tally.ERP 9 displays single entry mode for payment/receipt/contra entry. If you want to display
it in double entry mode, then this option to

No use payment/Receipt as contra-

By enabling this option ,you can enter contra in payment as well as receipt voucher.

Use Cr/Dr instead of To/By during Entry-

By enabling this option ,you can change To/By to Cr/Dr in the Voucher Entry Screen.

Use Cheque Printing for Contra-

By enabling this option, you can print cheques from contra voucher itself while making the inter bank
transfers and cash withdrawals. The cheque printing option will appear for the bank which is credited.

Warn on Negative Cash Balance-

By Default Tally.ERP 9 displays a Negative cash Balance Warning Message. If you set it to No , this
error message will not be displayed.

Pre-Allocate Bills for payment/Receipt-By enabling this option ,you can pre-allocate the bills before
specifying the Ledger amount.

Allow Expenses/Fixed Assets in Purchase Voucher-

By enabling this option, you can select the expenses and also fixed asset ledger in Purchase Voucher Entry.

Show Inventory Details-

By default, Tally.ERP 9 displays inventory details in the voucher entry screen. If you set it to No , the
inventory details will not be displayed.

Show Table of Bill details for selection-

By default, Tally.ERP 9 displays Pending Bills list of a ledger account in the voucher entry screen. If you set
it to No ,the pending bills will not be displayed.

Show Bill-Wise Details-

By default,Bill-wise details of a ledger account are displayed in the voucher entry screen .If youy set it to
No, Bill wise details will not be displayed.

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Expand Into Multiple Lines-

This is a sub section of the show bill-wise details option. When you enter credit days in the Bill-wise Details
Screen, Tally.ERP 9 displays the due date below the credit days.

Show ledger Current Balance-

By default, Tally.ERP 9 displays the ledger current balance upto the last voucher entry date. If you set it to
No, the ledger current balance will not be displayed.

Show balance as on Voucher date-

By default, Tally.ERP 9 displays the ledger current balance up to the last voucher entry date,If you set it to
yes , it will display the ledger balance up to current voucher entry date.

Show Forex Gain/Loss as on Voucher Date-

By default , Tally.ERP 9 displays the Forex Gain/Loss balance up to the last voucher entry date. If you set it
to yes, it will display the Forex Gain/Loss balance up to Current Voucher entry date.

Inventory Vouchers:-
Use reference number in stock journal-

By enabling this option, you can add the voucher reference field in stock journal also.

Show Compound Unit of Item based on Rate-

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By enabling this option, you will be allowed to show the compound unit of item based on the unit provided
in the Rate Per Column.

Example:Compound unit created as Kgs of 1000grams. When the quantity is typed as 12-250, the
Quantity will be displayed as 12-250 kgs and unit in Rate per as kgs.Enable the option Show Compound
Unit of Item based on Rate, and type the required Unit in Rate Per column to change the compound unit of
the item, i.e., if grams is typed in Rate Per Column, the Quantity will automatically change to 12,250
grams.

Show Full Details of Compound Unit-

Enabling this option will display full details of compound unit in the Quantity field. If kgs is typed in Rate
per field ,the Quantity field will display as 12 kgs.250grms.

Warn On Negative Stock Balance-

By default, Tally.ERP 9 displays a warning message for negative stock balance. If you set it to No , the error
message will not be displayed.

Honor Expiry Date usage for Batches-

Expiry batches will not be displayed in the List of Active batches.

Show Balances as on Voucher Date-

By Default, Tally.ERP 9 displays the stock item balance up to the last voucher entry date. If you set it to
Yes, it will display the stock item balance upto current voucher entry date.

Show Godown-wise Details-

This option is used only in the case of Rejection in and Rejection Out Vouchers. By default, Tally.ERP 9
displays the Godown details in Rejection in/out vouchers. If you set it to No, the godown details will not be
displayed in Rejection in/out Vouchers.

Show Batch-Wise Details-

This option is used to display batch information pertaining to stock items during Voucher Entry. If you set it
to No ,the Batch-Wise details will not be displayed.

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Tally Vouchers Entry

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 III) Generic Accounting Softwares :-
Advantages And Disadvantages of Accounting Software-
Reliable accounting software is likely to benefit many businesses. However , such software sometimes
comes with its share of problems, so it is important not to overlook the possible issues.
Advantages of accounting software:-
Benefits of accounting software include :
1.Simple Data Entry-It is typically fast, straightforward and required only once.
2.Fast process-Delays , for example between a sale and invoice , are minimal.
3.Digital Record Keeping-Essential for Making Tax Digital for VAT.
4.Automation of Reports and Analysis-e.g. on profit and loss, debtors and creditors, customer accounts ,
inventory counts, sales, forecasting etc.
5.Automation of tasks-e.g. calculating pay, producing payslips, calculating and submitting VAT, etc.
6.Reduction Of Errors-e.g. transposition of figures , incorrect or incomplete recording of transactions, etc.
7.Integration with other systems-Such as online banking and e-filing.
Using accounting softwares can help you save time and money , and offer you valuable insight into your
business. If you choose the package carefully, investing in a computerized accounting system can be thereof
the best decisions you can make for your business.
Disadvantages of accounting software:-
Certain problems and disadvantages are worth considering if you are looking to use accounting software in
your business.
For Example:
1.Price-The package cost ,although small in relation to your other costs, is higher than a paper-based system.
2.Implementation-Manual accounts are generally easier to set up and can be more flexible than
computerized accounting. You will probably need some initial help setting up accounting software. Your
accountant or system provider will usually charge you for this service.
3.Support- You may need to purchase yearly maintenance and support for your package.
4.Specialised needs-An accounts package will typically suit most types of business. However, specialist
businesses may need to refine the package or change their processes to accounting software successfully.
Accounting Software may sometimes also have a steep learning curve, so if you are more comfortable
writing up ledgers and books , keeping manual accounts may be a simple option.

Do I need to use accounting software?

Not all the businesses will benefit from using accounting software. You can’t successfully manage your
business without sort of an accounting system. Whether you choose manual over computerized accounting,
it’s entirely up to you.Small or new businesses are probably and computerized system until their accounting
needs become more complex.

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 Unit -2
E-FILING OF TAX RETURN

I)Condition for compulsory e-filing by individual:-

1.The total income exceeds maximum amount not chargeable to tax. Such income is t6o be
calculated before taking any of the folllowing benefit-
a.deductions like life insurance premium , investment in provident fund etc., are claimed for.
b.where a specified asset is sold and any deduction is claimed for investments made in
house property , notified bonds, and such other specified deductions or,
c.Before claiming exemption available , if any on sale of listed securities held for a period
more than 12 months and securities transaction tax is paid on such transaction or,
d.specified exemptions.
2.The individual has deposited an amount6 or aggregate of the amounts exceeding Rs. 1
crore in oine or more current accounts held with a banking company or cooperative banks;
3.Has incurred an expenditure of an amount or aggregate of the amounts exceeding Rs. 2
lakhs for himself or any other person for travel to a foreign country, however, travel to
neighbouring countries or to such pilgrimage as the may be specified will not be considered
as foreign travel;
4.Has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh
rupees towards consumption of electricity;
5.Fulfills such other conditions as may be prescribed;
6.Has incurred a loss either in business or on the investments held by him and desires that
such loss be carried forward over future years;
7.Is a resident and who at any time during previous year,
a.Holds , as a beneficial owner or otherwise, any asset located outside India or has signing
authority in any account located outside India:;
b.Is a beneficiary of any asset(including any financial interest in an entity) located outside
India.
NOTE-Conditions mentioned in serial no 2 to 5 above are proposed by the Finance (No. 2)
Bill , and shall be applicable once the Bill receives the asset of president.

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II)Condition for using ITR-1 & ITR-2:-
ITR-1:--This Return Form is to be used by an individual who is a resident other than not oridinary resident
whose total income for the Assessment Year 2023-24 does not exceed Rs. 50 lakh and who has income
under the following heads:
(a)Income From Salary/Pension, or
(b)Income from One House Property, or
(c)Income from other sources.
NOTE:Furthur, in case where the income of another person like spouse , minor , child , etc., is to be clubbed
with the income of the assesse , this return form can be used only if the income being clubbed falls into the
above income categories.

Who is not eligible to use this return form:-

A.This Return Form should not be used by an individual who-
a.is a director in a company;
b.has held any unlisted equity shares at any time during previous year;
c.has any asset(including financial interest in any entity)located outside India;
d.has signing authority in any account located outside India ;or
e.has income from any source outside India.
B.This return form also can not be used by an individual who has any income of the
following nature during the previous year-
(a)Profits and gains from business and professions;
(b)Capital Gains;
(c)Income from more than one house property;
(d)Income under the head other sources which is of following nature:-
(i)Winnings from lottery;
(ii)activity of owing and maintaining race horses;
(iii)income taxable at special ratesunder section 115BBDA or section 115BBE;
(e)income to be apportioned in accordance with provisions of section 5A; or
(f)Agricultural Income in access of Rs. 5000.
C.Further , this return form also can’t be used by an individual who has any claims of
loss/deductions/relief/tax credit etc. Of the following nature-
(a)any brought forward loss or loss to be carried forward under the head “Income From House Property”;
(b)Loss under the head “Income From Other Sources”;
(c)any claim of relief under section90 or section 91;
(d)any claim of deduction under section 57 , other than deduction under clause (iia) thereof(relating to
family pension); or
(e)any claim of credit of tax deducted at source in the heads of any other person.

ITR-2:--This return form is to be used by an individual or a Hindu Undivided family(HUF) who is not
having any income under the head-‘Profits or gains of business or profession’.

Who is not eligible to use this return form:-

This return form should not be used by individual whose total income for the Assesssment Year 2023-24
includes Income under the head-Profits or Gains of Business And Profession.

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III)Information Required for online ITR filing:-

Imcome Tax Return(ITR) documents offer as per the earning sources of tax filter. But , there are certain
documents that are mandatory for every taxpayer irrespective of our income sources. Here is a list of such
common ITR documents that are required in Assessment Year 2023-24.

1.PAN Card:-This is the first and formost prerequisite if you are filing an income tax return.
Your name on the income tax PAN card must be the same as the one stated in ITR. However , as per the
recent amendment by the govt. taxpayers can also file ITR with Aadhaar number instead of the PAN
number.
2.Aadhaar Card:-According to section 13AA of the Income Tax Act , individuals need to provide
his/her Aadhaar card details while filing the returns. If you do not provide your Adhaar Card but have
applied for the same, then you would be required to provide the enrollment ID in your IT returns. Linking of
PAN and Adhaar helps in verifying your income tax return through an OTP.
3.Form 16:-This form consists of the details of the salary of the employee and the amount of TDS
deducted from salary, Form 16 consists of two different parts, Part A and part B.Part-A contains the amount
of tax deducted by the employer during the financial year along with the PAN and TAN details of the
employer. The part B of the form consists of TDS calculations like gross salary breakup,exempt allowances,
prerequisites etc.
4.Form-16A/Form-16B/Form-16C:-Form-16A is issued for TDS deducted on payments other than
salaries such as income received from recurring deposits , fixed deposits etc. If a person sells his property ,
then form 16B is issued. Form 16C is a TDS cerificate that reflects the TDS deducted on rent@5% by an
individual or HUF under section 194IB.
5.Bank Account Details:-Disclosure of all active bank account are mandatory in the ITR.
Bank Account details like your bank name, account number,IFSC,number of accounts you hold are
necessary to be quoted in the return for income.
6.Form26AS:-It is an annual tax statement like a tax passbook that has details of all the taxes you have
deposited against your PAN. This document is issued by TRACES. These include:-
a.TDS deducted by the bank
b.TDS deducted by the employer.
c.TDS deducted by other organisation from the payments done by you.
d.Advance tax deposited by the individual.
e.Self-assessment taxes paid by individual.
The individual should make sure that all the taxes which are deducted in the financial year are reflected
against the PAN in form 26AS.
7.Home Loan Statement:-The individuals are provided with the details like principal and interest
breakup transaction that are repaid in the loan statement.
If the individual has taken a home loan from any of the financial institutions like banks etc, then he/she
should collect the statement for the last financial year.
8.Tax Saving Instruments:-If you have invested in any of the tax saving schemes like tax-saving FDs,
ELSS,investment receipts,etc.then you should have the relevant documents ready when you file your taxes.
9.Capital Gains Details:-If you have sold shares,securities or property, it will result in capital gains or
losses.The gains or losses must be reported in Income Tax Returns.
10.Rental Income:-In case you are earning an income from your house or property , it should be
reported while filing ITR.
11.Foreign Income:-The documents for any income earned in or from a foreign country during a job
development or otherwise for part of the year should be furnished with your tax consultant to help you claim
the benefit of tax credits and DTAA.
12.Dividend Income:-If you have invested in shares or mutual funds and have earned dividend income
on the same,it should be reported while filing your Income Tax Returns.
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IV)Steps of Registration & e-filing of ITR:

Registration Process:
Filing of Income Tax Return requires one to register itself on the income tax department’s website-
https://www.incometaxindia.gov.in
The registration is very simple and easy.The following is required to register youself on the income tax
website:-
1)PAN Card
2)Aadhar Card
3)Mobile Number
4)Email Address
The registration process is explained hereunder:
Perform trhe following steps to register as an “Individual User”:

Step 1: Go to the e-Filing portal homepage, click Register.

Step 2: Enter your PAN under Register as a Taxpayer option and click Validate. In case the PAN is already
registered or invalid, an error message is displayed.

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Step 3: Enter all the mandatory details including Name, DOB / DOI, Gender (if applicable) and Residential
Status as per your PAN on the Basic Details page and click Continue.

Step 4: After PAN is validated, the Contact Details page appears for individual taxpayers. Enter your
Contact Details including Primary Mobile Number, email ID and Address. Click Continue.

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Step 5: Two separate OTPs are sent to the primary mobile number and email ID mentioned in Step 5. Enter
the separate 6 digit OTPs received on the mobile number and email ID and click Continue.

Step 6: Edit the details in the page if necessary and click Confirm.

Step 7: On the Set Password page, enter your desired password in both the Set Password and Confirm
Password textboxes. Enter your personalized message and click Register.

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Step 8: When you are successfully registered, click Proceed to Login to begin the login process.

Step 9: Log in to the e-Filing portal and update your profile to access all the available services.

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E-filing process:
Step 1: Log in to the e-Filing portal using your user ID and password.

Step 2: On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.

Step 3: Select Assessment Year as 2022–23 and Mode of filling as online, then click continue.

Step 4: In case you have already filled the Income Tax Return and it is pending for submission, click
Resume Filing. In case you wish to discard the saved return and start preparing the return afresh click Start
New Filing.

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Step 5: Select Status as applicable to you and click Continue to proceed further.

Step 6: You have two options to select the type of Income Tax Return:

• If you know which ITR to file, Select the ITR form; else
• If you are not sure which ITR to file, you may select Help me decide which ITR Form to file and click
Proceed. Here the system helps you determine the correct ITR, then you can proceed with filing your ITR.

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Step 7: Once you have selected the ITR applicable to you, note the list of documents needed and click Let’s
Get Started.

Step 8: Select the checkboxes applicable to you regarding reason for filing and click Continue.

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Step 9: In case you wish to opt for New Tax Regime, select Yes in the Personal Information Section.
Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required). Click
Confirm at the end of each section.

Step 10: Enter your income and deduction details in the different section. After completing and confirming
all the sections of the form, click Proceed. Verify your returns and send a hard copy to the Income Tax
Department. The verification process is mandatory.

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V) Specimen Copy Of Form 10E & Challan 280:-

Form 10 E:

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A Specimen Copy Of Form 10 E Of Our College:

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Challan 280:
(Based on problem given in page no. 39)

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VI)Filled in ITR 1 of given Information:-

Problem:
Following are the information of Mr. ASarkar son of S. K. Sarkar for the financial year
2021-22. PAN ABLPFXXXXM,Aadhaar no. 3837 4481 XXXX, DOB 10.03.1962, address
46, M G Road, Kolkata-700080, West Bengal, Mobile No. XXXXXX3574, Email id
AXXXXX@gmail.com, Resident individual , Return filed u/s 139(1), type of return Original,
employee of a Govt. aided educational institution in Surya Sen Street, Kolkata-700012, TAN
of employer CALG0XXXXC, PAN of employer ARGCK9564L.
Bank Account details: HDFC BANK, CAMAC STREET BRANCH, A/C NO.
96857456325, Account type Savings, IFSC Code HDFC0000056
Date of Filing Return 25.07.2022, Place of Filing Return Kolkata.
The particulars of Mr. A Sarkar are as follows:
i) Income under the ‘salaries’ Rs. 1815196
ii) Interest on fixed deposits with SBI Rs. 52,000
iii) Interest on savings deposits with SBI Rs. 25,000
iv) Dividend from ITC Ltd. Rs. 12000
v) Interest on NSC(including 6th year interest Rs. 2250) Rs. 9250
vi) He made the following payments :
a) Premium paid on wife’s life insurance (Policy Value Rs. 84000) Rs. 9000
b) NSC (VIII th issue) purchase Rs. 20000
c) Donations to National Defence Fund Rs. 30000
d) Interest on self-occupied house building loan Rs. 2,10,000
e) Medical insurance premium Rs. 55,000
f) Investment in NPS Rs. 32,000

Tax payment details of Mr. A: BSR Code- 6360218, Challan serial number- 5544, Date of
deposit- 14.04.2022, Amount of tax paid-Rs. 36000.
You are requested to prepare his return for the assessment year 2022-23 using the
appropriate ITR and under appropriate tax regime i.e. New or Old.

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SOLUTION:

TAXABLE INCOME UNDER THE OLD REGIME

Computation of total income of Mr. A.Sarkar, a resident individual for t h e A.Y-
2022-23 relating to the P.Y-2021-22.

Particulars Rs. Rs.

A. Income under the head salaries :-

Salary received 18,15,196

B. Income from House Property :-

(Self-Occupied) (2,00,000)
Interest on loan (Max, limit)

C. Income from Other Sources:-

Interest on Fixed Deposits with SBI 52,000
Interest on Savings Deposits with SBI 25,000
Dividend from ITC Ltd. 12,000 98,250
Interest on NSC 9,250

GROSS TOTAL INCOME 17,13,446

Less:
a) Deduction u/s 80C:
Wife’s life insurance 8,400
NSC Purchase 20,000
Interest on NSC (9250-2250) 7,000
(35,400)
b) Deduction u/s 80(CCD):
Investment in NPS
32,000
c) Deduction u/s 80(D):
Medical insurance (max, limit)
50,000
d) Deduction to NDF (100%)
30,000

e) Deduction u/s 80 TTB: 50,000

(1,62,000)
(1,97,400)

TAXABLE INCOME 15,16,046

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 TAX CALCULATION UNDER OLD REGIME

Particulars Rate Tax

(%) (Rs.)

Tax on first Rs. 3,00,000

__0%__ NIL
Next 3,00,001-5,00,000 5% 10,000
Next 5,00,001 – 10,00,000 20% 1,00,000
Above 10,00,000 30% 1,54,813
+ Health & Education cess @ 4% of tax 2,64,813
+ 10,592
Rounded off u/s 288B 5

TOTAL TAX 2,75,410

Tax paid till date (-) 36,000

Balance Tax to be paid 2,39,410

TAXABLE INCOME UNDER THE NEW REGIME

Computation of total income of Mr. A.Sarkar, a resident individual for t h e A.Y-
2022-23 relating to the P.Y-2021-22(u/s 115BAC).
Particulars Rs. Rs.
i) Income under the head salaries :-
Salary received(before standard deduction) 18,65,196

ii) Income from other sources:-

52,000
TAX
Interest on Fixed Deposits with SBI CALCULATION
Interest on Savings Deposits with SBI 25,000
Dividend from ITC Ltd. 12,000 UNDER NEW
Interest on NSC 9,250
98,250
REGIME
19,63,446

(-) Deduction u/s 80C to 80U NIL

TOTAL TAXABLE INCOME 19,13,446

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 Particulars Rate (%) Tax (Rs.)

Tax on first Rs. 2,50,000

__0%__ NIL
Next 2,50,001-5,00,000 5% 12,500
Next 5,00,001 – 7,50,000 10% 25,000
Next 7,50,001-10,00,000 15% 37,500

Next 10,00,001-12,50,000 20% 50,000

Next 12,50,001-15,00,000 25% 62,500
Above 15,00,000 30% 1,39,033
+ Health & Education cess @ 4% of tax 3,26,533
+ 13,061
Rounded off u/s 288B 6
TOTAL TAX 3,39,600

Tax paid till date (-) 36,000

Balance Tax to be paid 3,03,600

So, the old regime is more profitable to the assessee .

This is because assessee has to pay less amount of tax i.e.
Rs.2,39,410 under old regime as compared to new regime
i.e.Rs.2,88,000 as a taxable amount for the Assessment Year
2022-23.So,we conclude that the tax liability in old regime is less
than the new regime(u/s115BAC i.e.2,39,410<3,03,600).Hence Mr. A
Sarkar chose old regime and file ITR on this basis .

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ITR 1 of Mr. A Sarkar is to be filled as follows .

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 STUDENT DECLARATION

I hereby declare that the project work with the title “COMPUTERISED
ACCOUNTING SYSTEM AND E-FILING OF TAX RETURN ” submitted by
me for the partial fulfillment of the degree of B.Com (Honours) in Accounting &
Finance in Business under the University of Calcutta is my original work and has
not been submitted to any other University/Institution for the fulfillment of the
requirement for any course of study.
I also declare that no chapter of this manuscript in whole or in part has been
incorporated in this report from any other work done by other or me.
However, extracts of any literature which has been used for this report has been
duly acknowledged providing details of such literature in the references.

Place: KOLKATA
Date: / / Signature: …………………………..

Name: ANUBHAV MISHRA

ADRESS: Kolkata.
CU registration no.:145-1111-0475-20
CU roll no.:201145-21-0481

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