“A STUDY ON FILING OF INCOME TAX RETURN VALUATION LUATION OF ASSETS IN KAILASH SUSHIL & ASSOCIATES.” CA KAILASH SUSHIL & ASSOCIATES ASSOCIATES Submitted in partial fufillment of the requirements for the award of the deree of
!a"helor of Commer"e #!$CO% To 'uru 'obind Sinh Indraprastha Uni(ersit)* +elhi
'uide, +r$-ani +r$-ani %a.umdar
Submitted b) , /ibin %athew 0ani"1er 23242566678
Institute of Innovation in Technology & Management New Delhi -110058 Batch(01!-01"#
7
CERTIFICATE I* %r$ %r$ /ibi /ibin n %ath %athew ew 0ani 0ani"1 "1er er * 9oll 9oll :o$ :o$ 2324 232425 2566 6667 678 8 "ert "ertif if) ) that that the the 0ro. 0ro.e" e"tt 9eport;+issertation #!$CO%<577 entitled =A STU+> O: ?ILI:' O? I:CO%E TA@ 9ETU9: & -ALUATIO: O? ASSETS is done b) me and it is an authenti" wor1 "arried out b) me at =KAILASH SUSHIL & ASSOCIA ASSOCIAT TES$ The matter embodied in this pro.e"t wor1 has not been submitted earlier for the award of an) deree or diploma to the best of m) 1nowlede and belief$
Sinature of the Student i$ +ate , Certified that the 0ro.e"t 9eport;+issertation #!$CO%<577 entitled =A STU+> O: ?ILI:' O? I:CO%E TA@ TA@ 9ETU9: & -ALUA -ALUAT TIO: O? ASSETS done b) %r$/ibin %athew 0ani"1er *9oll :o $ 23242566678 * is "ompletel) under m) uidan"e $
Sinature of the uide :ame of the uide , +r$ -ani %a.umdar
+esination , +ate ,
Countersined
3
#+ire"tor;0ro.e"t CoordinatorACKNOWLEDGEMENT
?irst and foremost I would li1e to pa) m) sin"ere ratitude whi"h I owe to D$ % ani
Ma'uma$, for her (alued help and uidan"e whi"h she a(e me when I needed it the most$ It was onl) due to her sin"ere help and efforts that I was able to end up with this pro.e"t$ I sin"erel) a"1nowlede her for eBtendin their (aluable uidan"e $support for literature* "riti"al re(iew of the pro.e"t and the report and the abo(e all the moral support he had pro(ided for me with all the stae of this pro.e"t
I owe owe spe" spe"ia iall than than1s 1s to Dr. C.P. Cha!a +ire +ire"t "tor or of “I"#$%$ “I"#$%$$' $' () I""(*a$% I""(*a$%(" (" I" "o
5
TA/LE TA/LE OF CONTENTS CONTE NTS CHAPTER 01 INTRODUCTION
0234
7$7 O(er(iew of industr) as a whole 7$3 0roblems of the Industr) 7$5 0rofile of the "ompan) 7$8 Statisti"al ?a"ts and information 7$D Competition information 7$ SFOT anal)sis of the oraniGation CHAPTER 31 LITERATURE REVIEW
56265
3$7 +is"ussion about the wor1 done b) others on similar issues 3$3 Current Issues 3$5 :ew +e(elopment in the "ompan) and industr) CHAPTER 51 RESEARCH METHODOLOGY
37258
5$7$ Statement of the 0roblem 5$3$ Ob.e"ti(es & S"ope of Stud) 5$5$ %anaerial usefulness of stud) 5$8$ T)pe of 9esear"h and resear"h +esin 5$D$ +ata Colle"tion %ethods 5$$ Limitations of Stud) CHAPTER 91 DATA DATA ANALYSIS ANALYSIS
6924:
8$7$ %ethods and te"hniques of data anal)sis 8$3$ 0rimar) +ata Anal)sis 8$5$ Se"ondar) +ata Anal)sis CHAPTER 81 LIMITATION, CONCLUSION AND SUGGESTIONS REFERENCES APPENDICES
uestionnaires
8
Chapter -1 Introduction
D
INT)*D+,TI*N 0.0 O*'r*%' () %";#$r- a# a h(!' The Central 'o(ernment has been empowered b) Entr) 63 of the Union List of S"hedule -II of the Constitution of India to le() taB on all in"ome other than ari"ultural in"ome #sub.e"t to Se"tion 72#7$ The In"ome TaB Law "omprises The In"ome TaB A"t 747* In"ome TaB 9ules 743* :otifi"ations and Cir"ulars issued b) Central !oard of +ire"t TaBes #C!+T* Annual ?inan"e A"ts and /udi"ial pronoun"ements b) Supreme Court and Hih Courts$
The o(ernment of on taBable in"ome of all persons in"ludin indi(iduals* Hindu Undi(ided ?amilies #HU?s* "ompanies* firms* asso"iation of persons* bod) of indi(iduals* lo"al authorit) and an) other artifi"ial .udi"ial person$ Le() of taB is separate on ea"h of the persons$ The le() is o(erned b) the Indian In"ome TaB A"t* 747$ The Indian In"ome TaB +epartment is o(erned b) C!+T and is part of the +epartment of 9e(enue under the %inistr) of ?inan"e* 'o(t$ of India$ In"ome taB is a 1e) sour"e of funds that the o(ernment uses to fund its a"ti(ities and ser(e the publi"$
The In"ome TaB +epartment is the biest re(enue mobiliGer for the 'o(ernment$ The total taB re(enues of the Central 'o(ernment in"reased from 7*543$3 billion #US37 billion in 744J<46 to D*664$24 billion #US66 billion in 322J<26$
R'#%;'"$%a! #$a$#
?or all purposes of In"ome taB TaB pa)ers are "lassified into 5 "ateories 7$ 9esident and Ordinaril) 9esident 3$ 9esident but :ot Ordinaril) 9esident 5$ :on<9esident Char' $( %"+('2$a< An entit) whose in"ome eB"eeds the maBimum amount* whi"h is not "hareable to the
in"ome taB* is an assessee* and shall be "hareable to the in"ome taB at the rate or rates pres"ribed under the finan"e a"t for the rele(ant assessment )ear* shall be determined on basis of his residential status$
In"ome taB is a taB pa)able* at ena"ted b) the Union !udet #?inan"e A"t for e(er) Assessment >ear* on the Total In"ome earned in the 0re(ious >ear b) e(er) 0erson$ $
R'#%;'"$%a! #$a$# () a ='r#(" ($h'r $ha" a" %";%*%;a! T-='
C("$r(!
&
() person
a"a''"$
() a"a''"$
a))a%r#
()
$h'
C("$r(!
a))a%r#
&
()
C("$r(!
&
() a"a''"$
()
$h'
a))a%r#
()
$h'
$a<=a-'r %# h(!!-
$a<=a-'r %# h(!!- $a<=a-'r %# =ar$!- %"
%" I";%a
($#%;' I";%a
I";%a =ar$!- ($#%;'
HU? 9esident ?irm 9esident Asso"iation of 9esident
:on<9esident :on
I";%a 9esident 9esident 9esident
persons Indian
9esident
9esident
9esident
"ompan) ?orein
9esident
:on
:on
"ompan) An) other 9esident
:on
9esident
person eB"ept an indi(idual HU? is resident or non
An Indian "ompan) is the one whi"h satisfies the "onditions as laid down under
•
se"tion 3#3 of the A"t$ ?orein "ompan) is the one whi"h satisfies the "onditions as laid down under se"tion 3#35A of the A"t$
0.3 Pr(>!'# () $h' I";#$rThe basi" aim of problem anal)sis is to obtain a "lear understandin of the needs of the "lients and the users* what eBa"tl) is desired from the in"ome taB* and what the "onstraints on the solution are$ The anal)sts ha(e to ensure that the real needs of the "lients and the users are un"o(ered* e(en if the) dont 1now them "learl)$ J
The ?ilin of In"ome TaB 9eturn -aluation of Assets in T$9$ Chadha & Co$ is effe"ti(el) a "hare on "onsumer spendin whi"h applies to the (alue added to a produ"t or ser(i"e at ea"h stae of its produ"tion and distribution$ The In"ome TaB is "olle"ted in staes b) In"ome TaB reistered firms$ The "onsumer pa)s the full amount of the taB but at ea"h stae up to that point firms handlin the oods pa) input taB to their suppliers and "olle"t output taB from their "ustomers$ ?irms pa) the net In"ome TaB "olle"ted to Customs and EB"ise$ In prin"iple* In"ome TaB is (er) simple* thouh for some se"tors su"h as retail* it "an be quite "ompleB$ The Inland 9e(enue and Customs & EB"ise are due to mere in autumn 3228 to "reate H% 9e(enue and Customs$ !ut the oraniGations new "hairman has announ"ed that bi business is li1el) to be the first benefi"iar) of the merer* as one of the first new departments within the new bod) will be a one
A 1e) "omplaint of the traders was that the o(ernment has not bothered to edu"ate them before imposin new taB$ It has been introdu"ed without a preamble$ The main problem with the implementation of In"ome TaB it is oin to in"rease the load of traders and de"reasin their profitabilit) $?or this purpose I had to stud) the o(er all impa"t of new taB reform =In"ome TaB
The basi" prin"iple used in anal)sis is the same as in an) "ompleB tas1, ;%*%;' a"; +("?'r$ That is* partition the problem into sub problem and its relationship to other sub
problems in an effort to understand the total problem$
6
In this se"tion few methods of problem anal)sis are presented$ The oal is to understand the problem domain* with different methods of anal)sis and pi"1 the approa"h that is best suited to the problem at hand$ I")(ra! a==r(a+h
The informal approa"h to anal)sis is one where no defined methodolo) is used$ Li1e in an) approa"h* the information about the s)stem is obtained b) intera"tion with the "lient* end user* questionnaires* stud) of eBistin do"uments* et"$ howe(er* with this approa"h no formal model is built of the s)stem$ The problem and the s)stem model are essentiall) built in the minds of the anal)sts and are dire"tl) translated from the minds of the anal)sts to the SRS$
0.5 Pr()%!' () $h' +(=a"0.5.0. A>($ $h' C(=a"-
The Compan)Ns !oard of +ire"tors is responsible for the matters stated in Se"tion 758#D of the Companies A"t* 3275 #the A"t with respe"t to the preparation of these standalone finan"ial statements that i(e a true and fair (iew of the finan"ial position* finan"ial performan"e and "ash flows of the Compan) in a""ordan"e with the a""ountin prin"iples enerall) a""epted in India* in"ludin the A""ountin Standards spe"ified under Se"tion 755 of the A"t* read with 9ule J of the Companies#A""ounts 9ules* 3278$ This responsibilit) also in"ludes maintenan"e of adequate a""ountin re"ords in a""ordan"e with the pro(isions of the A"t for safeuardin of the assets of the Compan) and for pre(entin and dete"tin frauds and other irreularities sele"tion and appli"ation of appropriate a""ountin poli"ies ma1in .udments and estimates that are reasonable and prudent and desin* implementation and maintenan"e of adequate internal finan"ial "ontrols* that were operatin effe"ti(el) for ensurin the a""ura") and "ompleteness of the a""ountin re"ords* rele(ant to the preparation and presentation of the finan"ial statements that i(e a true and fair (iew and are free from material misstatements* whether due to fraud or error$ Fe ha(e audited the a""ompan)in finan"ial statements of SSI0L Lifest)le 0ri(ate Limited #=the Compan)* whi"h "omprises the !alan"e Sheet as at 57st%ar"h 327D*the Statement of 0rofit and Loss * the Cash ?low Statement for the )ear then ended and a summar) of sinifi"ant a""ountin poli"ies and other eBplanator) information$
4
0.5.3 F(ra$%("@ C(=a"- Pr()%!'
A !%%$';
!%a>%!%$-
=ar$"'r#h%=
%$h
LLP I;'"$%)%+a$%("
N(.
AAF25736B
%$h '))'+$ )r( 34$h D'+'>'r, 3:08
Fith o(er J2 )ears of histor)* KAILASH SUSHIL & ASSOCIATES has been one of Indias prominent Chartered a""ountan") firms pro(idin wide arra) finan"ial and ad(isor) ser(i"es to numerous %:Cs as well as reputed Indian "ompanies$ In %a) 748* %r$KAILASH SUSHIL #?ounder laid down a solid foundation for the brand with stron emphasis on "lient satisfa"tion and deli(erin eB"ellen"e in A""ountin* Auditin* TaBation* Assuran"e and !usiness Ad(isor) ser(i"es$ ?ollowin a top not"h "orporate "ulture* we belie(e in deli(erin a""urate* rele(ant and timel) information to the de"ision ma1ers usin industr) eBpertise$ Fe help "ompanies to sta) "ompliant and lawful$ Fe aim at appl)in intellien"e and eBpertise b) pro(idin realisti" solutions to "ompli"ated business s"enarios usin anal)ti"al s1ills* fun"tional eBpertise and intensi(e trainin$ Our result oriented and su""ess dri(en partners belie(es in pro(idin equal ser(i"es to "lients of all siGes and at all lo"ations$ Our di(erse team "onsists of 75 partners and o(er D6D emplo)ees with o(er 7J8 Chartered A""ountants and other domain eBperts$ :ation
0.5.5 MISSION VISION AND VALUES M%##%("1 !ein mindful of the impa"t that we ha(e on our "ustomers* emplo)ees*
"ommunities and en(ironment we at CA KAILASH SUSHIL & ASSOCIATES aim at deli(erin sheer eB"ellen"e in ?inan"ial* Leal and Ad(isor) ser(i"e se"tors$ V%#%("1 To lead b) eBample b) "ombinin industr) eBpertise and eBperien"e to deli(er
"riti"al information to leadin de"ision ma1ers$ 72
Va!'# INTEGRITY1 Upholdin the hihest le(el of professional standards and reputation for
interit)* we platform a "ulture of transparen") and responsibilit)$ Fe are ea"h personall) a""ountable for the hihest standards of beha(ior* in"ludin honest) and fairness in all aspe"ts of our wor1$ Fe are "ommitted to the wide rane of eBpert ser(i"es we pro(ide maintainin hih ethi"al standards$ Interit) is our "ornerstone and "ommitment is the heart of our business$ PASSION FOR EXCELLENCE1 Utmost eBpertise and eB"ellen"e of the ser(i"es we
offer is part of our "orporate +:A$ Fe stri(e to su""eed b) eB"eedin "lient eBpe"tations of affordabilit)* qualit) and time
"ollaborati(e rowth$ CapitaliGin from our "ultural and ideoloi"al di(ersit)* we at CA KAILASH SUSHIL & ASSOCIATES offer best in the leaue mentorin* de(elopment and "oa"hin prorams for our people and buddin a""ountin professionals$ 0eople are the "ore of our business and we (alue them$ 0.5.9 F"+$%("#@ H%#$(rH%#$(r- () Ta
"olle"ted taBes from them* .ust as the Sun draws moisture from the Earth to i(e it ba"1 a thousand fold 22Ka!%;a# %" Rah*a"#h '!(%%" KING DALIP. It is a matter of eneral belief that taBes on in"ome and wealth are of re"ent oriin but there is enouh e(iden"e to show that taBes on in"ome in some form or the other were le(ied e(en in primiti(e and an"ient "ommunities$ The oriin of the word TaB is from TaBation whi"h means an estimate$ These were le(ied either on the sale and pur"hase of mer"handise or li(esto"1 and were "olle"ted in a haphaGard manner from time to time$ :earl) 3222 )ears ao* there went out a de"ree from Ceaser Auustus that all the world should be taBed$ In 'ree"e* 'erman) and 9oman Empires* taBes were also le(ied sometime on the basis of turno(er and sometimes on o""upations$ ?or man) "enturies* re(enue from taBes went to the %onar"h$ In :orthern Enland* taBes were le(ied on land and on mo(eable propert) su"h as the Saladin title in 7766$ Later on* these were 77
supplemented b) introdu"tion of poll taBes* and indire"t taBes 1nown as An"ient Customs whi"h were duties on wool* leather and hides$ These le(ies and taBes in (arious forms and on (arious "ommodities and professions were imposed to meet the needs of the 'o(ernments to meet their militar) and "i(il eBpenditure and not onl) to ensure safet) to the sub.e"ts but also to meet the "ommon needs of the "itiGens li1e maintenan"e of roads* administration of .usti"e and su"h other fun"tions of the State$ In India* the s)stem of dire"t taBation as it is 1nown toda)* has been in for"e in one form or another e(en from an"ient times$ There are referen"es both in %anu Smriti and Arthasastra to a (ariet) of taB measures$ %anu* the an"ient sae and law<i(er stated that the 1in "ould le() taBes* a""ordin to Sastras$ The wise sae ad(ised that taBes should be related to the in"ome and eBpenditure of the sub.e"t$ He* howe(er* "autioned the 1in aainst eB"essi(e taBation and stated that both eBtremes should be a(oided namel) either "omplete absen"e of taBes or eBorbitant taBation$ A""ordin to him* the 1in should arrane the "olle"tion of taBes in su"h a manner that the sub.e"ts did not feel the pin"h of pa)in taBes$ He laid down that traders and artisans should pa) 7;Dth of their profits in sil(er and old* while the ari"ulturists were to pa) 7;th* 7;6th and 7;72th of their produ"e dependin upon their "ir"umstan"es$ The detailed anal)sis i(en b) %anu on the sub.e"t "learl) shows the eBisten"e of a well
73
ser(i"es su"h as la)in of roads* settin up of edu"ational institutions* settin up of new (illaes and su"h other a"ti(ities benefi"ial to the "ommunit)$ Ta1in an o(erall (iew* it "an be said without fear of "ontradi"tion that Kautil)aNs Arthasastra was the first authoritati(e teBt on publi" finan"e* administration and the fis"al laws in this "ountr)$ His "on"ept of taB re(enue and the on
de"ades* refle"t the histor) of so"io
oranisational histor) of the In"ome
Tribunal "ame into eBisten"e$ In the same )ear* a "entral "hare was "reated in Cal"utta also$ 5, C(=$'r%#a$%(" 1 Computerisation in the In"ome
settin up of the +ire"torate of In"ome taB #S)stems in 7467$ Initiall) "omputerisation of pro"essin of "hallans was ta1en up$ ?or this 5 "omputer "entres were first set up in 7468<6D in metropolitan "ities usin S:
used
bat"h
pro"ess
with
dumb
terminals
for
data
entr)$
In 7445 a For1in 'roup was set up b) the 'o(ernment to re"ommend "omputerisation of the department$ !ased on the report of the For1in 'roup a "omprehensi(e "omputerisation plan was appro(ed b) the 'o(ernment in O"tober* 7445$ In pursuan"e of this* 9eional Computer Centres were set up in +elhi* %umbai* and Chennai in 7448< 4D with 9S222;D4H Ser(ers$ 0Cs were first pro(ided to offi"ers in these "ities in phases$ The 0lan in(ol(ed networ1in of all users on LA:;FA:$ :etwor1 with leased data "ir"uits were a""ordinl) set up in +elhi* %umbai and Chennai in 0hase
In"rease in effe"ti(eness and produ"ti(it)
•
In"rease in re(enue "olle"tion
•
Impro(ement in ser(i"es to taB pa)ers
•
9edu"tion in eBpenditure b) downsiGin the wor1for"e
•
Impro(ed "areer prospe"ts at all le(els
•
Indu"tion of information te"hnolo) 78
0.5.8 Pr(;+$ & #'r*%+'#
?or o(er J2 )ears* our spe"ialiGed team of a""ountants are entrusted to pro(ide a "omprehensi(e rane of Assuran"e & TaBation ser(i"es and Corporate Ad(i"e to our Dlients in India and around the lobe$ T 9 Chadha & Co LL0 preser(es professionall) qualified and well eBperien"ed resour"es that are further enhan"ed with spe"ial trainin in one or more areas* to add (alue to the oraniGation$ S$a$$(r- A;%$#1 Statutor) Audits are "ondu"ted to
report the state of "ompan)s finan"es and a""ounts to the 'o(ernment of India$ At T 9 Chadha & Co LL0 an elite team of qualified auditors are desinated to do su"h audits$ The audit report are prepared stri"tl) in a""ordan"e with the rules and reulations defined b) the 'o(ernment aen"ies$ D' D%!%'"+'1 The finan"ial due dilien"e pro"ess is
one of the most "ru"ial part of an) transa"tion$ T 9 Chadha & Co LL0 holds an eBpertise and an established tra"1 re"ord in this area$ Our aim is to enable entrepreneurs and de"ision ma1ers to ma1e sound in(estment de"isions with reat "onfiden"e at e(er) stae$ Fe aim at eliminatin the ris1 and potential flaws of in(estin at domesti" and international lo"ations$ IFRS1 I?9S at present "an be (iewed as the most important initiati(e in the finan"ial
reportin standards at the lobal podium$ ApproBimatel) 732 nations and reportin .urisdi"tions permits; requires I?9S for domesti" listed "ompanies* while o(er 42 "ountries ha(e full) "onformed to I?9S as promulated b) the International A""ountin Standards !oard #IAS! and in"lude a statement a"1nowledin su"h "onformit) in their audit reports$ Fe ha(e qualified and trained resour"es to assist in I?9S "on(eren"e* balan"in both* the short term and the lon term ob.e"ti(es of the businesses$ S$(+ A;%$1 Sto"1 Audit is an area of spe"ialiGation and "ore "ompeten"e for T 9
Chadha & Co LL0 Fe are "ommitted to pro(ide unmat"hed Internal Audit Ser(i"es be"ause of our unparallel rea"h and all India networ1$ Sto"1s and ph)si"al assets su"h as raw materials are "riti"al real assets and needs s)stematiGed manaement$ As a lare number of "ompanies are operatin a"ross the borders throuh multiple lo"ations and
7D
"hannel partners* ma1in asset manaement a "hallene$ Fe aim at deli(erin fo"used ser(i"es to "ompanies to 1eep their ph)si"al assets "he"1 inta"t$ Our (ast eBperien"e in the field of pro"ess ad(isor)* "oupled with our 1een insiht of business prin"iples enables us to identif) the problems fa"ed b) the oraniGations and pro(ide feasible solutions that "ater to the spe"ifi" need of our "lients$ I"$'r"a! A;%$#1 The end result of an internal audit is no loner limited to fo"usin on
the pro"esses and "ontrols surroundin finan"ial reportin$ Internal audit now has a more stratei" role$ It "an "reate (alue b) identif)in enterprise
influen"e the a""omplishment of an oraniGations ob.e"ti(es* and determinin the ris1 manaement pro"esses$ 9is1 assessment in(ol(es determinin the operatin ob.e"ti(es* s)stemati" identifi"ation of a"ti(ities; e(ents that "ould pre(ent a business unit from a"hie(in its ob.e"ti(es$ At T 9 Chadha & Co LL0* we aim at "reatin an anal)ti"al tool that maps out the potential alarmin lit"hes and the pre(enti(e measures to a(oid those lit"hes$ 0.5.6 Ora"%a$%("a! S$r+$r'
7
LEADERSHIP TEAM
%anain 0artner %r$ %anu Chadha ?CA*LL! +esinated 0artner %r$ Sumant Chadha ?CA*LL! -i"e 0resident %r$ An1it Chadha !$Com #Hons$* 0'+% #?inan"e
?CA
0artners %r$ Surender Aarwal ?CA
Client 9elations, %umbai %s$ Shilpa !a.a. !$Com* %!A
0A9T:E9 %s$ :eena 'oel ?CA 0A9T:E9 %r$ Ar(ind %odi ?CA
0A9T:E9 %r$ Aashish 'upta ISA* CIA Client relations, "ountr) head %r$ -i1ram 'era !$Com$* LL!
Client 9elations, !enaluru %r$ %anish !asotia !$Com$* ACA
%A:A'E9 < AU+IT & ASSU9A:CE %r$ :eera. 'upta !$"om* ACA A-0* I:+I9ECT TA@ %r$ Himanshu 'oel ACA Senior %anaer* Indire"t TaB %s$ An1ita /ain ACA 0une HEA+ O? !9A:CH < 0U:E %r$ 0radeep /adha( ?CA
Client 9elations, +elhi %r$ Harpreet Sinh 0opli !$Te"h* %!A
SE:IO9 %A:A'E9 < 0U:E %r$ Lalit '$ Koshe ACA H)derabad
Client 9elations, 'uraon %r$ Saar +hinra !$"om#Hons$*%A?*%I !
S9$ AU+IT %A:A'E9 %r$ Adinara)ana !ab.i Kota ?CA* +ISA
0A9T:E9 %s$ :irupma +wi(edi ?CA
EBe"ution Team 'uraon A(p < TaB & 9eulator) Ser(i"es %s$ Aa1an1sha 'oel !$Com* ?CA
S9$ AU+IT %A:A'E9 %r$ Sheshu Samudrala ACA
0A9T:E9 %r$ 0ra(in /abade ?CA
A-0 < TA@ATIO: %r$ Sandeep 'upta ?CA* LL!
ASSOCIATE TA@ATIO: %r$ %$ Sri1anth ACA +elhi
0A9T:E9 %r$ 0aras :ath ?CA
SE:IO9 AU+IT %A:A'E9 %r$ 0uneet !atra ACA
S9$ %A:A'E9 TA@ATIO: %s$ An.u 'oel ACA
0A9T:E9 %r$ Kash)ap -aid)a ?CA*+ISA 0A9T:E9 %r$ -eenu Aarwal ?CA 0A9T:E9 %r$ 0ramod Tilwani ?CA
0A9T:E9 %r$ -i1as Kumar
-ICE 09ESI+E:T 7J
Hitesh 'ar !$Com#H* ?CA Ahmedabad S9$ AU+IT %A:A'E9 %r$ !ri.esh Tha11ar ACA %umbai
%r$ Amit Aarwal ACA* LL! S9$ AU+IT %A:A'E9 %r$ %anish 9a.)auru ACA
S9$ AU+IT %A:A'E9 %s$ Al1a Hine ?CA
S9$ AU+IT %A:A'E9 %r$ Kamal !hanu"handra Shah ACA !enaluru
S9$ %A:A'E9 TA@ATIO: %r$ /itendra Tri(edi ACA
!9A:CH HEA+ %r$ Swaat /han1ar 0atra !$Com* ?CA
S9$ AU+IT %A:A'E9 AU+IT & TA@
S9$ AU+IT %A:A'E9 %s$ 'eeta Chaurasi)a
76
?CA S9$ AU+IT %A:A'E9 %s$ Seema Safaria ACA Chennai S9$ AU+IT %A:A'E9 %r$ %$ -aidh)anathan %!A ?inan"e S9$ AU+IT %A:A'E9 %s$ -isala1shi Aruna"halam ?CA !9A:CH HEA+ %r$ 9adha1rishnan$ ?CA * CS
0.9 C(='$%$%(" %")(ra$%(" Ta< +(='$%$%("* a form of reulator) "ompetition* eBists when o(ernments are
en"ouraed to lower fis"al burdens to either en"ourae the inflow of produ"ti(e resour"es or dis"ourae the eBodus of those resour"es$ Often* this means a o(ernmental strate) of attra"tin forein dire"t in(estment* forein indire"t in(estment #finan"ial in(estment* and hih (alue human resour"es b) minimiGin the o(erall taBation le(el and;or spe"ial taB preferen"es* "reatin a "omparati(e ad(antae$ Some obser(ers suest that taB "ompetition is enerall) a "entral part of a o(ernment poli") for impro(in the lot of labour b) "reatin well
A+A:I 0O9TS 'AIL #I:+IA CO:TAI:E9
LAST
MARKE
PRICE
T
3J5$22 55$J2 7*5$7D
RS. CR.B D*D5$48 8*758$3 3*5D$65
SALES
CAP. TURNOVE R 8*52$JD DJ*88$D2 D*868$72
NET
TOTAL
PROFI
ASSETS
T 3*687$D6 5*254$7J 7*28J$DD
34*485$8 87*555$JJ J*43$D
CO90:$ PETRONET LNG !A/A/ HOL+I:'S C9ISIL 5% I:+IA
595.48 7*67J$4D 3*755$82 75*372$2
38,44.8 32*357$4J 7D*377$78 78*66J$J5
57,8::.78 7*548$D7 4D$72 3*76J$78
443.83 7*3J2$D7 333$27 322$45
7,39.:3 *63D$24 4J$74 7*283$44
-OLTAS TU!E
D 567$D D5J$6D
73*36$62 72*2J$3
D*378$55 8*326$84
553$64 J34$64
3*53J$J7 5*575$72
I:-EST%E:TS I:?O E+'$#I:+IA I:+9A09ASTHA
63J$4D 44$7D
72*277$DJ 4*J66$72
J35$86 8*2D4$8
787$D6 85J$J5
7*JJ2$8D 3*3D8$J3
'AS 'U/A9AT 'AS S0A9C 'U/$ST$0ET9O:E
JJ$5D 5J2$32 7D7$32
4*53D$JD 4*782$38 6*D76$47
4*75J$85 77$36 7*28$2
885$D6 <4$44 872$5
D*J44$4J 42$6D 8*675$7
T A+A:I E:TE90$ JJ$2D 'U/ 0I0A-A- 7J5$D2
6*8J5$4 6*56J$6
6*786$6 D4$4D
84$55 35$
72*65J$3 7*4D8$2D
0O9T !ATA I:+IA %AHA:A'A9
DD2$DD DJJ$72
J*2JD$J D*J22$D4
3*8D7$3 3*36D$J
376$JD 526$4
7*36D$42 7*D8J$D4
'AS 9ELA@O
88$42
D*DJ6$62
7*J58$88
732$36
J57$66
?OOTFEA9 %ULTI CO%%$
464$4D
D*286$JD
333$84
73D$2D
7*875$64
E@C$
0.8 SWOT ANALYSIS OF KAILASH SUSHIL & ASSOCIATES. T).N/TS
THREATS
WEAKNESSES
OPPORTUNITIES
0. STRENGTHS1 •
• • •
3$5 billion industr) ha(in D22 million domesti" and 722 forein dire"t in(estment$ Creates emplo)ments in the e"onom)$ 722P pri"es "ontrol proper reulation "ompare with India$ Annual 7DP rowth r ate of industr)$
3. WEAKNESSES1
%ore standardiGe and s)stemati" pro"edures for testin and (alidation of dosae$ Te"hni"al support to "ompanies for impro(in eBports$ ?orm and fa"ilitate infrastru"ture that helps to ma1e possible pharma") industr) to impro(e pro"ess and te"hnique$ Creates emplo)ments in the e"onom)$
5. OPPORTUNITIES1
722P pri"es "ontrol proper reulation "ompare with India$
Annual 7DP rowth r ate of industr)$
3$5 billion industr) ha(in D22 million domesti" and 722 forein dire"t in(estment$
D<3DP duties and taBes on ma"hiner) and inputs$ :o proper poli"ies Cost manaement and taB redu"tion$
Completion in eneri"s and "ontra"t manufa"turin$
The a"quisition and merers impa"t on the manaement "hallenes and de"ision ma1in$
La1e of resear"h and de(elopment in the industr)$
La"1 of 0h+s and no "on"entration on trainin and de(elopment of emplo)ees$
9. THREATS1
Cost of dis"o(erin and testin of new drus is hih$ 42P of inredients imported from outside$ That impa"t on pri"e le(el of
medi"ines$ ?o"us on eBport instead of imports b) the help of proper eBport poli"ies and politi"al stabilities$
Chapter -2 Research ethodo!o"#
*B.,TI. *2 T. T+D3
3.0. S$a$''"$ () $h' Pr(>!' The basi" aim of problem anal)sis is to obtain a "lear understandin of the needs of the "lients and the users* what eBa"tl) is desired from the in"ome taB* and what the "onstraints on the solution are$ The anal)sts ha(e to ensure that the real needs of the "lients and the users are un"o(ered* e(en if the) dont 1now them "learl)$
The ?ilin of In"ome TaB 9eturn -aluation of Assets in T$9$ Chadha & Co$ is effe"ti(el) a "hare on "onsumer spendin whi"h applies to the (alue added to a produ"t or ser(i"e at ea"h stae of its produ"tion and distribution$ The In"ome TaB is "olle"ted in staes b) In"ome TaB reistered firms$ The "onsumer pa)s the full amount of the taB but at ea"h stae up to that point firms handlin the oods pa) input taB to their suppliers and "olle"t output taB from their "ustomers$ ?irms pa) the net In"ome TaB "olle"ted to Customs and EB"ise$ In prin"iple* In"ome TaB is (er) simple* thouh for some se"tors su"h as retail* it "an be quite "ompleB$ The Inland 9e(enue and Customs & EB"ise are due to mere in autumn 3228 to "reate H% 9e(enue and Customs$ !ut the oraniGations new "hairman has announ"ed that bi business is li1el) to be the first benefi"iar) of the merer* as one of the first new departments within the new bod) will be a one
I")(ra! a==r(a+h
The informal approa"h to anal)sis is one where no defined methodolo) is used$ Li1e in an) approa"h* the information about the s)stem is obtained b) intera"tion with the "lient*
end user* questionnaires* stud) of eBistin do"uments* et"$ howe(er* with this approa"h no formal model is built of the s)stem$ The problem and the s)stem model are essentiall) built in the minds of the anal)sts and are dire"tl) translated from the minds of the anal)sts to the SRS$
3.3. O>'+$%*'# & S+(=' () S$;The s"ope of this stud) is limited to anal)Gin the impa"t of In"ome TaB on the taB liabilit) of assesses in :C9 +elhi & 'uraon$
Th' O>'+$%*'# () $h' #$;- ar'12 •
To et to 1now about the awareness amon publi" reardin in"ome taB$
•
To find out whether the publi" 1nows abot different in"ome taB imposed b) whom and when$
•
To stud) the benefits of different in"ome taB$
•
To find out the re(enue enerated b) T$9$ Chadha & Co$
•
To determine how In"ome taB is different from eBistin sale taB$
•
To determine benefit of a(ailin input taB "redit under in"ome taB$
•
To determine impa"t of in"ome taB o(er (endor* manufa"turer* distributor* retailer and end "onsumer
•
To eBamine the impa"t of in"ome taB in Indian e"onom)$
3.5 Ma"a'r%a! #')!"'## () #$;F%"a"+' is a field that deals with the stud) of in(estments$ It in"ludes the d)nami"s
of assets and liabilities o(er time under "onditions of different derees of un"ertaint) and ris1$ ?inan"e "an also be defined as the s"ien"e of mone) manaement$ ?inan"e aims to pri"e assets based on their ris1 le(el and their eBpe"ted rate of return$ ?inan"e "an be bro1en into three different sub<"ateories, publi" finan"e* "orporate finan"e and personal finan"e$ uestions in personal finan"e re(ol(e around, •
0rote"tion aainst unforeseen personal e(ents* as well as e(ents in the wider e"onomies
•
Transferen"e of famil) wealth a"ross enerations #bequests and inheritan"e
•
Effe"ts of taB poli"ies #taB subsidies and;or penalties on manaement of personal finan"es
•
Effe"ts of "redit on indi(idual finan"ial standin
•
+e(elopment of a sa(ins plan or finan"in for lare pur"hases #auto* edu"ation* home
•
0lannin a se"ure finan"ial future in an en(ironment of e"onomi" instabilit)
0ersonal finan"e ma) in(ol(e pa)in for edu"ation* finan"in durable oods su"h as real estate and "ars* bu)in insuran"e* e$$ health and propert) insuran"e* in(estin and sa(in for retirement$ 0ersonal finan"e ma) also in(ol(e pa)in for a loan* or debt obliations$ The siB 1e) areas of personal finan"ial plannin* as suested b) the ?inan"ial 0lannin Standards !oard* are, 7$ F%"a"+%a! =(#%$%(", is "on"erned with understandin the personal resour"es a(ailable b) eBaminin net worth and household "ash flow$ :et worth is a personNs balan"e sheet* "al"ulated b) addin up all assets under that personNs "ontrol* minus all liabilities of the household* at one point in time$ Household "ash flow totals up all the eBpe"ted sour"es of in"ome within a )ear* minus all eBpe"ted eBpenses within the same )ear$ ?rom this anal)sis* the finan"ial planner "an determine to what deree and in what time the personal oals "an be a""omplished$ 3$ A;'?a$' =r($'+$%(", the anal)sis of how to prote"t a household from unforeseen ris1s$ These ris1s "an be di(ided into the followin, liabilit)* propert)* death* disabilit)* health and lon term "are$ Some of these ris1s ma) be self< insurable* while most will require the pur"hase of an insuran"e "ontra"t$ +eterminin how mu"h insuran"e to et* at the most "ost effe"ti(e terms requires 1nowlede of the mar1et for personal insuran"e$ !usiness owners* professionals* athletes and entertainers require spe"ialiGed insuran"e professionals to adequatel) prote"t themsel(es$ Sin"e insuran"e also en.o)s some taB benefits* utiliGin insuran"e in(estment produ"ts ma) be a "riti"al pie"e of the o(erall in(estment plannin$ 5$ Ta< =!a""%", t)pi"all) the in"ome taB is the sinle larest eBpense in a household$ %anain taBes is not a question of if )ou will pa) taBes* but when and how mu"h$ 'o(ernment i(es man) in"enti(es in the form of taB dedu"tions
and "redits* whi"h "an be used to redu"e the lifetime taB burden$ %ost modern o(ernments use a proressi(e taB$ T)pi"all)* as oneNs in"ome rows* a hiher marinal rate of taB must be paid$ Understandin how to ta1e ad(antae of the m)riad taB brea1s when plannin oneNs personal finan"es "an ma1e a sinifi"ant impa"t in whi"h it "an later sa(e )ou mone) in the lon term$ 8$ I"*'#$'"$ a"; a++!a$%(" (a!# , plannin how to a""umulate enouh mone) < for lare pur"hases and life e(ents < is what most people "onsider to be finan"ial plannin$ %a.or reasons to a""umulate assets in"lude* pur"hasin a house or "ar* startin a business* pa)in for edu"ation eBpenses* and sa(in for retirement$ A"hie(in these oals requires pro.e"tin what the) will "ost* and when )ou need to withdraw funds that will be ne"essar) to be able to a"hie(e these oals$ A ma.or ris1 to the household in a"hie(in their a""umulation oal is the rate of pri"e in"reases o(er time* or inflation$ Usin net present (alue "al"ulators* the finan"ial planner will suest a "ombination of asset earmar1in and reular sa(ins to be in(ested in a (ariet) of in(estments$ In order to o(er"ome the rate of inflation* the in(estment portfolio has to et a hiher rate of return* whi"h t)pi"all) will sub.e"t the portfolio to a number of ris1s$ %anain these portfolio ris1s is most often a""omplished usin asset allo"ation* whi"h see1s to di(ersif) in(estment ris1 and opportunit)$ This asset allo"ation will pres"ribe a per"entae allo"ation to be in(ested in sto"1s #either preferred sto"1 and;or "ommon sto"1* bonds #for eBample mutual bonds or o(ernment bonds* or "orporate bonds* "ash and alternati(e in(estments$ The allo"ation should also ta1e into "onsideration the personal ris1 profile of e(er) in(estor* sin"e ris1 attitudes (ar) from person to person$ D$ R'$%r''"$ =!a""%" is the pro"ess of understandin how mu"h it "osts to li(e at retirement* and "omin up with a plan to distribute assets to meet an) in"ome shortfall$ %ethods for retirement plan in"lude ta1in ad(antae of o(ernment allowed stru"tures to manae taB liabilit) in"ludin, indi(idual #I9A stru"tures* or emplo)er sponsored retirement plans$ $ E#$a$' =!a""%" in(ol(es plannin for the disposition of oneNs assets after death$ T)pi"all)* there is a taB due to the state or federal o(ernment at oneNs death$ A(oidin these taBes means that more of oneNs assets will be distributed to oneNs heirs$ One "an lea(e oneNs assets to famil)* friends or "haritable roups$
3.9 T-=' () R'#'ar+h a"; r'#'ar+h D'#%" 9esear"h methodolo) is a wa) to s)stemati"all) sol(e the resear"h problem$ It ma) be understood as a s"ien"e of stud)in how resear"h is done s"ientifi"all)$ In it we stud) the (arious steps* the resear"h pro"ess that is enerall) adopted to stud) the resear"h problem and basi" loi"s behind them$
9esear"h methodolo) in"ludes the followin steps, •
?ormulate the ob.e"ti(es of the stud)$
•
Colle"tion of the primar) and se"ondar) data$
•
Interpretin the data and drawin the "on"lusions$
Pr(>!' S$a$''"$1 It is said that if the problem is "learl) defined* half of the problem
is sol(ed automati"all)$ In this most of the people dont 1now about the taBes whi"h is in posed in India$
The resear"h methodolo) for the present stud) has been studied under the followins heads,
9esear"h +esin
9esear"h Instrument
+ate Colle"tion
Anal)sis and Interpretation
RESEARCH DESIGN
EBplorator) resear"h desin was used$ EBplorator) resear"h often relies on se"ondar) resear"h su"h as re(iewin a(ailable literature and;or data* or qualitati(e approa"hes su"h as informal dis"ussions with "onsumers* emplo)ees* manaement or "ompetitors* and more formal approa"hes throuh in
It is the basi" framewor1* whi"h pro(ides uidelines for the rest of the resear"h pro"ess$ It is the map or blueprint a""ordin to whi"h the resear"h pro.e"t is "ondu"ted$ It spe"ifies the methods for data "olle"tion and data anal)sis$ It fa"ilitates the smooth sailin of the (arious resear"h operations* thereb) ma1in resear"h as effi"ient as
possible )ieldin maBimal information with minimal eBpenditure of effort* time and mone)$ It is a spe"ifi"ation of methods and pro"edures for a"quirin the information needed$ 9esear"h desin stands for ad(an"e plannin of the methods to be adopted for "olle"tin the rele(ant data and the te"hnique to be used in their anal)sis* 1eepin in (iew the ob.e"ti(e of the resear"h and the a(ailabilit) of staff* time and mone)$ A resear"h desin is the arranement of "ondition and anal)sis of data in a manner that aims to "ombine rele(an"e to resear"h purpose with e"onomi" in pro"edure$ It is the o(erall operational pattern or framewor1 of the pro.e"t$ Fhat information is to be "olle"ted from whi"h sour"es b) whi"h pro"eduresQ Three resear"h desins are,< •
EBplorator) 9esear"h
•
+es"ripti(e 9esear"h
•
EBperimental 9esear"h
0. E<=!(ra$(r- R'#'ar+h to ain familiarit) with a phenomenon or to a"hie(e new
insiht into its studies$
3. D'#+r%=$%*' R'#'ar+h to portra) a""uratel) the "hara"teristi"s of parti"ular indi(idual*
situation of a roup$
5. E<='r%'"$a! R'#'ar+h to determine the frequentl) with whi"h somethin o""ur or
with it is asso"iate with sometime else$ I sele"t the D'#+r%=$%*' R'#'ar+h for m) resear"h$ 9esear"h will be EBplorator)* the 722 people awareness of In"ome TaB #+elhi & 'uraon$ The data "olle"ted will be anal)Ged as per need of ob.e"ti(es and h)pothesis$ Sa=!%" =!a"1 2 The plan "alls for two de"isions$ aB Sa=!%" U"%$, < who is to be sur(e)edQ
+elhi :C9 & 'uraon $ >B Sa=!%" S%'1 - How man) people should be sur(e)edQ
Sample siGe "onsists of 722 respondents$
3.8 Da$a C(!!'+$%(" M'$h(;# Da$a +(!!'+$%("1 2
The stud) is mainl) based on the se"ondar) data howe(er* the primar) data is also used to some eBtent$
Pr%ar- ;a$a1 2
0rimar) data "olle"ted is fresh & for the first time & thus happened to be the oriinal in nature$ It is used to measurin the fa"tors whi"h affe"t o(erall ris1 & return for the ban1 while san"tionin the auto & home loan for (arious purposes mentioned earlier$
R'#'ar+h %"#$r'"$ #';12 '#$%(""a%r'1 A questionnaire "onsists of a number of questionnaires printed or t)ped$
In a definite order on a form* the questionnaire was i(en to wor1in eBe"uti(es in ban1s as well as ser(in other pla"es but ha(in relation to this part for whi"h I am "ondu"tin resear"h$ Some aspe"ts of questionnaire,<
Stru"tured & sequential order of questions$
Simple and eas) wordin$
S'+(";ar- ;a$a , <
Se"ondar) data has obtained from (arious arti"les and websites$ I "olle"t primar) data with the help of questionnaires$
S$a$%#$%+a! T((!
The %i"rosoft eB"el template was used for anal)Gin the data "olle"ted $the (arious statisti"al tool used for anal)Gin were, 0ie diaram !ar diaram Column "hart +ouhnut
A"a!-#%# & I"$'r=r'$a$%(" , < Anal)sis of stud) will be performed b) "omparin the
Out"ome obtained b) "larifi"ation and tabulation whi"h will be helpful to rea"h out at final "on"lusion
3.6 L%%$a$%(" () $h' #$;The in"ome taB se"tor in India is ta1en for the stud) and a limited number of "onsumers and "ompanies are in"luded in the sample be"ause of time and resour"e "onstraints$ %oreo(er* man) demoraphi" fa"tors are inored in the stud)$ There is a need for a more detailed stud) on the topi" ta1in samples a"ross the "ountries and industries and usin a more s"ientifi" and effe"ti(e tools li1e fo"us roup dis"ussions and more sophisti"ated questionnaires$
:o assessment or re
#a
The date on whi"h the person furnished a return under se"tion 3 or Sub<
se"tion #I of se"tion36 of this A"t or
#b
The date on whi"h the Commissioner made an assessment of taB for the taB
period* whi"he(er is the earlier$
0ro(ided that where the Commissioner has reason to belie(e that taB was not paid b) reason of "on"ealment* omission or failure to dis"lose full) material parti"ulars on the part of the person* the said period shall stand eBtended to siB )ears$
:otwithstandin sub
Time is the ma.or "onstrains$ The stud) is restri"ted to the Ele"troni" "it)* 'uraon onl)$ The stud) is based on the assumptions that all the responses i(en are true$ Sample siGe is small hen"e the out "ome "annot be appli"able to the uni(erse$ 9espondent pro(ides data from their own intuitions and per"eption* whi"h ma)
be rouh estimates$ Sin"e this stud) is time spe"ified* the stud) findins are (alid onl) for this stud)
onl)$
Chapter -$ %ata PRESENTATION & ana!#sis
D4T4 4N43I MARKET SURVEY
5.0 M'$h(;# a"; $'+h"%?'# () ;a$a a"a!-#%# Th'r' ar' ;%))'r'"$ $-='# () #r*'- '$h(;#1 Mar'$ Sr*'-
T'!'=h("'
P'r#("a!
I"$'r*%'%"
Ma%!
I"$'r*%'%"
E!'+$r("%+
I"$'r*%'%"
I"$'r*%'%"
Tra;%$%("a!
I"2H('
Ma%!
E2a%!
C(=$'r2
Ma!!
Ma%!
I"$'r"'$
A##%#$';
I"$'r+'=$
Pa"'!
C(=$'r2 A##%#$';
In m) mar1et sur(e) I ha(e used the mall inter"ept in personal inter(iewin$ In this method I ha(e prepared the questionnaire$ %ain aim preparin for this questionnaire for in"rease the sales* pro(ide the eBtra fa"ilit) whi"h "ustomer wants* add the some eBtra features in new produ"t laun"h* and short out the "ustomer problems$
T'+h"%?' To un"o(er the important attributes whi"h determine the satisfa"tion le(el of the emplo)ee with respe"t to the (arious ser(i"es "atered b) the "ompan)* a non
S$a$%#$%+a! T'+h"%?'# $( >' $((! #'; The data was shown with the help of diarams and bar raphs$
3. Pr%ar- Da$a A"a!-#%# T((!# () Pr%ar- Da$a
A stru"tured questionnaire whi"h has both fiBed alternati(e questions and open ended questions is administered to the emplo)ees in the operations to aue their per"eptions on the utilit) of subs)stems under stud)$
DATA ANALYSIS AND INTERPRETATION 7$ In"ome TaB 'ift TaB Fealth TaB All the Abo(e
JD 72 J 6 Ta>!'20.0
Di$ect Ta6 A!! the A0oe) , Wea!th Ta() *, i.t Ta() 1/, Inco'e Ta( ) *+,
F%r' 20.3
I"$'r=r'$a$%(" ,< from the abo(e dia* it "an be stated that JDP sample was aware of the
In"ome taB as a dire"t taB* 72P "onsider ift taB as dire"t taB whereas JP thouht of wealth taB as in"ome taB and 6P are of the (iew that all 5 "omes under dire"t taB$
3$ Custom +ut) EBise +ut) Sales & Ser(i"e TaB All the Abo(e
D2 7D 32 7D Ta>!'23.0
Ini$ect Ta6 A!! the A0oe) 1+, Sa!es & Serice Ta() 2/,
Custo' %ut# ) +/,
E(ise %ut#) 1+,
F%r' 23.3
I"$'r=r'$a$%(" ,< from the abo(e dia* it "an be stated that D2P sample was aware of the
Custom +ut) as a indire"t taB* 7DP "onsider EB"ise +ut) as indire"t taB whereas 32P thouht of Sales & Ser(i"e TaB as indire"t taB and 7DP are of the (iew that all 5 "omes under indire"t taB$
5 Salar) In"ome In"ome ?rom house propert) In"ome ?rom Other Sour"es In"ome ?rom Capital 'ains
82 75 3J 32 Ta>!'25.0
/ift Ta6 Inco'e 4ro' Capita! ains) 2/, Sa!ar# Inco'e) 3/, Inco'e 4ro' Other Sources) 2*, Inco'e 4ro' house propert#) 1$,
F%r' 25.3
I"$'r=r'$a$%(" ,< It "an be stated that 82P sample was aware of the Salar) In"ome as a
'ift taB* 75P "onsider in"ome from house propert) as ift taB whereas 3JP thouht of in"ome from other sour"es as ift taB and 32P are of the (iew that in"ome from "apital ains "omes under ift taB$
8
Fealth TaB & 'ift TaB EB"ise +ut) Custom +ut) &Sales TaB All +ire"t TaBes
D2 32 78 7 Ta>!'29.0
Di$ect Ta6 ,oe A!! %irect Ta(es) 15, Custo' %ut# &Sa!es Ta() 13, Wea!th Ta( & i.t Ta() +/, E(cise %ut#) 2/,
F%r' 29.3
I"$'r=r'$a$%(" ,< It "an be stated that D2P sample was aware of the Fealth taB and ift
as a +ire"t taB "ode* 75P "onsider in"ome from house propert) as ift taB whereas 3JP thouht of in"ome from other sour"es as ift taB and 32P are of the (iew that in"ome from "apital ains "omes under ift taB$
D
Seller %anufa"turer Consumers :one of the Abo(e
8D 7D 36 73 Ta>!'28.0
+ltimate Ta6 Bu$en None o. the A0oe) 12, Se!!er) 3+,
Consu'ers) 2, anu.acturer) 1+,
F%r' 28.3
I"$'r=r'$a$%(" ,< It "an be stated that 8DP sample was aware of the Seller as a Ultimate
taB burden as "ode* 7DP "onsider %anufa"turer as Ultimate TaB !urden whereas 36P thouht of Ultimate TaB !urden as Ultimate taB !urden and 73P are of the (iew that :one of the abo(e "omes under Ultimate TaB !urden$
Central 'o(ernment State 'o(ernment !oth "entral & State o(ernment Lo"al 'o(ernment
7J 35 8D 7D Ta>!'26.0
ales Ta6
Centra! oern'ent) 1*, 7oca! oern'ent) 1+, State oern'ent) 2$, 6oth centra! & State "oern'ent) 3+,
F%r' 26.3
I"$'r=r'$a$%(" ,< ,< It "an be said that 35P sample was aware of the State o(ernment as
a Sales taB as "ode* 8DP "onsider !oth Central & state 'o(t as sales TaB whereas 7DP thouht of Lo"al o(ernment as Sales TaB and 7JP are of the (iew that Central 'o(ernement "omes under Sales TaB$
J
CE:-AT -alue Added TaB#-AT %O+E-AT
5D 3 54 Ta>!'2.0
tate ales Ta6
O%E8AT) $;,
CEN8AT) $+,
8a!ue Added Ta(98AT:) 25,
F%r' 2.3
I"$'r=r'$a$%(" ,< It "an be said that 3P sample was aware of the -alue added TaB as a
State Sales taB as "ode* 54P "onsider %O+E-AT as State sales TaB whereas 5DP thouht of CE:-AT as State Sales TaB$
6
Set off is i(enfor input taB and taB paid on 5D pre(ious pur"hases It a(oid double taBation Turno(er TaB & Sur"hares abolished All the abo(e
3D 78 3 Ta>!'24.0
Bene7ts of &4T
Set o< is "ien.or input ta( and ta( paid on preious purchases) $+, A!! the a0oe) 25, Turnoer Ta( & Surchar"es a0o!ished) 13, It aoid dou0!e ta(ation) 2+,
F%r' 24.3
I"$'r=r'$a$%(" ,< It "an be said that 5DP sample was aware of the Set off is i(enfor
input taB and taB paid on pre(ious pur"hases as a !enefits of -AT as "ode* 3DP "onsider +ouble taBation as !enefits of -AT whereas 78P thouht of Turno(er TaB & Sur"hares abolished as !enefits of -AT and 3P are of the (iew that all the 5 "omes under !enefits of -AT$
4
CE:-AT -AT Indire"t TaB Code 'oods & Ser(i"es TaB#'ST
7D 3D 8D 7D Ta>!'27.0
Ini$ect Ta6es
oods & Serices Ta(9ST:) 1+, CEN8AT) 1+, 8AT) 2+, Indirect Ta( Code) 3+,
F%r' 27.3
I"$'r=r'$a$%(" ,< It "an be said that 3DP sample was aware of the -AT as a Indire"t
TaBes as "ode* 8DP "onsider Indire"t TaB Code as Indire"t TaBes whereas 7DP thouht of 'oods & Se(i"es TaB as Indire"t TaB and 7DP are of CE:-AT as Indire"t TaBes$
72
In"ome TaB Custom +uties EB"ise +uties Corporation TaB
5D 77 54 7D Ta>!'20:.0
Ta6 )evenue Corporation Ta() 1+, Inco'e Ta() $+,
E(cise %uties) $;,
Custo' %uties) 11,
F%r' 20:.3
I"$'r=r'$a$%(" ,< It "an be said that 77P sample was aware of the Custom +uties as a
TaB 9e(enue as "ode* 54P "onsider EB"ise +ut) as TaB 9e(enue whereas 7DP thouht of Corporation TaB as TaB 9e(enue and 5DP are of In"ome TaB as TaB 9e(enue$
Chapter -3
SUAR= AN% CONC7USIO N
+MM4)3 ,*N,+I*N 4ND +//.TI*N
+ire"t taBes li1e in"ome taB* wealth taB* et"$ are based on the prin"iple of abilit) to pa)* so the equit) or .usti"e in the allo"ation of taB burden is well se"ured b) these taBes$ A horiGontal equit) is maintained b) taBin persons in a similar e"onomi" situation at the same rate* so also a (erti"al equit) in dire"t taBation is maintained b) dis"riminatin between taB pa)ers a""ordin to their differin e"onomi" standin$ Usuall) dire"t taBation is proressi(e in effe"t$ Sin"e dire"t taBes "an be desined with fine radation and proressi(eness* the) "an ser(e as an important fis"al weapon of redu"in the ap of inequalities in in"ome and wealth$ +ire"t taBes thus lead to the ob.e"ti(e of so"ial equalit)$ +eath duties and inheritan"e taBes are unique in this respe"t$ +ire"t taBes are elasti" and produ"ti(e$ 9e(enue from dire"t taBes in"reases or de"rease automati"all) with the "hane in the national in"ome or wealth of the "ountr)$ The "anon of "ertaint) is perfe"tl) embodied in dire"t taBation$ Compared to indire"t taBes* dire"t taBes are more eBa"t and pre"ise in estimatin the re(enue$ ?urther* in dire"t taBes* the taB
0ubli" should be more aware about the taBes and its pa)ment$
The sample must et edu"ated reardin the rate of taBes and it is implemented in an e"onom)
The o(t should ensure that all the "itiGens are pa)in taBes and performin their responsibilities on time
The people should 1now that Fh) it is important to pa) taBes to o(ernment and the) are unaware about the reason behind pa) the taBes
If the) are aware about the pa)ment of taBes the) will et loans from o(t ban1s and if the) are not aware about taBes it is diffi"ult that the loan is to be appro(ed$
'o(t should ta1e measures to impro(e their "ommuni"ation reardin taBes ma.orl) to rural areas it will help our ari"ulture se"tor$
APPENDICES '#$%(""a%r' +ear Sir;%adam* I am a student of 'U9U 'O!I:+ SI:'H I:+9A09ASTHA U:I-E9SIT> +eemed Uni(ersit) =Institute of Inno(ation in Te"hnolo) and %anaement* :ew +elhi underta1in “A S$;- (" F%!%" () I"+(' Ta< R'$r" &Va!a$%(" () A##'$# %" KAILASH SUSHIL & ASSOCIATES .”$ This eBer"ise is a part of our "urri"ulum$ I
would be oblied if )ou "ould pro(ide me with some of )our (aluable time to answer a few questions$ :ame < RRRRRRRRRRRRRRRR$$ OraniGation < RRRRRRRRRRRRRR +esination < RRRRRRRRRRRRRR$$ Email
7$ Fhi"h of the followin are +ire"t TaBes,< •
In"ome TaB
•
'ift TaB
•
Fealth TaB
•
All the Abo(e
3$ Fhi"h of the followin are Indire"t TaBes,< •
Custom +ut)
•
EBise +ut)
•
Sales & Ser(i"e TaB
•
All the Abo(e
5$ If the (alue of ift taB EB"eeds 9s D2222 it is taBable under the head,< •
Salar) In"ome
•
In"ome ?rom house propert)
•
In"ome ?rom Other Sour"es
•
In"ome ?rom Capital 'ains
8$ +ire"t TaB Code#+TC !ill 3272 was introdu"ed in parliment to o(er"ome the Compli"ations Of •
Fealth TaB & 'ift TaB
•
EB"ise +ut)
•
Custom +ut) &Sales TaB
•
All +ire"t TaBes
D$ Fho !ear the ultimate taB burden of indire"t TaB,< •
Seller
•
%anufa"turer
•
Consumers
•
:one of the Abo(e
$ Sales TaB in india is imposed !),< •
Central 'o(ernment
•
State 'o(ernment
•
!oth "entral & State o(ernment
•
Lo"al 'o(ernment
J$ State Sales TaB was repla"ed b),< •
CE:-AT
•
-alue Added TaB#-AT
•
%O+E-AT
6$ Fhat are the benefits of -AT •
Set off is i(enfor input taB and taB paid on pre(ious pur"hases
•
It a(oid double taBation
•
Turno(er TaB & Sur"hares abolished
•
All the abo(e
4$ %ost of the Indire"t TaBes are .oint to be repla"ed b),< •
CE:-AT
•
-AT
•
Indire"t TaB Code
•
'oods & Ser(i"es TaB#'ST
72$ Fhi"h of the followin is the most important "ontributer to the TaB 9e(enueQ •
In"ome TaB
•
Custom +uties
•
EB"ise +uties
•
Corporation TaB
/I/LIOGRAPHY@REFERENCES /OOKS •
Sen 'upta* Abhi.it* +eterminants of TaB 9e(enue Efforts in +e(elopin Countries #/ul) 327J$
•
%artin /imeneG* Adolfo* Towards a Homoeneous Theor) of Abuse in EU #+ire"t TaB Law #%a) 7* 3273$
•
S"hrand* Catherine %$ and Fon* %$H$ ?ran"o* Earnins %anaement and Its 0ri"in Impli"ations, E(iden"e from !an1sN Ad.ustments to the -aluation Allowan"e for +eferred TaB Assets under S?AS 724 #April* 3272$
•
9a.emison* Hari(elo and Hablade* Ste(en and >ouner* Stephen +$* Indire"t TaB In"iden"e in %adaas"ar, Updated Estimates Usin the Input< Output Table #September 3275$
•
Kenn)* Lawren"e F$ and Finer* Stanle) L$* TaB S)stems in the Forld, An Empiri"al In(estiation into the Importan"e of TaB !ases* Colle"tion Costs* and 0oliti"al 9eime #%a) 7* 3277$ Carleton E"onomi" For1in 0aper :o$ 27<25 International TaB and 0ubli" ?inan"e* -ol$ 75* 322$
•
Ainsworth* 9i"hard Thompson* Ele"troni" TaB ?raud < Are There NSales appersN in /apanQ #O"tober 3J* 3275$
Ar$%+!'# a"; (r"a!#
Arawal* A$* & Knoeber* C$9$ #744$ = Firm performance and mechanisms to control agency problems between managers and shareholders” $ /ournal of
?inan"ial and uantitati(e Anal)sis* 5D2<822$
!haat* S$* & !la"1* !$ #3273$ =The non-correlation between board independence and long-term firm performance”. /ournal of Corporation Law*
3J#3* 357<3J5$
Charan* 9$ #327D$ !oards That +eli(er$ = Advantages Corporate Governance from Compliance to Competitive Advantage”, San ?ran"is"o, /osse)
+ere1 His = eview of the role and effectiveness of the non- e!ec"tive directors www$e"i$or;"odes;do"uments;his $pdf
