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  1. 1. INTRODUCTION SPA is a leading composite financial services provider growing on strength of its research based customer centric approach and consistent servicing. Thorough understanding of client’s perspective and requirements supported with exhaustive research forms the backbone of all our services. A team of over 1000+ dedicated professionals comprising Bankers, Chartered Accountants, Company Secretaries, MBAs and Technocrats is striving towards providing financial solutions and achieving customer satisfaction. Key strength of the team- deep understanding of capital market, Money Markets, Swaps, Options, strong networking with institutional investors, expertise in industry sectors & ability to structure transactions and products suitable to needs of the client. Offering Innovative, integrated & customized solutions to corporate, funds, institutions and individuals. Ranked amongst top merchant bankers continuously in the league of arrangers of primary debt placements (source: Prime Database) & amongst top 2 in short-term debt syndication. All India network of offices & strong relationship with Institutional Investors like commercial banks & mutual funds. Large network of Associates and Sub-brokers spread all across the Country. Spa capital Service’s head office is registered at- 25, C-Block, Community Center Janakpuri New Delhi, 110058 1
  2. 2. COMPANY PROFILE SPA Group was promoted by a team of finance professionals in 1995 with an objective to provide value added financial services. Initially, the Group focused as a niche financial solutions provider in corporate finance and wealth management to Indian companies and high net worth individuals. In January 2000, the Group expanded its operations and the range of services. Today, SPA provides services for securities broking, merchant banking, wealth management, financial advisory, corporate finance, risk management and insurance broking. SPA is being managed by its promoters along with a young and dynamic team of over 1000+ professionals with rich experience, in their respective fields. The Group has established itself as one of India’s leading financial advisory house, offering various financial solutions to its Institutional, corporate and individual clients. Customer centric approach of SPA’s dedicated professional team has helped carve a niche for itself in financial services arena and won confidence of its clients. Clients of SPA are from a wide spectrum and comprise of Banks and other financial institutions, Mutual funds, Insurance companies, foreign institutional investors, public sector undertakings and government departments, private corporates, trusts and individuals. 2
  3. 3. PROMOTERS Mr. Kamal Somani, FCA, is a senior finance professional with over 30 years of experience in investment banking, securities broking and corporate finance. His vast experience and vision has enabled the Group to establish itself as a respected financial services provider in the country. He looks after the overall group strategies and leads securities broking, investment advisory and investment banking activities of the Group. Mr. Sandeep Parwal, B.Com (Hons.), FCA, has over 26 years of experience in various aspects of financial services. He handles investment advisory, insurance broking and merchant banking activities of the Group. His expertise in providing customized innovative solutions with unmatched speed provides a distinctive edge to the Group's capability. 3
  4. 4. MANAGEMENT TEAM The Core management team of SPA consists of persons having a rich experience in Corporate Finance and Advisory, Investment Banking, Risk Management, Securities Banking and Wealth Management. Mr.Sanjay Joon, President MBA, having more than 26 years of experience in marketing of financial products and has a vast experience in information technology and administration. His forte lies in his abilities of accurately assessing his customers’ need, meeting them and leading an ever enthusiastic team. He heads Mutual Fund Division of the Group since its inception. Mr. Sanjay Gupta, Associate Director (Investment Banking) B.Com (H), Chartered Accountant, Fellow Member of The Institute of Chartered Accountants of India Has close to 20 years of work experience in the field of investment and merchant banking, Fixed Income Securities, Project Financing, Structured & Corporate Finance. Mr. V K Khattar, Principal Officer He has to his credit 42 years of rich experience of working with Oriental Insurance Company Limited and retired as the Regional Manager. He is associated with our Group as the Principal Officer of the Insurance arm. Mr. Vivek Gautam, Associate Director He is having 30 years of experience in the field of Banking & Merchant Banking including 16 years of exclusive experience in Investment Banking. He has worked for 14 years in PNB till mid 1991 in Managerial positions. Thereafter he was deputed to PNB Capital Services Limited as Senior Vice President and worked as Head Merchant Banking during 1991 - 1996 and was associated in lead managing more than 60 public and rights issues for well known Corporates and Financial Institutions. He was also Head Investment 4
  5. 5. Department dealing in securities for one year. Thereafter he worked as Director - Bajaj Capital Limited and President Merchant Banking for 7 years and also as Head Merchant Banking and Executive Director with Allianz Securities Limited for 1 year. He has wide experience in issue management, private placement of equity and debt, corporate advisory & finance, mergers & takeovers & distribution of financial products. He is with SPA Group since October 2006 and looking after Merchant Banking. 5
  6. 6. VISION SPA believes in attaining customer satisfaction, on continuing basis, by providing highest standard of financial services in India. The philosophy at SPA is to provide services to clients after assessment of their profile, needs and risk-appetite. The basic work theme at SPA is: • Dedicated, competent and honest team of professionals • Customer centric work environment • Insight of customers’ perspectives • Strong research base • Clear understanding of applicable laws • Consistency and passion to excel • Technology savvy 6
  7. 7. MILESTONES Since 1994, with the coming into existence of the SPA Group, we have diversified into a complete financial solution providing house, catering varied needs of our clients ranging from investment advisory services to investment banking, corporate re-structuring, distribution and broking services, risk management and insurance advisory. Within a short span of time, the Group has made a place for itself in the midst of the top financial solutions provider in the country. 7
  8. 8. GROUP OF COMPANIES SPA capital services ltd. SPA capital Advisors Limited SPA securities limited SPA insurance broking Services limited SPA com Trade ltd 8
  9. 9. SERVICES OFFERED BY SPA GROUP Investment Banking.  Management on public & rights offers.  Privet placement of equity & debt.  Managers to takeovers/Mergers/Acquisitions.  Delisting & Buyback offers.  Equity Research.  Overseas listing. (FCCB)  ESOPs Advisory.  Debt Restructuring.  Financial structuring.  Loan syndication.  Short Term Debt. Distribution of Financial Products  Mutual Funds.  Public Issues.  Bonds.  Fixed Deposits.  Debt Issues. 9
  10. 10.  Other financial Products. Security Broking  Cash Market.  Wholesale Debt.  Market.  Futures & Options. Insurance Broking  Life Insurance Broking  Non-Life Insurance Broking 10
  11. 11. HISTORY OF INCOME TAX IN INDIA Income-Tax Act of 1961: on the basis of the recommendations made by the various committees, a new Act of Incometax had been passed during the year 1961 termed as the “Income - Tax Act, 1961”. This Act came into force from 1 st April, 1962. This Act contains more than 400 sections and a number of sub-sections and 10 schedules. The Income – Tax department framed 121 rules for the effective application of this Act. These rules are termed as “Income - Tax Rules of 1962”. It also includes a number of sub - rules. Income Tax is all income other than agricultural income levied and collected by the central government and shared with the states. According to Income Tax Act 1961, every person, who is an assessee and whose total income exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates prescribed in the finance act. Such income tax shall be paid on the total income of the previous year in the relevant assessment year. The total income of an individual is determined on the basis of his residential status in India. 11
  12. 12. RESIDENCE RULES Types of Residential Status The different types of residential status are: Residential Status of Individual The residential status of individual will be determined as under: Basic Conditions u/s 6(1):  He must be in India for a period of 182 days or more during the previous year; or  He must be in India for a period of 60 days or more during the previous year and 365 days or more during the four years immediately preceding the previous year. Additional Conditions u/s 6(6):  He must be a non-resident in India in nine out of the ten previous years preceding that year; or  He must be in India during 7 preceding previous years for aggregate period of 729 days or less. BASIC CONCEPTS – DEFINITIONS Assesse Assessment year Gross Total Income Net Income Previous year Person 12
  13. 13. Assessment year: “Assessment year” means the period starting from April 1 and ending on March 31 of the next year. Assessment year is also known as the year in which assessment of income earned in previous year is done. Assessment year for the income of 2012-13 will be the year 2013-14. Previous year: Income earned in a year is taxable in the next year. The year in which income is earned is known as previous year and the next year in which income is taxable is known as assessment year. In other words, previous year is the financial year immediately preceding the assessment year. Assessee: Every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or the amount of refund due to him or to such other person; Gross Total Income: As per section 14, the income of a person is computed under the following five heads: 1. Salaries. 2. Income from house property. 3. Profits and gains of business or profession. 4. Capital gains. 5. Income from other sources. 13
  14. 14. The aggregate income under these heads is termed as “gross total income”. In other words, gross total income means total income computed in accordance with the provisions of the Act before making any deduction under sections 80C to 80U Net income: Net income refers to the amount left over after all deductions are made. Once the net value is attained, nothing further is subtracted Person: Person u/s 2(31) includes:  An Individual,  Hindu Undivided Family (HUF),  A Company,  A Firm,  An Association of Persons(AOP) or Body of Individuals (BOI),  A Local Authority,  Every other Artificial Juridical Person 14
  15. 15. TAX SLAB FOR ASSESSMENT YEAR 2012-2013 Income Slabs Income Tax Rate 1 Where the total income does not exceed Rs. 2,00,000/-. NIL 2 Where the total income exceeds Rs. 2,00,000/but does not exceed Rs. 5,00,000/-. 10% of amount by which the total income exceeds Rs. 2,00,000/- 3 Where the total income exceeds Rs. 5,00,000/but does not exceed Rs. 10,00,000/-. Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. 4 Where the total income exceeds Rs. 10,00,000/-. Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. 15
  16. 16. HEAD OF INCOME  Income from salary  Income from house property  Profits and gains from business and profession  Income from capital gains.  Other sources. 16
  17. 17. TAX RETURNS There are five categories of Income Tax returns: Normal return: Returns filed within the return filing due date, that is 31 July or 30 September of concerned assessment year. Belated return: In case of failure to file the return on or before the due date, belated return can be filed before the expiry of one year from the end of the relevant assessment year. Revised return: In case of any omission or any wrong statement mentioned in the normal return can be revised at any time before the expiry of one year from the end of the relevant assessment year. Defective return: Assessing Officer considers that the return is defective, he may intimate the defect. One has to rectify the defect within a period of fifteen days from the date of such intimation. If the assesse wants more time, he can file an application to the A O and a further 15 days can be granted at the instance of the A O. Returns in response to notices: If any person, Individual, firm, HUF, company got any notice from income tax department then it has/have to pay income tax on the basis of that notice within given time in notice. 17
  18. 18. E FILING OF INCOME TAX: The last date for filing tax return for financial year 2012-13 for individuals is 31 July 2013. Individuals earning above Rs. 5 lakh are now required to file their tax returns electronically. Last year this limit was Rs 10 lakh. Here is a quick 10 steps guide to file your tax return. Step 1: Create your e-filing account In order to create an e-filing account, you should visit the Income Tax website and click on 'Register Yourself' which will prompt you to fill your personal details. Once your e-filing account is created, login to your account with your user ID (i.e. PAN) and password. Step 2: Download Form 26ASClick on the 'View Form 26AS (Tax Credit)' link displayed under the Quick Link menu on the left hand side of the screen to generate Form 26AS. Form 26AS is a consolidated tax statement issued to a tax payer which summarizes the amount paid against each PAN number. It summarizes the TDS, Advance tax, Self-assessment tax paid in your name. The password to open your Form 26AS is your date of birth in DDMMYYYY format. Step 3: Download the income tax return form Click on the 'Download ITR' link which is also displayed under the Quick Link menu on the left hand side of the screen. Thereafter download the income tax return form. ITR 1 should be downloaded by individuals earning salary income / pension; or individuals having one house property income; or individuals having income from other sources (excluding lottery income and income from race horses). However, in case of an individual having income from more than one house property, capital gains or is an ordinary resident having assets abroad or claiming tax treaty benefit, then ITR-2 should be downloaded. After downloading the income tax return form, a zip file will be saved on your computer. Step4: Fill the details in the Tax return form Extract the excel form utility from the downloaded zip file and enable the macros in the Excel form. Carefully follow the instructions and fill the 18
  19. 19. following details: bull; Mention the basic details which include your name, PAN, complete address, date of birth, e-mail ID, mobile number, whether the return is original or revised, and residential status.  Fill the details of income earned and deductions claimed under Chapter VI-A. You can refer to your Form 16 and Form 26AS. However, you will also be required to report any other income or investment eligible for deduction which was not reported to your employer.  Enter the details of tax deducted by the employer and other deductions and selfassessment/advance tax paid, if any.  Enter your bank details, which include your bank account number, preferred mode of receiving any refund amount (i.e. by cheque or direct deposit) type of bank account and IFSC code. Step 5: Validate the details Click on the 'Validate' button provided on all the sheets. This ensures that all the details have been captured in the return. In the case you omit anything; the sheet will automatically prompt you to fill in the missing details. Step 6: Calculate your tax liability Click on 'Calculate Tax' after you have filled all the details. In case the return form shows any tax payable, then you should deposit the amount and enter the challan details in the return form. Step 7: Generate the XML file once all taxes have been paid, click on the 'Generate XML' tab and save the xml generated file on your computer. Step 8: Submit the income tax return, you should go to your e-filing account on the income tax website and click on 'Upload Return'. Fill the ITR Form, Name, Assessment Year thereafter upload the XML file and click on 'Submit'. After this an ITR-V will be generated and sent to your e-mail ID mentioned in the tax return. ITR-V is an acknowledgement-cum-verification form. 19
  20. 20. Step 9: Send the signed ITR-V to the Income Tax Department. You should take a print of ITR-V and sign it in blue ink. There after you should send it by ordinary post or speed post to 'Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100. The signed ITR-V should be sent within 120 days of uploading the return. Step 10: Check the ITR-V receipt status On receipt of the signed ITR-V, the Income Tax Department will send an e-mail acknowledging the receipt of ITR-V to the e-mail ID mentioned in the tax return. You will also receive an SMS on your mobile number acknowledging the receipt of tax return. 20
  21. 21. DISCUSSION ON TRAINING Work profile My role was as an executive they placed me at Wipro Ltd at Sarita Vihar New Delhi my Guide was Mrs. Chhaya Garg, manager. My Key work profile:  Handling PAN Quarries  Issuing new PAN form and correction form  Collecting Pan Application  Handling Income Tax quarries  ITR filing  Handling Investment Issues/Advising Employees  Arranging Form 16 21
  22. 22. KEY LEARNING I learnt:  How to handle PAN Quarries  What documents are required for a PAN applications  What is TDS, what is Income tax  How to file ITR  What are the deductions for ITR come under various sections  What is form 16  What is income  What is Capital gain  What is salary  Components of salary  What are the rebates on tax  Penalties, if we are not paying tax  Tax slabs, percentage of tax under these slabs 22
  23. 23. TOOLS AND TECHNIQUES OF LEARNING  Various done PAN application review  Training provided, presentations.  Taken help of manager and colleagues  Taxation training  Computax software  On the jab training by superiors  Investment calculators 23
  24. 24. OBJECTIVE OF THE STUDY  To know the how to file online ITR  Problem during the filling ITR  Mistakes by employees  Errors by system  How to handle a huge number of applications  Mistakes during data entry  How to receive form 16 and other documents from Employees  To study the for assessment of individual income tax  To study the planning of individual income tax  To study the saving of individual income tax  To study how to get exemption from individual income tax 24
  25. 25. SCOPE OF STUDY When I was working with SPA capital as a trainee the scope of study is limited with Wipro employees only. I visited Wipro’s various Location like- Jassola (ND), Noida (UP) and Sarita Vihar (ND). I have completed project with the duration of six months. My working hours, 10:00AM to 6:30PM and days Monday to Friday. 25
  26. 26. RESEARCH METHODOLOGY The purpose of methodology is to describe the purpose involve in the research work. This include the overall research design, the data collected method Research methodology refers to the various sequential steps to be adopted by a researcher in studying a problem with certain object or objective in view. Sources of data collection: Data was selected by using both primary and secondary method, in Primary method of data collection personal interview and questionnaire was used, in case of secondary data was collected by using magazine, books and data available with the person working there. Primary data: These are those data which are collected a fresh and for the first time and thus happen to be original in character. Some of them are calculation and observation. Secondary data: It means data that are already available that is they refer to the data which has already been collected and analyzed by someone else by books and reports. Questionnaire: a structure questionnaire was administered to the respondent for the collection of primary data. Questionnaire consists of 10 questions. In the questionnaire fill in the blanks was asked. 26
  27. 27. Sampling Technique: Convenient random sampling technique was used to select the respondent for the purpose of study. Research Design Research: Descriptive Data source: Primary and Secondary data Research method: Questionnaire Types of questionnaire: Structured No. of questions: 10 Sampling technique: Convenient Technique Sample size: 20 Field area: Wipro ltd New Delhi 27
  28. 28. FACTS AND FINDINGS  SPA Capital Services deals in Financial industry, Merchant Banking, Insurance, Mutual Fund, Security Broking, Equity Broking & Valuation Services.  SPA Deals in Corporate sector, it’s planning to serve Individuals.  Company got data from its clients.  Next approach is to file ITR and Other investment services by online. When we asked client to fill the form, response from them: A. Why do I file ITR B. Is it mandatory for everyone? C. My income not comes under tax slab. D. It’s compulsory to mention total income? E. What it ITR? F. How I will get my returns? G. I’ve filed. 28
  29. 29. RECOMMENDATIONS  They should improve ITR filing techniques  Arrange Brief presentation for employees about IT Returns.  Deadline date shouldn’t be change by one, two or more days.  Proper system must be implemented for collecting Form-16.  Increase the number of employees at Wipro ltd.  Service is absolutely free, every employee must know that.  Circular must be circulated in hard from however mass mailer is good idea. 29
  30. 30. BIBLIOGRAPHY Website: Books: Income tax of India, assessment year 2012-13. Students Guide to Income Tax (Including Service Tax, Vat) - Dr. Vinod K. Singhania (Author), Dr. Monica Singhania (Author) 30
  31. 31. ANNEXURE 31