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
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.
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.
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
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
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.
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
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
GROUP OF COMPANIES
SPA capital services ltd.
SPA capital Advisors Limited
SPA securities limited
SPA insurance broking Services limited
SPA com Trade ltd
SERVICES OFFERED BY SPA GROUP
Management on public & rights offers.
Privet placement of equity & debt.
Managers to takeovers/Mergers/Acquisitions.
Delisting & Buyback offers.
Overseas listing. (FCCB)
Short Term Debt.
Distribution of Financial Products
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.
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
He must be in India during 7 preceding previous years for aggregate period of 729 days
BASIC CONCEPTS – DEFINITIONS
Gross Total Income
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
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
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
2. Income from house property.
3. Profits and gains of business or profession.
4. Capital gains.
5. Income from other sources.
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 u/s 2(31) includes:
Hindu Undivided Family (HUF),
An Association of Persons(AOP) or Body of Individuals (BOI),
A Local Authority,
Every other Artificial Juridical Person
TAX SLAB FOR ASSESSMENT YEAR 2012-2013
Income Tax Rate
1 Where the total income does not exceed Rs.
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/-.
HEAD OF INCOME
Income from salary
Income from house property
Profits and gains from business and profession
Income from capital gains.
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
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.
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 https://incometaxindiaefiling.gov.in 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
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
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
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
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.
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.
DISCUSSION ON TRAINING
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
Handling Investment Issues/Advising Employees
Arranging Form 16
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
TOOLS AND TECHNIQUES OF LEARNING
Various done PAN application review
Training provided, presentations.
Taken help of manager and colleagues
On the jab training by superiors
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
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.
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.
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.
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.
Convenient random sampling technique was used to select the respondent for the purpose of
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
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:
Why do I file ITR
Is it mandatory for everyone?
My income not comes under tax slab.
It’s compulsory to mention total income?
What it ITR?
How I will get my returns?
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.
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)