1. SUBMITTED BY: GROUP 1
BATCH NO-60
BATCH TIMING-2:00 PM -8:00 PM
CENTRE NAME- PRASHANT VIHAR
ROLL NO RANGE-1-10
SUBMITTED TO:
MR. CHETAN BHASIN
MR. NITIN GUPTA
MR.KISHAN JAIN
MR.X
2. We would like to express our special thanks to ___________ sir who gave us
the golden opportunity to do this wonderful presentation on the topic of E-
filing. this presentation, we got a chance to research upon so many new
things and got to understand various new aspects of E-filing. We are really
thankful to them.
Secondly we would also like to thank ICAI (Institute of Charted
Accountants of India) for providing us with this training on Information
Technology as a part of our prestigious course where we got a chance to
interact and learn from such amazing teachers and faculties who have this
great amount of knowledge.
3. ROLL NO ENROLLMENT NO NAME
1 NRO0503472 Adesh Kumar
2 CRO0649004 Akash Yadav
3 NRO04 Ankush Sharma
4 CRO0740249 Anshika Chaturvedi
5 NRO0520902 Anushka Goyal
6 NRO0510301 Anushka Kedia
7 NRO0516848 Aswathi AS
8 NRO0515952 Dev
9 NRO0524291 Divyanshi Mishra
10 CRO0701929 Harshvardhan Chauhan
4. • WHAT IS EFILING?
• Common E-filing Process
• List of Income Tax Returns
• DIGITAL SIGNATURE CERTIFICATE(DSC)
• ELECTRONIC VERIFICATION CODE(EVC)
• TYPES OF E-FILLING
• INCOME TAX E-FILLING IN INDIAN
SYSTEM
• Service tax E-filing
• Process of company law e-filing
• Common mistakes of E-filling process
• Dos and don’t of ITR
• XBRL- E-fling
• GOODS AND SERVICE TAX
• ITC-Input Tax Credit
• EXEMPTIONS
• Registration & Eligibility
• IMPACT ON TRADERS
• IMPACT ON MANUFACTURERS
• IMPACT ON SERVICE PROVIDERS
• CHALLENGES BEFORE THE GOVERNMENT
• GST preparedness-The Way Forward
5. The process of electronically filing
Income tax returns through the internet
is known as e-filing.
In simple words, it is giving information
to tax authorities in electronic format.
Giving information in electronic format
is convenient for assesses as well as tax
authorities.
7. ITR-1 - for Individuals with income from salary, pension, other sources (interest,
family pension only)
ITR-2 - for Individuals and HUFs not eligible for ITR-1 and having income from
business or profession computed as per special provisions
ITR-3 - for Individuals and HUFs having income from proprietary business or
profession
ITR-4 - for Individuals, HUFs and firms with presumptive income from business or
profession
ITR-5 - for firms, LLPs, AOPs, BOIs, artificial juridical person, cooperatives,
societies, local authorities
ITR-6 - for companies
ITR-7 - for persons including companies required to furnish return under special
provisions
8. Click here to register
yourself if you are a
first time user
If already
registered, log in
here using your
credentials
An AI assistant
to resolve
your queries
To file different ITRs,
click here
Various other
options to check
status like Aadhar
linking, verification
of pan etc
9. • Digital signature certificates(DSC) are the digital equivalent (that is electronic format)
of physical or paper certificates.
• It is a mathematical scheme for demonstrating the authenticity of a digital message
or a document.
IMPORTANCE OF DSC IN E-FILLING
• DSC serves as proof of identity of an individual or Organization for a certain purpose
online / on computer.
• DSC authenticates an electronic document like how a handwritten signature
authenticates a printed / handwritten document.
• DSC is used to e-Verify returns filed by a taxpayer and is also mandatory in some
cases.
10. • An Electronic Verification code
(EVC) is a 10-digit alphanumeric
code which is sent on our
registered mobile to verify an
item electronically or login to
the e-Filing portal .
• From the assessment year 2015-
16,the taxpayer can verify their
income return using EVC and
thereafter they need not
required to furnish the physical
copy of the ITRV.
METHODS FOR GENERATING EVC-
INTERNET BANKING
AADHAAR ONE TIME PASSWORD
BANK ACCOUNT VALIDATION
DEMAT ACCOUNT VALIDATION
EVC THROUGH ATM
E-FILLING ONE TIME PASSWORD
12. Income tax return filing is mandatory for all individuals and
entities earning taxable income in India.
The government has introduced electronic filing (e-filing) of
income tax returns to improve efficiency and transparency.
E-filing allows taxpayers to file returns online through the
Income Tax Department's portal without physically submitting
documents.
Individuals, HUFs, firms, companies, etc. have to file specific
Income Tax Return forms based on their income sources.
E-filing requires uploading XML file prepared from ITR excel
utility and verification through DSC/EVC/Aadhaar OTP/ITR-V.
The process is simple, convenient and enables faster
processing and quick refunds for taxpayers.
E-filing has steadily increased over the years with over 6.78
crore returns e-filed in FY21.
13. 1
Register on
the income
tax e-filing
portal if
not
already
done
2
Download
the latest
excel
utility for
the
applicable
ITR form
3
Fill in the
details and
compute
the taxable
income
and tax
liability
4
Validate
the excel
utility to
generate
the XML
file
5
Login to
the e-filing
portal and
upload the
XML file
6
Digitally
sign the
ITR using
DSC or
generate
EVC for e-
verification
7
E-Verify
the ITR on
the portal
using
DSC/EVC/A
adhaar
OTP/ITR-V
8
Successful
e-
verification
completes
the return
filing
process
9
ITR-V form
needs to
be
submitted
additionall
y within
120 days if
e-verified
using this
option
10
Download
and save
the ITR
acknowled
gement for
records
14. Service tax E-filing
As of 2021, the Indian government had replaced the service
tax with the Goods and Services Tax (GST) on July 1, 2017.
GST is a comprehensive indirect tax levied on the supply of
goods and services throughout India. It subsumed various
indirect taxes, including service tax, central excise duty, and
state-level taxes like VAT (Value Added Tax).
16. INTRODUCTION
Company Law e-filing refers to the electronic filing of various
documents and forms related to companies with the relevant
regulatory authority, usually the Ministry of Corporate Affairs
(MCA) in India. www.mca.gov.in
17. Process of company law e-filing
1
• The first step is to create an account on the MCA portal
(https://www.mca.gov.in/). The account creation process involves providing
necessary details like email, mobile number, and personal information.
2
• Obtain Digital Signature Certificate (DSC): To ensure security and
authenticity of the documents being filed, directors and designated
company officials are required to obtain a Digital Signature Certificate (DSC).
3
• Choose the e-form: Based on the purpose of filing (e.g., incorporation,
annual returns, financial statements, etc.), select the appropriate e-form
available on the MCA portal.
18. 4
• Complete the required fields in the selected e-form. You may need to
provide details such as company name, registered office address,
director details etc.
• Attach necessary documents: Scan and attach the necessary
supporting documents as required by the e-form only in PDF format
(2.5mb).
5
• Pay the prescribed fee: Every e-filing with the MCA portal requires a
prescribed fee.(weather online or through paper challan)
• You need upload the e-form for pre scrutiny. The system will verify
the uploaded document.
6
• After submitting documents MCA 21 will provide a unique transaction
number, the Service Request Number (SRN)
• Certificate of Approval: After successful submission and verification
by the MCA, you will receive a confirmation mail is sent to the
registered email address.
19. 7
• Resubmission –In the case you are required to submit your
e-form again due to (rectify/defective/incomplete) pointed
out by MCA office before the due date mentioned
otherwise fresh e -form is to filled with payment of fees.
Some of FORM ARE
Financial statement – Form AOC -4
Annual Return –Form MGT-7
Resolution – MGT-14
20. Making errors when E-filing returns can have several
negative effects, including interest and fines. Some
of the most commonly made mistakes are listed
below:
Personal Information
When electronically completing income tax returns,
entering incorrect personal information is a
common error to avoid. Ensure all your personal
information is input accurately and matches the
data on your formal identification cards.
Filing Incorrect Return Forms
The improper form can lead to errors, holdups, or
the need to alter your return later. Carefully
choose the correct form to guarantee accurate
reporting of your income and deductions.
21. Neglecting to Sign the Return
Your signature indicates that the details
given are truthful and accurate to the
best of your knowledge. Rejection or
processing delay may occur if the
return is not signed.
Proofread all forms after filling
details
After filling all the forms as relevant to
your source of income, proofread all
the required information as filled by
you. If any errors are there it should be
rectified immediately.
22. Part A- Dos
Apply for DIN from the MCA Portal in case you don’t
have DIN.
Obtain Digital Signature Certificate (DSC) from any
Certifying Authority)in case you don’t have one.
Register the Digital Signature Certificate of the
authorized signatories of the Company on MCA
portal.
Download the latest version of the E-Form and
Instruction Kit from the MCA portal.
23. Do not wait for the last date. To avoid
rush and pressure on MCA as well as
banking systems, please file at the
earliest.
Do not fill up the E-Forms in a hurry.
Read the guidelines carefully before
filling them.
After filling all the details, proofread
them. Any errors should be rectified
immediately.
24. XBRL E-FILING
XBRL is the universally preferred language for transmitting information
via internet. It is a data rich dialect of XML, which provides a common
electronic format for business reporting that does not change what is
being reported but only changes how it is reported.
• In XBRL, information is not treated as a static block of text or set of
number.
BENEFIT:
All type of organisation can use XBRL to save costs and improve
efficiency in handling business and financial information.
Because XBRL is extensible and flexible,it can be adapted to a wide
variety of different requirement.
25. XBRL TAXANOMY
• Different countries use different accounting standards. Reporting under each
reflects different definitions for which taxanomies are used. Taxanomies are the
computer-readable dictionaries of XBRL.
• It provides definitions for XBRL tags,informations,and organise the tags so that
they have meaningful structure.
Taxanomies enable computers with XBRL software to:
Understand what the tag is(eg whether it is a monetary item,a percentage or
text);
What characteristics the tag has(eg it has negative value);
Its relationship to other items(eg it it is a part of calculation).
this additional information is called meta-data. When info that has been tagged
with XBRL is transmitted, the meta-data contained within the tags is also
transmitted.
26. Steps for E-filing of financial statements in XBRL format on
MCA portal
Creation of XBRL instance Document:
The first step in creation of an instance document is to do tagging of XBRL
taxanomy elements with the various accounting heads in the books of account which
creates a mapping of taxanomy elements. Tagging can be either be captured as
footnote or as detailed tag. Next is to create the instance document which is a XML
file that contains business reporting information and represents a collection of
financial facts and report specific information using tags from XBRL taxanomy.
Seperate instance documents need to be created for :
• Standalone Balance sheet Consolidated Balance sheet
• Standalone P&L account Consolidated P&L account
The instance document should contain the financial information for both current as
well as the previous financial year. After this it needs to be ensured that all the
information are correctly captured.
27. Download XBRL validation tool:
A validation tool has been provided on MCA XBRL portal for validating the
generated XBRL instance document, it is a pre requisuite to validate before filing the
balance sheet and p&l account. The validation tool can be downloaded from the XBRL
website of the ministry(www.mca.gov.in/XBRL).
Load the instance document:
To load you need to click the open button, select the instance document and open
it. Click on open again if you want to open another instance document without existing the
tool.
Validate the instance document:
Validate that the document is as per the latest and correct version of taxanomy
prescribed by MCA, all the mandatory elements are entered, business rules are followed
and validations relating to XBRL technical specifications are as per taxanomy.
Pre-scrutiny of instance document:
In pre-scrutiny, the server side validations shall be performed for which a working
internet connection shall be required.
28. Convert to pdf and verify the contents of instance document:
This step is essential to ensure that the disclosure contained in XBRL document
are as per audited financial statement adopted in the AGM and the textual information
entered in instance document are clearly viewable.
Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL:
These documents are available on MCA portal for filing in XBRL instance
documents by the company under section 220 of the Companies Act. After filing 23AC-XBRL
attach the validated and pre scrutinised instance document for balance sheet to Form
23ACA-XBRL.
Submitting the Form 23AC-XBRL and Form 23ACA-XBRL on the MCA
portal:
After the forms are filled you need to perform scrutiny of the forms, sign the
form and then upload the same as per the normal e-filing process. These documents
submitted are in machine readable format, it can be converted into human readable format
by MCA21 system.
Note: Form for filing XBRL document in respect of financial statement and other documents
with registrar is Form AOC4-XBRL
29. DEFINITION: Any tax on supply of goods or services or
both except taxes on supply of the alcoholic liquor for
human consumption [Article 366 (12A)].
Introduced on JULY 1, 2017.
Levied at the time of consumption of goods and services
by the ultimate consumer.
Based on the principle of ValueAddedTax.
GSTismeantto: mitigate cascading effect
of taxes, provide near seamless credit and
make way for a common market.
30. Under GST, CGST is a tax levied on
intrastate supplies of both goods and
services by the Central Government.
The levy and collection of CGST are
governed by the provisions of the CGST
Act, 2017 as amended from time to
time.
31. SGST
STATE GOODS AND SERVICE TAX
SGST is a tax levied on intrastate supplies of both
goods and services by the particular state
government where the product sold is consumed.
The levy and collection of SGST are governed by
the respective state’s SGST Act, 2017 as amended
from time to time.
32. IGST
INTEGRATED GOODS AND SERVICE TAX
IGST is the tax levied on all supplies of goods and/or
services in the course of inter-state trade or
commerce.
Inter-state trade or commerce means any supply
where the location of the supplier and the place of
supply are in:
a) Two different state
b) Two different union territories
c) A State and a Union territory.
33. CGST
First to pay IGST
Second to pay CGST
No Adjustment against
SGST
SGST/UTGST
First to pay IGST
Second to pay
SGST/UTGST
No Adjustment against
CGST
IGST
First to pay IGST
The person can utilise
remaining ITC against
payment of CGST/SGST in any
order
34. • Input Tax Credit’ or ‘ITC’ means the
Goods and Services Tax (GST) paid
by a taxable person on any purchase
of goods and/or services that are used
or will be used for business.
• ITC value can be reduced from the
GST payable on the sales by the
taxable person only after fulfilling
some conditions.
• These conditions are given under the
GST law and are more or less in line
with the pre-GST regime, except for a
few.
35. • Exempt supply under GST means supplies that
do not attract goods and service tax. In these
supplies, no GST is charged. Input tax credits
paid on these supplies cannot be used.
• Some examples of exempt supplies are-
• Services by way of pre-conditioning, pre-cooling,
ripening, waxing, retail packing, labelling of fruits
and vegetables which do not change or alter the
essential characteristics of the said fruits or
vegetables.
• Agricultural or farm services.
36. Registration & Eligibility
In terms of section 24 read with Section 22, following
persons are required to be registered under CGST Act:
a) Every supplier shall be liable to be registered under the
CGST Act in the State from where he makes a taxable
supply of goods and/ or services if his aggregate
turnover in a financial year exceeds Rs. 20 lakh.
However, in respect of Special Category States, the
aforesaid threshold registration limit has been reduced
to Rs. 10 lakh.
b)Person making any inter-state taxable supply (no
threshold limit).
37. c) Causal Taxable Persons (No threshold limit).
d)Persons liable to pay GST under reverse charge (no
threshold limit).
e) Electronic Commerce Operator in respect of specified
categories of services if such services are supplied through
it.
f) Non-Resident Taxable Persons.
g) Persons who are required to deduct tax at source.
h)Persons who are required to collect tax at source.
i) Persons who supply goods and/ or services on behalf of
other taxable persons whether as an agent or otherwise (no
threshold limit).
j) Input Service Distributor.
38. k) Persons who supply goods and/ or services through
Electronic Commerce Operator who is required to collect
tax at source (No threshold limit).
l) Every Electronic Commerce Operator (No threshold limit).
m)Every person supplying Online Information and Database
Access or Retrieval Services (OIDAR Services) from a place
outside India to a person in India, other than a registered
taxable person.
n)Such other person or class of persons as may be notified by
the Government on the recommendation of the Council.
39. Taxes subsumed Taxes not Subsumed
Value Added Tax, Purchase Tax State Excise Duty
Entry Tax, Octroi, Local Body Tax, Sales Tax Partially Stamp Duty
Entertainment Tax, Luxury Tax Professional Tax
Betting, Gambling and Lottery Tax Motor Vehicle Tax
Surcharges and State Cesses Electricity Duty
Central Excise Duty Sales Tax on 5 Specified petroleum products
Additional Duties on Excise Custom Duty
Excise and Medicinal and Toiletaries Prepartion Act
Additional Custom Duties(CVD)
Special Additional Duty
Surcharge and Cesses
Central Sales Tax
40. • Tax on value Addition-tax paid at earlier stages would be available as setoff for
payment of GST on supplies. Therefore, traders would prefer to buy/receive
supplies with invoice pre and post GST.
• Reduce Cascading-Cost of products and service would reduce normally due to
cascading effect of tax being reduced. Service tax credits would be available and
going forward even the capital goods used for storing, handling etc.
• SGST/UTGST levy-CGST and SGST/UTGST would be levied on the local supply of
goods within state. IGST would be levied on Inter state supply of goods.
• Stock Transfers-Presently, stock transfers is done without charging GST against
form F. Under GST law, stock transfers from one state to other would be liable to
GST.
41. • Competitive in market-saving in taxes due to less restrictions in taking setoff of
taxes paid at various stages of manufacturing reduction in the cost of goods and
services supplied. This would make them more competitive both in domestic and
international market.
• Valuation of supply of goods-With the shift of taxable event from manufacture to
supply of goods, the valuation of goods could be simplified. Under GST, actual
value received as a consideration for the supply of goods would be subject to GST
with some exceptions.
• Cheaper Exports-Exports would be cheaper as taxes paid at earlier stages could
be refunded to a larger extent.(credit restrictions can lead to tax sticking)
• Ease of doing business-Adoption of Information technology in GST regime will
enable the business people to do business with ease.
42. • Present destination based to proposed consumption based levy-Presently, service
tax is levied mainly at the origin and is a destination based levy, the burden of
which is borne by the end consumer. Under GST, generally they would be taxed in
the same way except that the place of supply would have to be confirmed.
• Service Tax-Under GST law, the service tax would be levied not just by centres but
also by the states which would be empowered to levy SGST by amendment to the
constitution of India.
• Taxes received by consuming state-If services are rendered from one place to
another, then tax would ultimately go to the consuming state.
• Increased setoff with VAT-The Vat credit for goods which was not available to the
service provider would be available under GST.
43. Implementation of GST can be broadly defined into three categories:-
A. DESIGN ISSUES
• The broad framework of GST is now clear. It is on the lines of the model -
approved by the empowered committee of the state finance ministers in
much diluted form.
• It was not simple – Amalgamation of CST, VAT,CE, custom; stringent rules are
expected to be moderated over period of time.
• It was not certain- Increased uncertainty was drafted by tax officers.
• It was also not fair- Revenue safety have been focused and business needs
have not been addressed fully.
44. • Common approach of the states ,i.e. ,a common law, a common
assessment procedure and even a common return.
• Monitoring of inter state trade by flying squad and a computer
generated number for every supply of goods.
• Sharing of information using comprehensive IT network.
• Improved relations between the centre and the states.
45. IT INFRASTUCTURE-
A simple system for inter state transactions and verification of dealers is
essential to ensure tax compliance and check avoidance.
DECISION ON ELIMINATION OF CHECK POSTS-
To avoid enormous delays in road traffic, and reducing delivery time for
goods.
HARMONIZATION-
For GST to be effective there should be identical GST laws across states as well
as at the centre.
TRAINING
Since the dual GST is considered different from the present indirect tax
regime, a massive training initiative would be required at both federal and
state levels.
46. Government is ahead of industry and professionals. Business entities should also take actions as a part
of their preparation. Few of them are-
Sensitise the business ecosystem
Understand GST impact on Operations
Gear up for transition of Information Technology systems
Design Alternate Business Strategies
Make representation before the government
Spreading of GST awareness/Trainings
Assessing the manner and quantum of input credit as available under law
Thorough reading the GST laws to pre-empt the possible consequences on one’s business
Preparation of Procedures/SOP to be followed in the organisation
