GUIDELINES FOR PREPARATION OF MBA SUMMER INTERNSHIP PROJECT

“A STUDY OF DIFFERENT ITR FILING

PLATFORMS IN INDIA”

Submitted in partial fulfilment of the requirements for MBA

Batch

VEER MADHO SINGH BHANDARI UTTARAKHAND TECHNOLOGICAL

UNIVERSITY, DEHRADUN

JAYDEEP PARMAR
University Roll No: 220360505090
2022-24 Batch

Industry Guide: CA KAMAL MURARKA

Internal Guide: CA Satish Kumar Chhabra

Doon Business School

122Mi, Behind Pharma City, Selaqui, Dehradun-248001, Uttarakhand
April 2023
 ACKNOWLEDGEMENT

I would like to express my sincere gratitude to Doon Business School, Dehradun,

for showing confidence in me and letting me boost and highlight our knowledge and
skills and also to TAX2WIN. for allowing me to be a part of the organization and
help me learn and work with all my dignity.
I would like to express my greetings to my college mentor, CA Satish Kumar Chhabra
who helped me and acknowledged me at every step while preparing the project and
motivating me with his honest opinion throughout the project and to the industry
mentor CA KAMAL MURARKA to be there with me and kept trust on me in my whole
SIP tenure.
I would also like to thank my placement team for providing me with such a great
opportunity where I can explore new dimensions.
Lastly, I would like to thank all those people who were indirectly involved in
completion of the project, my family members for their tolerance and care and to my
friends who helped me with their academic thoughts and facilitating me to
accomplish my task in the most skilled and productive manner.

Student Name – JAYDEEP PARMAR Signature -

Date -
 CERTIFICATE OF ORIGINALITY

I , Enrolment No.

of 2023, am a full-time bona fide student of MBA(Finance) Program of

Doon Business School, Dehradun. I hereby certify that this training report / project work carried

out by me at

submitted

in partial fulfillment of the requirements of the program is an original work of mine under the

guidance of the industry guide

and internal (faculty) guide and is

not based on or reproduced from any existing work of any other person or on any earlier work

undertaken at any other time or for any other purpose, and has not been submitted anywhere

else at any time.

(Student's Signature)
Date
CERTIFICATE BY COMPANY OF INTERNSHIP
 CERTIFICATE BY INTERNAL GUIDE

This is to certify that the Summer Internship Project titled

‘A Study Of Different Itr Filing Platforms In India’ submitted by
Jaydeep Parmar enrollment no.- 220360505090 during Semester 3rd of
MBA (Finance) Program embodies original work done by him/her.

Name of Internal Guide- CA Satish Kumar Chhabra Signature

Designation- Date-
Campus –
 Table of Content

S. Topic Page
No. No.
1 Executive Summary 7

2 Introduction To Income Tax 8-10

Return
2 Introduction of Industry 11-14

3 Organization Overview 15-22

4 Industry Analysis 23-29

5 Description of the Task 30-32

6 Recommendation & 33-35

Learnings
7 Limitations 36

8 Conclusion 37-38

9 References 39
 EXECUTIVE SUMMARY

Technology-driven platform Tax2win is a prime example of how the market integrates technologyfor customer-
centric solutions. The sector's ability to adopt technology to streamline financial processes is demonstrated by how
easily complex tax processes are made simpler, from online filing to professional assistance. Collaborations with
leading companies in the sector, like Google Pay and Paytm, highlight Tax2win's expertise in handling digital
transactions and compliance.

Filing an ITR is important for an individual to avail the various benefits of tax. Being in a Tax consultant firm I
observed many people are willing to file an ITR but many of them are not willing to pay the tax. Being in an
organization for 2 months made me learn about the client handling and making them conveyance about the
importance of tax.

I joined Tax2win as a a Tax associate where we have to gather the basic information of the client and pass it to CA
so that they can File an ITR of the customer. Daily, lots of tokens were being purchased by the customers and the
E-Mitra / CSC- VLE agents and then they catered to the needsof people by filing their returns. So, working for 2
months at Tax2win, I clearly got an idea of

the work that takes place at the office, and the challenges that they face while dealing with the clients. I even had
to face so many challenges while dealing with the clients and I wanted to knowwhat they actually understand and
think about e-filing of income tax returns.

Simultaneously, other work assigned by my TL was also done by me. At the last week of my internship, I was
back to calling the team and handled my team simultaneously because of the workload.

To ensure financial responsibility and compliance and a secure and prosperous future, it is essentialto comprehend
and manage income tax returns efficiently.
CHAPTER-1 INTRODUCTION

1. Introduction to Income tax Reture …

Indian Income Tax refers to the tax levied by the Government of India on the income earned by
individuals, businesses, and other entities within the country. The income tax system in India is
governed by the Income Tax Act, 1961, and is administered by the Central Board of Direct Taxes
(CBDT), which operates under the Department of Revenue, Ministry of Finance.

Income tax in India is a direct tax imposed by the government on individuals, Hindu Undivided
Families (HUFs), companies, and other entities based on their respective income levels. The tax
is levied by the Central Government of India and is a significant source of revenue for the
country. Here are some key points about Indian income tax:

Taxable Income:
Income tax is calculated on the total income earned by an individual or entity during a financial
year (April 1 to March 31). Different sources of income, such as salary, business/profession,
capital gains, house property, and other sources, are considered while determining the taxable
income.
Income Tax Slabs:
India has a progressive tax system, where higher income is taxed at higher rates.
The income tax slabs and rates vary based on the age and income of the taxpayer.
Individuals below a certain income threshold may be eligible for tax exemptions and
deductions.
Exemptions and Deductions:
The Income Tax Act of India provides various exemptions and deductions that can be claimed to
reduce the taxable income. These include deductions for investments like Provident Fund (PF),
Public Provident Fund (PPF), National Savings Certificate (NSC), and more.
Tax Filing:
Individuals and entities with taxable income are required to file their income tax returns (ITRs)
by the specified due [Link] to file ITR or underreporting income can result in penalties and
legal consequences.
Form 16 and Form 26AS:
Form 16 is a certificate provided by employers to salaried individuals, summarizing their
income, deductions, and tax paid during the [Link] 26AS is a statement that reflects all tax-
related information (like TDS deducted, advance tax paid) associated with a PAN.
Advance Tax and TDS:
Individuals and entities with significant tax liability may need to pay advance tax in installments
during the financial [Link] Deducted at Source (TDS) is a mechanism where the payer deducts
tax at prescribed rates before making certain payments (like salary, rent, etc.) to the payee.
Tax Returns and Assessment:
After filing the income tax return, the Income Tax Department assesses the return for accuracy
and compliance.
In case of discrepancies or audit notices, taxpayers may need to provide additional information to
the department.
E-filing and Digitalization:
The Income Tax Department has embraced digitalization, and taxpayers are
encouraged to file their returns online through the official e-filing portal.
E-verification methods, such as Aadhaar OTP and net banking, have been
introduced to simplify the verification process.

SLAB RATES (as per old regime)

Income tax slab rates in India determine the amount of tax payable by individuals and
Hindu Undivided Families (HUFs) based on their taxable income. These rates are
subject to change with amendments in the Union Budget, so it's essential to refer to the
latest tax slab rates for accurate information. As of my last knowledge update in
September 2021, here are the income tax slab rates for individual taxpayers below the
age of 60 for the financial year 2021-2022 (Assessment Year 2022-2023):
Individuals and HUFs:
- Up to ₹2,50,000: No tax
- ₹2,50,001 to ₹5,00,000: 5% of the income exceeding ₹2,50,000
- ₹5,00,001 to ₹10,00,000: 20% of the income exceeding ₹5,00,000 + ₹12,500
- Above ₹10,00,000: 30% of the income exceeding ₹10,00,000 + ₹1,12,500

Senior Citizens (60 to 80 years):

- Up to ₹3,00,000: No tax
- ₹3,00,001 to ₹5,00,000: 5% of the income exceeding ₹3,00,000
- ₹5,00,001 to ₹10,00,000: 20% of the income exceeding ₹5,00,000 + ₹10,000
- Above ₹10,00,000: 30% of the income exceeding ₹10,00,000 + ₹1,10,000

Very Senior Citizens (Above 80 years):

- Up to ₹5,00,000: No tax
- ₹5,00,001 to ₹10,00,000: 20% of the income exceeding ₹5,00,000
- Above ₹10,00,000: 30% of the income exceeding ₹10,00,000 + ₹1,00,000
Additionally, there is a 4% Health and Education Cess on the income tax amount
calculated.
 CHAPTER-2 ORGANIZATION OVERVIEW
The financial sector plays a crucial role in the global economy by minimizing the distribution of
resources, controlling risk, and offering a wide range of financial services to people, businesses,
and governments. This sector includes a wide range of businesses, organizations, and marketplaces
that are essential to the management of assets, capital, and money. Its importance goes beyond
being a crucial tenet of contemporary economies, stimulating investment, wealth creation, and
economic progress.

2.1 Key Components of the Financial Sector

o Banking: Banks, which provide a wide range of financial services like checking and
savings accounts, loans, credit cards, and investment opportunities, are at the center of the
finance sector. The foundation of the banking industry is made up of commercial banks,
investment banks, and central banks.
o Capital markets: These markets make it possible for financial instruments like stocks,
bonds, and derivatives to be traded, allowing firms to raise money for growth and investors
to diversify their holdings.
o Investment Management: Investment managers, such as hedge funds, mutual funds, and
pension funds, pool funds from many people to make investments in a variety of assets.
Returns for its investors are the goal.
o FinTech (financial technology): This industry makes use of technological breakthroughs
to offer cutting-edge financial solutions, such as robo-advisory services, cryptocurrency
platforms, online banking, and digital payment systems.
o Credit and Lending: This industry focuses on providing credit to people and businesses
through a variety of channels, including credit cards, mortgages, business loans, and
personal loans.
o Corporate Finance: Individuals with a background in corporate finance are in charge of
overseeing all financial operations of a firm, including capital budgeting, financial analysis,
strategic financial planning, and mergers and acquisitions.
o Wealth Management: Wealth Management companies cater to high-net-worth clients and
provide estate planning, individualized investment strategies, and wealth preservation
services.
2.2 Importance of the Finance Sector:

o Resource Allocation: The financial sector is essential in effectively allocating resources

from savers to borrowers, promoting economic activity and expansion.
o Risk management: People and corporations can efficiently control a variety of financial
risks by using financial products like insurance and derivatives.
o Economic Growth: Investment, innovation, and entrepreneurship are all encouraged by a
healthy financial sector, which boosts the nation's economy as a whole.
o Wealth Creation: This sector offers chances for businesses and people to build wealth via
effective financial planning and investments.
o Global Connectivity: By fostering cross-border trade, investments, and capital transfers,
international financial markets and institutions support global economic integration.
o Employment Creation: The financial industry generates employment opportunities in a
variety of industries, including banking, investment, insurance, and technology.
o Regulation and Stability: Maintaining financial stability and defending consumer
interests depend critically on the efficient regulation and control of the finance sector.
1.3 Challenges of the Finance Sector: -

The financial industry functions in a complex and changing environment, which creates a number
of obstacles to its stability, integrity, and efficacy. These difficulties can have far-reaching
consequences for individuals, corporations, and economies. Here are some of the major difficulties
confronting the financial sector:

o Regulatory Compliance and Complexity: Strict rules are required to ensure financial
stability and consumer protection. Navigating complex and growing regulatory regimes,
on the other hand, can be difficult for financial organizations. Meeting compliance
requirements frequently necessitates substantial resources and experience.
o Cybersecurity and Data Privacy: The financial sector's increased reliance on technology
exposes it to cyber threats and data breaches. To preserve confidence and avoid financial
losses, it is critical to protect sensitive client information, transaction data, and financial
systems from cyberattacks.
o Financial Crimes: Money laundering, fraud, and other financial crimes endanger the
sector's credibility. To address these issues, strong anti-money laundering (AML) and
know-your-customer (KYC) protocols are required.
o Systemic Risk: Because financial institutions are interrelated, systemic hazards can arise.
A major institution's demise or a significant market disruption can have ripple effects
throughout the financial system.

o Market Volatility: Because of reasons such as geopolitical events, economic data

releases, and investor mood, financial markets are prone to volatility. Market volatility
control is critical for investing and risk management.
o Protection: It is difficult to ensure that consumers are treated fairly and are well-informed
about financial products and services. Consumers can be left susceptible by complex
financial products and pushy sales practices.

Addressing these difficulties would necessitate coordination among governments, regulatory

organizations, financial institutions, and technology vendors. A resilient and effective financial
industry requires a balance of innovation, risk management, consumer protection, and stability.
1.4 Future of the Finance Sector: -

A number of factors, including as technical advancements, regulatory changes, shifting consumer

dynamics, and economic trends, are likely to have an impact on the direction that the financial
industry takes in the future.

o Fintech Developments: Fintech (financial technology) businesses will probably continue

to drive innovation in the finance sector. These organizations use technology to provide
effective and customer-focused solutions for a range of financial services, including
investing, lending, and insurance.
o Digital banking: The rise of neo banks and digital banks poses a threat to conventional
brick-and-mortar banks. For users who are more interested in using technology, these
virtual banks provide simplified services, customized experiences, and frequently better
rates.

o Regulatory Environment: In order to maintain security, consumer protection, and general

financial stability when new financial technologies are developed, regulatory authorities
will need to adapt and put in place the proper frameworks. A significant difficulty still lies
in finding a balance between innovation and regulation.
o AI and data analytics: These two technologies are expected to continue to play a big part
in the financial industry. Additionally, they can help with portfolio management, consumer
insights, risk assessment, fraud detection, and other tasks.
 CHAPTER-3

ORGANIZATION OVERVIEW

3. ABOUT TAX2WIN

Tax filing is a time-consuming process, and the average person frequently has various issues when
filing an ITR or completing anything tax related. Tax2Win is one such organization that helps its
customers avoid all this hassle. They offer a variety of tax-related services with complete precision
and attention. Over a million customers use Tax2Win for the hassle-free work, and the company
has a 4.9 customer rating.
Tax2win is one of Asia's top 25 developing startups, having been approved by the Income Tax
Department to file ITR. It offers technology-enabled legal and taxation services to individuals,
corporations, SMEs, and governments, among others. It is trusted by businesses and individuals
across the country. ICICI Bank, IndusInd Bank, Infosys, TCS, Google Pay, Paytm, Mobikwik,
PhonePe, CSC, eMitra, Payworld, and many others are among its clientele. File Your Return,
Upload Form 16, CA Assisted Tax Filing, Refund Status, TDS Solution, Plan Tax & File ITR, and
NRI Taxes & ITR Filing are all services provided by Tax2win.

3.1 TAX2WIN – KEY HIGHLIGHTS

 Company Name – Tax2Win
Founders – Abhishek Soni and Vertika Kedia
Founding Year – 2015
Headquarters – Jaipur, Rajasthan, India
Company type – Private
Industry – Fintech, Financial Services, Software
No. of employees – 200-250
Website – [Link]

3.2 TAX2WIN – FOUNDERS

1. Abhishek Soni – He is the co-founder of Tax2Win. Abhishek is a qualified CA from ICAI, and
he used to work for Ernst & Young as an auditor before founding this company.

2. Vertika Kedia –She is the co-founder of Tax2Win. Vertika holds a B. Com degree from IIS
University, and she is also a qualified CA from the ICAI. She is also the co-founder of Winiin
Taxscope Pvt. Ltd.

3.3 ACQUISITION

Recently the company has been acquired by the Company named Fisdom in Bengaluru, Fisdom
Company is a wealth management company. Both the companies will provide the hassle-free
services to its customers although this acquisition will now change any operation of the Tax2Win
Company, as Tax2Win Company will continue its operation independently, after the acquisition
according to its policies. From now onwards Tax2Win Company will also offers tax saving and
tax saving investment products along with the ITR filing to its customers through Fisdom
partnership. More than 10 million people visited the Tax2Win Company in the last fiscal year to

file their income tax reture

 3.4 KEY SERVICES:

Tax2win provides a comprehensive range of services aimed at streamlining the tax filing process
and providing consumers with accurate and timely financial information. Among these services
are:

Get a personal E-CA

E-Tax Filing
File revised returns
Plan tax and file ITRs
NRI taxes and ITR filing.
Financial Calculators
Document Repository
File ITR yourself with Tax2Win

3.5 TAX2WIN – GROWTH

Tax2Win has witnessed tremendous growth in just a few years of incorporation. It has already
become one of India’s best ITR filing startups and most of the customers have rated it high as
compared to other companies in this field. Some of the major growth factors seen by the company
are as follows:

The company already has more than a million satisfied clients.

Tax2Win does its job with 100% accuracy, and this is what attracts most of the customers.
The company also offers hassle-free 24x7 support to every customer.
The company has a service rating of 4.9.
Tax2Win comes under the Top 25 emerging startups of Asia.
The company is authorized by the Income Tax Department

Every month the company spends more than 2,40,000 hours doing taxes..
 The company is registered with Startup India which is an initiative by the Govt. of India.
It is also supported by iStart which is an initiative for startups by the Rajasthan Govt.
Tax2Win is supporting Govt. of India by making India Digital and paper-free.

3.6 TAX2WIN – USP

Tax2Win is one such company that has several USPs. This is because most people trust them for
the successful filing of their ITR. Some of the main USPs of the company are as follows:

Superior Quality – The company checks and double-checks everything they do, to ensure
that the customer files accurate returns and gets maximum refunds.
Personalized Experience – Tax2Win asks very simple and basic questions about your
income before personalizing their client’s tax filing experience.
Most Accurate Algorithm – The algorithm has been checked by more than hundreds of
Chartered Accountants. They have done data validation checks in every field and the
company has a 99% data import facility.
Expertise – Tax2win has a whole team of expert CAs who browse through hundreds of
tax provisions to ensure that the customers get the maximum refunds.
Plain Language – Tax is difficult to understand for any normal person. The startup makes
its customers understand what’s best for their tax health.
Genuine Care – This is also one of the main USPs of the company. It is the first and
foremost priority of the company to make their clients get all the benefits of every tax
provision they deserve.

3.7 VISION & MISION OF TAX2WIN

Mission

Committed to educating the public about taxes to allay their fear of them and provide a positive
experience for everyone.

Vision

To eliminate the distance between customers who want to file their income tax return remotely.
 3.8 TAX2WIN – BRANDS EMPOWERED

The startup empowers over 10 multinational brands. Some of the brands empowered by the
company are as follows:

Yono SBI
Paytm
ICICI Bank
ICICI Prudential
Life99
Bajaj FinServ
IndusInd Bank
Google Pay
Darwin box
PhonePe
ZingHR
BenefitHub

3.9 TAX2WIN – COMPETITORS

The competitor is a part and parcel of everyone’s life. Having a healthy competitor in the business
is beneficial for the customers and it also removes the monopoly of any single company in the
market. Tax2Win also has several good competitors in the market. Some of them are as follows:

Vyapar
ClearTax
JioGST
TaxSpanner
TaxAdda
Makeyourtax
Express GST
Effitrac GST
 Gen GST Software
TaxZippy

3.10 TAX2WIN – CHALLENGES FACED

Every startup has to face various challenges in its entrepreneurial journey. Tax2Win also had to
face numerous challenges to establish its brand in the markets. Some of the main challenges faced
by the company are as follows:

Server Issues – A lot of times the companies in this industry have to go through this
challenge. However, this can be solved easily but this challenge keeps happening.
Competitors – The company has a lot of competitors in the market, and it is not that easy
to shift their customers all of a sudden. Tax2Win, however, has a good customer base and
it will slowly raise the bar of its ultimate service. Some of its competitors are also
performing well on various levels and it would not be that easy for Tax2win to overshadow
all of its competitors all of a sudden. They will have to keep working hard to provide the
best service in the market.

3.11 TAX2WIN – FUTURE PLANS

Tax2Win has various exciting plans for the coming future. Some of the upcoming plans of the
startup are as follows:

The company is looking to increase its customer base by the end of FY 2023.
They are also planning to hire more employees to grow their business.
Tax2Win is looking to increase the number of services on their portal for the ultimate ease
of the customers.

3.12 TARGET MARKET

B2B

Your Best Tax Partner

Client Segment: Collaboration, FinTech

Target Companies: Lower-middle Enterprises, Medium Enterprise, Large Enterprise
B2C

Easiest Way of e-filing your Income Tax Return in India User

User Income: Lower-middle Income, Upper-middle Income, High Income

3.13 WHY TAX2WIN?

3.13.1 Simplest Way to File ITR:

Tax2win’s step-by-step return filing process makes tax return filing easier, for
taxpayers with only salary income, ITR can be filed within a fraction of a minute
by just uploading Form 16.
The software automatically picks up the details & fills in your ITR form and is
the fastest in the market till now. Tax2win’s ITR filing process is easy, smooth &
super user-friendly. It does not ask you for any passwords or technical tax
knowledge rather requires some very basic details in layman’s terms to file the
return.
Even CA’s and other professionals, earlier who had to train their article assistants
on how to use tax filing software, are now using the Tax2win portal. (a
customized cloud-based software version, specifically engineered for
professionals is available now)
3.13.2 Best Online Tax Tools for FREE:

Gone are the days when a CA had to compute income tax liability, refund, and
deduction calculations on paper. Tax2win provides free access to some of the best
tax tools online like income tax calculator, income tax refund status tool (gives LIVE
status of refund for FREE), Form 12BB generator, HRA calculator, Gratuity
calculator, Rent Receipt generator, Budget Impact calculator, Transport Allowance
calculator, TDS calculator, Sec 234F (late filing fee) calculator. All the online tools
are designed to be user-friendly which enables even a layman with basic knowledge
of tax provisions to become a tax expert.
3.13.3 Backed by Government Recognition:

Tax2win is counted among the Top 25 Emerging Start-ups of Asia (also mentored
by Korn Ferry (Hay Group)) & is recognized by Start-up India (Government of India
program). It is also an authorized e-Return Intermediary from the Income Tax
Department.
3.13.4 Auto Import of Form 26AS Details:

While filing ITR, it happens many times that even after filing the correct return
people get notices & the reasonis that they forget to include their Other Sources
income. This is where Tax2win’s super smart Form 26AS import feature comes to
your rescue. You just need to provide Income Tax filing credentials & Tax2win’s
smart software will automatically pick all the TDS details from your Form 26AS.
Hence, saving you from non-reporting of income.
3.13.5 Cloud-Based ITR Filing:

Gone are the days when you were required to visit the Income Tax Department and
download utilities or download desktop software in your system to file tax returns.
With Tax2win’s user-friendly online filing portal, you can file a return anytime,
anywhere, and on any device like a laptop, computer, mobile tablet, etc.
3.13.6 Does Not Matter If You Are in Practice or a Job:

A Chartered Accountant either gets into practice as a consultant or takes up

employment. But for family & relatives, he/she is the tax expert, so everyone wants
them to file their returns. This is where Tax2win comes to your rescue, whether
you are practicing CA or in employment, you can file accurate ITRs of all your
family members, friends, clients, relatives, friends, etc., and absolutely for FREE.
 CHAPTER- 4
(INDUSTRY ANALYSIS)

4.1 PESTEL ANALYSIS

We will use a variety of frameworks to gain a deeper understanding of the financial services sector.
Political, Economic, Social, Technological, Environmental, and Legal aspects are referred to as
PESTEL elements. In essence, it is a framework that is used to examine the macro environment of
an organization. These elements directly affect a company's capacity to compete as well as the
overall profitability of the financial sector.

POLITICAL FACTORS

Political factors play a very major role in finding out the factors which might impact Tax2win’s
long-term profitability in a particular area or market. Tax2win is involved in Income tax return
filing services in many cities therefore it gets exposed to different types of political risks.

 Tax rules and Regulations: Tax2win's business model and the services it provides may be
significantly impacted by changes to Indian tax rules and regulations.
 Government Policies: The platform's activities may be impacted by government
regulations on electronic filing, online transactions, and digital services.
ECONOMIC FACTORS

Factors like foreign exchange rates, savings rates, interest rates, inflation rates, and the economic
cycle calculate the aggregate demand and aggregate supply in an economy. Tax2win can use all
the above-mentioned factors to forecast the growth of the financial services sector.

 Economic Conditions: Consumer and corporate decisions to employ tax-related services

can be impacted by economic growth, inflation, and shifts in disposable income.
 Taxation Trends: Demand for tax counseling and filing services can be impacted by
economic policies that affect taxation rates.

SOCIAL FACTORS

The culture of society impacts the culture of any organization in a particular environment. Attitude,
behavior, and beliefs of a given population will play a major role in understanding the customers
of Tax2win.

 Education and Awareness: Public comprehension and awareness of the value of precise tax
filing can have an impact on the demand for Tax2win's services.
 Technical Adoption: Tax2win's user base may be impacted by social acceptance of digital
platforms and the desire to use online services.

TECHNOLOGICAL FACTORS

Technology as we all know is disrupting at the pace in this era. So, any company should not only
go for technological analysis but also the pace of technological disruption that takes place in that
industry. If tax2win disrupts at a high pace, then it will be profitable in a very short period.

 Digital Infrastructure: The simplicity of using Tax2win's online platform can be impacted
by the speed of internet access and the availability of technology.
 Data Security: To retain the confidence of users who disclose sensitive financial
information, technological developments in cybersecurity are essential.
ENVIRONMENTAL FACTORS

Each market has a different kind of environmental standard which will have a direct or indirect
impact on the profitability of the company in that sector. Whenever a company wants to enter into
a new market what it can do is to carefully scan the environmental standards which are required in
order to that kind of market.

 Environmental Concerns: Although not directly related to tax services, escalating

environmental worries may nonetheless have an indirect impact on consumer choices and
actions.
 Sustainability Initiatives: Tax2win's initiatives for environmental sustainability may
improve its reputation and draw in consumers who care about the environment.

LEGAL FACTORS

Tax2win must carefully analyze and scan before entering into any market all the legal factors and
frameworks that can protect the intellectual property rights of an organization. If careful analysis
is not done it might lead to the theft of overall competitive advantage.

 Data protection laws: Due to the sensitive nature of the financial data handled by Tax2win,
compliance with data protection and privacy laws is essential.
 Business Regulations: Tax2win's operations may be impacted by legal regulations relating
to online enterprises, tax preparation services, and digital transactions.
4.2 SWOT ANALYSIS

SWOT analysis is a technique for identifying and analyzing internal strengths and weaknesses as
well as external opportunities and threats that have an impact on current and future operations and
aid in the formulation of strategic goals. It is a tool that can assist you in determining the current
strengths of your business and in developing a winning strategy for the future.

STRENGTHS

 Online Platform: Tax2win functions as an online platform, offering users accessibility and
convenience for services and filing linked to taxes.
 User-Friendly Interface: The platform's user-friendly layout makes it simpler for people
and businesses to navigate and comprehend the tax filing procedure.
 Expertise: Tax2win probably employs tax specialists who can give users reliable advice
and direction, boosting the platform's trustworthiness.
 Time Savings: Compared to manual calculations, Tax2win can save customers time by
automating different tax-related calculations and operations.
 Resources for Education: The platform may provide materials for users to learn more about
tax-related topics, such as articles, guidelines, and FAQs.
WEAKNESSES
 Dependent on Regulations: Modifications to tax laws or regulations may have an influence
on Tax2win's operations and necessitate ongoing platform modifications.
 Technical Problems: Online platforms may endure server outages, technical difficulties, or
cybersecurity issues that may harm user experience and confidence.
 Lack of Personalization: Some consumers, especially those with complex financial
situations, may not appreciate the personal touch that automated platforms offer.
 Competition: Tax2win may face increased competition from other similar online tax filing
platforms in the market.
 User Knowledge Gap: Not all users may be confident in their understanding of technology
or the tax procedure, which could result in user errors.

OPPORTUNITIES

 Market Expansion: Tax2win has the chance to increase its market share as more people
and companies switch to online services.
 Education and Awareness: Tax2win can take advantage of the chance to inform consumers
about the significance of appropriate tax preparation and money management.
 Partnerships: Tax2win's credibility and reach could be increased through partnerships with
financial institutions, accountants, or software companies.
 Mobile App: Creating a mobile app could improve accessibility for people who favor
utilizing smartphones to file their taxes.

THREATS

 Regulatory Changes: Keeping the platform current and compliant might be difficult due to
frequent changes in tax laws and regulations.
 Security issues: Data breaches or security flaws can erode user confidence and have a
negative impact on a company's brand and legal standing.
 Competitive Environment: Tax2win may face stiff competition from other reputable online
tax services.

 Economic Volatility: Economic downturns can influence people's and companies’ desire
to spend on luxuries like tax preparation services.
4.3 PORTER 5 FORCES OF TAX2WIN

Online platform Tax2win provides tax preparation and related financial services. Porter's Five
Forces analysis of the company's competitive landscape offers insights into the dynamics of the
market and its position:

THREATS OF NEW ENTRANTS

Tax2win faces a mild danger from new competitors. Although there aren't many technological
hurdles to entry for the online tax filing sector, first-movers like Tax2win have a first-mover
advantage, brand recognition, and economies of scale that can make it difficult for new entrants to
immediately capture a sizable market share.

BARGAINING POWER OF SUPPLIERS

Suppliers in the context of Tax2win, which probably includes technology companies, software
developers, and possibly even data providers, have only minimal bargaining leverage. Tax2win

may depend on outside providers for some components, but having a variety of vendors and being
able to switch between them can reduce the risk of a dominant supplier.
BARGAINING POWER OF CUSTOMERS

Customers in the online tax filing sector may have a lot of negotiating power. Customers have a
wide range of options, and they can readily migrate to other platforms if they discover more
affordable prices or better service options. To keep its user base, Tax2win must concentrate on
upholding client happiness and providing fair pricing.

THREATS OF SUBSTITUTE SERVICES

Alternatives to Tax2win's services could pose a serious challenge. With the development of
technology and the availability of numerous software solutions, people and businesses may choose
to manage their tax filing manually or using alternative software. To give a distinctive value that
distinguishes it from competitors, Tax2win must constantly improve the features and services it
offers.

INTENSITY OF COMPETITIVE RIVALRY

Within the industry of online tax filing, there can be fierce competition. Tax2win is in competition
with other websites that provide comparable services. Pricing, customer support, ease of use, and
differentiation are all elements that affect how competitive a company is. Regular innovation and
clever marketing can aid Tax2win in keeping a lead over its competitors.

Finally, Tax2win competes in a market that has a range of suppliers and customers with varied
degrees of bargaining power and moderate to high levels of industry rivalry. In order to succeed,
the business must build on its advantages, such as its name recognition and first-mover advantage,
and constantly adapt to changing consumer demands and market trends in order to stay ahead of
rivals and hold onto its market position.
 CHAPTER 5
DESCRIPTION OF THE INTERNSHIP PROGRAM

ABOUT INTERNSHIP

5.1 OVERVIEW OF THE SIP

DEPARTMENT- Finance

INTERN PROFILE- Tax Associate

TASK ASSIGNED- Gathering information about the clients through calls, Password checks of
the client’s e-filing portal,Interns Team Output Check, in various tasks assigned by him.

OBJECTIVES OF THE TASK- The main objective of my task was to get the ITR file of the
client smoothly and hassle-free. Secondly, to make sure that all the queries of the client are solved,.

KEY DELIVERABLES: Successfully filed thousands of ITRs,achieve the targets and kudos
certificates.
5.2 SUMMARY OF THE TASK

I started my internship in the firm Tax2win, Jaipur. It is a financial services-based firm which
deals in e- filing of Income tax returns. On the very first day of my internship, we had a
training session with our mentor Mr. Abhash Kanoongo. He taught me about how to work
in an organization and how to use IncomeTax Portal, Tax2win Dashboard and the way to
reset the password. After that I was assigned the page on which I had to work to call the
clients. I had to call the client and reset the password and ask for information related to
his\her Job or Business like what is his\her annual salary and any deductions he\she is having
so that the details can be gathered to file the income tax return of a client.

After a few days I was assigned to other work where I must check the past year’s cases (ITR-U
Cases) of the client and find the missing information from them. After that I was checking the
Present year cases of the client where we have to set aside the cases which have incomplete
information so that calls can be made to that client and filing of ITR can be done before 31 st July
2023.

Checking the AIS TIS of the client and asking for the relevant documents to file the ITR was done
by me, learning how to punch the case of the customer and file it through the online training given
by our head.

When the 31st of July was coming near, work pressure increased, I was working 7 days a week and
extra hours also by calling and solving the query of the intern work simultaneously.

I have to send the Login mail, Logout mail and output mail daily to our heads so that they can
check our progress and give us the relevant feedback.

5.3 DETAILS OF MY TASK

TASK 1:

CALLING TEAM
I played a crucial role on the calling team during my internship, interacting with clients on the call
to acquire crucial financial information for tax purposes. According to a predefined script, I always
started each conversation with a friendly greeting and a confirmation of the client's identity. I then
carefully gathered from clients a wide range of revenue facts, including commission, other income,
farm income, and salaried pay. I carefully gathered turnover data for clients who had business
income and informed them of possible tax repercussions if their revenue exceeded 5 lakh rupees.

I also inquired about any other deductions that clients intended to list on their Income Tax Return
(ITR), such as house loan interest, up to two children's tuition, and LIC insurance.

Daily targets were set by my TL and at the end of the day we were required to send the output mail
to our seniors for the record of our work.

TASK-2

ADDITIONAL WORK

I took on the job of making numerous Excel spreadsheets throughout my internship to help my
team leader with various areas of our operation. The creation of an extensive teamwork segregation
sheet was one of the primary objectives. This sheet aided in job allocation efficiency by classifying
and organizing the duties of the various team members, improving coordination.

I also created an Excel document that tracked our clients' Annual Income Statement (AIS) and
Taxpayer Information summary (TIS) and asking for the relevant information

I also created an Excel document with the sole purpose of managing customer password resets.
Sections on this sheet were designated for noting customer data, reset requests, and the progress
of each reset procedure. This method made it easier to handle password-related issues in an orderly
and methodical manner, speeding up response times and enhancing customer satisfaction.

I wanted to increase the effectiveness and organization of our team, so I made these Excel
spreadsheets. These tools improved client management procedures overall and helped preserve
correct records while also bringing clarity and transparency to how work was distributed.

I also attended the training session on how to file and punch an ITR through online mode by our
team leader.
 CHAPTER 6
RECOMMENDATIONS & LEARNING FROM SIP

6.1 RECOMMENDATIONS TO THE COMPANY

With an experience of 2 months in Tax2win there were many things that were good about the
companies, and I learned many things from them, but I observed certain things which can be
rectified according to me like:

 Giving equal opportunities to everyone so that everyone can learn different types of work
associated with ITR.
 The company should also file the cases of those who have a turnover of more than 10 Crore
and GST cases.
 Having employees in the company who knows multiple Languages.
 CSC/ VLE should upload the information of the clients or make them aware about the later
procedures after purchasing tokens so that he/she can tell the same to the customers.
 Companies should assign the same nature of work to same employees to avoid dualism.
6.2 LEARNINGS FROM THE SIP
The Summer Internship Process is the first insight into the reality of the corporate world. It’s given
me a chance to learn different skills and to grab useful experiences from the competitive job
market. The journey of my internship was full of ups and downs, sometimes I felt so enthusiastic
and sometime so demotivated because of the work environment but somehow, I managed it and
completed my internship successfully.

I have made my communication skills more better and clear and gain knowledge from the
organization senior members, How to conveyance the clients and make them aware about the
procedure of ITR .I have also learned how to respect the organizational hierarchy. By effectively
handling the objections of escalating clients by talking to them quietly and resolving their
difficulties, I have learned how to remain calm and composed. I learned to manage my time
effectively, prioritize tasks, and work efficiently under pressure. I recognized the importance

of effective time management and developed strategies to optimize my use of time. I also learned
how to handle a team and motivate and support them for the work, Leadership quality, and balance
between professional and personal life.

Some of the Technical parts of the Income tax returns that I have learned are:

1. How to check documents like Form 16, Penalty receipts, Broker statements, etc.

2. Got to know about Acknowledgement Receipt, Computation of income, E-

verification, and E-filing portal.

3. I learned what is Income Tax Return and why Income Tax Return is important

for an individual.

4. How an individual can file ITR which is helpful for those who wish to apply for a

loan, credit card, etc.

5. How to convince the client to give their personal information to us and make them

understand the minimum and maximum income they can show in their ITR file and
why it is important.

6. Making the customer aware about the maximum income in which the customer can

file the ITR tax-free.

7. Analyze of Annual Information System (AIS) and Taxpayer Information Summary (TIS) of
different individual

8. Analyze agricultural income and what documents are needed when the individual files his/her
ITR only from agricultural income.

9. Which Exemptions and Deductions are allowed while making the ITR of the person.

10. Technical term of Cash withdrawals and Cash Deposits In ITR.

11. Which forms are required for a TDS Return.

12. Difference Between 26AS and AIS

As I reflect on this internship, I am confident that the knowledge and skills I have acquired will
serve as a solid foundation for my future endeavors in the world of finance and taxation. This
experience has strengthened my resolve to uphold moral standards, keep up with changing tax
laws, and consistently hone my skills so that I can offer accurate and dependable tax services.

In conclusion, my experience working on income tax returns has been a learning experience that
has given me relevant skills, a deeper comprehension of tax procedures, and a sense of professional
responsibility. As I continue to pursue a rewarding career in the field of finance and taxation, I
can't wait to apply the lessons I've learned through this internship.
 CHAPTER 7
(LIMITATIONS AND CONCLUSION)
7.1 LIMITATIONS OF THE TASK BASED RESEARCH STUDY

The goal of task-based research, often referred to as task-oriented research, is to comprehend

certain tasks, activities, or processes within a larger framework. Although this strategy has
benefits, it also has drawbacks. The following are some task-based research's drawbacks:

1. Limited Contextual Understanding: Task-based research may not offer a thorough grasp of
the greater context in which activities are performed. Researchers risk failing to comprehend the
deeper purposes, cultural contexts, and wider ramifications of assignments.

2. Lack of an overall perspective: Having a narrow focus on duties can result in a shattered
perspective on the issue. It's possible to ignore crucial linkages between activities and other
components, such as relationships, procedures, and systemic consequences.

3. Difficulty in Generalization: It may be difficult to generalize task-based research findings

beyond the unique tasks that were investigated. It might be difficult to extrapolate results from one
situation or environment to another.

4. Ignoring Human Factors: Task-based research may place more emphasis on the technical or
procedural elements of tasks while ignoring human factors that affect task performance, such as
emotions, perceptions, and cognitive processes.

5. Unexpected Results: By concentrating only on tasks, researchers run the risk of missing
unexpected results, unintended repercussions, or emergent patterns that result from interactions
between tasks and other factors.

6. Failure to Predict Future Trends: Task-based research frequently looks back and analyses past activities.
This may make it more difficult to anticipate future trends, needs, or adjustments to taskrequirements and
performance.

7. Dependency on Task Accuracy: The research's findings might not correctly reflect actual
practices if the tasks under study are not precisely described or realistic of real-world settings
 CONCLUSION

I'll sum up by saying that my time spent as an intern preparing income tax returns helped me much
in gaining an understanding of the complexity of taxation and its place in the financial system. I've
learned useful information on how to effectively and quickly prepare income tax returns for
Individuals.

I have gained a thorough understanding of the tax code and how it affects various financial
situations through practical duties including collecting financial data, analysing deductions and
credits, and filling out the relevant documents. As a result of this experience, I have had the chance
to see personally how important it is to prepare tax returns correctly and in accordance with all
current rules and regulations.

My technical skills have improved, but so too have my interpersonal skills as a result of working
with clients and helping them organise their financial data for tax purposes. One useful talent I've
acquired during my time here is the ability to explain difficult tax topics in a simple and
understandable way.

An important development in the fields of taxation and personal finance is the incorporation of
fintech solutions into the process of submitting income tax returns (ITR). In addition to
streamlining the previously complex procedure, the fusion of financial technology and taxation
has brought efficiency, accuracy, and convenience to both taxpayers and tax experts.

Individuals can now use user-friendly systems that direct them through the challenging process of
acquiring, organizing, and submitting their financial data by utilising fintech solutions. The ITR is
prepared precisely and in accordance with the constantly changing tax requirements thanks to the
automation of data entry and real-time computations, which considerably lowers the likelihood of
human error.

Fintech solutions have transformed the workflow of tax professionals, allowing them to
concentrate on value-added services like in-depth research, strategic tax planning, and
individualised guidance. By replacing manual data entry with analytical insights, the client-
professional interaction is improved, which eventually results in more informed tax planning and
financial decisions.

While adopting fintech in ITR filing has many advantages, there are also possible drawbacks that
must be addressed, including data security issues, privacy concerns, and the need to balance the
use of technology and human skills. Regulations and cybersecurity measures will be crucial in
ensuring that user data is secured and transactions are secure as the fintech industry continues to
change.

In conclusion, the addition of fintech in tax filing signifies a fundamental change in how taxpayers
and professionals view taxation. Fintech not only makes ITR filing simpler, but also creates the
foundation for a more effective and efficient tax environment by having the ability to improve
accuracy, expedite processes, and offer actionable insights. The future holds even more complex
and user-centric solutions for all stakeholders as the fintech and tax industries continue to interact
and innovate.
REFRENCES

 Free Income Tax efiling in India for FY 2022-23 (AY 2023-24) | ITR Filing | Tax2Win -

Tax2win. (n.d.). Tax2Win. [Link]

 Home. (n.d.). Income Tax Department. [Link]

 Kenton, W. (2021). Financial sector: Definition, Examples, importance to economy.

Investopedia.

[Link]

ancial%20sector%20is%20a,companies%2C%20and%20real%20estate%20fir

ms.

 World Bank Group. (2023). Fintech and the future of finance. In World Bank.

[Link]
THANK YOU