“Individual Tax Paying Patterns in India”

Submitted in partial fulfillment of the requirement for MBA Batch

VEER MADHO SINGH BHANDARI UTTARAKHAND

TECHNOLOGICAL

UNIVERSITY, DEHRADUN

By:
Abhay Kumar Agrawal

University Roll No. 220360505006

Batch of (2022-2024)

Industry Guide: CA Kamal Murarka

Internal Guide: CA Alpna Mehta

Doon Business School

122Mi, Behind Pharma City, Selaqui, Dehradun-248001, Uttarakhand
August 2023
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 Acknowledgement

I would like to sincerely thank everyone who helped me throughout my summer

internship and made a difference in the completion of my report. Their advice,
support, and help have been priceless to me.
I am incredibly grateful to CA Kamal Murarka sir, my industry mentor in the sector,
for giving me the chance to work on worthwhile projects and for imparting their
knowledge and ideas. My learning process has been significantly shaped by their
mentoring and ongoing feedback. My views have been expanded, and working with
him has given me exposure to a variety of insurance sector facets
Additionally, I want to thank CA. Alpna Mehta ma'am, my faculty mentor, for her
help and encouragement during this journey. Their eagerness to impart knowledge
and participate in fruitful debates has greatly aided my development both personally
and professionally.
I am appreciative of my family and friends' consistent support and tolerance
throughout this internship period. They have consistently inspired me because they
have confidence in my talents. Lastly, I want to express my appreciation to Doon
Business School and CDC Team for facilitating this internship opportunity and for
their commitment to fostering practical learning experiences.
Finally, I would like to say that I am deeply appreciative of the contributions made
by everyone who has been listed above in order for my summer internship and this
report to be completed successfully. I am humbled by their combined efforts.

Student Name - Abhay Kumar Agrawal Signature

Date –

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 CERTIFICATE OF ORIGINALITY

I__________________________________, Enrolment No___________________

for 2022 , am a full-time bonafide student of MBA Program of Doon Business
School, Dehradun. I hereby certify that this training report 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
guide________________________________________________ and 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:

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CERTIFICATE BY COMPANY OF INTERNSHIP

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 CERTIFICATE BY INTERNAL GUIDE

This is to certify that the Summer Internship Project titled “INDIVIDUAL TAX
PAYING PATTERNS IN INDIA” submitted by Abhay Kumar Agrawal
enrollment no. 220360505006 during semester 2 of MBA Program embodies
original work done by him.

Name of Internal Guide:________________ Date: ____________

Designation:_________________________
Campus:_____________________________ Sign: ____________

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 Table of Content

S. No. Topic Page No.

1 Acknowledgement 2

2 Certificate of originality 3

4 Certificate by Company of internship 4

5 Certificate from Internal guide 5

6 Executive Summary 7

7 Introduction 8

8 Organization Overview 11

9 Industry Analysis 19

10 Description of Internship Program 31

12 Learning from SIP 34

13 References 35

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 EXECUTIVE SUMMARY

The summer internship acts as an integral part of MBA program which helps an individual to grow
and develop oneself. My summer internship was at ‘Tax2Win’ at Jaipur. It was in the area of
finance.

My experience working there was filled with learning. Tax2Win is a product registered under the
Winiin Taxscope Pvt. Ltd. Under Companies Act 2013. The company provides one stop solution
for ITR filing. Tax2Win is the, “Easiest way of E-filing your Income Tax Return in India”. This
summer internship gave me the opportunity of learning and exploring about the Indian Income
Taxation System and E-Filing in India.

As suggested by the name Tax2Win the summer internship was all about Indian Taxation. I
basically learned about the Individual Income Tax Return and the whole income tax regime. The
first task which was given was to call the clients and ask for the information related to their income.
This was done to basically know about their income and deductions so that it can be used in filing
of their ITR. After making the calls, the remark had to be updated on the client’s token which will
further go for filing.

I also got to learn and explore the whole E-Filing portal which is the official Income Tax website
of India. It gave me a chance to explore the whole website which will also be beneficial to me in
the long run as it will also help me in when I want to file my own ITR.

The learnings of my internship were time management, improving upon my communication skills,
developing leadership skills and also got to learn on how things work in corporates.

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 Chapter-1
Introduction

Industry Overview

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:

1. 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.

2. 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.

3. 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.
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4. Tax Filing:
- Individuals and entities with taxable income are required to file their income tax returns (ITRs)
by the specified due date.
- Failure to file ITR or underreporting income can result in penalties and legal consequences.

5. 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 year.
- Form 26AS is a statement that reflects all tax-related information (like TDS deducted, advance
tax paid) associated with a PAN.

6. Advance Tax and TDS:

- Individuals and entities with significant tax liability may need to pay advance tax in installments
during the financial year.
- Tax 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.

7. 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.

8. 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.

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  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):
1. 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

2. 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

3. 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.

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 Chapter-1
Organization Overview
TAX2WIN

Individual income tax in India is a key component of the country's taxation system. It is levied on
the income earned by individuals, including residents and non-residents, based on their income
slab. The Income Tax Act, 1961, governs the provisions related to individual income tax in India.

Tax2win, ‘Easiest way of e-filing your Income Tax Return in India’. It provides best professional
services that should be available to everyone. Tax2Win not only file taxes for their client but they
also believe in educating the people about the taxes. It is the fastest growing income tax return
filing portal in India.

Tax2win is a Registered E-Return Intermediary by the Income Tax Department, that provides a
platform to bridge the gap between remote users who wish to file their Income Tax Return. Users
are no longer required to visit offices of CA’s and wait for hours. Also, one needs to pay a
significant amount as professional fees have been eliminated.

Alternatively, you can file Income Tax Return through Tax2win’s intuitive website on their own
completely free of cost. In cases you do not want to file ITR but Seek expert tax advice you can
take help of Tax2win’s e-CA’s. Further, following free tools on the website can be of immense
utility to customer.

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It is the best income tax e-filing website in India with

 4.8 Star rating

 1+ Million Trusted Users
 Top 25 Emerging Startup of India
 Authorized by Income Tax Department
 Registered with Startup India (A Govt. of India initiative)
 Supported by iStart (Rajasthan Govt. initiative for startups)
 Supporting government making India Digital

MISSION- It not only takes care of the client's taxation needs but also committed to its mission of
educating the masses.

VALUES OF TAX2WIN

 Tax2win cares- Nothing is more important to them than the fact that the customers get the
benefit of every provision they deserve.

 Quality in everything they do- They check and double check everything to ensure that
their customers file accurate returns and get maximum refunds.

 Expertise- They expert CA’s browse through hundreds of tax provisions to ensure that
their customers get maximum refund.

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 Personalised Experience- Tax2Win ask simple questions about the customers income and
then personalize their tax filing experience.

 Basic Language- Tax is difficult to understand, Tax2Win helps customers understand what’s
best for the customers tax health.

 Most accurate Algorithms- It is tested by hundreds of Chartered Accountants, Data

Validation check in each field.

GROWTH OF TAX2WIN OVER THE YEARS

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 SERVICES OF TAX2WIN

 Tax2win provides the following services:

1. Income Tax Filing: Tax2win helps users in preparing and filing their income tax returns online.
The platform may guide users through various tax deductions and exemptions available to them,
ensuring accurate and efficient filing.

2. Tax Calculation: The platform often offers tax calculators that help users estimate their tax
liability for the financial year. These calculators take into account factors such as income,
deductions, and applicable tax rates.

3. Tax Planning: Tax2win might provide insights and recommendations on tax-saving

investments and strategies to help users optimize their tax liabilities. This could include advice on
investments eligible for deductions under various sections of the Income Tax Act.

4. Expert Assistance: Users may have the option to consult tax experts or professionals associated
with Tax2win for personalized guidance and support regarding their tax-related queries.

5. Updates and Notifications: Tax2win could offer updates and notifications about changes in
tax laws, deadlines, and other important information related to taxation.

6. E-Filing Support: The platform may assist users in electronically filing their tax returns with
the Income Tax Department of India, making the entire process more convenient and efficient.

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Apart from these services Tax2Win also provide different types of services like the different
products offered by Tax2Win are

 File your return  Refund status

 Upload Form 16  TDS solution
 CA assisted tax filing  Plan Tax and file ITR
 Tax planning optimiser  NRI taxes and ITR filing

 How to file ITR through Tax2Win?

 Major Competitors of Tax2Win

1. Ricago- It is a comprehensive Governance, Risk & Compliance (GRC) platform to discover

and mitigate risks of non-compliance in an organization. It simplifies and automates complete
compliance processes through technology solutions. It was formerly known as GSTSTAR. It
was founded in 2014 and is based in Bangalore, India.

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2. TaxSutra- It is a one stop destination that equips tax practitioners on a real-time basis with
updates and analysis of all income tax rulings and news both domestic and international.

3. TaxBuddy- Taxbuddy.com is a Mumbai-based fintech startup from SSBA innovations which

provide tax solutions to individuals, professionals and businesses. These services are rendered
directly through Taxbuddy App and taxbuddy.com portal. For individuals; it does tax planning,
tax return filing and tax issues (notice and scrutiny) management. For businesses, it provides
GST registration, GST returns filing and issues management. TaxBuddy was founded in 2019
and is based in Mumbai, India.

4. Clear- Clear provides an online platform for tax filing, personal finance, and business-to-
business (B2B) payments. The platform retrieves relevant information and removes the need
for manual data entry, and preparing tax forms for users. It was formerly known as ClearTax.
The company was founded in 2011 and is based in Bengaluru, India.

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  WHY SHOULD A CUSTOMER CHOOSE TAX2WIN?

1. User-Friendly Interface: Tax2Win might offer a user-friendly interface that makes it easy for
individuals to navigate through the tax filing process, even if they have limited knowledge of tax
laws.

2. Guidance and Support: Tax2Win might provide step-by-step guidance and support throughout
the tax filing process, helping users understand the required documents and calculations.

3. Simplified Filing: The platform might simplify the complex tax filing process by asking
relevant questions and auto-populating certain fields based on the information provided.

4. Error Detection: Tax2Win might have error detection features that help users identify potential
mistakes in their tax return before submitting it.

5. Tax Saving Recommendations: The platform might provide recommendations on potential

tax-saving opportunities based on the user's financial situation and applicable tax laws.

6. E-Filing Convenience: If Tax2Win supports electronic filing (e-filing), it could offer the
convenience of submitting tax returns online, saving time and effort compared to traditional paper
filing.

7 Document Storage: The platform might allow users to store relevant tax documents securely
online, making it easier to access them in the future.

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8. Up-to-Date Tax Information: Tax2Win might provide users with the latest updates and
changes in tax laws, ensuring that their returns are filed accurately and in compliance with current
regulations.

9. Customer Support: Tax2Win might offer customer support through various channels (e.g.,
email, chat, phone) to assist users with any questions or issues they encounter during the tax filing
process.

10. Value for Money: Depending on the pricing structure, Tax2Win might offer competitive
pricing for its services, providing value for the features and support it offers.

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 Chapter-3

Industry Analysis

 PESTEL ANALYSIS OF Tax2Win

1. 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. This factor considers the influence of
government policies, regulations, stability and potential changes in the political landscape.

a. Corruption-
An increase in corruption levels can have a negative impact on tax filing companies such
as trust and credibility risk, uncertainity in regulations, complexity of tax filing, risk of
bribery and fraud, government instability and customer base.
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 b. Tax incentives and Tax Rates-
Tax incentives are specific deductions, exemptions, credits, or benefits that are provided
by the government to encourage certain behaviors or activities. These incentives can reduce
a taxpayer's overall tax liability, effectively lowering the amount of tax they owe.
If Tax2Win is up-to-date with the latest tax laws and regulations, it should incorporate
these incentives into its calculations. Users would expect Tax2Win to accurately calculate
their tax liability by accounting for all eligible tax incentives, ensuring that they receive
the full benefit of available deductions and credits.
Tax rates determine the percentage of a taxpayer's income that is owed in taxes to the
government. Tax2Win's calculations should take into account the applicable tax rates for
different income levels. Changes in tax rates can lead to changes in the final tax liability,
and users would expect Tax2Win to accurately apply these rates to their income and other
relevant financial information.

c. Tax Regulations:

Changes in tax regulations and policies set by the government can significantly impact the
demand for Tax2win's services. Favorable tax policies might encourage more people to file taxes
online, while unfavorable policies could deter them.

2. Economic Factors:

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

a. Economic Conditions:

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The overall economic health of the country can influence people's willingness to spend on non-
essential services like tax filing assistance. During economic downturns, individuals and
businesses might look for cost-saving measures.

b. Exchange Rate Fluctuations:

The exchange rate fluctuations affect the companies global client base, the companies income and
expenses, regulatory changes and client communication.

3. Social Factors:

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

a. Technology Adoption:

The rate at which people are adopting technology and online services impacts the potential market
for Tax2win. Increased digital literacy and comfort with online transactions can drive more users
to the platform.

b. Perceptions of Taxation:

Public perceptions of taxation can influence how individuals approach tax filing. If taxes are seen
as burdensome or unfair, people might be more inclined to seek out ways to minimize their tax
liabilities, potentially leading to a higher demand for tax planning and optimization services.

c. Attitudes Towards Compliance:

Societal attitudes toward tax compliance can impact the level of demand for tax filing services. If
compliance is viewed as important, people may seek professional assistance to ensure accurate
and lawful filing.

d. Demographic Diversity:

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The cultural and demographic diversity within a society can impact the range of services required.
Different groups might have unique tax considerations, necessitating customized services and
advice.

4. Technological Factors:

a. Digital Infrastructure:

The quality and availability of digital infrastructure, such as internet connectivity and mobile
penetration, can affect Tax2win's accessibility and reach to potential users.

b. Software and Tools:

The type and quality of tax preparation software and tools the company uses can greatly affect its
efficiency and accuracy in processing tax returns. Up-to-date, user-friendly, and feature-rich
software can streamline the tax preparation process and reduce errors.

c. Security and Data Privacy:

Tax filing companies handle sensitive personal and financial information. Implementing robust
cyber security measures is essential to protect client data from breaches and unauthorized access.
Failure to do so can result in severe legal and reputational consequences.

d. E-Filing and Online Services:

The availability of e-filing options and online services can greatly influence a tax filing company's
reach and convenience for clients. Offering online platforms for submitting documents, tracking
the status of returns, and communicating with tax professionals can enhance customer experience.

5. Environmental Factors:

a. Environmental Awareness:

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Increasing environmental consciousness might influence tax policies related to sustainable
practices. However, this factor might have a limited direct impact on Tax2win's operations.

b. Regulatory Changes:

Changes in tax laws and regulations can significantly impact a tax preparation company's
operations. Adapting to new rules and ensuring compliance is essential to providing accurate and
reliable services to clients.

c. Market Competition:

The competitive landscape in the tax preparation industry can affect how "Tax2win" positions
itself, markets its services, and differentiates from other players in the market.

d. Client Expectations:

Customer expectations for user-friendly interfaces, online accessibility, and personalized services
continue to rise. "Tax2win" needs to consider these factors to meet and exceed client expectations

6. Legal Factors:

a. Data Privacy Regulations:

Compliance with data protection and privacy laws is crucial for any online platform that deals with
personal and financial information. Changes in these regulations can impact how Tax2win collects,
stores, and processes user data.

b. Tax Regulations and Compliance:

Tax2win must ensure that its services and software adhere to the latest tax laws and regulations in
the jurisdictions where it operates. Changes in tax codes can impact the accuracy and legality of
tax filings.

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 c. Consumer Protection Laws:

"Tax2win" needs to comply with consumer protection laws, ensuring transparency, fairness, and
accuracy in its services. Providing clear terms of service, privacy policies, and fair pricing practices
are essential.

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 SWOT Analysis of Tax2Win

Tax2win is an online platform that provides tax-related services to individuals and businesses.
Here's a basic SWOT analysis for Tax2win:

 STRENGTHS

1. Online Convenience: Tax2win operates as an online platform, providing users with the
convenience of filing taxes and accessing tax-related services from anywhere, anytime.

2. User-Friendly Interface: Tax2win offers a user-friendly interface that simplifies the tax
filing process, making it accessible to individuals with varying levels of tax knowledge.

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 3. Expert Assistance: The platform may offer expert assistance and guidance, helping users
understand complex tax regulations and maximizing their tax returns.

4. Cost-Effective: Tax2win's services could be cost-effective compared to traditional methods

of tax preparation, potentially saving users money on accountant fees.

5. Range of Services: In addition to tax filing, Tax2win might offer a range of related services
such as tax planning, investment advice, and compliance support.

 WEAKNESSES:

1. Dependence on Technology: Since Tax2win operates primarily as an online platform, any

technical glitches or server downtime could lead to disruptions in service and user frustration.

2. Security Concerns: Handling sensitive financial and personal data online raises concerns about
data security and privacy breaches. Any perceived vulnerability could undermine user trust.

3. Limited Human Interaction: While the platform might provide expert assistance, some users
might prefer in-person consultations or more personalized advice that's lacking in an entirely
digital environment.

4. Complex Tax Scenarios: Tax2win's services might be less suitable for individuals or
businesses with complex tax situations that require more specialized and customized solutions.

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  OPPORTUNITIES:

1. Growing Online Market: The trend towards online services is growing, and Tax2win could
tap into an expanding market of individuals and businesses seeking digital solutions for their tax
needs.

2. Expanded Service Offering: Tax2win could consider expanding its services beyond tax filing,
such as providing educational content, financial planning tools, or even branching into related
areas like legal assistance.

3. Partnerships and Integrations: Collaborating with other fintech companies, banks, or

financial advisors could lead to mutually beneficial partnerships and integrations that enhance
Tax2win's offerings.

4. Geographical Expansion: If currently limited to specific regions or countries, Tax2win could

consider expanding its services to cover a broader geographical area.

 THREATS:

1. Competition: The online tax services market might be competitive, with established players
and new entrants vying for market share. Tax2win needs to differentiate itself effectively to stand
out.

2. Regulatory Changes: Changes in tax regulations could require Tax2win to constantly update
its platform to ensure compliance, which could be resource-intensive.

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3. Cyber security Risks: The platform's reliance on online data storage and transmission exposes
it to cyber security risks, including hacking and data breaches that could harm its reputation and
user trust.

4. User Resistance: Some users might be hesitant to trust online platforms for their sensitive
financial information, preferring traditional methods or more established brands.

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 PORTER’S FIVE FORCES MODEL

Tax2win seems to be a specific company or brand, so applying the Five Forces model directly
might not be as relevant. Nevertheless, I can help you adapt the framework to analyze Tax2win's
competitive environment:

1. Threat of New Entrants:

Assess how easy it is for new players to enter the market and compete with Tax2win in providing
tax-related services. Consider factors such as barriers to entry, regulatory requirements, brand
recognition, and economies of scale. Tax2win's strong brand and customer base could potentially
deter new entrants.

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2. Bargaining Power of Suppliers:

Evaluate the power of suppliers who provide essential resources or services to Tax2win. This
could include software providers, technology platforms, and other partners. If Tax2win heavily
relies on a few key suppliers and there are limited alternatives, the bargaining power of suppliers
might be high.

3. Bargaining Power of Customers:

Analyze the strength of Tax2win's customers in influencing pricing and services. If customers
have plenty of options for tax services, they might have more power to negotiate or switch to
competitors. However, if Tax2win provides unique and valuable services, their bargaining power
could be lower.

4. Threat of Substitute Products or Services:

Identify potential alternatives to Tax2win's services that customers might consider. This could
include other tax preparation software, professional accounting services, or even DIY tax
preparation methods. The more appealing these alternatives are, the higher the threat they pose to
Tax2win.

5. Intensity of Competitive Rivalry:

Examine the level of competition within the tax services industry. Consider the number and
strength of competitors, their pricing strategies, marketing efforts, and customer loyalty. If
Tax2win faces intense competition from well-established players, they might need to focus on
differentiation or innovation to stand out.

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 Chapter-4

Description of Internship Program

I did my internship at Tax2Win, Jaipur in the domain of finance. Tax2win is a one stop solution
for filing Income Tax returns for individuals. Tax2win makes the income tax return filing for
individuals easier and a smooth process.

I started my internship on 1st July an on the very first day I was given training for my first task
which was Password Reset Work

Task 1- Password Reset Working

 The first task was of password rest in which the work was of calling the client. I had to call
the client and ask about their income details such as their profession, their annual income,
turnover if necessary, basic deductions like life insurance policy and tuition fees.
 The task was to call the customers and collect all these details so it could be used for filing
purposes.
 I was given the training, learned about the different sections like 80C section, 80DD, 80D
and what all deductions could be claimed under it.
 Also learned about which ITR form is filed for which income.
 Browsed through the Income Tax Portal and learned how to change password of the clients
through different ways.
 To check the TDS of client in the Form 26AS which is found in the Income Tax Portal

I learned the basics for taking the information of the client such as

 Tax-free income is upto 5 Lakhs for a business or commission based firm

 For a job upto 5.5 Lakh income is exempted as they can claim a standard deduction
of 50 thousand.
 Turnover is required in business

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 Agriculture income is fully exempted until there is any other income with it.
 Difference between financial year and assessment year
 Form 16 is provided to individuals doing a job, through form 16 all the necessary
information is provided like gross salary, all the deductions.
 Form J is required for filing of an individual who has only agricultural income.
 For filing a back date return, an individual has to pay a penalty which is called as
the ‘Challan’ of Rs 1000. Which is shown in the ‘Part-C’ of the Form 26AS.
 For filing a back date return one has to have a minimum income of Rs 2.5 lakhs in
business and other income and of Rs 3 lakhs for salaried employees.

 WORKING OF TASK-1

 The working was done on the official site of Tax2Win where there was a dashboard
where all the details of the client was found.
 I was given a page where there were entries in the filter of 10,25,50 or 100 and I
had to call those clients and take there details.
 For calling Tax2win used a third party site which was ‘Kalyera’ through which I
would call through the company’s numbers to the clients.
 The benefit of kalyera was that our numbers were not actually used and also the
calls were recorded for future purposes.
 On the client’s case ID, there were numerous details available like their mobile
number, email id, PAN card, Aadhar card number, their address details and all the
important details required for filing.
 Most of the times their Income Tax Portal password was also available as it is
required for filing purposes.
 If the password was not available, we had to reset the password. the first way was
to reset through Aadhar OTP but if the client’s PAN Card is not linked to Aadhar
Card then the second way which was the e-filing was used.
 Their was a section of remarks available in the client’s Case ID where I had to put
remarks after talking to the client.

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  The first remark was to put the information which is available in the receipt before
talking to the client. In the next remark the income details and the password was
put after talking to the client and the case was sent to filing if it was completed
otherwise it was sent to details pending if the case is incomplete due to some reason
like client did not pick up call or did not share password or if they cut the call or if
there is any other issues.
 An output sheet was maintained for every intern in which I had to put the case ID’s
of all the callings done in the day by me so that the company can check my output
through it.

TASK 2- Training of filing a case

 I also got an opportunity to learn about punching a case through Tax2Win

software.
 It included putting all the details of the client, income details, turnover,
deductions claimed and basic information as well and getting it ready for
filing.

- Apart from this every day I had to send a Login Mail, an output mail and a logout mail.
The login and logout mail was basically done for attendance purposes and the output mail
consisted of all the tasks that were done in the day.

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 Chapter-5

Learnings from SIP

1. As it was a Tax related firm, I got to learn deeply about the Indian Taxation System
2. As it was my daily task to use the Income tax website, I also learned on how to access
different things on the website and how to check upon different things.
3. Learned about different deductions and their sections like Section 80C includes life
insurance, tuition fees etc and the maximum deduction that could be claimed was 1.5
lakh.
4. Learned about PBA (Pre-Validate Bank Account) and APL (Aadhar Pan Linked)
5. Learned about AIS/TIS- Annual Information Statement or Tax Information Statement
where income of an individual is show if they have invested in stocks or mutual funds
and also business receipts and cash withdrawals are shown as well.
6. Learned about Indian Tax Slabs and the limit of tax free income.
7. Through this internship, I also learned to manage my time better and complete the given
tasks within the stipulated time.
8. It was also important to achieve the daily target and if not achieved how can I motivate
them to achieve it.
9. During the filing season which was the last week of July, I learned on how do the things
work in an organization when the work load is heavy and how it is important for every
department in the organization to go in a systematic manner.

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 Chapter-6

References

Website:

https://tax2win.in/

https://eportal.incometax.gov.in/iec/foservices/#/login

https://www.indiatoday.in/business/budget-2023/story/union-budget-income-tax-
new-old-regime-detailed-comparison-2329235-2023-02-01

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