Project Report

On
Computerised Accounting and e-Filing of Tax Returns

(Submitted for the Degree of B. Com Honours in Accounting & Finance

under the University of Calcutta)

Submitted by

Name of the Candidate : NITESH JHA

CU Registration No.: 055-1111-0113-19
CU Roll No. :191055-21-0022
Name of the College: NETAJI NAGAR COLLEGE.
College Roll No.: 45
Semester: VI
Section : Honours

Supervised by
Prof. DebabrataSaha
May,2022
 Supervisor’s Certificate

This is to certify that Sri Nitesh Jha, a student of B.Com. Honoursin

Accounting & Finance of Netaji Nagar College under the University of
Calcutta has prepared a Project Report on ‘Computerised Accounting
and e-Filing of Tax Returns’.
The Project report, which he/she is submitting, is his/her genuine and
original work to the best of my knowledge.

Signature :
Place: Kolkata
Name : Prof. DebabrataSaha
Date : Department of Commerce
Netaji Nagar College
 Student’s Declaration

I hereby declare that the Project Work submitted by me for the partial
fulfillment of the degree of B.Com. Honours in Accounting & Finance
under the University of Calcutta is my original work and has not been
submitted earlier to any other University /Institution for the fulfillment
of the requirement for any course of study.

I also declare that no chapter of this manuscript in whole or in part has

been incorporated in this report from any earlier work done by others or
by me. However, extracts of any literature which has been used for this
report has been duly acknowledged providing details of such literature in
the references.

Signature of the Student :

Place: Kolkata. Name: Nitesh Jha

Date : Address: Mallickpur,Kol-700104.
CU Registration No.: 055-1111-0113-19
CU Roll No.: 191055-21-0022
College Roll No.: 45
 SECTION :Honours

Computerised Accounting

 TALLY:
It is one of the important computer accounting system
Tally is a complete business management software for business specially
small and medium business. In words it is actually accounting package.
Tally helpsto manage accounting, inventory, taxation, banking ,payroll
and to simplify the business complexities.
To start with Tally the following steps are to be followed:
1.Creation of company- for this purpose , items to be known are a)
company name b)mailing address c)state d)country e) pin code f)mobile
e)Email f) currency symbol g)fy. Beginning from h) books beginning
from.
2. After creation of company, the following items are available :
a. Current period and current date. These items can be changed any time
b. Select company- number of companies are created. Out of the
companies one company is to be selected, then press select option and
select company as per choice
3. Shut company- the company may be closed down any time by
selecting the particular key.
4. After selecting company next steps are to prepare selection of
accounting heads and creation of ledger.
5. Now in order to prepare accounts voucher entry is compulsory .
6. By pressing
a. F1 you get selection of company
b. F2 change of date for voucher entry
c. F4 contra entry
d. F5 voucher entry for expenses
e. F6 voucher entry for receipts
f. F7 journal
g. F8 debit note
h. F9 credit note
7. After making complete voucher entry TRIAL BALANCE
8. CASH BOOK
9. BANK BOOK
10. PROFIT& LOSS ACCOUNT
11. BALANCE SHEET
ALL THE ABOVE NO 7-9 WILL COME AUTOMATICALLY
UNDER TALLY.

1.From the transactions given below you are to prepare voucher entry
under tally:
2022
April1 started business with cash- Rs. 71000/-
3 purchased furniture by cash Rs. 15300/-
5 opened a bank account with PNB 10000/-
8 paid Ra. 100/- for refreshment
12 sold goods for cash 14500/-
18 deposited cash into bank Rs 10000/-
25 with drew cash from bank for personal purpose Rs. 5000/-
27 paid for purchase of goods and paid by cheque Rs.7000/-
 Answer
Aptril 1 Cr capital 71000
Dr cash 71000
3 Dr purchase 15300
Cr cash 15300

5 Cr cash 10000
Dr bank 10000
8 Dr refreshment 100
Cr cash 100
12 Cr sales 14500
Dr cash 14500
18 Cr cash 10000
Dr bank 10000
25 Cr bank 5000
Dr drawing 5000
27 Dr purchase 7000
Cr bank 7000

2.From the following information create company under tally:

Name- M/S, BAPI TRADING CO
Mailing name – AmalBapari
Mailing address- 3/14, Sree colony. Kolkata – 92
Statutory compliance for: India
State-
Pin code
Telephone number
Email
Currency symbol
Maintain accounts only
Financial year from- 01.04.2021
Books beginning from- 01.04.2021

 Answer:
Name- M/S BAPI TRADING CO
Mailing name – AmalBapari
Mailing address- 3/14, Sree Colony.. Kolkata – 92
Statutory compliance for: India
State- west Bengal
Pin code- 700092
Telephone number- 9831062160
Amal41@gmail.com
Currency symbol- Rs
Maintain accounts only
Financial year from- 01.04.2021
Books beginning from- 01.04.2021

2022
April1 started business with cash- Rs. 71000/-
3 purchased furniture by cash Rs. 15300/-
5 opened a bank account with PNB 8000/-
8 paid Ra. 100/- for refreshment
12 sold goods for cash 14500/-
18 deposited cash into bank Rs 10000/-
25 with drew cash from bank for personal purpose Rs. 5000/-
27 paid for purchase of goods and paid by cheque Rs.7000/-
Answer
Aptril 1 Cr capital 71000
Dr cash 71000
 3 Dr purchase 15300
Cr cash 15300

5 Cr cash 8000
Dr bank 8000
8 Dr refreshment 100
Cr cash 100
12 Cr sales 14500
Dr cash 14500
18 Cr cash 10000
Dr bank 10000
25 Cr bank 5000
Dr drawing 5000
27 Dr purchase 7000
Cr bank 7000
 e-Filing of Tax Returns

Concept of income tax return:

Every person registered under the Income Tax Act , is required to file
the details of income earned during the previous year and pay the tax
balance( after deduction oh Advance Tax and TDS) within the due date
to file the Income Tax return specified u/s 139(1). This Income Tax
return is filed in prescribed formats by the Central Board of Direct
Taxes (CBDT) every year.

Who are to furnish Return of Income:

Every person whose total income before allowing deductions under

chapter VI-A of the Income tax Act, exceeds the maximum amount
which is not chargeable to tax is obliged to furnish the return of income.
Person includes the following :

1.an individual

2. a Hindu Undivided Family

3. a Company

4. a Firm

5. an Association of Person

6. a Local authority

7. Every artificial judicial person not falling under above category.

 Financial year:

It means the year commencing from 1 st day of April and ending on

31stMarch of the next year.

 Assessment year:
Assessment year means the year of 12 months immediately after the end
of previous year.

Heads of income/ source of income

1.Salaries

2.Income from house property

3.Profits & gains of business and profession

4.Capital gain

5.Income other source

Applicability of DIFFERENT ITR FOR DIFFERENT HEADS OF

INCOME

ITR1- FOR SALARY AND INCOME FROM OTHER SOURCES.

ITR 2- INCOME FROM HOUSE PROPERTY , MORE THAN ONE

AND CAPITAL GAIN
ITR3- ALL INCOME OTHER THAN SALARY

ITR4- INCOME FROM BUSINESS&PROFESSION ANDOTHER

SOURCE

ITR5- INCOME OF PARTNERSHIIP FIRM , COOPERATIVE

SOCITIES.

ITR6- COMPANY

ITR 7- COLLEGE , SCHOOL, TRUST, SOCIETIES, UNIVERSITY.

In filling up the ITR1, documents needed are:

1.PAN CARD

2.Aadhar card

3.Income certificate issued by employer in the form f16 or income

certificate.

4. 26AS

5.AIS( Annual information system)

In filling up of ITR1 Assessee have to decided whether to file original
return or revised return.

Original return U/S 139{1} means the return which is submitted at first
instance.

Afterwhile if it is discovered that at there is some mistake or omission in

the original return , there is option to submit revised return to rectify the
mistake or omission.

Return can be submitted on line or off line, assessee have to select

online or offline option.

The following points to be considered:

1.selection of assessment year

2. bank details

3. address details of assessee

4. income details

a. Salary
b. House property

c. Other source

5. deduction u/s 80 chapter VIA, interest on HBL,

6.CALCULATION OF TAXES EITHER OLD REGIM OR NEW

REGIME. IF ASSESSEE OPT FOR NEW REIME ASSESSEE WILL
NOT GET ANY DEDUCTION. INCASE OF OID REGIME
DEDUCTIONS ARE ALLOWED FROM GROSS TOTAL INCOME.

7.CALCULATION OF TAX AND PAYMENT OF TAXES