INTERNSHIP

REPORT
ON
VFN
FOSTERING
WEALTH
BHARTI BANSAL
SECTION - A
INTRODUCTION TO COMPANY
VFN is one of the oldest and a renowned Financial Advisory
Firm in Delhi. The Management team has more than 20 years
of experience in financial sector. The Firm is well equipped to
provide scientific updated technology based portfolio advice to
all its clients.
BASIC INFORMATION ABOUT TAX
Taxes in India are of two types, Direct Tax and Indirect Tax.
Direct Tax, like income tax, wealth tax, etc. are those whose burden falls directly on the
taxpayer.
The burden of indirect taxes, like service tax, VAT, etc. can be passed on to a third party.
Income Tax is all income other than agricultural income levied and collected by the
central government and shared with the states.

According to Income Tax Act 1961, every person, who is an assesse and whose total
income exceeds the maximum exemption limit, shall be chargeable to the income tax at
the rate or rates prescribed in the finance act. Such income tax shall be paid on the total
income of the previous year in the relevant assessment year.

The total income of an individual is determined on the basis of his residential status in
India.
INCOME TAX RETURN
Income Tax Return" is a term which is often used when we
talk about income tax. It is a way by which we pay this tax.
When total annual income of a person, including all sources,
is more than maximum unchangeable limitation (At present
it is Rs. 150,000/-) then that person is liable to pay income
tax.
According to Income Tax Act 1961, every person, who is an
assesse and whose total income exceeds the maximum
exemption limit, shall be chargeable to the income tax at the
rate or rates prescribed in the Finance act.
TAXABLE HEAD OF INCOME TAX
The total income of a person is divided into five heads, viz.,
taxable.
Income from Salary
Income from House Property
Income from profits and gains of Business or Profession
Income from Capital Gains
Income from Other sources
RESEARCH OBJECTIVE
To know the how to file online ITR
Problem during the filling ITR
Mistakes by employees
Errors by system
How to handle a huge number of applications
Mistakes during data entry
How to receive form 16 and other documents from Employees
To study the for assessment of individual income tax
To study the planning of individual income tax
To study the saving of individual income tax
To study how to get exemption from individual income tax
RESEARCH METHODOLOGY
The purpose of methodology is to describe the purpose
involve in the research work. This include the overall
research design, the data collected method Research
methodology refers to the various sequential steps to be
adopted by a researcher in studying a problem with certain
object or objective in view.
Research Design
Research: Descriptive
Data source: Primary and Secondary data
Research method: Questionnaire
Types of questionnaire: Structured
No. of questions: 10
Sampling technique: Convenient Technique
Sample size: 20
Sources of data collection
Data was selected by using both primary and secondary
method, in Primary method of data collection personal
interview and questionnaire was used, in case of secondary
data was collected by using magazine, books and data
available with the person working there.
Sampling Technique
Convenient random sampling technique was used to select
the respondent for the purpose of study.
FINDINGS
VFN FOSTERING WEALTH deals in E-FILLING & PROCESSING
OF INCOME TAX RETURN.
It Deals in Corporate sector.
Company got data from its clients.
Next approach is to file ITR and Other investment services by
online.
CONCLUSION
Under the umbrella of my project, we the participants of this
project were glad to understand the design and pattern of
income tax e-filing online. My experience with the various
customers of the various companies was totally different and
gave us an edge adding to my knowledge.
RECOMMENDATIONS
They should improve ITR filing techniques
Arrange Brief presentation for employees about IT Returns.
Deadline date shouldnt be change by one, two or more
days.
Proper system must be implemented for collecting Form-16.
Increase the number of employees.
Service is absolutely free, every employee must know that.
Circular must be circulated in hard from however mass
mailer is good idea.
Limitation

There were many limitations to the

research done:

Projectis carried out for 2 months

which is very less to cover.
Environment problem.
BIBLIOGRAPHY
Websites:
www.incometaxindiaefiling.gov.in
www.valueplus.njfundz.com
www.incometaxindia.gov.in
www.legalserviceindia.com
www.finance.indiamart.com
www.incometaxindiaefiling.gov.in