NV report on internship project on .docx
- 2. 2 PREFACE This report chronicles my internship experience in the Pancard department at Taxway Group, Ajmer, from 15 June, 2024 to 12 July, 2024. During this period, I had the privilege of being an integral part of the team and contributing to various initiatives that have broadened my understanding of Data management principles and practices. This report aims to provide an overview of my internship journey, highlighting the tasks I undertook, the challenges I faced, and the lessons I learned. It also includes my observations, recommendations, and reflections on practices adopted by the organization. I am grateful to Taxway Group, Ajmer for providing me with this valuable opportunity, and I hope that this report will serve as a testament to the knowledge and skills I have gained during my internship. I also hope that the insights and suggestions presented in this report will be useful for the organization’s future endeavors.
- 3. 3 DECLARATION I, Nandini Verma, hereby declare that this internship report is my original work and has not been submitted elsewhere for assessment. I have completed this report as part of my internship program at Taxway Group, Ajmer under the supervision of Ravindra Kachhawa Sir I declare that this report is a true and accurate representation of my work and experiences during my internship, and I am responsible for its content and any errors or omissions. Nandini Verma BBA Part – III Semester – V Samrat Prithviraj Chauhan Government College, Ajmer, Rajasthan Sign: Date:
- 4. 4 ACKNOWLEDGEMENT I would like to extend my sincere gratitude to the following individuals and organizations for their invaluable support and guidance throughout my internship: Taxway Group, for providing me with a dynamic and enriching work environment that fostered my growth and learning. Ravindra kachhawa Sir , my supervisor, for their mentorship, guidance, and unwavering support throughout my internship tenure. My colleagues and team members, who shared their expertise, offered valuable insights, and made my transition into the team seamless. Samrat Prithviraj Chauhan Government College and the Department of Management Studies, for their academic guidance and support that laid the foundation for my success in this internship. Head of Department ( Management Studies ) of College who has giving me this opportunity for exploring organisation activities and engaging in corporate culture. All the individuals who contributed to my learning and experience, including those who shared their time, knowledge, and resources with me. Also, I Would like to thank the God Almighty. His blessings help me everywhere in my Life. This report is a testament to the collective efforts and contributions of these individuals and organizations. I am deeply grateful for their support and trust in me.
- 5. 5 TABLE OF CONTENTS INDEX Page no. Executive Summary 6 Chapter – 1 The Area of Internship and Learning Objective 7 - 8 Chapter – 2 Tax Consultant Company 9 - 11 Chapter – 3 Company Profile: Taxway Group 12 – 17 Chapter – 4 Department Profile: PAN card Department 18 - 31 Chapter – 5 Internship Learnings 32 - 39 Chapter – 6 Conclusion, Recommendations and References 40 - 42
- 6. 6 EXECUTIVE SUMMARY Tax consultants navigate complex tax regulations to minimize tax liability and address client objectives. Read on to learn more about this specialized tax profession. A tax consultant Company advises and guides clients on tax-related matters. They work with individuals and organizations to ensure they comply with tax laws and help minimize potential tax liability. Tax consultants typically have a deep understanding of tax law and accounting principles. This role might be a good fit for detail-oriented, analytical individuals who enjoy working with numbers. Many businesses engage tax consultants to assist with taxes. Organizations that employ tax consultants include accounting firms, law firms, banks, and real estate organizations. These specialists can also maintain self-employment. This project is pertaining to explore provide services such as Pancard services by tax consultant companies under income tax department of government also engaged in other taxation services such as ITR ( Income tax return ) and Many more activities related to taxation.
- 7. 7 CHAPTER – 1 THE AREA OF INTERNSHIP & LEARNING OBJECTIVE 1.1 What is Internship? An internship is a temporary work experience program that provides students, recent graduates, or individuals with an opportunity to gain practical skills and experience in a specific industry or profession. Internships are usually - Short-term (ranging from a few weeks to several months) - Supervised by a professional in the field - Designed to provide hands-on experience and learning - May be paid or unpaid - Often part of an academic program or a stepping stone to a career 1.2 Internships aim to: - Bridge the gap between academic theory and practical application - Develop skills and knowledge in a specific field - Build professional networks and connections - Enhance employability and career prospects - Provide a taste of what a particular career path Internships can be found in various industries, including business, engineering, healthcare, media, non-profit, government, and more. They offer a valuable opportunity for individuals to explore their interests, develop their skills, and launch their careers. The internship field selected is operation management within the Taxway Group which is further subdivided into numerous subsectors. The internship also covered the operation of the company’s PAN card department overview and Data management system
- 8. 8 1.3 LEARNING OBJECTIVE OF THIS INTERNSHIP Here are some potential objectives of an internship in a Pancard department: To gain practical experience in the preparation and issuance of PAN cards. To understand the processes and procedures involved in PAN card application processing. To develop skills in data entry, verification, and validation. To learn about the importance of PAN cards in taxation and financial transactions. To understand the role of the Pancard department in the larger context of the organization. To develop communication and customer service skills through interaction with applicants and stakeholders. To gain knowledge about the legal and regulatory framework governing PAN cards. To assist in the day-to-day operations of the Pancard department and support the team. To develop problem-solving skills and learn to troubleshoot common issues. To build a professional network and gain industry insights.
- 9. 9 CHAPTER – 2 TAX CONSULTANCY COMPANY 2.1 What is Tax Consultant? A tax consultant, also known as a tax advisor or tax professional, is an expert who provides guidance and assistance to individuals and organizations on tax-related matters. Their primary goal is to help clients navigate the complex tax landscape, ensure compliance with tax laws and regulations, and optimize their tax situation to minimize liabilities and maximize benefits. 2.2 Some of the key responsibilities of a tax consultancy company include: Tax planning and strategy Tax return preparation and filing Tax audit and dispute resolution Tax advisory services for businesses and individuals
- 10. 10 Tax planning for specific situations (e.g., mergers and acquisitions, estate planning). Research and analysis of tax laws and regulations Communication with tax authorities on behalf of clients Identification of tax savings opportunities Preparation of tax-related documents and reports Staying up-to-date with changes in tax laws and regulations. 2.3 Tax consultancy may work in various settings, including: Public accounting firms Private industry Government agencies Non-profit organizations Solo practices Their expertise and services help individuals and organizations manage their tax obligations effectively and efficiently. 2.4 Tax Consultancy Company Services A tax consultancy company typically offers a range of services, including: 1. Tax Return Preparation: Preparation and filing of income tax returns for individuals, businesses, and corporations. 2. Pancard Services: Provide pan card services to public to make their pancard through pan application under income tax department of government. 3. Tax Planning and Strategy: Providing guidance on legal ways to minimize tax liabilities and maximize tax benefits. 4. Tax Audit and Dispute Resolution: Representation and support during tax audits and disputes with tax authorities. 5. Tax Advisory Services: Expert advice on tax implications of business decisions, investments, and financial transactions. 6. Bookkeeping and Accounting: Maintenance of financial records, preparation of financial statements, and provision of accounting services. 7. Tax Compliance: Ensuring clients meet tax filing requirements and deadlines, and providing support for tax-related queries.
- 11. 11 8. Tax Optimization: Identifying tax savings opportunities and implementing strategies to reduce tax liabilities. 9. Business Tax Services: Tax guidance for businesses, including structuring, mergers, acquisitions, and reorganizations. 10.Tax Dispute Resolution: Negotiation and resolution of tax disputes with tax authorities. 11.Tax Education and Training: Workshops, seminars, and training sessions on tax-related topics. These services aim to provide comprehensive tax support, enabling individuals and businesses to manage their tax affairs efficiently and effectively. In conclusion, tax consultancy company provide a wide range of services to help businesses comply with tax laws and regulations while also minimizing tax liabilities. These services include tax planning, compliance, tax filing, GST registration, GST return filing, tax audit representation, tax dispute resolution, tax saving strategies, business structure planning, pancard Services, and representation in tax appeals. Businesses that work with tax consultants can benefit from their expertise and experience, and can avoid costly mistakes and penalties.
- 12. 12 CHAPTER – 3 COMPANY PROFILE: TAXWAY GROUP 3.1 An Introduction Taxway was Conceived in the year 2002 with an objective to simplify the tax by making it customer friendly and easy. Taxation Laws & regulation are very complex and confusing not only for a layman but sometimes it becomes tedious for the more informed citizens as well. The Founder of Taxway, Mr. Niranjan Mahawar Identified this very gap in the process and thought of creating which will help and guide individual , companies or anyone seeking help in matters of taxation. To make the Taxation system easy and more customer oriented Mr. Niranjan Mahawar emphasized on spreading Tax awareness among the citizen of India Efforts were made to be available to every possible help seeker in the country to resolve his/her tax related queries. Infusion of technology into the tax filling process was another main area that Taxway Focuses on. The use of software an making the entire process digitized so that it becomes easy to use and quick Taxway in its very first year exhibited that it has a bright future by giving the best services in town Taxway wielded strong impact in the market by giving exceptional services .Taxway has been commendable and always appreciated for its efforts.
- 13. 13 The Efforts of expanding the company in a very simple and customer friendly way has paid off and today Taxway has more than 1800 branches across the country. Taxway has a very impressive presence in the rural areas as well as it believes that to make a meaningful contribution in the field of taxation, it has to touch each and every corner of India. Taxway is India’s largest Tax Consultancy Company. Taxway has set new standards in the field of tax consultancy, at present taxway is providing with the most basic products such as pan card, itr return, T.D.S refund & submission, GST, tax-free investment advice etc are being provided by the professionals at the minimal cost and not only by providing the best services , Taxway is providing excellent job opportunities . In Taxway’s success more than 200000 people and 10000+ branches have given their contribution.
- 14. 14 3.2 PRODUCTS OF TAXWAY GROUP Taxway with the help of its team is able, to provide, to the rural level and to the common people the basic products such as- PAN CARD:- Permanent Account Number (PAN) is a ten-digit alpha numeric number, issued in the form of a laminated card, by the Income Tax Department, PAN enables the department to link all transactions of the “person” with the Department. These transactions include tax payments, TDS/TCS credits, returns of Income/wealth/gift/FBT, specified transactions, correspondence, and so on. Income tax:- Income tax is a tax charged on the annual income of an individual or business earned in a financial year. The Income Tax system in India is governed by The Income Tax Act, 1961, which lays out the rules and regulations for income tax calculation, assessment, and collection. All taxpayers are mandated to submit an Income Tax Return (ITR) every year by respective due dates as per the law to report their income and claim a tax refund if applicable. An income tax return can be filed online or offline on the Income Tax Department’s official website or through verified third-party websites. Pan Card Income Tax Trade Mark GST
- 15. 15 Trade mark:- A trademark is any word (PEPSI), name (TATA), symbol or device (Microsoft), slogan (Yeh Pyaas Hai Badi & Thanda Matlab Coca Cola), package design (Coca-Cola bottle) or combination of these that serves to identify and distinguishes a specific product from others in the market place or in trade. Even a sound (Britannia chimes) color combination, smell or hologram can be a trademark under some circumstances. The term trademark is often used interchangeably to identify a trademark or service mark GST:- Good and Service tax, is an indirect tax imposed on the supply of good and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc. Good and services are included under a single domestic indirect taxation law for the whole of India. In this regime, tax is charged at each point of sale. 3.3 Vision Simplification of the taxation process for the citizens of India being a firm bridge between them and the government with and being recognized as a professional organization, collecting resources efficiently, considerate towards its clients, adapting, improving and promoting voluntary compliance and growing internationally. 3.4 Mission By 2030 – Spreading awareness in every town and city with more than 50 thousand branches and more than 75 lakhs beneficiaries acting as resilient support system. 3.5 Value 1. Coaching : - We are an organization with strong belief in spreading tax awareness in the society. 2. Credibility : -Demonstrate knowledge and create trust in others and create trust in others through continuous research, innovation & creativity. 3. Collaboration : -Committed to enabling everyone in understanding and realizing their true potential through various platforms for growth. 4. Excellence : -Pursue highest quality in providing services excellence.
- 16. 16 3.6 Board of Directors
- 17. 17 3.7 Other Organisations Of Taxway Are:
- 18. 18 CHAPTER – 4 DEPARTMENT PROFILE : PANCARD DEPARTMENT 4.1 Introduction:- In India, a Permanent Account Number ( PAN) card is a unique 10-digit alphanumeric identification number issued by the Income Tax Department. It serves as a vital document for financial transaction and is mandatory for various activities. It has been made compulsory since 2005, to have a PAN number for all those who file their income tax returns. 1. Purpose: The primary purpose of the PAN card is to track financial transactions and ensure tax compliance. It is mandatory for various financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits, and more. 2. Issuing Authority: The Income Tax Department of India issues PAN cards through its authorized agencies. These agencies can include NSDL (National Securities Depository Limited) and UTIITSL (UTI Infrastructure Technology and Services Limited). 3. Unique Identification: Each PAN card carries a unique 10-character alphanumeric identifier, which is generated based on the applicant's personal details such as name, date of birth, and other identifiable information. 4. Components of PAN: A PAN card typically consists of the following information: PAN Number: A unique alphanumeric identifier, such as "ABCDE1234F". Holder's Name: Full name of the individual or entity to whom the PAN is issued. Date of Birth (if applicable): For individuals, the date of birth is mentioned. Photograph (if applicable): In some cases, the PAN card may feature a photograph of the cardholder.
- 19. 19 1. Signature (if applicable): For individual cardholders, there might be a space for their signature. 2. Validity: A PAN card once issued, has no expiration date. However, any changes in personal information or if the card is damaged or lost may require obtaining a new one. 3. Structure:- A PAN card typically consists of a 10-character alphanumeric code issued in the format “AAAAA9999A”. The first five characters are letters, followed by four numerals, and ending with a letter again. The combination is unique to each cardholder. 4.2 Importance:- PAN card is essential for various financial and non-financial transactions in India, including: Filing Income Tax Returns (ITR) Opening bank accounts Investing in securities (stocks, mutual funds, etc.) Purchasing or selling immovable property Opening a demat account Applying for loans or credit cards Conducting high-value transactions as per regulatory requirements. Purchasing jewellery. Applying for a new telephone connection. Applying for a new gas connection. Buying or selling a vehicle above a certain amount. Registering your business. Making a investment in securities above a certain amount. Staring a fixed deposit or cash deposit of a certain amount. Making insurance payments above a certain amount.
- 20. 20 4.3 TYPE OF PAN CARD:- 1. Individual PAN Card (Form 49A): This is the most common type of PAN card issued to individual taxpayers who are citizens of India. It is used for personal financial transactions and tax-related purposes. 2. Hindu undivided family: The Hindu Undivided Family (HUF) PAN card is issued to Hindu Undivided Families as a single entity. Here's a detailed look at the HUF PAN card. 3. Company: A Company PAN Card is a unique identification card issued to registered companies in India. 4. Partnership firm: A Partnership Firm PAN Card is issued to registered partnership firms in India. Individual HUF Company Firm AOP Trusts Body of individuals Local authority Artifical juridical persons limited liability partnership Government
- 21. 21 5. Association of persons: An Association of Persons (AOP) PAN card is issued to entities that are classified as an Association of Persons under the Indian Income Tax Act. 6. Trusts: , Trusts can apply for a PAN (Permanent Account Number) card, which serves as a unique identifier for tax purposes. 4.4 TYPES OF PAN CARD FORM 1. 49A:- Form 49A for PAN is a document used by Indian residents for PAN card applications. Obtaining a Permanent Account Number (PAN) is mandatory for all Indian citizens. Structure of Form 49A Form 49A is thoughtfully organized into various sections, enhancing its user- friendliness for applicants. Notably, the form has specified areas where applicants can attach their photographs in the top corners. The form is systematically structured with 16 distinct components, each of which comprises sub-sections that necessitate completion. Pan card form 49A 49AA Correction form
- 22. 22 Components of Form 49A Below, we have compiled a list of each component that comprises the Form 49A for better understanding: Complete Name Here, you must include the details such as first name, last name, and marital status. Name Abbreviation You must add your name's initials exactly as it appears on the PAN card. Alternate Names You are required to document any previous names you may have used distinct from the ones provided in the application. If you have used an alternate name, provide comprehensive information, including first and last names along with their respective surnames. Gender In this section, you can indicate your gender by selecting from the available choices: male, female, or transgender. Date of Birth In this segment, record your date of birth, including the day, month, and year. However, for companies, it is essential to specify the date of the partnership or agreement. Father's Full Name You must note down the complete name of your father, encompassing their first, middle, and last names and surnames. This requirement applies to all individuals completing Form 49A, including married women. Address Details This section of PAN Form 49A necessitates the provision of comprehensive information about your residential and official addresses. It is crucial to meticulously record the address, as even a minor error can result in form rejection.
- 23. 23 Correspondence Address In this section of the form, you are required to provide the address that serves as the point of communication, bridging your office and residential addresses. Contact Number and Email Address In this segment of PAN Form 49A, it is mandatory to input your country code, state code, telephone number, or mobile number, along with your email address. Applicant Category You must specify your category, choosing from options such as an individual, a Hindu Undivided Family (HUF) member, a company, or a partnership firm on PAN Form 49A. Registration Details If applicable, you are only required to enter the registration number for a company, firm, Limited Liability Partnership (LLP), etc. Aadhaar Card Number In this part, accurately record your Aadhaar card number. It is essential that every detail on your PAN aligns with the information on your Aadhaar card. Source of Income You must detail each source from which you derive your income. Authorized Representative - In this section of the form, you must furnish your authorized representative's complete name and address, if applicable. Submission of Supporting Documents In this part of the form, you are obligated to enclose the necessary documents and submit them along with PAN Form 49A.
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- 26. 26 2. 49AA:- Foreign residents and entities incorporated outside of India are also eligible for PAN. Form 49AA is the application form for the allotment of Permanent Account Number for Foreign residents and entities incorporated outside India. Structure of Form 49AA Form 49AA is divided into different sections with sub sections to make filling the form much easier for the applicant. The form has designated spaces for the applicant to affix their photographs on the top corners of the form. The form is divided into about 17 components, each with a different attribute. Components of Form 49AA 1. Assessing Officer Code - In this section, the applicant has to mention the details of the Assessing Officer code details such as the Area code of the accounts office, Accounts office type, Range code and Accounts office number. 2. Full Name - This is the part of the form where the individual mentions their marital status along with their first name, last name and their Sur name. 3. Abbreviation of the Name - This is the part of the form where in the applicant has to abbreviate their name based on what they want to be displayed on the PAN card. 4. Other Name - In here, the applicant has to mention the details of their other name if they were ever known by another name other than the name already mentioned. 5. Gender - The part of the form where in the applicant has to mention their gender. 6. Date of Birth - In case of an individual applicant, the applicant has to mention their date of birth and in case of organisations, they have to mention the date of partnership/incorporation/Agreement or Trust deed. 7. Father's Name - The applicant has to mention the first name, last name and surname of their father in this part of the form. This is applicable only to individual applicants and even married women should fill in this part of the form.
- 27. 27 8. Address - The applicant needs to enter the details of their residence address and office address in this part of the form. The applicant needs to be careful while filling in the address and should give the correct details. 9. Address of Communication - The applicant has to choose the address at which they would like to be contacted at. 10. Telephone Number and Email Id - The applicant has to mention their Country code, State code and telephone/mobile number for communication purposes. 11. Status of Applicant - In here, the applicant has to mention if they are an individual, a HUF member, Company, Partnership firm, etc. 12. Registration Number - The registration number indicates the registration number for company, firms, LLPs, etc. 13.Citizenship- The applicant has to mention the country of their citizenship and ISD code of country of citizenship in this part of the form. 14. Representative of the Applicant in India - In here, the applicant should mention details of the representative or the agent including their address and full name. 15. Documents Submitted - In this part of the form, the applicant needs to mention all the documents they have submitted with the form. 16. KYC Details - This part of the form should be filled in by a Qualified Foreign Investor as prescribed by the regulations under SEBI. This will contain details such as the marital status, occupation details, citizenship status and more.
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- 31. 31 3. CORRECTION FORM:- There are a number of errors that may be present in the Pan Card of an individual. Usually, it has been observed that the most common blunder is spelling mistakes in name, date of birth, change in contact address, to name a few. Some of us, might consider it a small errors and feel these details are not that important.
- 32. 32 CHAPTER – 5 INTERNSHIP LEARNINGS 5.1 How to apply for a Pancard Offline ? One can apply for a pancard through offline and online mode. For Offline, One can visit PAN card Departement of Taxway Group Office where he/she can collect form (Form49) for applying pancard and fill with all instructions and attached with mandatory documents. 5.2 How to apply for a Pancard Online ? For Online, One can visit Taxway Official website or contact through official department contact number, where employees help he/she for applying PAN card online. Following are the steps for applying PAN card online: Step 1 : Go to official website of Taxway i.e www.onlinetaxwayindia.com Click on Pancard Management.
- 33. 33 Step 2: Then, Go to Apply for Pancard option. Step 3: Then search Branch Code or Login ID
- 34. 34 Step 4 : Then click NSDL button. Step 5: Next, Select New PAN card option then and coupon No. and fill all the mandatory details as per instructions.
- 35. 35 Step 6: At last, Check all the details and click on Submit and Process button. 5.3 How to apply for changes and corrections in PAN card? Following are the steps for applying changes and corrections PAN card online: Step 1, 2, 3, 4 are same as above. Step 5: Click on Correction in Pancard option.
- 36. 36 Step 6 is Same as above. 5.4 How to find receipt of a PAN card? Following are the steps to finding out pancard receipt: Step 1 is Same as above. Step 2: Click on Track Pancard form status. Step 3: Search a applicant that is required to track through various option such as Branch code, name of applicant, Mobile number, Aadhaar card number (most suggested) etc.
- 37. 37 Step 4: Last Step is Click on Print receipt option and then print the required receipt of pancard. 5.5 Cropping of Passport size photo and Signature of applicant Following are the steps for Cropping of Passport size photo and Signature of applicant online: Step 1: Go to NSDL “Scanning and Cropping Utility” Software.
- 38. 38 Step 2: Enter Batch no. and click on Crop Image option. Step 3: Then, Double click on Browse/Edit option.
- 39. 39 Step 4: Select the required photo for cropping, crop the photo and At last, click on save button to save a p cropped photo.
- 40. 40 CHAPTER – 6 CONCLUSION, RECOMMENDATION AND REFERENCES Conclusion In conclusion, my internship in the PAN card department has been a rewarding experience that has given me insight into the critical role of data management in ensuring the accuracy, security, and efficiency of PAN card issuance and related services. I have gained hands-on experience in data validation, data cleansing, and data analysis, and have developed a deeper understanding of the importance of data quality in preventing errors and fraud. I have also appreciated the opportunity to work with a dedicated team to improve data management processes and contribute to the department's goals. This internship has not only enhanced my technical skills but also given me a deeper understanding of the importance of data management in supporting the country's tax infrastructure. I am grateful for the experience and confident that the skills and knowledge gained will benefit my future career in data management.
- 41. 41 Recommendations Based on my experience, I recommend implementing automated data validation checks to improve data quality and reduce manual errors. To further enhance data security, I suggest implementing additional access controls and encryption methods for sensitive data. Developing a comprehensive data governance framework would help standardize data management practices across the department. Creating a data analytics dashboard would enable more effective data-driven decision-making. Providing regular training and workshops on data management best practices would benefit the team and enhance overall data quality. Investing in data management tools and technologies, such as data profiling and data quality software, would streamline processes and improve efficiency. Establishing a data quality committee to oversee data management practices and ensure compliance with regulations would be beneficial. Developing a data management manual or guidelines document would help standardize processes and serve as a resource for future reference.
- 42. 42 References Bibliography:- Income Tax Department, Government of India, PAN card application guidelines. Taxway Group PAN card data management policy. Taxway Group Data governance framework. Webliography:- www.onlinetaxwayindia.com www.google.com www.taxwayindia.com