Summer Internship Project A PROJECT REPORT ON PROSPECTS OF ONLINE INCOME TAX RETURN FILING AND GENERATING LEADS THROUGH IT SUBMITTED TOWARDS PARTIAL FULFILLMENT OF POST GRADUATE DIPLOMA IN MANAGEMENT (2009-2011) COMPANY GUIDE FACULTY GUIDE VEDANT BANDHOPADHYAY DESIGNATION : AREA MANAGER JK Business School
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Summer Internship Project
A
PROJECT REPORT
ON
PROSPECTS OF ONLINE INCOME TAX RETURN FILING AND
GENERATING LEADS THROUGH IT
SUBMITTED TOWARDS PARTIAL FULFILLMENT OF
POST GRADUATE DIPLOMA IN MANAGEMENT
(2009-2011)
COMPANY GUIDE FACULTY GUIDE
VEDANT BANDHOPADHYAY
DESIGNATION : AREA MANAGER
SUBMITTED BY :
R.ARTHI
MBA (MARKETING)
JKBS090405
JK Business School
CERTIFICATE
This is to certify that this project work done on “PROSPECTS OF ONLINE
FILING OF INCOME TAX RETURN AND GENERATING LEADS THROUGH
IT” and submitted to JK Business School, Gurgaon by R.Arthi, in partial fulfillment
of the requirements for the award of PG Diploma in Business Management, is a
bonafide work carried out by her under my supervision and guidance. This work has
not been submitted anywhere else for any other degree/diploma. The original work
was carried during the period from 17th may till 31th july 2010 .
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ACKNOWLEDGEMENT
This project comes out to be a great source of learning and experience. Lot of efforts
have been put to make this project a success. This work has greatly enhanced my
knowledge about the finance Sector and taught me ways and means of conceiving and
putting in to practice marketing strategies pertinent to this sector. It has also increased
my efficiency and effectiveness and will facilitate me in achieving my targetted goal
in the corporate world.
I would now like to express my heartiest gratitude to Mr. Vedant(Area Manager), and
Mr Vishal Kumar (Sales Head) of I-Trust. Pvt. Ltd. for giving me opportunity to
associate myself to the leading financial company and to carry out my project in
various Corporate with the title “LEAD GENERATION AND DRIVE
PENETRATION”.
I thank from the bottom of my heart, Mr. Bandopadhya (lecturer) of JK Business
School, Gurgaon for the practical exposure given to me by him . I also owe my
sincere thanks to Mr. Vedant and,Mrs Meenakshi kolay (Head of leads) and all the
Employees of iTrust for their constant enthusiastic encouragement and valuable
suggestions and supports without which this project could not have seen light of the
day.
R.Arthi
JK Business School
DECLARATION
I hereby declare that this project report is the result of my own work and
is in part fulfillment of the academic requirements .This report is solel the
work of undersigned and nobody is allowed to use , copy or edit the contents of
this report. Prior permission has to be taken from appropriate authority for any
use.
R.Arthi
JK Business School
INDEX
S.No Chapters Page No.
1 EXECUTIVE SUMMARY 8 – 9
2 INTRODUCTION TO TOPIC 11 – 14
3 COMPANY PROFILE 15 – 37
4 INTRODUCTION TO PROJECT 38 – 41
5 LITERATURE REVIEW 43 – 48
6 RESEARCH METHODOLOGY 49 – 55
7 DATA ANALYSIS AND FINDINGS 56 – 79
8 CONCLUSION AND LEARNINGS 80 – 84
9 RECOMMENDATIONS AND SUGGESTIONS 85 – 89
10 BIBLIOGRAPHY 90 – 92
11 ANNEXURES 94 – 95
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CHAPTER NO- I
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY
In today’s competitive and corporate world, the growth and expansion of a company
requires careful planning. The decision to extend the business requires consideration
of various factors, including the financial, logistical, target markets, market potential,
competitor’s strategies and market segments. The thumb rule is that we should expand
by targeting the untapped markets that can benefit our business i.e. Market
penetration. There may be a niche to capture; or a location not serviced by our
competitors.
Financial markets in India have a huge potential and to market the financial products,
a company requires database of target customers. This database can be generated by
approaching customers and providing solutions to their problems. Common problems
faced by consumers include "did not know whom to complain to", "did not think it
would make a difference", and "couldn't be bothered". But there need to be some
instrument to enter their territory.
The success story of an organization depends on its ability to get a good market share,
which in turn depends upon the availability of its products and services near to the
customer. This can be made possible through a distribution channel and has to include
adequate agents in order to capture a major market share.
Agents are the only ways for a financial sector company to reach its targeted
customers and through which policies and benefits can be explained to the customer.
The instrument used by our company was Income Tax Return filing. Every person is
required to pay his income tax, and file return if tax is applicable on his or her
income. Through ITR filing of the employees of different companies, we were able to
not only able to develop a database but were also able to provide them various options
available with respect to tax and financial planning. This is what we call Lead
generation.
Since India's financial services sector will enjoy generally strong growth during
coming years, driven by rising personal incomes, corporate restructuring, financial
sector liberalization and the growth of more consumer-oriented services, there is a lot
of scope to penetrate and generate leads through income tax return filing.
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CHAPTER 2
INTRODUCTION TO THE TOPIC
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INTRODUCTION TO THE TOPIC
OBJECTIVE
Today practical training / internship has become an integral part of all professional
education and those aspiring for post graduate degree in management are no
exceptions to this culture. The purpose of practical training for a management student
is to make him/her understand the of working of an organization in all its aspects
especially in the area of their specialization. It also helps them in broadening their
horizon and getting a practical experience which will prove to be useful in the long
run, as it integrates the theoretical concept studied in college with the practical
working of an organization.
I really feel proud, elated and privileged with my internship training at iTRUST
FINANCIAL ADVISORS PVT LIMITED, GURGAON . The duration of training
permitted me to gain a thorough knowledge of the working of an organization
particularly with respect to sales and market survey which is the crux of all marketing
activities. My training project is titled as “ PROSPECTS OF ONLINE INCOME
TAX RETURN FILING AND GENERATING LEADS THROUGH IT”.
MEANING OF PROJECT
The word “Project” has great importance in the field of management, as before
starting any activity we must have an idea about its basic requirements. “Project” can
be defined as follows :-
“P” – The word ‘P’ signifies the phenomenon of planning which deals
symbolization and Proper arrangement of sensex and suggestion on
respectively in accordance with need.
“R” – It stands for the word resource and which is a must for any project to succeed
“O” – This letter stands for overhead expenses or unplanned expenses, that
occurs in any project and for which provisions are to be made.
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“J” – This letter stands for joint efforts i.e. any project work which is undertaken
should be completed with a collective efforts.
“E” – This stands for engineering and means persons employed should be competent
and meet the technical process requirements.
“C” – This stands for the phenomenon of constriction on which is more
essentially and basic form of work.
“T” – This word stands for best available techniques.
Basically in any project the key roles are played by salesand marketing group, so it’s
important to define sales in some broad way.
Sales
A sale is the pinnacle activity involved in selling products or services in return for
money or other compensation. It is an act of completion of a commercial activity.
A sale is completed by the seller, the owner of the goods. It starts with consent (or
agreement) to an acquisition or appropriation or request followed by the passing of
title (property or ownership) in the item and the application and due settlement of a
price, the obligation for which arises due to the seller's requirement to pass ownership,
for a price the seller is happy to part with ownership of or any claim up on the item.
The purchaser, though a party to the sale, does not execute the sale, only the seller
does that. To be precise the sale is completed prior to the payment and gives rise to
the obligation of payment. If the seller completes the first two of the above stages
(consent and passing ownership) of the sale prior to settlement of the price the sale is
still valid and gives rise to an obligation to pay
Sales Forecasting
Sales Forecasting is the process of estimating what your business’s sales are going to
be in the future. Sales forecasting is an integral part of business management. Without
a solid idea of what your future sales are going to be, you can’t manage your
inventory or your cash flow or plan for growth. The purpose of sales forecasting is to
provide information that you can use to make intelligent business decisions.
Sales forecasting for an established business is easier than sales forecasting for a new
business; the established business already has a sales forecast baseline of past sales. A
business’s sales revenues from the same month in a previous year, combined with
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knowledge of general economic and industry trends, work well for predicting a
business’s sales in a particular future month.
Sales forecasting for a new business is more problematical as there is no baseline of
past sales. The process of preparing a sales forecast for a new business involves
researching your target market, your trading area and your competition and analyzing
your research to guesstimate your future sales.
The Sales department's goal should be to improve the interaction between the
customer and the sales facility or mechanism (example, web site) and/or salesperson.
Sales management would break down the selling process and then increase the
effectiveness of the discrete processes as well as the interaction between processes.
For example, in many out-bound sales environments, the typical process is out bound
calling, the sales pitch, handling objections, opportunity identification, and the close.
Each step of the process has sales-related issues, skills, and training needs as well as
marketing solutions to improve each discrete step, as well as the whole process
All the above mentioned definitions and guidelines of sales are taken care off during
the practical implementation of the same.
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CHAPTER – 3
COMPANY PROFILE
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COMPANY PROFILE
iTrust is an independent financial advisor and a financial supermarket. Based in the
National Capital Region(NCR) at Gurgaon, iTrust has been founded by alumnus of
Harvard Business School, IIT and IIM having global experience in financial services.
• It has a specialist team of over 100 members who can help customers with
advice on the best financial products available in the Indian market, as well as
provide those products to the customers. It has contributed articles in journals
and newspapers like Money Today, Mint, Indian Express and Economic
Times.
• Featured in television shows in Zee Business and UTVi
• It has built a state-of-the-art technology and operations infrastructure so that it
can better serve its customers both online and offline.
CORPORATE MISSION
“To help Indian families get rich.”
At iTrust we can:
Get advice Buy products Manage finances
iTrust can make this process easy so that customers can make the best decisions.
The iTrust Story
iTrust Financial Advisors Pvt. Ltd. is a company duly registered under The
Companies Act, 1956. It was conceived and realised by a group of like-minded
professionals. They shared a common dream to revolutionise tax compliance in India
using state-of-the-art technology - a concept that was alien to taxpayers in India until
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then. iTrust designed a bouquet of end-to-end solutions to help the taxpayer file his
income tax return. Currently, iTrust is the only Indian company having its own tax
preparation and filing website, and it is also an eReturn Intermediary (ERI), duly
authorised by the Income Tax Department.
Quality Commitment
iTrust is geared toward providing the best to its customers. The application our
customers use is tested by an in-house team of Information Technology professionals.
The online tax return preparation software undergoes rigorous tests using true-to-life
case scenarios simulated by our team of Chartered Accountants before it can be used
by the customer. Add to it impenetrable security, and you have an ideal platform to
manage tax affairs!
Credentials
Our clientèle includes the best of the Corporates from the IT, ITES, BFSI and
Manufacturing fields. The list includes:
Leading Banks like ICICI Bank, HDFC Bank, Axis Bank, ABN Amro,
Barclays, Deutsche Bank, etc.
Leading Insurance companies like ICICI Pru, HDFC Standard, Aviva Life,
Birla Sunlife, etc.
Corporate majors like Aricent, Alcatel-Lucent, Spencers retail, Vertex, IBM
Daksh, EVS, V- customer, GE Money, RBS,Yum restaurents,G4S,Smart Analyst,JP
Capital,Lanco .
Our past success, the current and future needs of taxpayers and our customer-
centricity - all converge and point towards exciting times ahead!
How Does iTrust Make Money
If a customer takes a financial plan from iTrust, there is a fee associated with the plan.
Like the rest of the industry, it get paid commissions from the companies who’s
products customers choose. The industry leading compliance activities are directly
aimed at giving the best customer experience.
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iTrust hopes that, as a new generation financial services company, it can influence
progress in the industry.
MANAGEMENT TEAM: -
Dhruv Agarwala, Co-founder
Dhruv was the CEO of GE's Infrastructure business in India. He also led Institutional
Sales for GE in the country. He has held various senior roles with GE in the US and
has world-class operating and general management experience. Dhruv had previously
started a highly successful iron-ore mining company in India, as well as started and
exited an education business offering management training. Dhruv holds a B.S. in
Materials Science from Northwestern University, an M.S. from Stanford University
and an MBA from Harvard.
Kartik Varma, Co-founder
Kartik has financial advisory and investment management experience in India, Asia,
US and Europe. He invested money for the Ziff family and thereafter for Europe's
leading hedge fund, TCI Fund Management, which managed money for wealthy
families, institutions and endowments. Before investing, Kartik worked as a mergers
and acquisitions banker at James D. Wolfensohn, Inc. in New York. Kartik managed
the operations for India's largest theatre company, Stagedoor, and helped grow the
troupe into a pan-India presence. He holds a B.A. from Delhi University, an LL.B.
from the London School of Economics and an MBA from Harvard. During business
school, he worked on starting a Formula 1 racing team.
Vikrant Pande, President and Chief Operating Officer
Vikrant has over 19 years of experience in sales, distribution and heading financial
services businesses. Before joining iTrust, Vikrant was the CEO for Amsure
Insurance and MetLife's insurance business in India. As Director for Alternate
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Channels, Vikrant spent 6 years at MetLife. Vikrant has also worked in different sales
roles at GE, CitiFinancial (previously known as Avco Financial Services), ITW
Signode and Eicher. He holds a B.E. Mech degree from MS University of Baroda and
an MBA from IIM Bangalore.
Vishal Sharma, Sales and Distribution Lead
Vishal has over 13 years of building and leading sales teams in the banking, NBFC
and retail finance domain. Prior to joining iTrust, Vishal was the Sales & Distribution
Head for GE Money Wizard, Home Loans business, Standard Chartered Bank, SRF
Finance Ltd. and Apple Industries Ltd in various sales roles. He holds a Bachelor's
degree from Delhi University, an MBA from Fore School of Management, Delhi.
Arun Ragothaman, Technology Lead
Arun has extensive experience in architecting and managing large scale technology
projects. Prior to joining iTrust, he was Lead Technology Architect at Sapient and
was responsible for developing software solutions for leading UK banks and financial
service companies. Before Sapient, Arun was a co-founder and CTO of a technology
start-up in the online event management space in India. He holds a B.Tech from IIT -
Kharagpur and an MBA from IIM – Kolkata.
Jenny Sarang, Training Head
Jenny has trained in over 15 countries on a variety of technical and soft skills and
GE’s Crotonville leadership programs. She was the Operations Leader of a GE
Corporate Training profit centre. Prior to this, Jenny was the Training Leader of the
GE-State Bank of India joint venture, as part of the initial start up team to launch a
credit card business in India where she trained over 3,000 internal and outsourced
employees. Earlier, she worked for SRF Finance for five years. She holds a B.S. in
Business Finance from the University of Colorado and an MBA in Finance from FMS
in Delhi.
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Meenakshi Kolay, Business Development Lead
Prior to joining iTrust, Meenakshi spent over four years in various roles at GE in
India, GE Money and Genpact (GECIS). She has varied experience with roles in
operations, strategy, alliance management and business development. Meenakshi
holds a Bachelor degree from Delhi University and an MBA from IIM - Kolkata. She
is Six Sigma certified.
Why is iTrust different?
Honest: You will not be offered anything that you do not need
One-stop shop: Get different products under one roof
Privacy: Our information is secure – we do not share our databases with
anyone
Expertise: Our advisors are highly trained and supported by industry experts
PRODUCTS / SERVICES OFFERED
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PRODUCT FEATURES
Real Estate: -
Find real estate – for living or investment purposes
Help you negotiate the offer and get best terms
Close the transaction and register the property
India Real Estate market has been seeing multi level rise in the past few years.
If industry sources are to be believed, this upward graph has no sign of coming down
or even lying flat for few more years to come. The facts that major real estate
companies in India are going public, proves the potential of the Indian property
market. Starting from infrastructure development to residential complex, commercial
real estate to retail space development India property market is booming with all
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kinds of activities. Thanks to the Government approval of 100% FDI in India real
estate development and steady capital market, some all time big investments are being
made in the real estate sector. Buyers from all across the world are showing interest
and Indian property now features at the top of the list of the international real estate
investors. We have comprehensive listings of residential & commercial property in all
the major cities.
Home Loans: -
Why Take a Home Loan
You get to own your home and pay for it in easy and affordable instalments.
Banks and FIs are offering loans at cost-effective rates.
Tax concessions make home loans more attractive than other loan products.
You can get tax deduction on repayment of the principal amount of a loan
taken to buy or construct a house.
The interest paid on a loan is deductible from 'income from property', even if it
has not been paid during the year.
Interest paid on a new loan taken to repay the original housing loan is also
allowed as deduction.
Why through iTrust:-
Find the best home loan for you based on your income profile
Facilitate loan approval on a speedy basis – we do the running around
Ensure disbursement at the appropriate date
Mutual Fund: -
Advantages of Mutual Fund
There are several advantages of investing in a Mutual Fund and that is why more
and more people are taking to it. Some of the major benefits of mutual funds in India
are as follows:
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Diversification: The top Indian mutual funds create their portfolio designs in such a
manner that the interested individuals who invest in mutual funds react differently
even under similar economic conditions. This can be explained with an example. An
increase in the rates of interest may lead to the diminishing of the asset value of
securities in the portfolios. Again, an increase in the value may result to the
appreciation in value of the other set of portfolio securities. Over time, a balance is
created in the portfolio which leads to an overall increase of the portfolio, even if
some security values diminish.
Professional Management: A majority of the mutual funds in India employ the
leading professionals in their investments management. These managers make
decisions on what securities, the buying and selling of the funds will take place.
Regulatory oversight: There are certain rules and regulations framed by the
government which every Mutual fund are required to follow. This is to protect the
investors from any fraudulent activities.
Liquidity: Getting your money out from the mutual fund is no difficult task. All you
have to do is just write a check, make a telephone call and you are done.
Convenience: Mutual fund shares can be bought via phone, mail, or even over
Internet.
Low cost: The expenses of the Mutual fund seldom cross the 1.5 % mark of the
investment you make. The Index Funds expenses are usually lesser.
Ease of process: Investing in a mutual fund is easy if you are a bank account holder
and you posses a PAN card. All you will need to do is fill up the application form,
attach the PAN card (for transactions over Rs 50,000), sign the cheque and your
Mutual Fund investment is complete.
Well regulated: The SEBI (Securities Exchange Board of India) regulates the India
mutual funds for the security and convenience of the investors. SEBI ensures that a
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transparency is maintained by keeping a strict vigilance on the mutual funds. This
keeps the investor informed and helps him/her to make his/her choice.
iTrust:-
Test your risk profile and offer investment options based on your personal
situation
Manage the paperwork and back office in the administration of your funds
Give you regular updates and advice on rebalancing your portfolio
Financial Planning
Identify your goals and needs – what are your dreams
Execute the most optimal strategies on how to achieve your dreams
Prepare you for any unexpected circumstances that might arise
Tax Planning:-Tax Planning in India is a basic duty of every person paying income
tax, which should be followed diligently. Tax planning in India involves the selection
of the right tax saving instruments and making proper investments.
The amount of the tax to be paid is calculated on the nature of investments made,
income earned, and the quantum of other incomes like salary, rent from property,
interest etc. There are many deductions and exemptions applicable on the net taxable
amount, depending upon the source of income. To take advantage of these facilities,
tax planning is necessary.
Steps in Tax Planning India:
There are three steps in Tax Planning India which would aid a person in making
prudent tax plans to reduce their income tax liability. These three steps in tax
planning are:
Calculating taxable income.
Calculating tax payable on gross taxable income for the entire financial year.
To either pay the tax without tax planning or minimize tax through planning.
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Deductions from Taxable Income:
Tax payers can avail themselves of tax incentives as furnished by the government and
while making tax planning the exemptions should be taken into consideration.
The exemptions are:
Deduction under Section 80C - This section has been introduced from the FY
2005-06, under which a deduction of up to Rs. 1,00,000 is allowed from
taxable income by investing in some specified schemes.
Deduction under Section 80 CCC(1) - This section allows a deduction of up to
Rs. 10,000 to an individual for making contribution to pension schemes.
Deduction under Section 80D - This section allows a deduction up to Rs
10,000 for paying the premium for health insurance policy
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Help you save money through tax benefits (up to Rs 260,000 per annum)
Prepare your tax return
File your tax return
Wills:-
iTrust realises life doesn’t always go as planned. Free consultation and easy access is
offered as per the advise is required on a legal issue.
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Helps in transferring assets to the beneficiaries through estate planning
Assist in preparing a Will
Help in registering a Will
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Insurance:-
The Basic Logic of Insurance is to Provide Financial Security to your family.
Insurance can protect the Assets such as Car, Equipments, House etc from Accidents
or natural disasters as a means of Investments and Savings.
What will happen to my family if god forbidden something happens to me? If this
question bothers you, then Life Insurance is the answer. An insurance company
collects a small percentage from you and in return promises to pay your family a
predetermined sum in case of an unfortunate event.
In addition to life insurance, iTrust also offers medical insurance as per the needs of
the customers.
Income tax return (ITR) filing: -
Contribution of every citizen is necessary for the development of every nation.In
order to develop the nation, government arranges finances from numerous sources.
Income tax is one of the major sources for arranging finances for any nation. The
process of filing return involves filling of some forms, with all the information
regarding the salary of the tax payer. Filing return happened to be a cumbersome task.
iTrust offers services of online and offline process of ITR filing in
different corporate where it has tie-ups. The service is provided at
their door step. The ITR process of filing has been made convenient
by submitting the returns in I-T department on behalf of the