Composite plate found numerous applications in various structures due to its superior properties like high stiffness to weight and strength to weight ratio. Generally, cutouts in these structural elements are unavoidable for many purposes like access to internal parts, ventilation and sometimes to prevent resonance. These geometrical discontinuities in the form of cutouts may be of different shapes and arise nonuniform stress in the plate. Therefore, it becomes necessary to analyse stress concentration factor near cutouts and effect of shape of cutouts on axial deformation and stress distribution for better safety and stability of structure. In the present investigation a Carbon/epoxy composite plate with various shape of cutout subjected to in-plane tensile loading is considered. Finite element based plane stress analysis is used for mathematical modeling. A program for the present analysis is developed in MATLAB. Variation of in-plane displacement and stress concentration factor (SCF) with various shape of cutout is determined. The effect of the geometry of hole on the stress distribution around the hole is also studied. The results of various analyses have been presented with the help of tables, graphs, and nodal plots.