Filing Taxes is one of the hectic and unwanted tasks for any individual or business and almost every Tax Payer experience tough time in filing taxes. The only difference is that some experience it before the tax filing process, some face tough time during filing and while others experience problems even after efiling.
Common Problems Faced By Tax Payers
- Though the Income Tax Department encourages more and more tax filings but on the other hand it fails to provide the taxpayers easy tax filing solutions. The utilities and forms provided by Income Tax Department had complex UI and were difficult to understand. The e-filing utility contains lot of technical jargons, which are very hard for a layman to understand.
- There is a huge gap in terms of supply of Tax Professionals against the demand of professionals by Taxpayers. Thus many people don’t have access to tax professionals like Government Workers and Salaried Class working in a factories located in remote area or even people working in major metros like Mumbai, Bangalore etc with a hectic schedule don’t have easy access to tax professionals.
- Total taxpayers in India are just 3% of total population. This is mainly because of lack of education and less tax friendly eco environment in India. Most of the people don’t file tax return in a misconception that they will be severely punished by tax authorities if they commit even some minor mistake. Actually, that’s not true. The taxpayers are also unaware of tax saving instruments.
- Even the tax professionals use technical jargons while communicating with tax filers and other e-filing websites have a complex UI with lot of technical jargons.
To bridge this gap Mytaxcafe was founded in 2013 by two finance professionals and one software engineer trio, Mytaxcafe aims to provide seamless Tax Filing solutions to the people along with the maximum tax savings to them. It aims to become India’s first one-stop-solution for all Tax based queries like e-filing of Income Tax Return, Assistance in getting tax refunds, Tax Planning, Tax Consultancy etc.
Being a Chartered Accountant practitioner for many years, Arjit, co-founder of Mytaxcafe had plenty of opportunities to interact with number of taxpayers. This helped him to understand the problems faced by them from their point of view. After thorough research, Arjit realized that though paying Taxes is of prime importance, many people don’t pay it, not because they don’t want to, but because of lack of knowledge about the entire process.
Mytaxcafe has been developed to help individuals to e-file Income Tax Return in the easiest and the quickest manner. Filing of Income Tax Return with mytaxcafe ensures that you do Taxes with 100% Accuracy and you don’t miss out any chance to optimize tax savings. Mytaxcafe has designed simple and short wizards which helps to calculate your maximum tax savings. Keeping simplicity in mind, the team have designed the website with one of the simplest User Interfaces and kept the use of Technical jargons to the minimum level.
Through Mytaxcafe, an initiative has been taken to speed up the e-filing process by designing the data capturing process from user after a great research so that the user may locate/ trace the source documents from where the data is entered. Furthermore, great care has been taken to curtail redundant inputs.
Services offered by Mytaxcafe
- E-filing of Income tax return for Salaried Individuals, Share Traders, Persons having income from Capital Gains or Rent and for small business owners.
- Value Added Services like Free Tutorials & Guides and Tools like Income Tax Calculators, Income Tax Refund Status, ITR-V Status, Form 26AS status
The venture has adopted a freemium model wherein the basic ITR filing is Free of Cost and premium services like CA-Assisted Filing are chargeable.
Mytaxcafe is planning to expand its services from just to individuals to Freelancers, Commission Agents, Professionals and Contract Workers, set-up a 24 by 7 Call Centre and launch a mobile app in near future.