Articles
Income Tax Return Startup Focusing On Easy, Simple and Secure Interface
by DrivenDiva Styles ManagerWith tax filing being an arena where even the most calmest of the individuals get jittery about filing of their tax returns with accuracy and on a timely manner. Assessees feel confused amongst plethora of tax sections which provide for various provisions relating to differential taxation of different kinds of income, applicability of various deductions and exemptions.
As the due date for filing of income tax return is close approaching, there are a few players in the market as of today who offer ITR 1 self e-filing for free but as our team researched, we found that TaxZippy, a new start-up, in this domain is offering even the premium services for free as an introductory package for this year.
“About 2.8% of the individual assessees e-file their tax returns as of today”, says TaxZippy co-founder Jaspal Singh Sethi, “and there is a need for easy and simple service for facilitating the user's time and effort in e-filing along with great customer support.”
TaxZippy is providing self e-filing of tax returns for ITR 1, 2, 2A for free. And as introductory year they are offering premium e-filing for free as well. They guarantee 100% accuracy and privacy, maximum refund, expert advice and the utmost professional customer service. From next year onwards, the idea is to charge very nominal fee for the more complex tax situations while expanding their horizon by including business and freelancing, NRI services as well.
Jaspal’s belief is that filing tax returns should be intuitive. Hence, TaxZippy asks simple, non technical questions in layman terms so that users don’t have to do complex calculations on their own yet fulfill all necessary and technical requirements so as to make the return technically correct.
The belief of the co-founders in this project led them to design a highly efficient product in the market that will only ask personalized questions relating to each individual user’s Form 16 and nature of income as applicable. The website automatically pulls the data from Form 16 and the algorithms used in the website has made the user interface so easy and simple that it prompts the users with questions which are applicable to him/ her based on the nature of his personal income and deductions/ exemptions and keeps out the irrelevant questions.
“Our objective is to facilitate a user’s understanding of income breakdown, tax deductions while also providing future tax saving opportunities and advice with our personalized algorithms. Also our tax experts work really hard to help you get the best refund and we have top-of-the-market customer support,” Jaspal says.
The thought leadership has been provided to TaxZippy by Atul Garg Ex-SVP HSBC and Head of Asia who has mentored the co-founders with strategic advice and business development guidance.
TaxZippy is backed by the technical support of silicon valley engineer and brings with it a fresh perspective and out-of-box thinking, and has an super friendly user-interface that is neat and provides great mobile accessibility with cutting-edge technology.
Jaspreet Singh, the other co-founder added “We are really excited to see an equal amount of enthusiasm from our users as we ourselves have in getting this product in the market. This is mirrored by the awesome response we are receiving in social media. We work with the end-users to ensure that they understand all stages of the process and the end-result of their tax return as well.”
TaxZippy has obtained a very good response from the users in the first introductory year itself despite a number of pre-existing e-filing portals in the market. TaxZippy is aiming to file 20,000 tax returns this year, thereby becoming the fourth largest services provider in the first year itself. As it expands its horizons, it plans to more than double that number to over a lakh returns in the next year 2016.
“In India, the Income Tax Department itself offers e-filing of tax return on its own website and as of now is the biggest service provider”, says Jaspreet, “but they don't have a user-friendly interface which disappoints the users. We are adding more tools to overcome this issue ”.
As per the market statistics, the number of online tax return filers has increased exponentially from a meagre 20 lakh to 4 crore in the last five years. That reflects a more than 80% compounded annual growth. This is in preparation for the government’s plans to make all tax filing online by 2016.
TaxZippy is already in conversations with prospective investors and will be raising funding from VC firms in India and the US.
For Jaspreet, the main challenge and focus has been safeguarding of the customers’ data and respecting the confidentiality thereof. “Safeguarding it from abuse is a huge challenge for the entire market in today’s day and age,” he says. “Our team has prior experience in working with some of the world’s leading financial institutions, so the team has prime focus on the security standards, such as 256-bit encryption, multi-point verification, masked data, etc. All our services are hosted on Amazon’s cloud services, which hosts and runs some of the biggest internet brands, that have secure, scalable and fault-tolerant infrastructure.”
For TaxZippy, growth opportunities are humongous as the market was traditionally dominated by the small accounting firms which do not offer to provide swift and transparent online channel to file returns. In this situation, TaxZippy is a perfect solution to the needs of the users and the digital capability of today’s technology.
TaxZippy is driven by the objective that tax payment is not a burden but a common man’s step towards a better tomorrow. This is reflected by an online campaign by the start-up where users and followers provided their reasons of why they pay taxes which is an honest opinion by today’s generation which expects a better tomorrow from the taxes they pay today. The co-founders believe that the people who honestly pay taxes should be proud of it and do it as a right and responsibility and not as a burden. This is also a social commitment towards the community by the Company. For more info visit:
As the due date for filing of income tax return is close approaching, there are a few players in the market as of today who offer ITR 1 self e-filing for free but as our team researched, we found that TaxZippy, a new start-up, in this domain is offering even the premium services for free as an introductory package for this year.
“About 2.8% of the individual assessees e-file their tax returns as of today”, says TaxZippy co-founder Jaspal Singh Sethi, “and there is a need for easy and simple service for facilitating the user's time and effort in e-filing along with great customer support.”
TaxZippy is providing self e-filing of tax returns for ITR 1, 2, 2A for free. And as introductory year they are offering premium e-filing for free as well. They guarantee 100% accuracy and privacy, maximum refund, expert advice and the utmost professional customer service. From next year onwards, the idea is to charge very nominal fee for the more complex tax situations while expanding their horizon by including business and freelancing, NRI services as well.
Jaspal’s belief is that filing tax returns should be intuitive. Hence, TaxZippy asks simple, non technical questions in layman terms so that users don’t have to do complex calculations on their own yet fulfill all necessary and technical requirements so as to make the return technically correct.
The belief of the co-founders in this project led them to design a highly efficient product in the market that will only ask personalized questions relating to each individual user’s Form 16 and nature of income as applicable. The website automatically pulls the data from Form 16 and the algorithms used in the website has made the user interface so easy and simple that it prompts the users with questions which are applicable to him/ her based on the nature of his personal income and deductions/ exemptions and keeps out the irrelevant questions.
“Our objective is to facilitate a user’s understanding of income breakdown, tax deductions while also providing future tax saving opportunities and advice with our personalized algorithms. Also our tax experts work really hard to help you get the best refund and we have top-of-the-market customer support,” Jaspal says.
The thought leadership has been provided to TaxZippy by Atul Garg Ex-SVP HSBC and Head of Asia who has mentored the co-founders with strategic advice and business development guidance.
TaxZippy is backed by the technical support of silicon valley engineer and brings with it a fresh perspective and out-of-box thinking, and has an super friendly user-interface that is neat and provides great mobile accessibility with cutting-edge technology.
Jaspreet Singh, the other co-founder added “We are really excited to see an equal amount of enthusiasm from our users as we ourselves have in getting this product in the market. This is mirrored by the awesome response we are receiving in social media. We work with the end-users to ensure that they understand all stages of the process and the end-result of their tax return as well.”
TaxZippy has obtained a very good response from the users in the first introductory year itself despite a number of pre-existing e-filing portals in the market. TaxZippy is aiming to file 20,000 tax returns this year, thereby becoming the fourth largest services provider in the first year itself. As it expands its horizons, it plans to more than double that number to over a lakh returns in the next year 2016.
“In India, the Income Tax Department itself offers e-filing of tax return on its own website and as of now is the biggest service provider”, says Jaspreet, “but they don't have a user-friendly interface which disappoints the users. We are adding more tools to overcome this issue ”.
As per the market statistics, the number of online tax return filers has increased exponentially from a meagre 20 lakh to 4 crore in the last five years. That reflects a more than 80% compounded annual growth. This is in preparation for the government’s plans to make all tax filing online by 2016.
TaxZippy is already in conversations with prospective investors and will be raising funding from VC firms in India and the US.
For Jaspreet, the main challenge and focus has been safeguarding of the customers’ data and respecting the confidentiality thereof. “Safeguarding it from abuse is a huge challenge for the entire market in today’s day and age,” he says. “Our team has prior experience in working with some of the world’s leading financial institutions, so the team has prime focus on the security standards, such as 256-bit encryption, multi-point verification, masked data, etc. All our services are hosted on Amazon’s cloud services, which hosts and runs some of the biggest internet brands, that have secure, scalable and fault-tolerant infrastructure.”
For TaxZippy, growth opportunities are humongous as the market was traditionally dominated by the small accounting firms which do not offer to provide swift and transparent online channel to file returns. In this situation, TaxZippy is a perfect solution to the needs of the users and the digital capability of today’s technology.
TaxZippy is driven by the objective that tax payment is not a burden but a common man’s step towards a better tomorrow. This is reflected by an online campaign by the start-up where users and followers provided their reasons of why they pay taxes which is an honest opinion by today’s generation which expects a better tomorrow from the taxes they pay today. The co-founders believe that the people who honestly pay taxes should be proud of it and do it as a right and responsibility and not as a burden. This is also a social commitment towards the community by the Company. For more info visit:
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About DrivenDiva Styles 
Manager
0 connections, 0 recommendations, 10 honor points.Joined APSense since, December 14th, 2015, From Delhi, India.
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