ISB alumni launch online taxfiling site TaxYantra.com
On invitation, I accompanied my Chief Commissioner of Income Tax, Sri D. V. Dharmik, who along with Dr. Rammohan Rao, Dean, ISB launched today the online tax filing portal TaxYantra started by a group of four Indian School of Business (ISB) alumni at Hyderabad. This is supposed to be India's first customised online tax filing service for Indian citizens in the country and abroad.The web-based solution created by TaxYantra enables the tax payer to understand taxes and fill the tax return forms online. The print outs of these forms will be picked up by the representatives of the company and file with the Income Tax department. To start with the company intends to charge Rs. 100 for online return and Rs. 250 if the manual filing is also involved.
"Our website has received about 50,000 hits in the last couple of days, and a quarter of them have been from Hyderabad and Bangalore," Nitin Vyakaranam, founder and director, TaxYantra, said. According to their survey, individual income tax assessees spend, on an average, five hours on filing returns by way of meeting HR personnel, consultants and waiting in queue at the Income Tax office.
The four partners, including Nitin, together invested Rs 50 lakh in the initiative. They plan to offer a few other financial services to clients. Nitin said the company was also ready to directly send the tax return filings online to the department once the authorities decide to accept forms in the extensible markup language (XML) format. Mr. D V Dharmik, Chief Commissioner, Income Tax department, said that prsently filing return online is compulsory for the comapnies. However, it is not mandatory for individuals. He said that it may not be far away before which the Department introduces the seamless form of receiving returns, processing and issuing refunds, without the intervention of humans anywhere in the process, thereby reducing contact between the Deaprtment and the taxpayers. The efforts on the lines of TaxYantra will go a long way top educate tax payers in respect of income tax procedures and filing their tax returns in time.
Mr. Rammohan Rao, dean of ISB, said that many of the ISB alumni are becoming entrepreneurs. As per the details availbale, 38 students of the recently passed out batch have started their own ventures excluding the students who have business background before joining ISB. In this regard, he lauded the efforts of Wadhawani Centre for Entrpreneurship in ISB and also thanked Wadhwani Foundation, who has been sponsoring the entrepreneur initiative taken by ISB. He further added that the institute's endeavour was to churn out more job creators rather than job-seekers. He also felt very happy that such initiatives are increasing day by day. Many of ISB alimni attended the inauguaral function.
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