Kolkata start-up launches portal for preparing IT returns

A Kolkata-based start-up has announced the launch of its portal that helps in preparing income-tax returns and their filing.

Alok Patnia, one of the three co-founders of the partnership firm Make Your Tax Technologies, said the portal was driven by software developed in-house that processed individual income and tax liabilities for the purpose of filing the individual’s or family’s tax returns.

“The online application is supported by cloud computing to allow multi-users, including tax consultants,” said <g data-gr-id="34">Patnia</g>, who is also CEO of Taxmantra.com. “As tax consultants, we found the need for a collaborative technology platform that would help process and advise on large-scale returns simultaneously.”

Abhishek Rungta, another co-founder of the portal and CEO of Indus Net Technologies, claimed the new platform allowed tax consultants to join in, if allowed by the tax assesses, in a bulk service providing exercise.

The portal — makeyourtax.com — would provide the do-it-yourself tax-filing service package at a competitive rate of Rs. 100. The firm has offered a promotional incentive too.

“Users subscribing to this package would have the option of sharing the application on social media platforms such as Facebook or Twitter for a cash back of Rs. 100,” <g data-gr-id="36">Patnia</g> said.

For self-filing, an individual filer has to enter his or her data related to income. The software would select the applicable I-T return form (1-6) and after processing the data, including adjustments for deductions, would generate a ready tax synopsis report. Based on this report, the individual can file the return on the I-T department’s website or get it filed by the portal at no additional cost.

For tax consultants, the introductory subscription price is Rs. 6,500 for a year for an unlimited number of filings for their clients.

The portal targets to have subscriptions from one lakh return filers next year and hopes to rope in around 200 tax consultants. The portal would also use Taxmantra.com and Indus <g data-gr-id="35">Technologies’s</g> network of consultants and offices in other metros for marketing its services.