Tax2Win has 1 million tax return filers
Tax2Win, an online assisted income tax return filing service provider, expects about four times growth in returns filed on the platform in the next couple of years as the amount of disclosures made in the return forms rise every year.
Wealth-tech company Fisdom acquired Tax2Win in 2020-21. Investors such as PayU, Quona Capital and Saama Capital back Fisdom. The online platform provides a range of tax filing products and services such as tax filing, tax planning, and advisory services.
“Growth post Fisdom acquisition has been phenomenal. From around a lakh tax filing we are now doing around a million-tax filing. In the next 1-2 years we are planning to grow at least 3-4 times from our current volumes in terms of tax filing,” said Abhishek Soni, co-founder and CEO, Tax2Win.
With the income tax department looking at more data integration and automation, the tax return forms are increasingly seeking more disclosure from the taxpayers. The information can then be compared with financial data obtained by the department from various sources including banks and other institutions.
This return form of assessment year 2022-23 has already been expanded for additional disclosure related to capital gains, dividend income, taxable EPF interest and foreign assets among others.
Soni said the company’s platform offers a do-it-yourself option and has the algorithms to make the filing easier.
If the disclosure is complicated, tax experts and chartered accounts could aid the assessee.
“There are individuals who understand finance and taxation and are technologically savvy, they can go on the website and file returns on their own. But at present their proportion to the overall taxpayers is very low,” he said, explaining the need for assisted online tax filing services.
More than 6.63 crore tax return forms were filed with the tax department electronically as of March 15, 2022, reflecting an increase of 16.7 lakh returns over the corresponding period previous year.
The numbers are expected to further increase with the department looking to collate more data on the assessee.