The ‘lost in translation’ feeling when trying to have a CA explain your taxes to you is something almost everyone has experienced. This yearly drama seems to be part of a whole new world, one which is quite complex and chaotic. Solving this dilemma are young startups like Tax2win that are geared to make tax filing simple and easy for all Indians.
An untapped market
Co-Founder Abhishek Soni didn’t really start out with this idea but was one that came to him when he identified a massive need in the market. Having a successful job as an auditor at Ernst & Young in Gurgaon, Abhishek was quite content in his job. Travelling to and fro, however, in cabs often had the cabbies often asking his help in filing taxes. Seeing their confusion and also that of others around this financial necessity, Abhishek saw a huge gap in the market for filing taxes and decided to take a step in solving it.
Of course, the journey wasn’t all that easy! Convincing his family about leaving a stable job at a premier firm to start his own company wasn’t quite well-received. However, having witnessed the need first-hand, he decided to move ahead with his company.
This is when he pitched the idea to a colleague from his intern days, Vertika Kedia who instantly agreed. Having the drive and desire for her own business, this idea seemed like the perfect fit for Vertika and the duo founded their company, Tax2win, in July 2015. While these two took care of all the CA requirements, they brought on board Shishant Todi for the tech aspects. An investment of USD one million from an investor gave them the boost they needed to get started and there has been no turning back.
A new era
One of the major reasons that outdated tax filing companies are no longer a solution is due to the diversified nature of job portfolios that have brought in a whole new set of people under the tax bracket. The past few years have seen a widespread emergence of small businesses, freelancers across industries working on national and international projects, and various other income-generating avenues, each of whom require a different tax-filing system. Initially, tax-filing companies were operated in a way that didn’t help individuals understand any of the tax filing aspects or forms. In addition, while what the tax experts were saying was completely confusing, the online portal was not much help either.
A lot of new taxpayers thought they could hope to simplify their tax filing by using the government’s online website – but the confusion led to further chaos that could arise with an incorrect filing. This has led to an emergence of innovative tax-paying companies such as Tax2 win that were founded by CAs themselves to ensure greater clarity. In addition, the young lot understands the confusion of the Indian tax filing system for the newbies and thus offers easy to understand and simplified processes that are geared to each individual or business.
Simplifying taxes - Tax2win
This young company, based in Jaipur, was founded with a clear vision – simply the tax filing process and customise it suit each individual and business in a convenient manner. The site is a one-stop-shop for Indians looking for any financial or legal guidance regarding their taxes, including refund on their taxes!
One of the innovative features of this site is that individuals can either have a CA file their taxes or file their taxes themselves under the assistance of a CA. Additionally, for a nominal fee, they can even have an expert review their filings to ensure everything is in order, one of the key concerns plaguing those that attempt to take charge of their taxes.
The site has helped tens of thousands of individuals file their taxes of which a significant portion has opted for the CA Assistance service. Additionally, several businesses have also shifted their attention to this innovative company for their tax filing. In the case of corporate clients, Tax2win helps out by setting up helpdesks in the client’s office for easy accessibility by all employees.
Some of the prominent corporate clients for this young company include Indian Railways, Hotel Marriott, Fortis, Rajasthan Police, Idea Cellular, and The Body Shop among others.
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