Few days back, Erasmic and Mumbai Angels funded FileMyReturns, an online tax filing company. BCCL (i.e. Bennett Coleman & Company Ltd. or Times of India group) recently funded TaxShax, an online income tax return filing company
Why is there a sudden interest in online tax filing portals? Lets look at some numbers:
Online Tax Filing in India
- E-returns upto 31/03/2008 : 21.93 Lakh (up by 504 % from 06-07)
- Corporate E-returns : 3.96 Lakh (up by 11 % from 06-07)
- Voluntary E-returns : 14.42 Lakh (66 % of total E-returns)
- Number of registered users : 24.0 Lakh (up by 612 % from 06-07)
- Number of Corporate returns filed using free Return Preparation Software available on website: 1.66 Lakh (42 % of total Corporate E-returns filed)
- Top states: Maharashtra, Delhi, Gujarat, West Bengal, Punjab and Karnataka.
- Over 6 lakh returns(27%) have been filed beyond office hours. [source]
There are couple of players in this booming market, which is mostly driven by IT/Internet-savvy crowd.
What portal do you use for filing tax?