Wooing the Indian online tax payer A look at how web financial service providers are attempting to grab the better half of the market pie with their strategies
E-filing : What is it? <ul><li>A method of filing tax returns online </li></ul><ul><li>Introduced by the government in 2006-07 </li></ul><ul><li>Astronomical increase since the last two years </li></ul><ul><ul><li>2006-07 : 3.7 lakh online tax payers </li></ul></ul><ul><ul><li>2007-08 : 21.93 lakh online tax payers </li></ul></ul><ul><ul><li>Increase of over 500% </li></ul></ul><ul><ul><li>Over 50 lakh online filings are estimated in FY 2008-09 </li></ul></ul>
Observations <ul><li>Users are increasingly becoming aware of the online medium to file tax returns. </li></ul><ul><li>The traffic graph of these websites clearly shows a significant amount of awareness among the masses with respect to online tax return filing. </li></ul><ul><li>Taxsmile.com . a veteran in this domain, continued to lead the pack with the maximum number of visitors. </li></ul><ul><li>PaisaWaisa.com , the only site allowing free tax return filing, is a relatively new venture, but has eaten a considerable share of the market pie </li></ul>
Observations (contd.) <ul><li>TaxSpanner , another relatively experienced player in the online tax filing industry, could not impress the Indian audience this time. </li></ul><ul><li>TaxShax , despite having the backing of BCCL (Times Group), could not swing the opportunity in its favour, and ended up on a mediocre note, much like its contemporary, TaxSpanner. </li></ul>
Conclusion <ul><ul><li>The Indian audience is embracing online e-tax filing with open arms, but quality of the service and proper marketing is still most essential for online tax providers to benefit from this phenomenon. </li></ul></ul><ul><ul><li>Currently, there seem to be just two major players according to the latest stats, TaxSmile and PaisaWaisa . Let's see which one of them gets the better of the other in a battle to woo the Indian tax payer, and provide him with the best service. </li></ul></ul>
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