Taking a cue from the needs of the corporates, Incometaxinfo.com, a Website promoted by Indiaallinfo.com Ltd, has decided to make a pitch for the business of calculating and submitting tax liabilities of employees at a yearly contract rate. Said Mr Narayan Jain, managing director of Indiaallinfo.com Ltd, "We have already started talking with some of the corporates regarding individual services. In the near future, outsourcing of tax functions by the big corporates will be as common as transfer registers maintaining share records of the company."

Mr Jain said the portal is already providing consultancy services on various tax issues as well as latest circulars and court cases to registered corporate members like ITC, ICI, Ambuja Cement and Usha Martin Telecom.

"We have decided to take on the job of servicing employees of big companies, as we believe this will make the account section more productive," he said. The Website Incometaxinfo.com, which was launched in November last year, plan to offer this service through the existing corporate Intranet. "All the big corporates have their Intranets where the information regarding the salary of each employee is available. We will take information from the Intranets and leverage on the tax expertise we have and file the return. The employees or the employer will get rid of the headache of calculating taxes," said Mr Jain.

According to Mr Jain, with the facility of online individual and corporate tax return starting from July this year and March next year respectively, a lot of vexed issues will be solved.

According to corporate heads in charge of taxation, in near future, the big corporates will take the responsibility of submitting returns on behalf of their employees. Said Mr Pallav Gupta, general manager for taxation at ITC, "We have seen in European countries where the employees don't have to bother about their returns. Here we will find that increasingly corporates will offer indirect perks to the employees by taking the responsibility of calculating employee taxation which will be not limited to the salary element only."

According to Mr Jain, big companies will find it profitable to outsource their corporate and employee tax responsibilities to third parties.

"Outsourcing of corporate functions is one of the ways to make an organisation lean and smart. Needless to say the Internet has thrown up several possibilities for big corporates to manage administrative responsibilities in a more innovative manner which will not only streamline the corporate tax function but will also save time and money," said Mr Jain.

Stockmarkit.com in strategic tie-up with Incometaxinfo.com
Stockmarkit.com, the online financial services trading site promoted by the Apeejay Surrendra Group, has tied up with incometaxinfo.com. As a result of this strategic tie-up, both the Websites will now be able to offer a number of useful services to their respective registered members. As a result of this tie-up, Stockmarkit.com clients will now be able to consult online on all tax-related issues and in return, Stockmarkit.com will play the role of an online personal finance manager for all clients of Incometaxinfo.com.