Recently, the government has created a e-ITR filing website. It has made the filing of ITR simple than before but it is not sufficient for millennials and GenZs. Some major problems faced are:

1. The choice of the form used by taxpayers while filing returns depends on their source of income. For instance, not all salaried people come under the ITR-1 bracket which is the basic form. The number of forms also vary from year to year.
2. Keeping track of the taxable income and their various sources is a challenging task. Income may come in the form of fixed deposit interest, rental income from house property, savings account interest, income from short-term/long-term capital gains. Besides, while certain incomes are tax-free, some incomes allow deductions and exemptions.
3. Many a time, taxpayers are not aware of the eligible deductions available. So, this becomes a problem during tax-saving calculations while filing returns.
4. If a taxpayer has switched jobs during a financial year or invested regularly in tax-saving products, then it will be challenging to file returns with multiple Form 16s. The taxpayer must not only collect Form 16 from the current employer but also from the previous employer/s.
5. New forms of investments that can arise in the world like Crypto, etc. that have different regulations which many might not be aware of.

These days there are many Instagram reels, blogs, videos about how to save tax, how to invest in what to reduce tax, etc – in which people are genuinely interested too. But are these people interested in all the hassle of filing the ITR, calculating the tax for each and every source of income they have? We, millennials, need everything to be automated, fast, secure and easy. So, to cater to those needs Taxxy is ideated. It is a framework that can automate the tax and filing ITR in a very simple way.