Beat The Curve- Case Study

IIM Raipur
Team Name: MegaMindz
Members: Shubham Shakar-19PGP216@iimraipur.ac.in
Rahul Tiwari-19PGP204@iimraipur.ac.in
• As per Income tax department statistics, 4,88,50,311 entities

have filed for ITR in AY 2017-18.

• This number has increased by 21% compared to ITR filed in AY

2014-15

• These statistics does not include entities who do not file returns

• Also, in Budget 2017-18 Government has introduced late filing

fee up to a maximum of 10,000 making ITR filing mandatory

• Process for filing of ITR is so tedious that many people could not

complete the process timely and will end up losing money as

Background
penalty.

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The idea is to offer Tax Saving schemes to customers at the time of e-
returns filing from ICICI bank mobile platform

• Currently, there is a provision to e-file tax returns from net banking

• Taking it a step further, the e-filing procedure could be brought into

the mobile platform to extend its reach The Idea
• Also, tax saving schemes can be sold on the spot from mobile app
at the time of filing “Save for returns, Save More”
• Users can be shown instantly what schemes if opted would reduce
their tax and increase their returns making the sale of Tax saving
schemes more convenient.

• Around 2.55 Cr Individuals pay tax in range0-5 Lakhs. Out of these

2.55 Cr Individuals 20% do not opt for any tax saver schemes.
Which can be targeted at the time of return filing.

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STATISTICS
How Indians File Tax
Returns
2%
11%
16%

Why people do not opt for

72% Tax Savings schemes
6%

26%

ITR Website 37%

Other Websites
Through CAs 31%

Through Tax Return Preparers Other

Tedious
Do
They
not
forget
out on
Reasons
realise
Processhow much money they are missing

*Primary Research data obtained via multiple surveys

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Opportunities

• Many products can be sold like medical insurances, Life insurances & various Tax Saving schemes to people

filing their returns through ICICI by showing them in real time how much money can be saved.

• Different products can be cross-sold to people filing their e-returns through different websites like cleartax, &

myitreturn for an incentive.

• Out of the potential 50 lakh individuals (approx.) who do not opt for tax saving schemes can be converted into

regular e-filers & can be sold variety of products of ICICI bank & their different SBUs.

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ThankYou

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