TAXdo: Let 'Young Sheldon' file your tax returns

In episode 14, Season 4 of American TV show Young Sheldon, an 11-year-old prodigy, Sheldon, showcases his exceptional talents by engaging in an intellectual showdown with a federal tax officer.

With unmatched prowess, he defends the impeccability of his family's tax file. Filing tax returns might seem like an impossible feat for someone his age, but for Sheldon Lee Cooper, it is just another extraordinary accomplishment.

Sheldon faces a formidable challenge but manages to make an extraordinary comeback, though he admits that the "ins and outs of tax law can be a little tedious." 

Well, let's be honest: for most people, it's not just a "little" tedious — it can be a real pain. Unless, of course, you are a tax expert or Sheldon Lee Cooper.

Fortunately, TAXdo — a web-based software developed by SMAC IT Ltd — can be your Sheldon in this case. 

This cutting-edge application is specifically designed to simplify the digital tax return filing process for taxpayers in Bangladesh. You do not need to be an expert to navigate the complexities of tax returns when TAXdo can do it for you seamlessly.

"It's your personal assistant in conquering the intricacies of tax filing," said Snehasish Barua, director of SMAC IT Ltd.

According to Snehasish, of 36 lakh total taxpayers, the majority — around 30 lakh — are individual entities, and this number is expected to grow to 50-60 lakh in the near future. Recognising the need for technological assistance, TAXdo provides users with a revolutionary solution through its user-friendly website, simplifying the intricate process of filing individual tax returns.

Meanwhile, TAXdo has secured the Bangladesh Association of Software and Information Services (BASIS) ICT award 2022 under the professional service solution category. 

Since its pilot run in July last year, their focus has been on educating users with workshops and seminars, demonstrating the platform's functionalities.

After the official launch this year, it has gotten some momentum. Despite the initial success, the primary challenge lies in integrating TAXdo with the National Board of Revenue's (NBR) portal. Successful integration would enable users to submit their returns online. 

"If we can pull this off, our users will no longer need to print the tax return paper and submit it in person. They can do it all online. We are on it. The chairman of NBR gave us a positive nod," said Snehasish.

"In many countries, private organisations collaborate with the government to provide a better tax payment system, and that results in encouraging more people to prepare and pay tax returns without directly interacting with the government's official portal or app," he further said. 

NBR member Iqbal Hossain said SMAC IT's initiative is positive and NBR will consider whether any kind of assistance can be provided from its side in this regard.

Snehasish said they promised NBR that integration with their system can add three lakh new taxpayers. 

"We are educating and encouraging taxpayers to use TAXdo. Our plan is to go to every district and arrange a demonstration of this solution," he added. 

Who is TAXdo for?

TAXdo provides significant assistance to individual taxpayers, Income Tax Practitioners (ITPs), and legal professionals in preparing tax computation and preparation of returns with accuracy. 

From the taxpayers' perspective, TAXdo marks a revolutionary shift. It not only streamlines the filing process but also ensures users stay informed about their financial status. The system's online platform allows users to access and review their previous returns, assets, and liabilities anytime.

Photo: Courtesy

Also, tax regulations may change annually, and TAXdo stays ahead of the curve. "A dedicated technical team regularly updates the system to reflect the latest legal requirements, ensuring users always have access to an up-to-date and compliant filing system. This commitment to constant research and development sets TAXdo apart," noted Snehasish.

For tax advocates dealing with bulk files, TAXdo is a game-changer. The system's ability to retain data from the previous year significantly boosts efficiency. Advocates can process files more swiftly, and junior team members can focus on data entry, leaving the review process streamlined and efficient. Since, the system retains the information from the previous year, from the second year, it becomes much easier and faster to do the taxes. 

"Our efforts not only improve the income tax return submission process for individual taxpayers but also support the larger objective of assisting the NBR and the government in achieving comprehensive revenue collection and ensuring accurate submission of income tax returns by more individual taxpayers," said Snehasish. "Such an automated system will encourage the filing of income tax returns, which will ultimately contribute to increasing the tax-GDP ratio of Bangladesh."

A digital tax-filing application not only eliminates the challenges faced by taxpayers, it could also help to grow the culture of paying taxes among people.  "The implementation of a complete tax filing solution has become an imperative to enhance the country's tax culture," emphasised Snehasish.

"Our target is over 100,000 users this year. There are negotiations ongoing with companies and potential clients."

How does the system work?

One does not need to download any app to use TAXdo. It is a cloud-based web application platform that is secure and easily accessible from any internet browser by visiting TAXdo's website: https://taxdo.smac-it.com/ 

The complexity of legal nuances and layered calculations can be overwhelming for taxpayers. TAXdo addresses this challenge by incorporating all variables, income sources, and necessary information into its system, generating accurate calculations that users can easily print and submit.

Snehasish said that under this system, a taxpayer can fill out an income tax return in just a few minutes and pay the tax amount through mobile financial services such as bKash, Nagad, or similar.

"The platform is well equipped to handle complex tax calculations for individuals with incomes from various sources such as employment, rent, agricultural sources, business, capital gains, financial assets and other sources."

No manual excel file is required for income tax return preparation through TAXdo, which allows anyone to easily prepare income tax returns. A taxpayer only needs to provide the taxpayer information for the first time. 

Additionally, users can easily download and print their information from TAXdo at any time. 

Moreover, TAXdo is being updated based on periodic updates issued from the NBR. "The technical calculations are vetted by the leading tax experts in Bangladesh. Developed by local, dedicated and skilled technology experts, our application is an effective innovative solution to meet the needs of the people."

The long-term vision of SMAC IT includes a more interactive app accessible to users with minimal education, promoting widespread adoption. 

"We are trying to make it more interactive so that even a grocery owner can prepare his tax files by just providing his information," Snehasish added.