The problem of ever-increasing huge volume of unstructured data, mainly documents, and within that the scanned documents, needs to have a solution to expedite the overall turnaround time in document centric business processing. Majority of these documents often do not strictly follow a specific format or a template, and creating a generic OCR solution, which would work on any kind of document format is needed to enhance overall efficacy of processes. Embodiments of the present disclosure provide system and method that extract tabular and text information from scanned documents. More specifically, method and system are provided to extract user filled tabular data, textual information, selected radio-buttons and checked checkboxes, stamps, barcodes from scanned copies of any filled form with or without any template being pre-defined or without any prior knowledge about format of input forms. The system converts extracted information in a structured form for further for analytics and reporting.