Clear (from Cleartax), fintech SaaS company, has announced it has partnered with 5Paisa, listed discount broker with over 2 million customers, to simplify income tax return filing for the traders.
The Clear- 5Paisa partnership enables the users (tax filers) to directly import the P&L data (equities, intraday, mutual funds, F&O derivatives, commodity derivatives, and currency derivatives) into Clear’s platform in a single click.
They will not be required to prepare the excel template. Once the data is ingested, they can self-file their capital gains ITR within 7 minutes, it said in a press statement.
Commenting on the objective of the partnership, Archit Gupta, Founder and CEO of Clear, said, “Filing taxes for capital gains is a very complicated and tedious process. By associating with 5paisa, Clear will resolve the complexity in determining the turnover amount and expense amount in the case of intraday trades of equity and futures & options trades. We will automate the entire process, so traders don’t miss out on claiming transfer expenses. Clear will also resolve the challenges of categorising the funds while filing taxes for users with a particular income category through auto-selection of the correct ITR.”
The partnership will also enable year-round tax assistance by engaging and assisting 5 Paisa users by conducting online helpdesk and webinars on tax-related topics.
Clear will also provide knowledge-sharing engagements on all-things tax through various educative blogs, one-pagers, etc., to the 5Paisa team, which they can share with their user base.
Ankit Fitkariwala, Chief Business Officer (CBO) at 5paisa.com said, "With the end of the financial year approaching, everyone is thinking of tax saving options on the investments that have been made over a period of time. Equity shares, mutual funds, intraday, etc., are the most common investments made, which provide a higher return rate than traditional fixed deposits. However, capital gains on them are taxed between 15 percent. and 20 percent. Our partnership with Clear will help our users maximise their savings with accuracy.”
