Fintech SaaS company Clear has partnered with 5Paisa, a listed discount broker with over 2 million clients, to make income tax return filing easier for traders.
This partnership of Clear-5Paisa will enable users (tax filers) to import P&L data (Equity, Intraday, Mutual Fund, F&O Derivatives, Commodity Derivatives, and Currency Derivatives) directly into Clear’s platform in a single click.
The company’s press statement states that they will not be required to prepare Excel templates. Once the data is received, they can self-file their capital gains ITR within 7 minutes.
“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”, said, Archit Gupta, Founder and CEO of Clear.
The partnership will also enable year-long tax assistance by engaging and assisting 5Paisa users by organizing online helpdesks and webinars on tax-related topics.
“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”, said, Ankit Fitkariwala, Chief Business Officer (CBO) at 5paisa.
Clear Company will provide the 5Paisa team with knowledge-sharing engagement on all things tax through various educative blogs, one-pagers, etc., which they can share with their user base.