Over two lakh tax professionals from 623 districts across India filed ITR of their clients through the platform this year
As taxpayers see an increase in glitches on the ITR platform, there has been a sharp increase in tax filers opting for tax filing through chartered accountants and tax experts this year. Fintech SaaS firm Clear (from the makers of Cleartax) saw a sharp increase of 3X in filings through tax professionals this year.
The firm has Taxcloud, the top platform for tax consultants and CAs for filing income tax returns for their clients. The platform enables Tax Experts to compute tax, review allowed deductions as per Income Tax Act, and files the returns for the clients. Its automated processes like upload FORM-16, upload capital gains and 26AS, and BSP helps users minimize their manual work and prepare their IT returns in less time. The platform also helps tax experts track all their clients from one dashboard thus easing client management.
The Finance Act 2020 introduced a new tax regime under Section 115 BAC. The new tax regime allows the taxpayers to file their income tax returns with concessional tax rates forgoing all significant tax deductions. Picking a tax regime is confusing as the old tax regime offers deductions, whereas the new one gives you an easy return filing process. In the new tax regime, taxpayers do not need to make any tax-saving investments for claiming deductions and can still benefit from the lower tax liability due to concessional rates. However, no one regime is better than another; the choice depends on the individual's income and deductions, different for all taxpayers.
Hence, many taxpayers opted for a tax expert to select the best-suited regime for their profile to ensure optimal tax savings.
This year, the platform saw a 45% increase in CAs and tax expert sign-ups too as tax experts. Presently, there are over two lakh tax professionals who filed income tax for over 25 lakh people on Taxcloud. Professionals from remote areas of India have joined the platform as they have seen a massive increase in demand for their services. These tax professionals were from 623 districts including cities like Kakinada, Akola, Rupnagar, Kharagpur, among others.
The easy user interface, built-in automation, and validations combined with client management capabilities make TaxCloud a preferred choice amongst Tax Experts and CAs alike. TaxCloud is free of cost for its users.
Clear is India’s leading Fintech SaaS company with the mission of simplifying finances for Indian businesses and individuals. We are trusted by over 5 million Indian Taxpayers, more than 1,00,000 tax practitioners, 600,000 small businesses and 2,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, range of managed services and credit. For tax professionals, we offer comprehensive GST compliance, ITR and TDS filing solutions. For individuals, we offer tax compliance and wealth management. Clear has raised $65 Million in equity capital investment since its inception. The company was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. Clear’s investors include Composite Capital, Sequoia Capital, and SAIF Partners. Please visit – Twitter, Instagram, LinkedIn, Facebook and YouTube for latest updates on Clear