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Clear, 5Paisa to simplify ITR filing for market-linked investments
- Clear, 5Paisa partnership enables the tax filers to directly import the P&L data, including equities, intraday, mutual funds etc, into Clear’s platform in a single click.
In a bid to simplify income tax return filing for traders, Clear has partnered with 5Paisa recently. The partnership enables the tax filers to directly import the P&L data, including equities, intraday, mutual funds etc, 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.
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.”
Meanwhile, 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% and 20%. Our partnership with Clear will help our users maximise their savings with accuracy.”
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First Published:23 Mar 2022, 03:53 PM IST
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