“E-filing is only six years old in India, and ClearTax is in a space that will see a lot of growth in the next few years. It is projected that 42 million people in India will be e-filing tax returns by 2016. ClearTax is making it easier and more affordable for people to file their taxes online. So, we saw a huge opportunity there,” said Kat Manalac, partner at YC.
The company was founded by Archit Gupta, Raja Ram Gupta, together with Srivatsan Chari and Ankit Solanki. This startup’s perseverance are now reaping fruits with the company compounding traction year on year.. In a recent development, ClearTax became the first India focused startup to be funded by Y Combinator, the big daddy of startup accelerators. Last year, over 300,000 people used ClearTax to file their taxes. It is also worth noting that ClearTax also offers technical support to TaxCloudIndia.
How ClearTax works?
All the user just need to upload his/her Form-16, and right away the tax return is prepared for him/her to view and edit. ClearTax’s basic technology pulls in data from the uploaded form, and fills it in the correct places on the ITR (income tax returns) form. The user doesn’t have to manually fill up numbers to get ready their tax return. This keeps you away from mistakes in data entry. ClearTax also downloads the user’s information from the Tax Department in real time helping the user claim proper tax refunds.
The company costs Rs 499 for income tax filing, Rs 749 for property tax filing and Rs 1,500 for capital gains and losses filing. They also offer tax filing for freelancers priced at Rs 2,300 and NRIs at Rs 2,100. The company asserts claims to handle all transactions with clients over phone. ClearTax’s team of nine is at present split between California and Delhi.
Lastyear, ClearTax partnered with Paytm to offer free tax filing to Paytm users. The service also has a tax calculator, allows you check the income tax refund status and file multiple taxes in one go.
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