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ClearTax Streamlines Income Tax Filing Process and Expands Integration with Additional Brokers

Simplified Income Tax Filing Made Easier by ClearTax, Now Offering Enhanced Broker Integration

ClearTax, an ITR filing platform, has expanded its services to cover 85% of the broker market, making it easier for users to file their Income Tax Return-2 (ITR-2) with accurate capital gains tax information. Through partnerships with prominent brokers like Groww, Upstox, and ICICI Direct, ClearTax now offers a one-click option to integrate with over 20 brokers. This integration allows customers to effortlessly prepare complex capital gains schedules using the platform’s Application Programming Interface (API) mechanism. Other broker partners include Axis Securities, HDFC Securities, SBI Cap, Kotak Securities, Motilal Oswal, Sharekhan, Zerodha, and Fyers.

ClearTax’s software is designed to parse capital gains and loss statements from the partnered brokers. Customers can easily upload transaction files in XLS or PDF format from their brokers, and the software automatically reads and processes them. The platform has no transaction limits, making it convenient for users with large transaction volumes.

Archit Gupta, the founder and CEO of ClearTax, highlighted the challenges faced by taxpayers in meeting tax compliance, ensuring accurate tax payment, and optimizing loss set-off. Many users utilize multiple broker platforms, which often requires navigating different portals and accurately reporting the details, increasing the likelihood of errors. ClearTax’s integration with brokers addresses these challenges by automatically adjusting short-term losses against long-term gains and facilitating the carry forward of losses from previous years.

By integrating with ClearTax, brokers enable their clients to seamlessly import financial data, eliminating manual data entry and reducing errors, especially for taxpayers who invest in various products like F&O and foreign stocks. This integration also benefits taxpayers by providing automatic intra and inter-asset set-off losses as per the Income Tax Act, ultimately reducing their overall tax liability. Traders can utilize ClearTax’s custom template to import transaction data for filing.

ClearTax’s services extend beyond domestic investments, as it supports tax filing for income from US stocks and provides a dedicated section for bonds and debentures. The platform also parses all annexures in Form 16, offering users a detailed breakdown of their salary.

By offering seamless integration with broker platforms and simplifying the filing process, ClearTax aims to save taxpayers time and money while ensuring accurate tax compliance.

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