Over 4 lakh ITRs filed on new portal per day: Finance Ministry
Hyderabad TAXPAYERS begin shifting to chartered accountants and tax experts for filing taxes as one is vexed with ITR platform glitches. This led to sharp increase in tax filers for Fintech SaaS firm Clear (from the makers of Cleartax) with a three-fold increase 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 minimise 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 which 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. Now, the choice depends on the individual's income and deductions, different for all taxpayers.
The easy user interface, built-in automation, and validations combined with client management capabilities made platform see 45 per cent 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.
