Cleartax India’s most popular ITR filing platform becomes the most preferred partner for top brokerage firms for filing of ITR-2. Cleartax has one-click integrations with over 20 brokers that cover over 85% of the addressable market of brokers. Users of Cleartax can upload their transaction files in xls or pdf, from their broker, and the software auto-reads it. With no transaction limit on the platform, users with large volumes of transactions of different types of instruments can file ITR-2/3 seamlessly.

Cleartax has tied up with India’s leading brokers such as Groww, Upstox, ICICI direct, Paytm Money, 5 Paisa and Dhan where customers of these brokerage firms can prepare their complex capital gains related schedules within a click of a few buttons using the API mechanism.

Cleartax’s ITR filing software can parse capital gains and loss statements from more than 22 brokers including Axis Securities, HDFC Securities, SBI Cap, Kotak Securities, Motilal Oswal, Sharekhan, Zerodha and Fyers. With its expertise in tax compliance and use of advanced API driven tech, prefill and automation of various schedules of ITR, Cleartax has revolutionized the process of filing ITR-2, making it easier and more efficient than ever before.

The partnership between Cleartax and the top discount brokers addresses the unique needs of individuals who often engage in complex and multiple stock market transactions, with thousands of line items. In such a scenario taxpayers struggle with ensuring compliance with tax laws, paying tax appropriately and ensuring loss set off has taken place optimally. They may be dependent on the services of a person, which is both costly and an unreliable way to file. A lot of time is spent back and forth between the expert and the taxpayer.

Many taxpayers invest in different types of products such as F&O, intra day trading, currency trades, foreign stocks etc. By integrating with Cleartax, these brokers enable their clients to seamlessly import their financial data directly into the Cleartax platform, eliminating the need for manual data entry and reducing the chances of errors. Taxpayers benefit from automatic intra and inter asset set off of losses as applicable under the Income Tax Act and reduce their overall tax liability. Filing on any portal other than Cleartax is 100% manual and prone to errors.

Traders who maintain their own repositories and databases can utilize a custom template provided by Cleartax to import transaction data for filing. Cleartax also enables users to submit Schedule AL (Assets and Liabilities), FSI (Foreign Sources Income), and FA (Foreign Assets) directly through the platform. This streamlines the process and reduces the chances of errors, saving time and adding convenience for taxpayers. Around 67 lakh tax filers filed ITR-2 and another 63 lakh filed ITR-3 last year.

Sharing his insights on the development, Archit Gupta, Founder and CEO, Clear said, “Filing ITR 2 form can be complex for individuals due to various reasons, including time-consuming manual processes and complicated tax rules. Our API integration and file parsing, auto-populates the capital gains schedule, giving users high accuracy and also saves time. Also, around 18% of users use multiple broker platforms to buy and sell shares, necessitating the need to navigate different portals and accurately report the details, which increases the chances of errors. Our integration with brokers addresses these challenges by automatically adjusting short-term losses against long-term gains for the taxpayer and facilitating the carry forward of losses from previous years.”

The official spokesperson at Angel Broking said, “Reporting capital gains taxes is a cumbersome & time consuming exercise for investors & traders. Cleartax’s simplified tax filing solution helps taxpayers in filing their taxes , we are glad to offer the facility to our users.”

From Dhan, Priyanka Kulkarni, Senior Director – Partnerships & Strategy said “Cleartax’s software can take care of any type of asset or capital gains situation. In just a few clicks our users are able to populate capital gains related schedules accurately, this saves them time and has cut down the hassle related to filing and reporting for gains/losses in ITR-2.”

Prakarsh Gagdani, Executive Director at 5 paisa said “Usually, users struggle to report capital gains and it’s a very time-consuming exercise. We saw how simple and powerful Cleartax’s tax filing solution for ITR-2 is for taxpayers who have to report capital gains or losses. We are glad to offer this facility to our users”.”

Cleartax now also supports tax-filing for US stocks income by parsing statements from platforms likeINDMoney and Vested, allowing users to easily drag and drop their statements. To accommodate the adoption of Sovereign Gold Bonds (SGBs), tax-free bonds, and other instruments, the platform has introduced a dedicated section for Bonds and Debentures. It has simplified the nomenclature related to Restricted Stock Units (RSUs) and Employee Stock Ownership Plans (ESOPs), providing clear examples for users. Moreover, it parses all annexures in Form 16, providing users with a detailed breakdown of their salary, which is a mandatory disclosure. Through these innovative solutions, Cleartax has successfully addressed the complexities of tax filing, offering users a comprehensive and user-friendly platform to navigate the process with ease and accuracy.