The Tax Optimiser tool supports users in planning their taxes through curated investment and financial tips & recommendations
Clear, India’s leading fintech SaaS firm, has introduced a Tax Optimiser tool for individual taxpayers. The user has to input some basic information and can get the above report personalized to their profile.
A large number of taxpayers put off tax planning until the last minute, which is usually until the employer begins seeking proof for tax saving investments. Leaving this decision to the last minute leads to taxpayers making choices that don’t align with their financial goals or are not optimal.
To use this tool taxpayers have to provide basic information regarding their income, deductions, exemptions, etc. The tool then delivers them various recommendations on saving taxes considering several sections of the income tax act. These suggestions include tax-saving investments, salary exemptions, medical insurance, loans, tax harvesting, advance taxes, etc. Data with Clear has revealed that only 40% taxpayers fully exhaust the Rs 1.5 lakhs tax deduction available under section 80C (taxpayers with total income exceeding Rs 8 lakh).
The Tax Optimiser tool will give users detailed information on ELSS, PPF, NPS, Medical insurance, Salary exemptions (LTA & HRA), purchasing an electric vehicle, home & education loans, and other tips on CTC optimisation, donations, and budgeting principles. These recommendations will be based on a user’s age, city, salary break-up, rental income, etc. Users will also receive Advance Tax payment information and Tax Harvesting recommendations.
Srivatsan Chari, co-founder, Clear, said, “This tool is the best possible way for people to get curated tax saving recommendations, all of them at one place. By automating tax planning through this tool, taxpayers can win at optimising their taxes and also save money.”
The Tax Optimiser offers 10+ customised recommendations to help you save taxes in an efficient manner. The recommendations include investment tips that’ll help generate inflation-defying wealth. You will also get a Tax-Vantage Score to understand how efficiently you are saving taxes as compared to your peers. This tool also offers an intelligent simulator that dynamically shows the implications of your investment adjustments on tax savings.
Clear is on a mission to simplify finances and save money and time for enterprises and individuals. It has a wide range of products for GST compliance, TDS compliance, E-invoicing & E-way bills and ITR filing.
Clear (formerly ClearTax), is India’s leading fintech SaaS company with the mission of simplifying finances for Indian businesses and individuals. We are trusted by over 5 million Indian taxpayers, more than a million tax practitioners, 600,000 small businesses, and 4,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, and a range of managed services and credit. For tax professionals, we offer comprehensive GST compliance, ITR, and TDS filing solutions. For individuals, we offer tax compliance and wealth management. Clear has raised $140 million in equity capital investment since its inception. The company was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. Clear’s investors include Composite Capital, Sequoia Capital, and SAIF Partners. Please visit – Twitter, Instagram, LinkedIn, Facebook and YouTube for latest updates on Clear.