In addition to the advisory plan, it has also initiated Chartered Accountant assisted tax filing services for investors who have gained from the bitcoin or other cryptocurrencies.
One of the India’s biggest tax filing platforms, Cleartax, has partnered with Bitcoin wallet Zebpay to help bitcoin investors understand the current cryptocurrency taxation. The crypto advisory plan will enable investors and traders of bitcoin to know laws and reporting regarding taxation on sale and trading. With a plethora of people searching about bitcoin taxation laws on search engines like Google, this will surely help the investors understand the space more. Further these investors can seek expert advice to make the best decision possible. In addition to the advisory plan, it has also initiated Chartered Accountant assisted tax filing services for investors who have gained from the bitcoin or other cryptocurrencies.
Commenting on the partnership, Archit Gupta, CEO and Founder at Cleartax, said, “With our expert-assisted plans, created in partnership with ZebPay, we aim to clear the air around digital currencies and become top advisory in all matters crypto. We’ve always aimed to simplify taxes for Indians, and this latest offering is another step in the same direction.”
The wild swings in the cryptocurrency space in 2017 has accumulated a lot of investor interest. While Bitcoin’s price touching $20,000 last year, it’s nothing new to see a bunch of investors running towards it. Even though these currencies were well received by the Indian community, there continues to be a confusion around it. Many investors are not sure on how to pay tax on their returns and mostofall, how to report them in tax returns.
“We were looking for a like-minded partner like ClearTax who can help people who have queries related to taxation in cryptocurrencies. ClearTax will make taxation related to cryptocurrencies simpler for people so that they can plan their taxes in a better manner,” said Nischint Sanghavi, Head of Exchange, Zebpay.
Cleartax claims to have over 2.5 million taxpayers using its platform to e-file their tax returns. They further claim to have over 20,000 CAs and tax professionals using the platform. It is one of the initial investments from YC in India. They had last raised $12 million from SAIF Partners in Series A round of financing. It further counts Sequoia Capital, Max Levchin, Scott Bannister, Neeraj Arora, Vijay Shekhar Sharma and Naval Ravikant as its investors.