ETax Firms Get Ready for Wind­fall

The Economic Times - - Disruption: Startups & Tech - Mugdha.Vari­yar @times­group.com

Ben­galuru: The tax an­nounce­ments in Bud­get 2017 are likely to bring a surge of new tax­pay­ers into the fold, and while the gov­ern­ment and the pub­lic at large stand to ben­e­fit from it, it is also ex­pected to be a big boost to tax-fil­ing plat­forms such as ClearTax and Hello Tax.Sev­eral an­nounce­ments by the fi­nance min­is­ter are aimed at en­cour­ag­ing more in­di­vid­u­als to pay taxes and to meet dead­lines.

The gov­ern­ment also said it will not scru­ti­nise anyone fil­ing tax for the first time, which will in­duce more peo­ple to log on to tax-fil­ing plat­forms, ac­cord­ing to fin­tech star­tups in the space such as ClearTax and Hello Tax. The push for com­pli­ance through stricter penal­ties will en­sure more peo­ple will file taxes,said ClearTax co­founder Ar­chit Gupta.

“ClearTax has a lot to look for­ward to in this bud­get. While there may be pe­nal pro­vi­sions on de­layed fil­ing, it only means peo­ple need to get smarter with their taxes and our plat­form helps in mak­ing com­pli­ance easy and sim­ple,” Gupta said.

Ac­cord­ing to Hello Tax co­founder Hi­man­shu Ku­mar, the tax an­nounce­ments are likely to push tax fil­ings on the plat­form.

The govt said it will not scru­ti­nise anyone fil­ing tax for the first time

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