ETax Firms Get Ready for Windfall
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