Fintech company Clear begins to charge for ITR filing after 10 years of free service

Fintech company Clear begins to charge for ITR filing after 10 years of free service
Fintech company Clear begins to charge for ITR filing after 10 years of free service

The Fintech company Clear (formerly Cleartax) has started charging for its tax return function (ITR) from the current assessment year. The company, which started in 2011 with its own ITR submission as the first product offering, had delivered the plant free of charge.

“This amazing product has been available for free to all our users for 10+ years. To continue to support our users with this amazing product, as of May 2022, we charge our users a nominal fee that will help us process data from millions of Indians in a sustainable way, while ensuring 0% downtime “, it said in a note on Clear’s website.

Taxpayers have to choose between three plans depending on the ITR form that applies to them.

Those with income below 5 lakh and eligible for ITR-1 will pay 199 fee. The facility offers pre-completed data from Form 16 and the website of the Income Tax Department.

Individual taxpayers who have income below 50 lakh from salary, one real estate or other sources can fill ITR-1. Hindu Undivided Family (HUF) cannot complete ITR-1.

Those who are eligible for ITR-1 but have income on 5 lakh and above have to pay 399 to submit ITR through Clear. Those eligible for ITR-4 must also choose this plan.

Individuals or HUF with income below 50 lakh from salary, one house property, other sources or business, but have chosen a presumptive income scheme must fill ITR-4. A business firm that is not a Limited Liability Partner (LLP), with turnover above 2 crore can not fill ITR-4.

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Those who qualify for ITR-2 and ITR-3 must pay a fee of 799.

ITR-2 applies to taxpayers with income above 50 lakh from salary, one or more residential properties, other sources, foreign assets, interest from contributions above 2.5 lakh made into pension funds and capital gains. Taxpayers who have unlisted shares and / or are directors of a company must also choose ITR-2.

The relatively complicated ITR-3 is for taxpayers who have income from a profession or business, including R&D trading income, along with any source mentioned under ITR-2.

Companies that choose ITR-5 or ITR-6 must pay the highest fee 1,599.

The last day for submitting ITR for individual taxpayers who are not required to receive a tax audit is 31 July.

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