Clear – Tax |The easiest way for e-fillings income tax returns in India.
ClearTax is an India based online income tax returns filing enabler became the first startup from India to get into Silicon Valley accelerator Y Combinator.
The Main idea behind ClearTax is to provide a product which the people of all age can use; being an emerging economy where the median age is 27 and Sixty percent of consumers are millennials, using the product. You can just go to the site, upload your Form 16 on PDFs, and within seconds, the tax return is completed. Form 16 is an employer’s certificate for TDS (tax deducted at source). The problem in India is lack of standard format. Every company has its own variant of Form 16. ClearTax can read almost 400 types of Form 16, automatically.
The tax filing process is free, but there’s also a paid plan for those who need it. ClearTax is connecting chartered accountants with businesses as well as individuals who require expert guidance with their tax filing. Over thousands of CAs operates through the platform, which over a million people used in the last financial year, and it is expected to grow exponentially in the next financial year. Several Corporations too have started using the platform. Over 5,000 of them are ClearTax clients.
The startup is focusing on both expansion and innovation suited to the Indian market, where two-thirds of internet access comes from mobile.
Some of the notable investors include Elad Gil, whose portfolio includes Airbnb, Pinterest, Square, and Stripe, AngelList founder Naval Ravikant. Max Levchin, the PayPal co-founder, Scott Banister, an early board member of PayPal whose investments include Facebook and Uber, Neeraj Arora, head of business development at WhatsApp, Ruchi Sanghvi, the first female engineer to be hired by Facebook and Paul Buchheit, creator and lead developer of Gmail.
Archit values these connections and the insights they bring, not just the fund-raising. For example, ClearTax is building a tool to help users with advice on tax-saving investments.
Archit Gupta completed his undergraduate from IIT Guwahati and later his graduate studies from the University of Wisconsin-Madison in computer science. While working in Bay area in Data Domain (acquired by EMC), he visited India ,while having a conversation with his father he realised about the difficulties with tax filing in India. He came up with a solution and ClearTax founded in 2011.