ClearTax introduced a new AI-based tax & financial planning algorithm on the ClearTax Invest platform. The algorithm will provide investors with the most accurate and personalized assessment of their investment profile based on their financial data, income, etc. and tell them exactly how much and where they should invest to save tax.
On ClearTax Invest, users can choose from the best and top performing mutual funds to invest in, across two main categories, namely tax-saving and wealth generation. With the launch of the AI-driven tax planning feature, users will benefit from an additional layer of personalization of how much they can exactly save and how can they save it. With a tax-saving investment instrument such as ELSS (Equity Linked Saving Scheme), investors can save up to INR 46,800 in taxes every financial year by investing up to INR 1.5 lakh under Section 80 C.
Archit Gupta, Founder, and CEO, ClearTax said, “With a combination of automation and human expertise to guide the platform’s algorithms, we are confident that our users will find this feature extremely helpful in simplifying their tax planning efforts. As many as 20 million Indian taxpayers stand to benefit from The ClearTax Invest platform who can invest in tax-saving mutual funds which qualify for Section 80C. More importantly, it will save them those last-minute troubles of having to find the right investment options before they file their IT returns and then waiting for months to be refunded the surplus tax they may have paid.”
ClearTax focuses extensively on ensuring that its platform is user-centric, through easy to use features and seamless customer experience. Following the company’s recent round of funding, wherein it received a capital infusion of $50 million, ClearTax has been working towards amplifying its growth by making substantial investments towards its tech infrastructure.
