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Online tax filing startup ClearTax joins Y Combinator

cleartax-logoDelhi based ClearTax that helps you file taxes online has been accepted into Y Combinator, reports TechCrunch.

According to the report, the company seems to be pinning its hope on the Indian government’s decision to make all tax filing online by 2016. Speaking to the publication, Archit Gupta, Founder of ClearTax claimed that the company has served 300,000 users in 2013.

ClearTax allows Indian to e-file their tax returns through its website. The company claims to have been approved by the government of India. Users may to self-file their tax returns using the platform which is free or opt for assisted filing of their tax returns. To access the assisted filling, users are required to upload their Form 16 onto the website and the platform will take the necessary information from this form itself.

The company charges Rs 499 for income tax filing, Rs 749 for property tax filing and Rs 1,500 for capital gains and losses filing. They also offer tax filing for freelancers priced at Rs 2,300 and NRIs at Rs 2,100. The company claims to handle all transactions with clients over phone. ClearTax’s team of nine is currently split between California and Delhi. In July 2013, ClearTax had entered into a partnership with Paytm to offer free tax filing to Paytm users. The service also has a tax calculator, lets you check the income tax refund status and file multiple taxes in one go. It is also worth noting that ClearTax also offers technical support to TaxCloudIndia.

Earlier this year, Y Combinator had announced that it will invest more money to work in startups for the same equity stake than it used to. Now the accelerator is investing up to $120,000 to work in each startup in return for a 7% stake while earlier the accelerator was investing only $17,000 for 7%.

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