ClearTax Black App: File ITR & Invest in Mutual Funds

The famous tax-filing portal ClearTax which has a strong userbase of more than fifty lakh users on their platform is now entered the investment space also with their brand-new application known as the ‘Black’ app. The application has been launched with direct mutual funds but will also consist of stocks, National Pension System (NPS), Public Provident Fund (PPF), and conceivably cryptocurrency. The ClearTax Company will charge a fixed rate of Rs. 10,000 to Rs. 15,000 per year for consumers earning more than Rs. 15 lakh, while for low-income users, the platform and its services are free of cost.

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About ClearTax Black App:

ClearTax has acquired or obtained SEBI Registered Investment Advisor (RIA) license to provide this service on this app. ClearTax expects to engage about 20% of its nearly five million userbases on the Black app within six months. Users can build their wealth easily through investing in direct Mutual Funds, Tax Savings with the additional benefit of tax filing on the platform. Black app by ClearTax permits its users to invest their money in multiple mutual funds and also make tax-saving investments in ELSS Mutual Funds. Along with this, you can also file your Income Tax Returns on the app directly within a couple of minutes.

The Black app also provides the facility to start a Systematic Investment Plan (SIP) and invest in a suitable mutual fund. Apart from this, you can also invest in ELSS Mutual Funds to save taxes under Section 80C and build your wealth through long-term investing in suitable mutual funds with the Black app. With this app, you can invest your money in Mutual Funds like ELSS Funds, Debt Funds, Liquid Funds, etc., and also file your Income Tax Return simultaneously.

Main Features of Black by ClearTax App:

  • Earn an additional 1% Return on your existing Regular Mutual Funds and SIPs by switching to the Direct Plans of the same Mutual Fund schemes.
  • Save tax with investments in ELSS Mutual Funds which starts from Rs. 500 per month.
  • There is a Mutual Fund SIP Calculator on the app which helps you to plan your investment and returns on multiple Mutual Funds. 
  • Fast and Easy Payment for Mutual Funds or SIPs with UPI Payment Apps. 
  • You can also file your Income Tax Return (ITR) for free with this application.
  • It also automatically imports your important data from the Income Tax Department directly so that you can file your ITR Return. 
  • Invest your money securely with their bank-level data protection so don’t worry about data theft or any type of fraud.

How to file your Income Tax Return on the Black app? 

You can easily create an account on this app by following these steps:

  • Download the Black by ClearTax app from the Google Play Store and install the application on your Smartphone.
  • Now, open the app and click on Accept and Continue option. Now, enter your e-mail ID on the Black app or you can also register on the app directly with your Google account.
  • Now, enter your Mobile Number and click on Generate OTP option to complete the registration process. The app will complete the verification by sending an OTP to your mobile number.
  • Now, after creating your account on the Black app, click on the Tax Center option. Now, click on the Continue Filing option to file your Income Tax Return. 
  • Now, on the Personal Info tab, enter all your details like Your Full Name, Gender, Date of Birth, PAN Card Number, etc. Also, enter your complete Address Details, E-mail ID, and Mobile Number and click on the Next option.
  • Now, on the Income Sources tab, enter all your details regarding your Income Source like Employee Type, Name of Employee, Gross Salary, Exemption under Section 10, and Deduction under Section 16 and click on Next option.
  • Now, enter other details on the app like Tax Deductions, TDS on Salary Income, etc., and click on the Next button.
  • Finally, on the Bank Info tab, enter your Aadhar Card Details and Bank Account Details and click on the Next button. Now, recheck all your details again and then click on Proceed to File option. After that, accept the Declaration form and click on Proceed to e-Filing option.
  • Now, login to the e-filing portal of the Income Tax Department with your PAN Card and Password and click on the Login to File option. It will automatically validate your ITR Return on the app.
  • Now, to verify the e-filing process, an OTP will be sent to your registered mobile number which is linked with your Aadhaar Card. Simply, enter the One Time Password and click on Submit option. After this, your Income Tax Return will be successfully submitted to the Income Tax Department with an Acknowledgement Number and click on the done option.

Through these steps, you can easily file your Income TAX Return on the Black app and also you can invest your money in Mutual Funds and other investments like ELSS Funds, Equity Funds, etc.

Last Words:

That’s all about ClearTax Black App. I hope you could understand how you can start using this app for your Mutual Fund investments or filing ITRs. If you have further queries, don’t forget to drop down a comment below. I will be happy to help.

Thank you for reading. I will be back soon with another interesting update. Keep visiting HiTricks. Don’t forget to join our Telegram Channel for getting the latest tech updates.

Anuj Kumar
Anuj Kumar

Anuj is a passionate blogger from Bareilly, Uttar Pradesh. Currently pursuing in Programming and Data Science from IIT Madras. Apart from being an avid learner and a tech enthusiast, he loves playing PC Games and likes to keep himself updated with the latest trends in the tech industry.

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