Newspatrolling.com News cum Content Syndication Portal Online
A first-of-its-kind partnership will benefit over 2.5L investors on Vested with easy overseas investment tax filings via ClearTax
Mumbai, India, May 14, 2024 – Investing in US markets has become increasingly popular among Indian investors as more and more individuals have started realizing the benefits of diversifying their investments geographically. However, filing tax returns for US investing was a cumbersome process as besides capital gains, investors are also required to furnish a series of Schedules that outline an investor’s foreign asset holdings. To simplify the process, Vested started offering easy Tax Documents to its customers starting in 2020.
Now, to further simplify the US tax filing process for Indians, Vested has announced the integration of ClearTax on its platform.
Over 2.5L investors with Vested accounts can now leverage the ClearTax platform to include their US investments in their tax filings in a few clicks. This is the first time such an easy tax filing solution for overseas investments has been developed in India.
The entire process is extremely simple. An investor has to simply log in to Vested Finance platform, visit the ‘Tax Documents’ section, select ‘File with ClearTax,’ login / sign up on ClearTax, and then all the tax documents generated by Vested, including capital gains, schedule of Foreign Assets, schedule of Foreign Income will be auto captured on the ClearTax portal in INR as per income tax regulations.
The investor has to then provide additional details of their income tax return, such as personal details, other income sources, capital gains from different sources, etc., and then file their ITR within a few clicks. ClearTax offers DIY and expert-assisted plans that investors can choose from based on their preferences.
Step by step process:
image.png
Scanning for viruses…
Add to Drive
Save a copy to Photos
Step 1: On the Vested tax documents screen, the investor clicks on ‘File with ClearTax’.
image.png
Scanning for viruses…
Step 2: On the ClearTax window that opens up, sign up or log in if you have an existing ClearTax account.
image.png
Download
Add to Drive
Save a copy to Photos
Step 3: Once you log in or sign up, all your tax information will be auto-imported from Vested, and a summary will be shown. Voila!
image.png
Download
Add to Drive
Save a copy to Photos
Step 4: You can review or edit the tax information imported in the capital gains dashboard on ClearTax
Viram Shah, CEO, Vested, said, “Vested’s mission is to make alternative investing easy for Indian investors. Investing in global stocks, primarily via the US markets, is an increasingly popular diversification option for Indian investors, and we are committed to making each step smooth and hassle-free for investors. Our tax documents are one of the most favorite features of our customers. What started as providing simplified tax documents has now evolved into a reporting and filing journey with our ClearTax partnership.”
The integration between Vested Finance and ClearTax has been developed in such a way that investors can start their tax filing journey from either Vested or ClearTax and will still be able to source all their tax documents in a hassle-free manner. Vested is featured as one of their partner brokers on the Capital Gains dashboard on the ClearTax platform.
“At ClearTax, we relentlessly rely on the power of simplification. ClearTax’s reputation for intuitive and robust tax filing solutions is a testament to the fact that we continuously strive to make tax filing simple for millions of taxpayers in India. With this collaboration, Vested’s users are well-positioned to leverage this opportunity as a pivotal moment in their financial journey and further equip themselves with the tools and resources they need to achieve their financial and compliance goals efficiently.” said Avinash Polepally, Senior Director (Consumer Business Head) at ClearTax.
