SUMMARY
The feature will help users to choose a combination from various tax-saving options
The whole process of investing in these options is paperless
ETMONEY claims to have over 5 Mn users in India
In a bid to offer its users more options to save tax owed annually, Times Internet-backed ETMONEY launched a new feature this week to help taxpayers save up to INR 78K per year,
The new feature will offer a customisable solution allowing users to choose from a combination of tax-saving options such as mutual funds, the National Pension System (NPS), and other life and health insurance products.
Highlighting that Indians end up under-utilising tax-saving benefits every year, Mukesh Kalra, chief executive officer of ETMONEY, said the Tax Solution combines everything from equity-linked savings scheme (ELSS) to NPS to insurance to give users more freedom to do their tax-saving planning on a smartphone.
Kalra further noted that users don’t need to sign any documents to opt for these tax saving options. The mobile app is said to keep real-time track of all the investments. Besides offering tax saving options, the ETMONEY will also produce tax proofs instantly on the application.
The CEO further said the feature would save users a lot of time which is otherwise spent researching for these products online and offline. “The tax solution will cut short the cumbersome and confusing process of visiting multiple websites and consulting with agents before making a decision on the right combination of investments,” he said.
With the help of ETMONEY’s data analytics, the app will help investors select the right option for their needs.
Founded in 2015, ETMONEY, which was earlier known as SmartSpends was launched as a personal money management app. Since then, the application has added a host of other financial options such as mutual funds. In February 2019, ETMONEY claimed that it recorded INR 2,000 Cr ($282.3 Mn) worth investments in mutual funds through its platform. It also claimed that it was adding over INR 150 Cr ($ 21.1 Mn) in new transaction value every month. ETMONEY claims to have more than 7.5 Mn users and says it facilitates investments worth $500 Mn annually.
