ClearTax, an Online Income Tax Filing Company, Offers Bitcoin in India

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ClearTax, an Online Income Tax Filing Company, Offers Bitcoin in India
ClearTax, an Online Income Tax Filing Company, Offers Bitcoin in India

ClearTax, an Online Income Tax Filing Company, Offers Bitcoin in India

Though the amount is insignificant, the spirit behind the move by ClearTax, an online income tax filing start-up based in Delhi, that it will give away Bitcoins worth $1 i.e. approximately Rs.60, is being applauded. The company says that the offer can be availed by any user who sends a link to others and the others click on this and sign up for e-Files.

The one who forwards the link and fetches a customer for ClearTax will get $1 (Rs. 60) in Bitcoin. According to the company’s co-founder and chief executive officer Archit Gupta the promotion is a sort of an experiment to find how many people would go for Bitcoins against a mobile recharge one-third of its value.

Given the fact that only few people know about the digital currency and even fewer of them know how and where to use it, particularly when not many outlets accept them, it has to be seen how far his experiment goes. However, Mr. Gupta said that ClearTax is very excited about Bitcoins and hopes that tech-savvy users will prefer to take Bitcoin.

He thinks that tech-savvy users can trade Bitcoin online or convert it to cash whenever they want. Backed by Silicon Valley accelerator Y-Combinator, ClearTax is the first Indian company that is using Bitcoins as part of a promotion and according to Mr. Gupta the idea of giving out Bitcoins arose from the pain he sees in receiving payments online.

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The RBI Issued Warning against Bitcoin the Last Year

Archit Gupta believes that Bitcoin has the fastest growing ecosystem for payments online and as there is a lot of innovation happening in the space, the company is happy to promote Bitcoin adoption if people are willing to experiment with this.

The last December, the Reserve Bank of India cautioned against the use of Bitcoins and soon after that the enforcement directorate raided Bitcoin users in the country. The bold step taken by ClearTax despite the warnings issued by the government agencies in India is being applauded by Bitcoiners.

ClearTax offers a simpler and automated way to file returns compared with the income-tax department’s official interface. The company has over 300,000 users, and has partnered with 1,000 chartered accountants who help them file tax returns, across the country.

The company says that the Bitcoins for referrals promotion kicked off on 21st July will extend up to 31 July.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com