Jio enters tax filing market with budget plans as rival ClearTax cuts jobs
India's peak tax return filing season is underway for the financial year 2024-25 (assessment year 2025-26), with the government extending the deadline for most non-audit taxpayers to September 15, 2025.
Jio Financial Services Ltd. has launched a tax planning and filing module on its JioFinance app, starting at Rs 24 for self-service options, intensifying competition in India’s online tax solutions market.
The feature, developed in partnership with TaxBuddy, offers both self-service and expert-assisted filing, as well as tools for comparing tax regimes, mapping deductions, and evaluating housing rent allowances.
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“With the deadline for filing taxes approaching, our goal is to remove the complexity that a lot of people associate with tax filing,” said Hitesh Sethia, MD and CEO of Jio Financial Services, adding that the service aims to provide “clear insights and transparent pricing.”
The move comes as competitor Clear (formerly ClearTax) is trimming its staff. According to a report by Entrackr, Clear has laid off 20–25% of its workforce—around 145 employees—effective August 1, in a restructuring exercise that included several new hires and fresh graduates. The company confirmed a 16% reduction, citing broader strategic changes, and said it is providing enhanced severance, health insurance, and outplacement support.
Entrackr reported that the cuts come amid a cash crunch, with Clear unable to raise fresh capital since October 2021 despite a 93% jump in FY24 operating revenue to Rs 209.84 crore and a 59% reduction in losses to Rs 96.24 crore.
India's peak tax return filing season is underway for the financial year 2024-25 (assessment year 2025-26), with the government extending the deadline for most non-audit taxpayers—including individuals, salaried employees, and Hindu Undivided Families (HUFs)—to September 15, 2025.
Edited by Affirunisa Kankudti