ArtSpotter Blog
Dealing crypto taxes can be tricky, but this ClearTax tool makes it easy. It gives you a complete view of your crypto investments from multiple platforms, calculates your profits and losses, and creates the tax details you need. Plus, it connects directly with ClearTax ITR Filing platform to help you file your taxes quickly, easily, and accurately.
Company
ClearTax
My Role
UI & UX Design
Platform
Desktop & mWeb
Duration
Jan - Feb 2023
PROBLEM STATEMENT
The Indian cryptocurrency market has experienced significant growth, leading to the emergence of numerous trading platforms. Following the introduction of crypto taxation in the 2022 union budget, Crypto traders encountered several key challenges:
Tracking crypto transactions across multiple platforms.
Generating consolidated tax reports.
Understanding how and where to report crypto holdings during income tax filing.
BUSINESS OBJECTIVES
Expand Awareness
Increase visibility of the Cleartax ITR Filing product among cryptocurrency users to drive user base growth.
Promote Adoption
Encourage existing Cleartax users to utilize the Crypto Tool as part of the ecosystem.
Target Market
Leverage the Indian cryptocurrency market, which had approximately 115 million crypto-curious users and 2.25 million active users in 2023.
Strategic Launch
Roll out the Crypto Tax Filing service during the 2023 filing season to gain an early-bird advantage and attract first movers.
Revenue Growth
Achieve an additional revenue of ₹1-2 crore in the current year, with an anticipated Annual Recurring Revenue of ₹5-7 crore within 4-5 years, driven by the growing base of active cryptocurrency users.
Revenue Growth
Generate an additional 10% revenue by offering tailored tax solutions for cryptocurrency traders.
SOLUTION
Comprehensive Cryptocurrency Tracking
Build one central solution to easily track all crypto trades across different platforms, acquiring crypto users and growing the ClearTax ecosystem.
Consolidated Statements and Tax Reports
Create a platform for consolidated crypto statements and tax reports, simplifying crypto tax compliance and boosting Cleartax Crypto Tool adoption.
Seamless One-Click ITR Filing
Integrating ClearTax ITR Filing product will provide easy and automated crypto tax filing, attracting crypto traders and boosting revenue.
DESIGN PROCESS
Research
& Analysis
Market Analysis, User Analysis, Competitors Analysis, etc..
Design
Wireframe, High fidelity Design, & Prototype
User Testing
Test the prototype with target users for early feedback.
Launch & Performance Analysis
Deploy and Analyse the performance metrics.
1
Research & Analysis
We investigated our target market and competitors. Focused on our target users to understand their background, Goals, Needs, and Pain Points.
TARGET MARKET (India, As of 2023)
115 M
Curious Users
2.25 M
Active Users
5-10%
Tax Compliant Users (Approx.)
2K-4K
Expected No. of Tax Filers
2
Design
The features to be designed were, Crypto Wallet Addition, Portfolio Dashboard, Link to ClearTax ITR Filing platform.
FEATURES TO BE DESIGNED
Wallet Addition to track crypto transactions.
Portfolio Dashboard displaying real-time data and providing access to relevant document downloads.
Direct integration with ClearTax ITR Filing platform.
LOGIN & WALLET ADDITION
(HIGH FIDELITY DESIGNS)
ClearTax Crypto Tool offers 3 simple ways to add user data:
API Integration
Auto-sync with integrated brokers/exchanges.
File Upload
Upload files from any broker/exchange.
Manual Entry
Add data for any custom needs.
PORTFOLIO DASHBOARD & TAX FILING
(HIGH FIDELITY DESIGNS)
The Portfolio Dashboard lets you track crypto trades across platforms and provides all the data needed for tax filing. Integrated with ClearTax ITR, it ensures a smooth crypto tax filing experience.
3
User Testing
Presented the prototype to a select user group and gathered feedback to refine and enhance the product.
FINDINGS
Enabled custom wallet addition with manual data entry for users with accounts in lesser-known or unknown wallets.
Ex: Paxful, BuyUcoin, Giottus, etc.
Found out that brokers provide multiple files for the data, we enhanced the file upload functionality to handle this.
4
Launch & Performance Analysis
Launched it in June 2023 (before the 2023 tax season).
FY 2022-23 (Avg. Selling Price: ₹4,500)
2988
Total Users
1389
Converted Users
46.5%
Conversion Rate
₹62L
Revenue
FY 2023-24 (Avg. Selling Price: ₹5,000)
5334
Total Crypto Users
2788
Converted Users
52.2
Conversion Rate
₹1.4Cr
Revenue
