Jio Financial Services (JFS) has once again made headlines with a major update in its business offerings. Known for its aggressive entry into multiple financial segments, JFS has now ventured into the income tax return (ITR) filing space, introducing a service aimed at making tax filing more affordable and accessible for Indian taxpayers. The company has partnered with TaxBuddy to roll out this new feature on the Jio Finance app.

The announcement comes at a time when the ITR filing season is in full swing. Although the usual deadline for filing is July 31, the government has extended it to September 15 this year. JFS’s move taps directly into this peak period, offering taxpayers a highly competitive pricing model.

According to the official statement from Jio Financial Services, the new service will allow users to file their ITR through the Jio Finance app for as little as ₹24. This entry-level option is designed for individuals who want to file their returns themselves without professional assistance. For those requiring expert help, the company offers an option starting at ₹59, which can go up to around ₹1,000 depending on the complexity of the tax return.

JFS’s core objective behind this move is to make ITR filing more affordable for the average taxpayer. The company’s pricing strategy follows its well-established playbook of entering a market by undercutting existing prices to attract a large customer base. Much like its entry into telecom, mutual funds, insurance, and brokerage services, JFS is leveraging competitive pricing as a key differentiator.

Partnering with TaxBuddy brings industry expertise to the offering. TaxBuddy is a known name in tax-related services, ensuring that the collaboration combines JFS’s technology platform with TaxBuddy’s domain knowledge. JFS has followed a similar partnership-driven approach in other segments, such as tying up with BlackRock for mutual funds and Allianz for insurance.

The ITR filing feature will come with several useful tools for taxpayers. It will help users calculate whether the old tax regime or the new regime is more beneficial, guide them on legally saving taxes by ensuring they do not miss out on deductions under sections like 80C and 80D, and reduce reliance on costly intermediaries. The platform will also offer tax planning tools to project and reduce future tax liabilities, along with personalized plans for customers.

While the ₹24 option will appeal especially to individuals filing nil returns, the expert-assisted services will cater to those with more complex tax situations. This flexibility allows JFS to target a wide spectrum of taxpayers. For many, especially nil return filers, this could be a cost-effective alternative to hiring a chartered accountant, where fees vary widely from ₹500 to several thousand rupees.

The entry into tax filing further strengthens JFS’s position in the financial services ecosystem. Already active in loans, payments, insurance, mutual funds, and brokerage services, the company appears to be building a comprehensive financial platform. JFS also operates Jio Payments Bank and provides consumer durable loans through Reliance Retail stores, creating strong synergies between its retail and financial arms.

From a business perspective, the tax filing service may not generate massive immediate revenues, but it represents a growth-oriented segment. As incomes rise, more individuals will enter taxable brackets, thereby increasing the demand for affordable filing solutions. This positions JFS to acquire and retain customers who may later use its other financial products.

On the corporate side, JFS currently shows a promoter stake of around 47%, although Mukesh Ambani’s promoter group recently invested ₹15,825 crore, which is expected to push the stake above 50% once updated. Holding a controlling stake gives the promoters significant decision-making power, allowing them to easily pass ordinary resolutions and meet requirements for special resolutions.

The market has responded positively to the announcement, with JFS shares seeing an uptick of over 2% on the day of the news. Investors seem encouraged by the company’s continued expansion into various financial pillars, reinforcing its ambition to become a dominant force in the sector.

With this latest move, JFS continues to demonstrate its intent to enter every major financial services segment. The question now is, which segment will the company target next?