Crypto Taxation now made Easy for Indians by CoinTracker

Taxation is one of the parts that most of us find tough and complicated and we always seek assistance to get the tax filing done. Although it's not applicable to everyone but I believe a major chunk of people finds it a tough task. Correct tax computation and paying it on time is a legal requirement and we all should do it because as responsible citizens it's our responsibility to do this. The Indian tax system has certain slabs for as per the slabs individual do the computation and do the filing but in crypto, we have a different tax mechanism.

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India had no specific tax on crypto until last financial year but now we have and it got implemented effective 1st April this year. As per the tax rule, income from any source falls under the tax and we need to pay to the govt but now there are different sets of rules for crypto investors and to make it easy now CoinTracker has started its services to Indian crypto traders/investors so now this part is kind of automated and this is indeed great news for the Indian crypto community.

"It can be challenging for investors to navigate the complexity of buying, holding, and transacting with cryptocurrency and nearly impossible to comply with taxes without the right tool. We built CoinTracker to solve this problem seamlessly and are excited to deliver our offering in India.

I have shared in my previous posts that in India each and every trade will attract 1% TDS effective 1st July and even now there is no loss adjustment policy so if any investor earns money on the trade then tax is applicable but if loose then the loss can be offset with the other coins and this is certainly a problematic part. Ideally, it should be in the overall which means whatever an investor earns in a year after adjusting profit and loss but unfortunately, this is not like this.

Web URL:- https://www.cointracker.io/

Tax filing for the last financial year will be starting from June next month and this tool is going to help lots of crypto investors because they will be able to calculate their taxes for crypto and NFT using this platform. Since this year's filing will be based on earlier IT rules so there is no need to ignore the loss this time however with wallet sync this calculation will be easy and quite fast. A regular crypto trader usually does thousands of trade transactions in a year and with this CoinTracker portal, it will be easy. Crypto.com is also a tool that provides features to calculate tax and make it easy for investors.

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There is a lot of innovation in the crypto space and this one is a good example that will help the crypto users a lot with their tax filing. I am yet to use this but will see how I can make the task easy and kind of automated with the use of technology.

Thank you so much
Stay Safe

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