Normally, the Tax season is quite a stressful time. There are lots involved starting from assembling totals, documents and many numbers of things for making the report. With the recent crypto exchange taxes introduced in India, investors are required to pay a 30% flat rate during crypto transactions. In India, the Tax implicates almost everything for digital assets. It will be much more helpful for figuring out the transactions, costs, values and many more.
Managing The Taxes:
It’s never too early to prepare for next year as the crypto users are required to pay the Tax. The government has announced that Cryptocurrency comes under the VDA or Digital assets, so these need to be paid with the Tax for making the transaction.
Whether you have profit or loss during the crypto transactions, it is necessary to pay the taxes in India. There are various services available for managing the taxes. These allow simply link exchange accounts along with the wallet address to extensively generate Tax information.
Exchange And Wallet Integration:
When you are a crypto user, then you need to know about the exchange account along with the external wallet address. With the crypto Tax software, it is quite a convenient option to easily keep track of every activity. This helps you to pay the taxes that are suitable for you.
Normally, the crypto Tax software is integrated with the 380 crypto exchanges in a single platform. You can also easily add a read-only exchange API in the software.
The feature would be easily helpful for noting all the transactions taking place through the exchange. The software also has complete integration with many aspects for analyzing the complete transactions.
When you have added all exchanges you do business with crypto tax software, then it is quite efficient for monitoring and updating the Tax reports even without any hassle.
Wallet integration with the crypto tax software allows you to easily provide the public wallet address to track your external wallet transactions. These also extensively track the complete exchange transactions.
For instance, when you are using MetaMask, Exodus, or any others, then you can easily keep track of your transaction securely. There is also No personal information required for setting the profile and account.
Binocs is one of the ultimate tax software crypto suitable options for importing the desired information, but the wallet does not have the API key.
There is also no need to have the KYC requirements, so you can easily continue the awesome feature anonymously, even without any hassle. Your email ID is required for a signup, and it is a safer option for extensively analyzing everything for the tax.
Fair Market Value:
Normally, it is quite difficult to track what you have paid for the crypto asset. In the modern day, everything starting from buying, selling and swapping the cryptos are also taxable events. It is also quite important to know about the cost basis. When you do not know about the cost basis, then you could end up paying more money in taxes.