One of the main cryptocurrency tax compliance and portfolio monitoring agency, CoinTracker right this moment (May 25) introduced its India entry with an official product launch. Announcing CoinTracker’s maiden foray into Indian market, the corporate’s CEO Jon Lerner stated that crypto tax compliance and portfolio monitoring merchandise will probably be obtainable to all crypto customers throughout India from right this moment.
Through Finance Act 2022, the Government of India has imposed flat 30 % tax on earnings from crypto transactions. The tax guidelines don’t permit customers to offset their losses from one crypto transaction towards beneficial properties from one other. Additionally, one % TDS on crypto transfers will change into relevant from July 1st, 2022.
Despite no formal help from the Government to crypto trade, Indians are the second largest customers of CoinTracker, Lerner informed reporters.
How will CoinTracker assist Indian customers?
CoinTracker’s tax compliance product will assist Indian customers monitor their crypto tax legal responsibility from transactions on any centralised or decentralised exchanges. Users might want to present their pockets particulars on the platform, which is able to robotically calculate and supply tax legal responsibility report that can be utilized for paying taxes and submitting Income Tax Return.
“It can be challenging for folks 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,” Lerner stated.
CoinTracker platform additionally permits Indian customers so as to add their chartered accountants (CAs) to finish tax stories for crypto transactions.
CoinTracker Fee
Product sort | Price | Validity |
Base product | Free | Free |
Hobbyist | Rs. 699 | One time cost for the tax 12 months |
Premium | Rs. 2,499 | One time cost for the tax 12 months |
Unlimited | Priced individually | One time cost for the tax 12 months |
CoinTracker lately acquired $100 million Series A funding, which it’s utilizing to construct merchandise and broaden into areas like India, the corporate stated.
The crypto tax compliance agency has partnered with among the greatest gamers in India together with OpenSea and Phantom. Lerner stated they’re additionally planning to accomplice with Indian crypto gamers.
(Cryptos and different digital digital belongings are unregulated in India. They are thought of extraordinarily dangerous for funding. Please seek the advice of your monetary advisor earlier than making any funding determination)
Source: www.financialexpress.com”