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CoinTracker Launches Services to Help Crypto Investors in Tax Compliance

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Crypto rules

HIGHLIGHTS :

  • Recently CoinTracker received $100 million in funding
  • The trading volume of cryptocurrencies in the country has decreased in the past few weeks
  • Tax law related to crypto was proposed in this year’s budget

Users can sign up for the service by linking their crypto wallet details on this platform. This will automatically calculate their tax liability, which can be used for filing income tax returns.

Recently CoinTracker received $100 million in funding

Cryptocurrency tax compliance and portfolio tracking firm CoinTracker has launched its services in India. This will help crypto investors in tax compliance. Apart from connecting with crypto users in India, the firm also aims to grow its team. Beginning last month, a 30 percent tax has been implemented in the country on profits derived from the transfer of virtual digital assets such as cryptocurrencies.

Tax law related to crypto was proposed in this year’s budget

CoinTracker’s tax compliance product will enable Indian users to track tax liability from transactions on centralized and decentralized exchanges. Users can sign up for the service by linking their crypto wallet details on this platform. This will automatically calculate their tax liability, which can be used for filing income tax returns. This service is subscription-based and will be provided free of cost for up to 25 transactions across wallets. Paid service will start from Rs 699. CoinTracker Chief Executive Officer Jon Lerner said in a statement, “It can be complicated for users to buy, hold and make transactions involving cryptocurrencies and without the right tools it will be very difficult to comply with taxes. We have solved this problem.” We are planning to partner with all the popular exchanges in India.”

The trading volume of cryptocurrencies in the country has decreased in the past few weeks

Recently CoinTracker received $100 million in funding. It is being used to develop products and expand into new regions. The trading volume of cryptocurrencies in the country has dropped significantly over the past few weeks. Despite this, CoinTracker expects a good response for its products.

A tax law related to crypto was proposed in this year’s budget and was passed in Parliament. With this, virtual digital assets will come under the tax net in the country. However, there is confusion regarding the definition of virtual digital assets. Violators of these rules can be in trouble. Violators of the new crypto law can be imprisoned for up to seven years. The central government says that it will protect crypto miners and industries.

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