AscendEX (formerly BitMax) is a global cryptocurrency platform established in 2018. It offers a wide range of crypto-to-crypto trading options, supporting over 300 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Dogecoin (DOGE). It also has its own coin called ASD, previously known as BTMX. In addition to its exchange services, AscendEX provides a secure wallet, opportunities to earn interest, and user-friendly methods for cryptocurrency transactions.
Since the latest guidelines from the Central Board of Direct Taxes (CBDT) states that all crypto transactions are taxable, Ascendex users must file their taxes, too.
AscendEX users can seamlessly leverage KoinX’s capabilities by integrating their AscendEX account. By generating an API key and importing it into KoinX, users can unlock the full potential of KoinX and enjoy a seamless experience for handling their crypto taxes and accessing deep portfolio insights.
Steps to generate your AscendEX tax report with KoinX
Step 1: Log in to your AscendEX account.
Step 2: On the top right corner, please click on the profile section and select API Setting.
Step 3: Click on the New API Key to create new API credentials.
Step 4: Now, select VIEW permission and No IP restriction.
Step 5: Log in to your KoinX account.
Step 6: Click on the Integrations section.
Step 7: In the exchanges category, click on AscendEX exchange.
Step 8: Enter your API credentials and hit the Import Now button.
Streamlining AscendEX Tax Management Made Simple with KoinX
Effortlessly streamline your AscendEX cryptocurrency account and transactions using the seamless integration with KoinX. Here’s a breakdown of the steps to optimise your tax management process:
Step 1: Consolidate with ease
Merge your AscendEX account and transactions effortlessly into the unified KoinX platform. Experience the convenience of having all your crypto activity in one central location.
Step 2: Review and categorise AscendEX transactions
Ensure precise categorisation of your AscendEX transactions and accurate calculation of gains and losses in compliance with the latest tax regulations. Take advantage of KoinX’s informative articles to review your transactions thoroughly and address any concerns.
Step 3: Generate comprehensive AscendEX tax reports
Generate comprehensive tax reports tailored specifically to your AscendEX transactions through KoinX. These reports provide a transparent breakdown of your AscendEX crypto tax obligations, offering valuable insights for your financial management.
Step 4: Effortless AscendEX tax filing
Export the generated AscendEX tax reports from KoinX and seamlessly import them into your preferred tax software or share them with your tax professional for smooth and efficient filing. KoinX’s user-friendly approach simplifies the handling of your AscendEX cryptocurrency tax matters.
KoinX is the ultimate crypto tax empowering you to automate your tax reporting and optimise your tax savings. By signing up for KoinX today, you gain access to a wealth of benefits, including portfolio tracking, performance analysis, and tax optimisation features. Don’t miss out on this opportunity—get started with KoinX now and have your AscendEX tax report ready within minutes!
Frequently Asked Questions
Do I need to report my AscendEX for tax purposes?
Yes, you need to report your AscendEX activities for tax purposes as per the Indian government’s 2022 Budget. Trading, selling, or using cryptocurrencies on platforms like AscendEX attracts a 30% tax on profits, emphasising the importance of tax compliance in crypto transactions.
How are AscendEX transactions taxed in India?
AscendEX transactions in India are subject to taxation based on CBDT guidelines. Crypto transactions incur a 30% tax on capital gains and income gains, along with a 1% TDS on transfers exceeding Rs 50,000 (or Rs 10,000 in certain cases) within a financial year. Awareness of these tax regulations is crucial when participating in AscendEX transactions in India.
Does AscendEX provide tax reports?
AscendEX offers a convenient Tax Reporting Tool that enables users to calculate their cryptocurrency tax obligations and generate corresponding tax reports. However, for a more comprehensive and automated approach to crypto tax management, KoinX presents an advanced solution. Alongside automated tax reporting, KoinX goes further to optimise tax savings, providing users with a seamless and efficient experience.
How does AscendEX tax reporting with KoinX work?
KoinX simplifies AscendEX tax reporting by automatically synchronising transactions and generating downloadable tax reports, providing a user-friendly and hassle-free experience.
What are the most common issues with importing transactions from AscendEX to KoinX?
Common issues when importing transactions from AscendEX to KoinX include incorrect API key connection, fetching errors, and missing transactions due to limited data export. To resolve these, verify API key permissions, update the CCXT library, and contact AscendEX support for a complete historical CSV file. Ensure a smooth transaction import process by following these steps.
How do I troubleshoot my AscendEX integration with KoinX?
In case you face any challenges while integrating AscendEX and KoinX, you can refer to the steps mentioned in this guide to resolve the issue. However, if you need additional support, feel free to reach out to us on Twitter or send an email to support@koinx.com.
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