Started in 2017, Bitbns is one of the youngest and fastest-growing crypto exchanges in India. Investors prefer Bitbns for its wide range of investment options, especially lesser-known niche altcoins, over popular coins such as Bitcoin and Ethereum.
Bitbns even offers Bitdroplet, a systematic investment mechanism to invest in Bitcoin, and fixed-income plans that let users earn interest on their investments. With such varied income opportunities, it is essential that users understand all tax implications and stay up-to-date with government regulations.
KoinX offers a comprehensive solution by automating all of the tax filings for your portfolio. Read through to learn how to integrate your transactions and generate Bitbns tax reports with KoinX.
A Step-by-Step Guide on How to Integrate Bitbns with KoinX
Step 1: Login to your KoinX account.
Step 2: Please click on the Integrations section on the navigation page.
Step 3: In the integrations page, please click on the Bitbns exchange.
Step 4: Please click on the Connect Bitbns button.
Step 5: You will be redirected to Bitbns OAUTH page, click on the allow button to integrate with KoinX.
How To Easily Calculate & File Your Bitbns Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
With KoinX, you can conveniently import all your transaction data in one place. KoinX supports a wide range of crypto exchanges and wallets that can be seamlessly integrated into the platform.
Step 2: Review your transactions.
With KoinX, all of your transactions will be automatically categorised, and profits and losses will be calculated as per the latest regulations. However, if you see any warnings on your portfolio, refer to this article.
Step 3: Generate your tax reports for the selected Financial Year
KoinX automatically makes all the tax reports and presents a clear breakdown of your tax obligations. You can categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as your secondary source of income, i.e., passive investment, then
select Capital Gains. But if crypto trading is your primary source of income, then select Business Income.
Step 4: File your taxes
Export your files directly from KoinX to your preferred tax software in a click. You can consult KoinX’s tax professionals or refer to our partnered websites for your tax filing.
Important Things to Consider While Generating Your Bitbns Tax Report with KoinX
- Please make sure all of your transactions have been connected properly.
- KoinX auto-syncs all your transactions from your wallet at regular intervals. However, if you want to synchronise your transactions at any other time, use the Sync Now feature available on KoinX.
Frequently Asked Questions
Do I need Bitbns reports for tax filing?
Yes, according to the Indian government regulations, all crypto gains are subject to taxes. Your Bitbns transactions also need to be filed under these regulations. You can generate a comprehensive tax report for your Bitbns transactions with KoinX.
Does Bitbns provide tax reports?
No, Bitbns does not provide tax reports as of now. You can integrate your Bitbns transactions on KoinX and generate tax reports easily.
How are Bitbns transactions taxed in India?
In India, Bitbns transactions are covered under tax jurisdiction. All profits on crypto assets are subject to a flat 30% tax and 1% TDS on all transactions.
How do I troubleshoot my Bitbns and KoinX integration?
Email us at supprot@koinx.com or reach out to us on Twitter if you are still facing any issues after reading this article. Our customer support team will assist you within 24 hours.
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