Clover Finance (CLV) is a blockchain infrastructure platform that investors prefer due to its cross-chain compatibility, ability to provide a seamless gateway, and gasless transaction model. With authoritative two-way pegs across major blockchains, CLV also has a multi-purpose native token used for voting and governance.
Investors who are involved in CLV chain activities may face tax implications that can be challenging to calculate due to various factors. However, KoinX offers a one-stop solution to help investors manage their cryptocurrency taxes and portfolios effectively.
To generate your CLV chain tax report on KoinX, follow this step-by-step guide.
A step-by-step guide on How to Integrate your CLV chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the CLV chain:
Step 1: The first step would be signing in to your KoinX account with your credentials.
Step 2: Go to the “Integrations” section at the top and select the “Blockchains” category.
Step 3: Select the CLV option from the list of blockchains available.
Step 4: You can add a custom name of your choice. This name will help you identify your wallet later on.
Step 5: Finally, enter your public address. This is nothing but the receiving address or account address that you see on your wallet, like “Metamask” or “Trust”.
Step 6: Once you’ve entered your public address, double-check that it’s correct, and then hit the “Submit” button to complete the integration process.
All your transactions on the CLV chain are now added to KoinX. We import all your transactions across all years, including ERC-20 transactions.
Watch how to generate your CLV tax report with KoinX
Get the most out of your crypto portfolio by generating your CLV tax report with KoinX – Watch our tutorial to learn how!
Important Things to Consider While Generating Your CLV Tax Report with KoinX
- Please make sure that all of your integrations have been connected.
- KoinX automatically synchronises transactions from your wallet address at regular intervals. However, if you need to synchronise it at any other time, please utilise the ‘Sync Now’ feature available on KoinX.
How To Easily Calculate & File Your CLV Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data, in one place.
Step 2: Review your transactions.
KoinX will automatically categorise all transactions and compute gains and losses accordingly, ensuring 100 percent accuracy and compliance with the latest tax regulations.
Note: If you see warnings in your portfolio, refer to this article to fix the issues.
Step 3: Generate your tax reports for the selected Financial Year
KoinX produces all the essential tax reports while providing a clear breakdown of one’s crypto tax obligations.
You have the option to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as a secondary source of income (like just passively investing for returns) then please select Capital Gains.
If you are trading with the intent of making crypto as your primary source of income, then please select Business Income.
Step 4: File your taxes
Export tax reports directly from KoinX and import them into your preferred tax software, or provide them to your tax professional for swift and hassle-free filing.
Frequently Asked Questions
Do I need to report my CLV chain for tax purposes?
Absolutely, if you are trading, selling, or spending crypto on the CLV chain, you are subject to tax reporting requirements in India. The government of India’s 2022 budget stipulates that such activities on any cryptocurrency platform are taxable at a rate of 30% on profits. So, it is essential to keep track of your CLV chain transactions and generate accurate tax reports to stay compliant with Indian tax laws.
Does CLV chain provide tax reports?
Unfortunately, CLV Chain does not offer any tax reporting functionality. Therefore, as an investor in CLV, it’s crucial to stay on top of your tax obligations by generating accurate tax reports for your crypto activities. To simplify the process, you can integrate your CLV investing activity with KoinX, which offers a one-stop solution for managing your cryptocurrency taxes and portfolios.
How are CLV transactions taxed in India?
CLV transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. Investors selling crypto assets for more than INR 50,000 or INR 10,000(in certain cases) in a financial year may also face a 1% TDS.
How does CLV tax reporting with KoinX work?
By integrating your CLV account with KoinX, you can generate tax reports effortlessly. KoinX automatically syncs all your transactions and produces downloadable tax reports that can be used for filing your taxes or shared with your tax professional. With KoinX, tax reporting for your CLV investments has never been easier.
What are the most common issues with importing transactions from the CLV to KoinX?
To ensure a smooth integration between KoinX and CLV Chain, it is important to double-check the file before uploading. While the integration is generally seamless, errors may occur if you upload the wrong address or if the address is missing characters. Taking a few extra moments to review your file can help you avoid potential errors and ensure accurate syncing of your transactions.
How do I troubleshoot my CLV integration with KoinX?
If you encounter any issues despite following the above steps, don’t hesitate to contact our support team through our chat, social media, or by emailing [email protected]. Our customer support executives will respond promptly and will be glad to assist you with any questions you may have within 24 hours.