CoinDCX is India’s leading and most secure cryptocurrency exchange that offers a wide range of services tailored to meet the diverse requirements of crypto investors. Whether you’re interested in trading, lending, borrowing, staking, or simply expanding your knowledge about cryptocurrencies, CoinDCX has the perfect solution for you.
But can CoinDCX users generate their tax reports through the platform? Let’s find out.
CoinDCX’s Partnership With KoinX
CoinDCX and KoinX have joined forces to bring you a seamless integration that enables you to import your transaction data from CoinDCX directly into KoinX. Now, you can view and download a comprehensive tax report as per the government guidelines within seconds.
KoinX empowers you to effortlessly handle your crypto taxes and offers deep insights into your portfolio. This sounds great in theory, but how can CoinDCX users take advantage of KoinX?
A step-by-step guide on how to integrate your CoinDCX with KoinX
You can seamlessly integrate your CoinDCX account with KoinX either through one-click integration on CoinDCX app or by uploading the trade reports on KoinX.
Upload your trade report:
Step 1: Open the CoinDCX mobile app and click on the profile icon at the top left.
Step 2: Click on Download Reports.
Step 3: Click on the Trade Report option within Download Reports
Step 4: Next, enter the financial year and time period before clicking on the Generate button.
Step 5: Sit back and relax. Your CoinDCX trade report will be automatically downloaded on your device.
Step 6: Repeat step 4 if you’ve your trades scattered across time periods.
Step 7: Now, it’s time to integrate your CoinDCX with your KoinX account. Go to https://app.koinx.com and log in to your account using your preferred login method.
Step 8: Once logged in, click on the Integrations tab in the navigation bar.
Step 9: Use the search bar to search for CoinDCX and select the integration.
Step 10: Select the File option to upload your trade report. You’ll most probably find the downloaded file in the Downloads folder.
Step 11: After uploading the file, click on the Submit button, and your CoinDCX trades will be imported onto KoinX in a jiffy!
One-click integration from CoinDCX
You can now easily connect your CoinDCX account to KoinX’s platform and import all your transactions seamlessly. Just Open CoinDCX mobile app and click on the KoinX button on the homepage.
How To Easily Calculate & File Your CoinDCX Taxes with KoinX
Simplify your crypto tax management with KoinX, making the complex task seamless and hassle-free. Let’s break down the steps to understand how it works:
Step 1: Review and Categorize Transactions
Rest assured that KoinX accurately categorizes your transactions and calculates gains and losses based on the latest tax regulations. Take the time to review your transactions thoroughly, and if any issues arise, refer to our helpful article for guidance.
Step 2: Generate tax reports
KoinX makes it easy to generate comprehensive tax reports for the chosen financial year. These reports provide a clear breakdown of your crypto tax obligations. Depending on your trading activities, you can categorise your trades as either capital gains or business income.
Step 3: Effortless tax filing
Export the tax reports directly from KoinX and connect with our tax professionals for a smooth and efficient filing process.
Frequently Asked Questions
Do I need to report my CoinDCX for tax purposes?
The 2022 Indian government’s budget mandated individuals to report their CoinDCX transactions for tax purposes. It’s important to remember that any trading, selling, or spending of cryptocurrencies on CoinDCX is subject to a 30% tax on profits. So, if you use CoinDCX or engage in any transactions on the platform, reporting them is necessary to comply with tax regulations.
Does CoinDCX provide tax reports?
CoinDCX provides a Tax Reporting Tool for calculating cryptocurrency tax liabilities and generating tax reports. However, it is recommended to verify the calculations with an independent tax professional for accuracy. For a more comprehensive and automated crypto tax solution, KoinX offers an ultimate crypto tax solution. KoinX not only automates tax reporting but also optimises tax savings, providing users with a seamless experience.
How does CoinDCX tax reporting with KoinX work?
By integrating your CoinDCX transactions with KoinX, all your investment activities are seamlessly synchronised. This synchronisation allows KoinX to generate downloadable tax reports that are essential for tax filing or sharing with your tax professional. With KoinX’s user-friendly interface and automated reporting capabilities, managing your CoinDCX investments and meeting your tax obligations becomes a streamlined and convenient process.
How do I troubleshoot my CoinDCX integration with KoinX?
If you face any issues while integrating CoinDCX with KoinX, you can reach out to our support team via email at email@example.com or on Twitter for further assistance.