Moonriver is a Kusama parachain that seamlessly works with Ethereum tools and enables developers to launch Solidity Smart Contracts. It has a growing number of addresses and significant liquidity incentives.
Investors in Moonriver should be aware of the tax implications of their transactions, as per Indian government regulations.
The complex task of calculating these taxes is made easier with KoinX’s comprehensive cryptocurrency tax management solution.
Follow our step-by-step guide to generate your Moonriver tax report with KoinX. Simplify tax season and stay compliant with the latest regulations.
A step-by-step guide on how to Integrate your Moonriver chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with Moonriver:
Step 1: Log in to your KoinX account.
Step 2: Navigate to the “Integrations section” and select the “Blockchains” category.
Step 3: From the available options, select Moonriver.
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: Click on “Submit” and you are done!
All your transactions on the Moonriver chain are now added to KoinX. We import all your transactions across all years, including ERC-20 transactions.
Watch how to generate your Moonriver tax report with KoinX
Take the first step towards stress-free crypto tax reporting. Watch our tutorial on generating your Moonriver tax report with KoinX and start saving your precious time and money today!
We are there where it is a crypto tax liability to adhere to.
Important Things to Consider While Generating Your Moonriver 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 Moonriver Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX offers support for various leading cryptocurrency exchanges and wallets, allowing users to import all of their transaction data in one convenient location
Step 2: Review your transactions.
With KoinX, users can rest assured that all their transactions are accurately categorized and their gains and losses are properly calculated according to the latest tax regulations. In case there are any warnings in your portfolio, refer to this article to address the issues.
Step 3: Generate your tax reports for the selected Financial Year
KoinX makes all the necessary tax reports and breaks down your crypto tax obligations in an easy-to-read way.
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 passively investing for returns), then please select Capital Gains.
If you are trading with the intent of making crypto 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.
KoinX’s simplified method makes it very easy for users to deal with tax issues related to cryptocurrencies. KoinX provides a comprehensive solution that simplifies the process for users, allowing them to have peace of mind knowing their transactions are accurately classified and fully compliant with tax regulations. With KoinX, you can focus on managing your assets with ease, while KoinX handles the complexities of crypto taxation.
Frequently Asked Questions
Do I need to report my Moonriver for tax purposes?
Yes. Certainly. According to the Indian government’s 2022 Budget, trading, selling, or spending cryptocurrencies are subject to a 30% tax on profits. As a result, Moonriver transactions are also subject to this regulation.
Does Moonriver provide tax reports?
Moonriver does not offer any native tax reporting functionalities. However, investors can seamlessly generate their crypto tax reports for their Moonriver transactions by integrating their accounts with KoinX, facilitating tax season.
How are Moonriver transactions taxed in India?
Moonriver 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 a financial year may also face a 1% TDS.
How does Moonriver tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your Moonriver investments. Once integrated, KoinX will automatically sync all your transactions and produce downloadable tax reports that can be used for filing your taxes or being shared with your tax professional.
What are the most common issues with importing transactions from the Moonriver to KoinX?
Even though the KoinX and Moonriver Chain integration is seamless, there are instances where you sometimes upload the wrong address or the address might be missing characters. Try double-checking the file before uploading.
How do I troubleshoot my integration with KoinX?
For any troubles related to the Moonriver-KoinX integration, you can carefully navigate through the steps once again mentioned in our guide. Alternatively, you can also reach out to us on Twitter or write to us at [email protected]