SunCrypto is a secure and user-friendly cryptocurrency exchange. With insured cold wallet storage and instant trading of over 150 cryptocurrencies, it’s an excellent option for investors.
If you have traded on the SunCrypto Exchange, you might have potential tax liabilities.
Fortunately, KoinX’s solution integrates seamlessly with SunCrypto Exchange, making it easy to import your trade data and avoid potential penalties or legal issues related to cryptocurrency taxes.
Our detailed guide with videos will help you navigate the tax season with ease.
A step-by-step guide on how to integrate your SunCrypto account with KoinX
Follow these steps to swiftly and effortlessly generate your SunCrypto tax report using KoinX’s user-friendly cryptocurrency tax management solution:
Step 1: Log in to your SunCrypto account.
Step 2: Navigate to the “profile section” by clicking on the bottom right corner of the home page.
Step 3: Select “Download Reports”.
Step 4: Choose the “Trade Summary” option to download all your crypto trades
Step 5: Select “Crypto Report Download” for all your crypto-related deposits and withdrawals.
Step 6: Select your preferred time duration and click on the “Get Report” button. You will receive your reports in your email within 30 minutes.
Step 7: Log in to your KoinX account.
Step 8: Click on the “Integrations” section in the navigation bar.
Step 9: Select the “SunCrypto Exchange” option.
Step 10: Upload your CSV files in the respective rows.
Step 11: Click the “Submit” button to complete the integration process.
Watch how to generate your SunCrypto tax report with KoinX
Take the first step in managing your crypto taxes by watching our tutorial on how to generate your SunCrypto tax report with KoinX and make tax season hassle-free with KoinX.
Important Things to Consider While Generating Your SunCrypto Tax Report with KoinX
- Please note that KoinX currently does not fetch your trades in real-time from SunCrypto Exchange. To ensure that your latest transactions are properly synced, we kindly request that you generate and upload the latest “Trade Reports” following the steps mentioned above. Thank you for your cooperation.
- Please e1nsure to download the transaction reports since the day you have created your SunCrypto account. This will help us highlight any missing transaction and ensures that your calculations are accurate and complete.
- To avoid any irregularities in calculation of profits, we recommend you to review your imported transactions on our transactions page.
How To Easily Calculate & File Your SunCrypto 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
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.
KoinX produces all the essential tax reports while providing a clear breakdown of your crypto tax obligations.
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.
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Using API and Secret Key
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Using CSV Upload
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Frequently Asked Questions
Do I need to report my SunCrypto for tax purposes?
If you are based in India and you have traded on the SunCrypto Exchange, it’s important to note that the 2022 Budget by the Indian government mandates that all cryptocurrency transactions are taxable. This means that profits from SunCrypto are subject to a 30% tax. As such, it’s necessary to report your SunCrypto investments for tax purposes to avoid penalties or legal issues in the future.
Does SunCrypto provide tax reports?
SunCrypto currently does not have a built-in tax reporting feature. However, investors can easily generate accurate tax reports for their SunCrypto transactions by integrating their accounts with KoinX, a comprehensive cryptocurrency tax management solution.
How are SunCrypto transactions taxed?
SunCrypto transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. If you are an investor 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 SunCrypto tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your SunCrypto investments. Once integrated, KoinX will automatically sync all your transactions, calculate your realized and unrealized gains, and produce downloadable tax reports that can be used for filing your taxes or shared with your tax professional.
What are the most common issues with importing transactions from SunCrypto to KoinX?
Please make sure to upload the downloaded files under the correct subheading to avoid any errors. If you are facing any issues, please feel free to contact our support team.
How do I troubleshoot my integration with KoinX?
For any troubles related to 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 support@koinx.com.
