WazirX is a crypto exchange platform known for its beginner-friendly interface, robust blockchain infrastructure and lightning-fast transaction speeds. With over 6 million users, WazirX targets the growing population of novice and intermediate traders, becoming one of India’s fastest-growing crypto exchanges.
WRX is the native token of WazirX which can be used to buy other cryptocurrencies and trade on the platform. The platform is known to pioneer the world’s first P2P crypto trading network that auto-matches buyers and sellers instantly.
Crypto investors use WazirX to discover and invest in crypto assets. However, it is essential to stay up-to-date with tax regulations and be tax compliant at the end of the year.
This guide aims to give a detailed description of how to integrate WazirX on KoinX and generate detailed tax reports for your portfolio.
How to Integrate WazirX with KoinX
Step 1: Log in to the WazirX account.
Step 2: On the top right corner of the profile section please click on the Account Settings.
Step 3: Please click on Download Reports and select Trade Report.
Step 4: Select all the types of trades under the Trade Report section.
Step 5: Now select the time frame and hit the Request Trade Report button.
Step 6: Now, log in to your KoinX account.
Step 7: Select the Integrations page in the navigation bar and select WazirX.
Step 8: Upload your trade report and hit the Submit button.
Watch how to generate your WazirX tax report with KoinX.
With our video tutorial, learn how to seamlessly integrate the WazirX platform with KoinX and simplify your tax filing.
How to Easily Calculate & File Your WazirX Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX offers support to all leading crypto exchanges and wallets around the world. You can conveniently import all your transaction data in one place
Step 2: Review your transactions.
All your transactions are accurately categorised, and their profits and losses are calculated as per the latest regulations on KoinX. However, refer to this article if you see any warnings on your dashboard.
Step 3: Generate your tax reports for the selected Financial Year
KoinX prepares all the necessary tax reports and presents your tax obligations in an easy-to-read format. You have the option to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as your secondary source of income (passive investing), 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 reports to file your crypto taxes. You can take the help of KoinX’s tax professionals or refer to any of our partnered websites for all crypto-related assistance.
Important Things to Consider While Generating Your WazirX Tax Report with KoinX
- Make sure all of your integrations are connected properly.
- KoinX automatically syncs all your transactions at regular intervals. However, if you want to sync your transactions at any other time, use the Sync Now feature available on KoinX.
Frequently Asked Questions
Do I need WazirX reports for tax filing?
Yes, according to the Government of India’s Budget 2022, profits earned by trading crypto assets are subject to a 30% tax. WazirX is also regulated under this law. Therefore, all your transactions need to be reported for tax filing.
Does WazirX provide tax reports?
No, WazirX does not provide tax calculation and tax reporting as of now. However, you can seamlessly integrate your transactions with KoinX and generate tax reports that are compliant with the latest regulations.
What are the most common issues with integrating transactions from WazirX?
Even though the KoinX and WazirX integration is seamless, there are instances where you might face issues such as wrong address uploads, missing transaction data sources, and spam. It is advisable to double-check before uploading your file
How do I troubleshoot my WazirX and KoinX integration?
If you are still facing any issues after reading the article, email us at support@koinx.com or reach out to us on Twitter. Our customer support team will assist you within 24 hours to resolve the issue.
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