Cleartax to Offer Crypto Taxation Solutions for Users Cryptotax will not only provide users with offsetting of losses but will also manage GST and TDS on crypto transactions.
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Cleartax, an Indian tax filing platform, announced it was foraying into the crypto tax calculation and filing segment. The platform will integrate 100+ exchanges including the likes of Binance, WazirX, CoinDCX, and Coinbase.
At the Union Budget 2022, Finance Minster Nirmala Sitharaman announced a 30 per cent tax regime on Virtual Digital Asset (VDA) capital gains. According to government rules, users cannot offset crypto losses across different crypto tokens, making it difficult for users to track their Profits and Loss. Cryptotax will not only provide users with offsetting of losses but will also manage GST and TDS on crypto transactions. DIY taxation management solutions are also available for retail investors.
"With this being the first year for Crypto taxation, users and CAs are caught up in havoc to find easy solutions to do their tax reporting. It would be tedious for CAs to carry out Crypto reporting manually and hence, require effective infrastructure. At the same time, users were charged hefty fees to get the tax reporting done via experts. Our team has carefully designed solutions to address the needs of both the CA community and Crypto investors at an economical rate," said Avinash Polepally, Senior Director-Crypto Business Head, Cleartax.
Cleartax's eminent investors include Y Combinator, Founders Found, Seqoia Capital, Elevation Capital and Composite Capital. According to Crunchbase, a market research firm, the company has raised USD140.2 M in over seven rounds.
