Cleartax Forays Into Crypto Tax Market; All You Need To Know About CryptoTax – News18

Cleartax, the tax filing platform, has announced its foray into the crypto tax calculation and filing segment. The tax filing platform said it is looking to simplify the legal obligations of investors in digital assets by simplifying and enabling an accurate taxation process for a growing base of investors and businesses.

It added that the platform has been innovated keeping in mind the diverse needs of the stakeholders and hence, provides end-to-end solutions to become the one-stop crypto tax filing solution during the development stage.

As per rules, users cannot offset crypto losses across different crypto tokens, hence, making it difficult for users to track net P/L. The platform enables users to optimise crypto taxes in terms of offsetting losses along with managing GST and TDS on crypto transactions. It also offers DIY taxation management solutions for retail investors.

The platform has integrated with 100+ exchanges including Coinbase, CoinDCX, Binance, WazirX and many others.

Avinash Polepally, senior director-crypto business head, Cleartax, said, “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.”

“The platform has witnessed great traction from both businesses and consumers and expects over 1mn report filings in this tax season,” Polepally added.

The platform leverages advanced algorithms and historical market data to ensure accurate tax calculations, while automatic API integration with several popular exchanges makes it easy to sync transactions in real-time.