Cleartax forays into crypto tax calculation and filing segment

The platform has integrated with 100+ exchanges including Coinbase, CoinDCX, Binance, WazirX and many others. Apart from this, the platform also enables Taxation and management services for Airdrops and staking in cryptos. The amalgamation of various exchanges and offerings enhances user experience with a single view of all their investments.

Avinash Polepally, Senior Director-Crypto Business Head, Cleartax, “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."

FM Nirmala Sitharama announced a 30 percent tax regime on virtual digital asset (VDA) capital gains during the Union Budget 2022-23. Inspite the hefty tax, the crypto ecosystem continued to see a rise in adoption among Indian investors. The research conducted by Statista states that India will soon touch the 156 million users mark by the end of 2023. The union finance ministry informed that Rs 157.9 crore direct tax was collected at the source on payments made upon transfer of VDAs till March 2023. T

The government has brought crypto regulations as one of the strong topics to be considered at G20. The industry has pinned its hopes on the G20 discussions to formalize the crypto industry.