Still, Tussling to Keep Your Crypt Record Books Clean and Simplified? Here Is the Hack to Track Your Taxes on Crypto Gains in 2023

In recent years, cryptocurrency has become a well-liked investment choice in India, drawing more and more global investors. The allure of cryptocurrencies comes from their ability to offer an alternative investment vehicle that is unreliant on conventional financial systems and independent of centralized institutions like governments or central banks. This decentralization has produced a special investment opportunity that many investors find appealing, especially when combined with the transparency and security of blockchain technology.

The introduction of the tax on cryptocurrency in India in the union’s annual budget for FY 2022, has added to the responsibilities of the new and pre-existing investors in the stock market. But worry no more, the market has come up with some very interesting and handy tools to solve the taxation problem of crypto investors. Here in this article we will be looking at why should you use such a tracking tool, and will introduce you to one of the amazing and most popular solutions in the Indian market.

Why use dedicated software to calculate and manage all your crypto gains?

Cryptography is used by cryptocurrencies, which are digital or virtual tokens, to safeguard and authenticate transactions and regulate the generation of new units. A digital and modern asset like cryptocurrency thus needs modern and smart solutions to handle and manage everything. The process of calculating taxes can be cumbersome and intimidating to investors coming from a non-financial background, or to anyone in general. A tax calculating software might be a useful tool for managing the tax liabilities associated with crypto investments for Indian investors. This is due to the fact that there is now no formal regulation of cryptocurrencies in India and it is unclear how they should be taxed. The Indian Income Tax Department has published some rules on how cryptocurrencies should be handled for tax purposes, but these standards are still being revised and are up to interpretation. For Indian investors, tax-calculating software could be a helpful tool for managing the tax obligations related to bitcoin investments. This is because cryptocurrencies are currently not formally regulated in India, and it is unclear how they should be taxed. For tax purposes, the Indian Income Tax Department has released some guidelines, however, these standards are continually being updated and are open to interpretation.

Binocs is a modern, smart, and one-stop solution to your taxation problems. It helps to track all your portfolios across various investing platforms like Zerodha, Upstox, CoinDCX, and other exchanges and wallets. It helps you to visualize the complete breakdown of your tds on cryptocurrency. It helps to synchronize all sorts of transactions from all your portfolios under one roof so that you can calculate your overall profits, losses, and tax obligations in one go. You can get all these amazing tools without compromising the security of your portfolios. You can opt for their free tier account with the only restriction of being able to download the report for up to 25 transactions or you can opt for their paid services increasing the number of transactions for report download as per your need.