Cryptocurrency tax compliance and portfolio tracking firm CoinTracker has launched its services in India. This will help crypto investors in tax compliance. Apart from connecting with crypto users in India, the firm also aims to grow its team. Beginning last month, a 30 percent tax has been implemented in the country on profits derived from the transfer of virtual digital assets such as cryptocurrencies. [1]

Figure 1. Coin Tracker Introductions Services in India to Help Crypto Stockholders with Tax Agreement

Figure 1 shows coinTracker said users in India can now deal in crypto assets without worrying about the challenges associated with tracking, reconciliation, accounting and compliance.

It can be challenging for folks to navigate the complexity of buying, holding and transacting with cryptocurrency and nearly impossible to comply with taxes without the right tool. We built CoinTracker to solve this problem seamlessly and are excited to deliver our offering in India. [3]

CoinTracker help Indian users:

CoinTracker’s tax compliance product will help Indian users track their crypto tax liability from transactions on any centralised or decentralised exchanges. Users will need to provide their wallet details on the platform, which will automatically calculate and provide tax liability report that can be used for paying taxes and filing Income Tax Return.

“It can be challenging for folks to navigate the complexity of buying, holding and transacting with cryptocurrency and nearly impossible to comply with taxes without the right tool. We built CoinTracker to solve this problem seamlessly and are excited to deliver our offering in India,” Lerner said.

CoinTracker platform also allows Indian users to add their chartered accountants (CAs) to complete tax reports for crypto transactions. [2]

The company recently received a USD 100 million Series A funding which it is using it to build products and expand into regions like India.

CoinTracker said the crypto ecosystem has grown from zero to USD 2 trillion in its first decade and is on a trajectory to surpass USD 10 trillion in the next decade. [4]

References:

1. https://digitnews.in/cointracker-launches-services-to-help-crypto-investors-in-tax-compliance/
2. https://www.financialexpress.com/digital-currency/cointracker-crypto-tax-calculation-in-india-heres-how-it-works/2537158/
3. https://www.business-standard.com/article/markets/cryptocurrency-tax-firm-cointracker-announces-foray-into-indian-market-122052500814_1.html
4. https://economictimes.indiatimes.com/markets/cryptocurrency/cointracker-forays-into-indian-market/articleshow/91787722.cms

Cite this article:

Thanusri swetha J (2022), Coin Tracker Introductions Services in India to Help CryptoStockholders with TaxAgreement, Anatechmaz, pp. 324