Cleartax, an Indian tax filing platform, has announced its foray into the crypto tax calculation and filing segment. The platform seeks to simplify legal obligations of investors in digital assets by enabling a taxation process for investors and businesses.
According to an official release, the platform will enable users to optimise crypto taxes in terms of offsetting losses, along with managing GST and TDS on crypto transactions. It’s also expected to offer DIY taxation management solutions for retail investors.
Reportedly, the platform has integrated with Coinbase, CoinDCX, Binance, WazirX, among others. Apart from this, the platform is supposed to enable taxation and management services for airdrops and staking in cryptos. It’s believed that the platform will leverage algorithms and market data to ensure tax calculations, while API integration with exchanges. With CryptoTax by Cleartax, Indian crypto investors and traders can pursue their financial objectives without tax obligations.
“I believe our team has designed solutions to address the needs of both the CA community and crypto investors,”Avinash Polepally, senior director – crypto business head, Cleartax, said.