One of the leading cryptocurrency tax compliance and portfolio tracking firms, CoinTracker today (May 25) announced its India entry with an official product launch. Announcing CoinTracker’s maiden foray into Indian market, the company’s CEO Jon Lerner said that crypto tax compliance and portfolio tracking products will be available to all crypto users across India from today.
Through Finance Act 2022, the Government of India has imposed flat 30 percent tax on income from crypto transactions. The tax rules do not allow users to offset their losses from one crypto transaction against gains from another. Additionally, one percent TDS on crypto transfers will become applicable from July 1st, 2022.
Despite no formal support from the Government to crypto industry, Indians are the second largest users of CoinTracker, Lerner told reporters.
How will 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.
CoinTracker Fee
| Product type | Price | Validity |
| Base product | Free | Free |
| Hobbyist | Rs. 699 | One time payment for the tax year |
| Premium | Rs. 2,499 | One time payment for the tax year |
| Unlimited | Priced individually | One time payment for the tax year |
CoinTracker recently received $100 million Series A funding, which it is using to build products and expand into regions like India, the company said.
The crypto tax compliance firm has partnered with some of the biggest blockchain players including OpenSea and Phantom. Lerner said they are also planning to partner with Indian crypto players.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)