India's leading TaxTech portal EZTax unveils it’s latest Crypto Tax automation software
Hyderabad, Telangana, India Crypto trading in India reached grassroots despite many headwinds from the uncertainty in accepting the currency, government legislations, and tax initiatives.
It is estimated that around 1.8 Crore Indian accounts created in India have traded few rupees to few lakhs per year.
Today, India with only 1.6% of the population paying more than Re.1 of tax, and only 4.7% of the population filing their taxes is extremely low for it’s stature as the 5th largest economy in the world when compared with the OECD nations.
Starting from 1st Apr 2022, India imposes 30% tax on Virtual Digital Currency (VDA, Crypto is one of the VDA) income without setting off losses from any other income, also 1% TDS on every transaction above Rs. 10,000 value. In addition, higher complexity in TDS filing for resident Indian trading on a foreign exchange / broker.
Now, having Crypto taxes starts from FY 2022-23, its interpretation would make the income tax filing more complicated than ever.
India's leading Tax-Tech portal EZTax.in today unveils it’s latest Crypto Tax automation software helping Indian taxpayers to assist in Filing Taxes, to understand the exposure through Crypto tax calculators, and to get guidance from a dedicated Crypto help center.
“Very few solutions in the market covering the crypto tax area are accessible in India. Most players are foreign entities trying to help Indian taxpayers. But such entities only focus on partial interpretation and calculation of tax and are hence missing the bigger piece – a comprehensive free income tax filing”, said Suneel Dasari, Founder and CEO at EZTax.in.
Suneel said, “EZTax.in portal providing free IT Filing services for the past 6+ years, continues to help lakhs of taxpayers. The simplicity, innovation, quality along with the supporting crypto tools would enable us help more crypto taxpayers in India”
“We have been practicing Crypto taxes since 2016 (when no-to-low regulation). While payment of tax covers only 20% of the need, it’s the disclosure that matters the most while filing taxes in India to avoid future queries”.
“EZTax made great strides in capturing the disclosure part of the computation sheet, using the FIFO method, auto fetching the forex rates, heuristic algorithms to match trades across exchanges using ‘universal technology and network agnostic template,” he further added.
Many taxpayers are benefiting from EZTax’s Crypto-2-Taxes initiative for the last several months. This initiative being the first of its kind is certainly the need of the hour and helps with the calculation of advance tax. EZTax also offers expert tax filing services for those who find it difficult to assess Crypto taxes.
EZTax, a TaxTech Start-up, provides comprehensive, end-end tax solutions in the area of Income Tax, TDS, GST, Accounting & Registrations for both individuals, and SME businesses through Software, Apps, and Expert Services.