CoinDCX partners with crypto taxation platform, KoinX; simplifies tax compliance for its users

CoinDCX, India's leading and most valued crypto company, has partnered with KoinX’s, the country’s most trusted crypto taxation and portfolio management platform, with an aim to provide an accurate compliance infrastructure that enables users to file their taxes accurately, enhancing overall user experience. As part of this partnership, investors and traders on the CoinDCX platform will have access to KoinX’s simplified and hassle-free crypto tax calculation and reporting, saving them considerable time and effort during this tax season.

With a seamless one-click integration, customers will gain immediate access to comprehensive tax reports, automated tax calculation services and portfolio insights in a very intuitive, easy-to-understand interface by paying a nominal fee. CoinDCX users will not only be able to track their tax computation on the CoinDCX exchange, but also effortlessly connect multiple exchanges and wallets to the KoinX platform. This will enable investors to track all their crypto transactions, including NFTs and DeFi investments, and view the corresponding tax amount in real-time. They can also conveniently download all the necessary VDA-compliant tax reports for ITR filing. Additionally, the partnership will ensure that CoinDCX users stay informed about the latest tax developments and requirements in the VDA industry through various awareness and educational initiatives.

Commenting on the partnership, Rohit Jain, Managing Director, CoinDCX Ventures, said, “At CoinDCX, we always prioritize our customers. As a leader in India's crypto ecosystem, we are committed towards pioneering and enhancing the customer experience on our platform. Through this partnership with KoinX, we are taking our customer-centric approach to the next level by simplifying compliance for our users. With KoinX's expertise in offering a smooth and transparent crypto taxation experience, we can further strengthen CoinDCX's mandate to cultivate a robust and compliant VDA landscape.”

“Through this partnership, our primary goal is to offer CoinDCX’s users a one-click crypto tax reporting solution fully compliant with Indian tax laws, enabling us to serve millions of users. We aim to empower crypto investors with the resources and information they need to accurately file their taxes and manage their portfolios.“ said Punit Agarwal, CEO of KoinX.

In 2022, the Government of India implemented a tax on investments in virtual digital assets. Any income gained from such assets will be subject to a 1% TDS and 30% tax. With over 20 million processed transactions, 10k+ tax reports generated and 125+ integrations available, KoinX has become a credible crypto tax platform with a mission to create a robust Web3 ecosystem for global customers from India to meet compliance.

CoinDCX anticipates a significant number of users benefiting from KoinX’s tax assistance services, furthering their mission of providing comprehensive support to the investor community. With this partnership the users will get much-needed clarity on the taxes levied on their investments, hence establishing themselves as a one-stop-shop for all VDA needs.