ClearTax and Koinly Team Up to Make Crypto Taxes in India Easy
Crypto tax in India is a headache. From confusing guidance from the Income Tax Department to complicated calculations - there’s too much to keep track of. Fortunately, Cleartax and Koinly have teamed up to make reporting your crypto investments in your Income Tax Return (ITR) a whole lot easier. This brand-new service makes it simpler than ever to import your crypto calculations into ClearTax tax filing software.
Announced on January 15, the Cleartax and Koinly partnership helps you cut the time it takes to report your crypto taxes in your ITR, as you can now connect directly to Koinly from your Cleartax account to automatically import your crypto transactions.
Simply connect Cleartax and Koinly
Koinly is a crypto tax calculator trusted by more than 1 million investors worldwide, that can help you confidently report your crypto investments to the Income Tax Department.
All crypto investors need to do is simply connect their wallets and exchanges to Koinly, so that Koinly can import their transaction history and start the number crunching. Koinly supports more than 750 exchanges, wallets, and blockchains, including popular Indian exchanges like Bitbns, WazirX, and CoinDCX. You can either connect to exchanges and wallets automatically using a read-only API or upload a CSV file of your transaction history.
Once Koinly has all your transaction data, it can calculate your crypto taxes for you, including any capital gains or losses, as well as the fair market value of any crypto income. When you’ve successfully set up all of your Koinly transaction data, you can head over to Cleartax to automatically import your Koinly crypto transaction data.
In ClearTax, head to crypto income, and then find the Koinly icon under 'import tax report'. Select the icon and you’ll be able to log in to Koinly from Cleartax to automatically import your crypto tax calculations.
Learn more about how to connect Cleartax to Koinly.
Less stress at tax time
Cleartax and Koinly's partnership is a big step forward in making crypto taxes for Indian investors easier. It's not just about making tax season less stressful; it's about making crypto finance easier to manage for everyone.