Bitbns is the largest crypto exchange in India by market share, with a trading volume of more than $6 billion annually. Founded in 2017, Indian investors can use Bitbns to buy, sell and trade more than 400 cryptocurrencies - including margin and derivatives trading.
Whatever your Bitbns transactions, Koinly makes it easy to do your Bitbns taxes. Here's how it works:
It’s likely the ITD knows about your Bitbns transactions. The ITD introduced the 1% TDS to keep track of crypto investments for Indian taxpayers. The ITD may also be able to request customer data - like KYC data - from Indian exchanges, to ensure tax compliance. You should always report your crypto investments accurately in your Income Tax Return - failure to do so comes with severe penalties.
The ITD has released guidance on crypto taxes over the past few years, meaning your Bitbns transactions may be subject to 3 tax rates depending on the transaction:
Learn more about how crypto is taxed in India.
The ITD requires crypto investors in India to report crypto in their Income Tax Return. Any gains from crypto should be reported in the Schedule VDA, while any income from crypto should be reported in Schedule Income From Other Sources. You can do all of this online using the Income Tax Portal, but first, you'll need to calculate your Bitbns gains and income.
You can do this yourself, but it's time-consuming - you'll need to have details about each disposal of crypto (so anytime you swapped, sold, or spent crypto) including your cost base, transaction dates, the transaction proceeds, and more. If you have any income to report, you'll also need to calculate the fair market value of that income in INR on the day you received it.
This is why most investors opt to use a crypto tax calculator like Koinly. Koinly calculates all this for you and generates crypto tax reports that include all the information you need to easily file with the ITD. All you need to do is connect Bitbns to Koinly using API or by uploading a CSV file of your transaction history.
Please note, the BItbns API does not support margin trades. If you have margin trades, you should use CSV files to import your transaction history instead.
It's easy to get your Bitbns CSV files to upload to Koinly, just follow our instructions below.
There are three reports you may need to get your entire Bitbns transaction history - the trade history CSV file, the deposits and withdrawals CSV file, and the margin trades CSV file (if relevant to your transactions). The steps to download the files are the same, but you'll need to repeat the process in order to export all the CSV files you need. Here's how:
Make sure your Bitbns CSV files cover your entire transaction history on the exchange, so Koinly can identify your cost basis and calculate your gains and losses accurately.
If you're having any trouble at all connecting Bitbns and Koinly, these resources may help:
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Yes. Bitbns deducts TDS on behalf of users when they buy crypto with INR or trade crypto for crypto using the platform. For systematic investment plans (SIPs), Bitbns has announced the platform will charge users 0% TDS, and bear the tax burden for its users instead.
No. Bitbns does not issue tax documents. Instead, you'll need to either export your Bitbns transaction history and calculate your taxable gains and income yourself, or use a crypto tax calculator to do it for you.
The easiest way to get Bitbns tax documents in no time at all is to use a crypto tax calculator like Koinly. Just connect to your crypto tax calculator via API and it will automatically import your Bitbns transaction history, calculate your gains, losses, and income, and generate your crypto tax report, ready to file with the ITD.
No. Bitbns does not provide financial or end-of-year statements. You can, however, export your Bitbns transaction history as a CSV file for tax or accounting purposes.