What are the benefits of using crypto tax software in India ?
India is a huge country with over 1.3 billion people. So it’s not surprising that there are companies targeting the Indian market with cryptocurrency tax software. In fact, as of December 2018, CoinTracker is the most popular tax software in India and ranks No.2 in the Chart of Top Crypto Tax Software in the World.
Cryptocurrency is becoming a popular way for investing and trading. This article talks about the advantages of using crypto tax software in India.
There are many types of crypto tax software, but there are just as many benefits to choosing one that meets your needs. If you’re not sure what type of cryptocurrency taxation software will be best for you, or if it’s even worth the time to use one at all, then this article is for you!
Let’s take a look at some of the top benefits that come with using crypto tax software in India
Benefits of crypto tax software :
- Getting accurate information on all of your transactions and trades. There are a lot of people who have no idea how much they have made or lost when it comes to their investments and trades. With cryptocurrency, there is no physical way to keep track of this information, but it’s easy enough with crypto tax software.
- Cryptocurrency comes with a lot of paperwork and even more confusion. The good news is that crypto tax software can be used to simplify the process of recording everything you do. As the crypto tax software stores everything in one place, you don’t have to worry about calculating crypto tax in India or even in other countries.
- Being able to categorise your cryptocurrency according to type and use. If you are trying to track specific purchases in the future, then you will find this helpful. For example, if you know that you have received some Bitcoin Cash, but not all of the coins have been released yet—this might be helpful information in the future!
- Being able to connect to multiple exchanges at once. If you’re wondering how crypto tax software can help with this feature, it’s because crypto tax software can provide information from every exchange. This allows users to compare and contrast their transactions easily. It also simplifies things for investors who are looking into financial security and safety when it comes to their investments.
- Having automated cryptocurrency tax calculations. This feature allows users to get accurate information without having to do any maths! As long as you are able to provide the information that you need in order to get your taxes calculated correctly, then this process should be relatively painless. As an added bonus, the data can be exported for your own personal record keeping purposes.
- Being able to access the latest crypto tax software updates. Blockchain technology is always changing, and so are investments and trades. Crypto tax software should keep up with all of these changes because they may affect how certain transactions are filed and calculated.
You might find these instructions not that clear as the tax rule for crypto is not considered that much in India. If you are finding any trouble in the tax filing of crypto then you can use an online crypto tax service like Binocs which will help you to file your crypto tax automatically without any hidden charges.