|End-to-end tax filing|
|Auto selection of tax forms|
|Crypto Coins Supported||71,000+||20,000+|
|e-Verification post tax filing|
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As a consistent ClearTax ITR filer, I was initially concerned about finding a separate tool for my crypto taxes. However, I was delighted to discover that ClearTax now offers a built-in feature for crypto tax management. Their dashboard seamlessly handles my crypto transactions and tax calculations, providing me with a one-stop solution. ClearTax continues to impress with their comprehensive tax filing capabilities."
ClearTax is simply the best platform for filing crypto taxes in minutes. It's unbelievably easy to use. I just imported all my crypto transactions in one click , and ClearTax handled the rest. With their automated calculations, I got accurate tax reports without any hassle. It's a time-saving solution that ensures I stay compliant. Highly recommended!"
ClearTax's new feature utilizes algorithms and tax rules specific to cryptocurrencies to calculate taxable income and other taxes. It takes into account factors such as the type of crypto transactions, holding periods, cost basis, applicable tax rates, and other relevant regulations to determine the tax liability associated with the user's crypto investments.
If you are not satisfied with the calculated tax liability provided by ClearTax's new feature, we recommend reviewing the input data for accuracy. In case you have concerns or questions regarding the calculations, please reach out to ClearTax's customer support. They will be able to assist you and provide further guidance based on your specific situation. If necessary, you can raise your concern by contacting firstname.lastname@example.org, and the ClearTax team will be dedicated to assisting you with a resolution.
No tax will be levied if you have transferred cryptos between your own wallets
If you withdrew the crypto to your own wallet then you will not be taxed, however for anything else it is taxed at 30% of the value of the crypto at the time of withdrawal
As such cases are not clearly defined in the law, it can be presumed as a transfer to others and the same will be reported in your income tax return. However the sale value can be taken as 0 in this case and taxed accordingly.
Any crypto to crypto trade is considered as a taxable event even if you haven’t converted it into a fiat currency. Any gains (direct or notional) from such events, will be taxed.
As per the taxation laws, it is recommended to disclose all transactions made on Indian or foreign exchanges and file your taxes to avoid any future penalties or tax notices
During filing for the FY 2021-22, the investor should disclose Rs 75 as an income from other sources, which shall be taxed for FY 21-22 as per the slab rate of the investor.
During filing for the FY 2022-23, the gains from the sell which is Rs 80 - Rs 75 = Rs 5 shall be disclosed under Income from VDA (Virtual Digital Assets) with the Capitals Gains Head. Tax at the rate of 30% would be applicable on Rs 5 gains.
Same rule applies for other transaction types received by an investor as well like Staking, Rewards, etc.
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
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Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
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