How to calculate your Bitbns Taxes?

Calculating taxes on cryptocurrency transactions, including those on platforms like Bitbns, can vary significantly by country as tax laws differ globally. Here’s a general approach to consider when you’re trying to figure out your Bitbns taxes, applicable to many jurisdictions:

How can you effortlessly calculate and file your Bitbns taxes using Catax?

Effortlessly calculating and filing your taxes from Bitbns using Catax can be a streamlined process with the following steps:

Create an Account on Catax: Begin by signing up for Catax and setting up your profile. Select your country of residence, like India, and your preferred currency, such as INR, to receive tailored tax calculations.

Link Bitbns to Catax: Securely connect your Bitbns account to Catax using API keys or by uploading transaction statements. Catax uses read-only access to ensure your data remains secure while importing your transaction history.

Automatic Transaction Classification: Catax automatically analyzes your transactions from Bitbns, classifying them into various categories such as capital gains, capital losses, and income based on the nature of each transaction.

Review Tax Summary: Catax provides a comprehensive summary of your potential tax liabilities, giving you a clear overview of what you owe or what deductions you can claim.

Download Tax Report: Once Catax has processed your data, you can download a detailed tax report, which includes all necessary details required for filing taxes in your jurisdiction.

File Taxes with Ease: Use the Catax tax report to file your taxes. You can submit your report directly through the Income Tax Return Portal if you’re doing it yourself or pass the report to your accountant for professional filing.

How are Bitbns transactions taxed?

1% Tax Deducted at Source (TDS): Transactions involving the purchase of cryptocurrency with INR or swapping cryptocurrencies attract a 1% TDS. This is usually withheld by Bitbns directly.

30% tax rate: When you make money by selling or trading crypto on Bitbns, you pay a flat tax rate of 30% on the gain. You cannot use any losses from these activities for tax deductions.

Tax on Crypto Earnings: If you get crypto as income, like staking rewards, the tax you pay is based on how much you earn overall. So, the tax rate changes with your income level.

How do I file my Bitbns taxes?

Firstly, when you’re ready to tackle your Bitbns taxes, integrating Catax into your routine offers a seamless experience. By connecting your Bitbns account with Catax, either via an API connection for real-time data syncing or by manually uploading a CSV file of your trades, you ensure that all your transaction data is in one place. This step is crucial because Catax utilizes this data to accurately calculate your tax liabilities.

As Catax gets to work, it sorts through your transactions, identifying which fall under taxable events. It applies the relevant tax rules for your country, which is particularly beneficial since Catax is designed to handle Bitbns taxes for users around the globe. Whether you’re in India, the United States, or any other country where Bitbns operates, Catax adapts to your region’s tax regulations, ensuring your reports are precise and in line with local laws.

Moreover, Catax doesn’t just calculate your Bitbns taxes; it also organizes them into easy-to-read reports. This feature is a boon for investors who may not be familiar with the often complex requirements of cryptocurrency tax reporting. It eliminates the guesswork and potential errors that can come from manual calculations.

The detailed reports provided by Catax not only offer clarity on your Bitbns taxes but also guide you on how to file them. With Catax’s comprehensive analysis, you’ll understand your tax exposure from your Bitbns transactions and how they contribute to your overall tax obligations.

In summary, Catax stands out as a vital tool for anyone looking to simplify their Bitbns tax calculations. With its ability to integrate with Bitbns, adapt to various global tax laws, and produce detailed, compliant reports, Catax takes the complexity out of crypto taxes, making it easier for investors worldwide to stay compliant with their financial responsibilities.

Connect Bitbns to Catax automatically via API

On Bitbns:–

1. Sign into your Bitbns account.
2. Click on ‘more’ in the main navigation bar.
3. Choose ‘API trading’ from the subsequent options.
4. Click on ‘get new keys’.
5. Select “Read” only or “Read+Write”.
6. Click on ‘create new key’.
7. Copy API public key and secret key.

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On Catax:-

1. Open Catax and log in or register if you haven’t already.
2. Navigate to the ‘wallets’ section.
3. Click on ‘add new wallet’ and select ‘Bitbns’.
4. Choose ‘set up auto-sync’.
5. Input your Bitbns API public key and secret key into the respective fields.
6. Initiate the ‘secure import’ to link your accounts.

Connect Bitbns to Catax automatically via CSV File

On Bitbns:–

1. Sign into your Bitbns account.
2. Click on ‘Orders’ located in the upper menu.
3. Choose ‘Trade History’ from the subsequent menu options.
4. On the sidebar, click ‘Trade Report’.
5. Determine the type of history you wish to export by selecting either ‘Trade History,’ ‘Deposits and Withdrawals,’ or ‘Margin Trades.’
6. Choose a period for your report, making sure it includes all your transactions on Bitbns.
7. Click on ‘Email Report’ to send the data to your inbox.
8. Check your email to download your transaction CSV file(s).

On catax:-

1. Open Catax and click on ‘Wallets.’
2. Click ‘Add New Wallet’ then pick ‘Bitbns.’
3. Click ‘Upload Files.’
4. Choose your Bitbns CSV file and upload it.