How to Calculate KoinBX Taxes?

In this guide, we’ll walk you through the process step-by-step, making it simple to manage your Koinbx taxes and stay fully compliant. Whether you’re a trader or an investor, understanding how to accurately report your transactions is crucial for avoiding any tax-related issues or notices.

Steps to Simplify Koinbx Tax Reporting with Catax:

1. Create a Catax Account: Create a Catax account, select India as your country, and INR as your currency to begin.
2. Connect with Koinbx: Connect Koinbx to Catax to auto-import your transaction history, including trades, deposits, and withdrawals.
3. Organize Your Transactions: Let Catax sort your Koinbx activities into gains, losses, and income for easy tax calculation.
4. Download Your Tax Report: Generate a detailed tax report so you can get a clear view of your crypto finances
5. File Your Taxes Easily: Use the report to file taxes online or share it with your tax advisor for hassle-free compliance.

How Are Koinbx Transactions Taxed?

Understanding the tax rules for your Koinbx transactions helps you stay compliant and also avoid unexpected tax liabilities.Here’s a quick overview:

1. Capital Gains Tax:

• Selling or Trading Crypto: Selling or trading crypto for a profit is typically considered a capital gain.
• Tax Rates: Tax rates depend on how long you’ve held the asset and India’s tax laws.

2. Income Tax:

• Earning Crypto: Activities like mining, staking, or receiving payments in crypto are treated as income.
• Tax Rates: Consequently, this income is taxed based on your applicable income tax slab.

Tax rates and regulations may vary based on your country, so it’s essential to understand the rules in your region. In India, crypto gains are taxed under Section 115BBH, and importantly, there is no distinction between short-term and long-term gains. Therefore, consulting a tax professional is essential to ensure you accurately report your Koinbx transactions. Moreover, this step helps you stay compliant with local tax laws and avoid potential issues.

Connecting Your KoinBX Account with Catax via Trade History.

In KoinBX:

• Send an Email: Write to support@koinx.com to request your trade history for koinbx taxes.
• Use Your Registered Email: Make sure you send the email from the address linked to your Koinbx account.
• Be Clear: Mention that you need a consolidated trade history, including all trades, deposits, and withdrawals.
• Specify the Dates: Clearly state the time period for which you want the data.
• Provide Correct Details: Include your full name and registered phone number to avoid any delays.

For more details: How to Export KoinBX Trade History?

In Catax:

1. Log in to your Catax account.
2. Go to the wallets section in your dashboard.
3. Upload your Koinbx wallet.
4. Enable auto-sync to keep your data updated automatically.
5. Enter your Koinbx API key and also secret to securely import your transaction data.