- Koinx helps simplify crypto tax filing with a user-friendly interface.
- Import, preview, and download accurate reports for easy tax filing and promote financial awareness.
- Founded by Punit Agarwal a blockchain enthusiast in 2022.
If you are a teenager or a student and not working right now you have not been introduced to a new world of pain called ‘Taxation’. Just ask your parents or anybody who is earning, do they have to file a Tax Report for their income and what it is all about? They will describe a kind of pain that they never felt before and weren't prepared by their schools and colleges.
It has been debated several times that schools and colleges should give a fundamental education handout to our economic system and taxation as well, but until it actually makes any difference we have to learn it by ourselves. But not in this changing world it’s not the question of what is to be there to learn.
The question is how much is there to be learned because with moving technological advancements our way of exchanging money is being challenged and changed at every turn. To point in case when the idea of cryptocurrency was introduced and delivered in the form of bitcoin.
Domination of Cryptocurrency
Almost everyone opposed it until it became a USD 38.2 Billion industry in 2022 and is expected to be USD 342.54 Billion by the end of 2032.
That’s why the countries that opposed this new form of transactional money because of its credibility and tangibility are now passing laws to control the flow and even introducing it in the taxation policy.
Cryptocurrencies are now being seen as part of investment or if I may say part of the structure of the new days' economics. It has been included in the taxation policies of countries like the USA, UK, Canada, India, etc.
However, this was not the case at the time of the launch of the cryptocurrency. It happened due to the fear of being left out of the money of taxation on such a high volume of profits that people were gaining.
This led to some controversial policies by the governments. In India, the tax rate on cryptocurrency is 30% on profits along with applicable surcharge and cess but this law does not acknowledge the loss and you can’t offset it from the profits to lower your taxation amount which is a bit unfair.
If you compare these laws with other countries, you will understand this situation better. Like in the USA, Cryptocurrency is treated as property for tax purposes in the USA.
So capital gain tax applies on any profits earned from trading cryptocurrencies, and according to its holding period with long-term or short-term gains, the Tax rate ranges from 0% to 37%.
In the UK, this range varies from 10% to 20% for basic-rate taxpayers and 20% to 45% for higher-rate taxpayers. In Spain, this rate can go up to 47%, but in Spain, you can offset your losses from the capital gains so you can lower your tax amount.
With this information, I want to indicate that these policies are not perfect yet, but this is the start. We should embrace this change, and if we see something wrong in the system, we have to point it out so the government can take better actions and know what is right and what is wrong. We have to be aware of the policies and companies like Koinx are paving the way to the future.
History of Koinx
Koinx is a startup founded by an Indian Entrepreneur, Punit Agarwal to ease this painful and prolonged process of filing taxation for cryptocurrency transactions. Koinx is built with the care of having a very user-friendly experience provided by the critically thought User interface. It is simple as that and you can get your tax report in just 3 steps.
1st Step: Import Transactions.
It supports mostly all the major wallets which gives you the freedom to import all your transactions so you can get an accurate report.
2nd Step: Preview your Portfolio
Get all your insights from all of your transactions in one place so you can keep track of everything.
3rd Step: Download your tax report
That’s it the last step is to export a comprehensive and audit-proof report which you can use directly to file your taxes.
This sums up the functional part. It also provides the education needed to create an aware and conscious community free of cost which promotes the numbers of well-informed citizens and makes it easier to take action for making better policies I love knowing things and earning profit so I am in are you too?
Edited by Shruti Thapa