India-based TaxCryp Technologies announced on their twitter account that they will release the SAAS-based TaxCryp software.
Indian firm TaxCryp, which provides crypto tax calculation services, plans to offer a software-based solution as a country service to combat India’s crypto taxation laws. TaxCryp said the app aims to simplify tax calculation, compliance and reporting requirements.
Taxation on Cryptocurrencies from India
The Indian government, which has taken a tough stance on cryptocurrencies, imposed taxes on all crypto income as of April 1. This taxation includes a 30 percent flat rate tax and a 1 percent tax deducted at source on the sale and transfer of crypto assets exceeding 10,000 Indian rupees.
India does not allow crypto investors to offset losses with gains from elsewhere, and crypto regulations remain unclear. Information on the method of calculating these taxes is not disclosed by the ministry. This is why it has become annoying for Indian taxpayers.
Also, in a tweet by the ministry, only 6.7 million people had declared income until July 31 this year. It is stated that this is a very small turnout relative to the population of India. TaxCryp Technologies, on the other hand, wants to avoid such issues by tackling crypto taxation laws and simplifying reporting requirements for the country.
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