Another 10% of Indian adults are crypto-curious consumers who are planning to invest in crypto in the coming six months. The survey revealed that as of June 2022, there are roughly 115 million crypto investors in India who either currently hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years. Spurred by the prospect, the Indian government has announced the launch of a digital rupee, further stimulating the local population’s interest in the digital economy. Despite the local government’s stance on digital assets and the levying of a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030. The KuCoin report comes hot on the heels of the latest developments in India, which have seen a surge in local demand for cryptocurrencies. This can help you identify and resolve any issues in no time at all.VICTORIA, Seychelles-( BUSINESS WIRE)- Cryptocurrency exchange KuCoin has released the Into The Cryptoverse Report India, a survey taking an in-depth look into the development of the blockchain industry and crypto space in the most populous country in the world. It's really helpful to use our Getting Started Guide before reviewing your transactions.
In most countries, rewards are subject to Income Tax. Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards.Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.Tag as mining: Most countries treat mining as a form of income and apply Income Tax.Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary.Many countries apply Income Tax to interest. Tag as loan interest: If you're loaning crypto and receiving interest, use this tag.Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.Check the labels to make sure the right tax is applied. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Koinly sees deposits as a purchase at market price or an investment. Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.ĭeposits refer to receiving new coins.Tag as gift: Gifting crypto is a non-taxable event in many countries, so make sure to tag these, but only if capital asset gifts are tax-free in your country.It lets Koinly know you still hold these assets. Sent to pool: Sending coins to a pool? Mark these as sent to pool.But, some withdrawals are tax free and you should label these using withdrawal tags.
Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. Withdrawals refer to sending coins, tokens and funds. It's always good to double check your transactions and use any of the following labels. Koinly will normally do this automatically, but there are some instances when transactions like rewards or mining income aren't marked in the imported data. Review the labels of your transactionsįinally, review the labels on your transactions. For example, large withdrawals or deposits that are actually transfers between wallets is an easy fix. You can filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. Now, head to your transactions page in Koinly and take a little time to ensure they're all correct. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals. Start by making sure all your wallets and exchange accounts are synced with Koinly. There are a few simple steps you can follow to make sure your tax report is accurate: Sync all wallets, exchanges and blockchains Koinly’s crypto tax software is smart, but incorrectly imported data can cause issues.Ĭhecking your transactions and correcting any inaccuracies lets Koinly calculate and generate the most accurate tax reports for you. We recommend checking through your imported transactions on Koinly to see if everything is imported, and that your transactions are correctly labelled.
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