Crypto exchange Unicoin announces collaboration with crypto tax partner Binocs
On Monday, India's first cryptocurrency exchange Unicoin announced the partnership with Binocs, a company that handles cryptocurrency taxes as a tax partner.
According to the press release sent out by Unicoin, “The collaboration will allow Unocoin users and all Indian cryptocurrency enthusiasts to easily calculate their crypto taxes by embedding their accounts with Binocs."
It will also aid in obtaining accurate, efficient, and compliant results on cryptocurrency transactions.
According to the Ministry of Finance, all cryptocurrencies, including NFTs, are regarded as virtual digital assets and are subject to income tax. There is a need for software that might be able to speed up the crypto taxation processes now that the government has announced crypto taxes.
The press release said that, “The partnership simplifies the accounting of cryptocurrency holders in multiple states and broadens the ecosystem's portfolio of services."
The two platforms' collaboration will make it easier for owners of digital assets to get their tax reports by simply clicking a button. These reports can be installed, shared with a tax expert, or imported directly into well-known tax filing software, according to the press release.
Sathvik Vishwanath, CEO, and Co-Founder at Unocoin said, “Since the announcement of a flat 30% tax on income from cryptocurrencies and other virtual digital assets, this is likely one of the most pressing questions in Indian cryptocurrency investors. In an effort to effectively calculate the accurate taxes, our partnership should be of great help to them."
“By partnering with Unocoin, India's first cryptocurrency exchange, we are getting closer to making cryptocurrency taxes and portfolio tracking available to
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