Indian cryptocurrency exchange – WazirX, has recently announced its collaboration with TaxNodes. We know it as Singapore-based crypto taxation and filing firm, to simplify crypto taxation for WazirX customers. This collaboration marks a major milestone in alleviating the pain points of manual crypto tax filing and calculations for customers.
The Growing Need for Automated Taxation Solution
Cryptocurrency exchanges are becoming increasingly well-liked, and new users are joining them to benefit from changes in the value of various crypto assets. With an increasing number of participants, comes a parallel need to manage tax filing requirements. Most newbie traders find it painful to calculate and accurately file taxes on the gains earned from their cryptocurrency investments, cost basis calculation, and other associated tasks require much effort and resources. The growing popularity of cryptocurrencies and the continuous increase in the trade volume has led to a need for automation of the associated tax calculations and filing.
The complexity of regulations and tax compliance standards could further add up to this problem. The taxation of crypto assets can be different in each jurisdiction, and the real challenge is to have an automated tax solution, which can comprehensively address issues in different jurisdictions appropriately.
WazirX Collaborates With TaxNodes
Bringing an answer to the mentioned challenges, WazirX, the Indian cryptocurrency exchange, has recently partnered with TaxNodes, a Singapore crypto taxation firm. Through collaboration, WazirX aims to simplify tax compliance and filing for its customers, who partake in digital asset trading and investing.
As a part of this partnership, users of the WazirX can now access TaxNodes’ automated platform to calculate their taxes. It will allow users to export their transactions and relevant cost-basis information in different formats to other tax filing platforms. TaxNodes will help WazirX customers to understand their taxation requirements comprehensively and provide access to automated crypto tax calculators.
TaxNodes’ Solution
One of the biggest automated crypto taxes and filing platforms in the world. TaxNodes helps its users comprehend the various taxation regulations in jurisdictions. The company has set up a system that integrates with exchanges to migrate cost basis and trading data from the trading platform. It enables consumers to use the information to compute their taxes without difficulty.
To help traders analyze their short- and long-term investments, other assets sold out during the year. TaxNodes provide a thorough perspective of the year-over-year trading history. Users may file taxes quickly and accurately to complete automated reports, which include information on capital gains and mining expenses.
The collaboration between WazirX and TaxNodes will not assist WazirX users in accessing automated crypto tax calculators and filing solutions. It helps them save precious time and resources spent in manual calculations and filing of taxes on cryptocurrency trading.
The solution is a relief to traders struggling to understand crypto-taxation requirements by offering a streamlined platform to manage crypto-taxation issues.
This partnership will make WazirX users aware of the continuously developing cryptocurrency regulations and tax compliance standards. It allows them to stay ahead of their taxation needs with TaxNodes’ solution. It will make it easier for them to spot losses or any deductions they could make while filing their taxes.
