CoinSwitch is a user-friendly cryptocurrency marketplace in India where you can quickly purchase more than one hundred cryptocurrencies, such as Bitcoin, Ethereum, and Ripple, with multiple convenient payment choices.
After completing their hassle-free KYC and anti-money laundering (AML) processes, you will have access to the pooled liquidity of one of the biggest exchanges in India.
While CoinSwitch enables you to profit from cryptocurrencies, KoinX helps determine your tax liability. The process is easy and hardly takes a few minutes. Below is a detailed description of the same.
Steps to take at CoinSwitch
Step 1 – You will need to log in to your CoinSwitch account first. CoinSwitch offers trading platforms on both computer and mobile devices (through apps). Go to the platform of your choice and click on the login button. Fill in the credentials and enter the OTP if prompted.
Step 2 – On the left corner of the home page, click on the circular blue icon (your profile)
Step 3 – Click on the Reports section to download the account statement
Step 4 – In the next window, click on the Account statement option.
Step 5 – Ensure you choose all the dates within the financial year for which you are trying to generate a tax report. Once that is done, click on the ‘send statement’ option.
CoinSwitch will send your reports to your mail after this. Therefore, ensure you download the same and save it to a location of your choice.
Remember the saved location; you will need to upload the same later.
Steps to take at KoinX
Step 1 – Once you have received the report and downloaded it, you can go to the KoinX website and log in with your credentials. If you don’t have a KoinX account, click on signup to register in just a few steps.
Step 2 – Once you log in, locate the integrations tab in the top menu. As seen in the picture below, it is the third option from the left.
Step 3 – Click on CoinSwitch from the list of options in the window next.
Step 4 – On the next upload page, click on the ‘click to upload’ option.
Step 5 – This will open your file explorer. Locate the excel file (CSV) you have downloaded before and click on it to upload.
Step 6 – Before pressing the submit button in the final step, double-check the uploaded file to ensure you have selected the right one.
That’s all there is to it! KoinX will now calculate your capital gains and provide a tax report that you can download and use to declare your cryptocurrency income.