Launched in October 2017, Coinfalcon is a centralised cryptocurrency exchange that provides a platform to trade a wide range of cryptocurrencies. Based in the United Kingdom, the company aims to provide easy access to cryptocurrencies to the world through an easy-to-use platform.
With the increased innovation of blockchain technology, cryptocurrencies and digitised assets, it is now subject to various tax laws. Tax reporting is complex and meticulous, so crypto users can use automated tax calculation tools like KoinX. It is a powerful tool that will help you streamline your tax reporting process.
Integrate your CoinFalcon account with KoinX to streamline your tax reporting and filing. Additionally, you won’t have to worry about errors in your crypto tax reports as KoinX will produce accurate and 100% tax law-compliant tax reports for a swift tax filing process. The following article will guide you to integrate Coinfalcon with KoinX in eight simple steps.
A step-by-step guide on how to generate your CoinFalcon tax report with KoinX
Step 1: Log in to your CoinFalcon account.
Step 2: On the top right corner of the profile section, click on Security.
Step 3: Go to API keys and enable the API access if it’s Disabled, like in the image below.
Step 4: After enabling the API access, click on Add new key and configure it before clicking on Save changes.
Step 5: Log in to your KoinX account.
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for CoinFalcon exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How to easily calculate & file your CoinFalcon Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX allows you to bring all the exchanges and wallets under one platform for generating tax reports. You can visit the integration section of KoinX to browse the integration options. Coinfalcon is available for seamless integration with KoinX.
Step 2: Review your transactions
Once you integrate your account by following the steps above, KoinX organises your transaction data to enable you to review the trades. This helps find any anomalies in the data and generate an errorless tax report.
Step 3: Generate your tax reports for the selected financial year
Rest assured that KoinX will provide a 100% tax law complaint report of your crypto portfolio. The KoinX platform is regularly updated about all the essential tax regulations and provisions on crypto. You must ensure that you provide the correct transaction data and the right financial year.
Step 4: File your taxes
KoinX will generate your tax report in just a few minutes. You can download or share it directly from the KoinX platform. You can also use KoinX for your tax filing process and get the advice of experts through the platform.
Important things to consider while generating your CoinFalcon tax report with KoinX
- While integrating your Coinfalcon account with KoinX and importing the data, ensure the whole transaction history is being imported and there should be no gaps.
- When making a new API from the CoinFalcon account, you can label the API address as KoinX. It will let you know that the API is being used in KoinX and avoid confusion.
- To automatically sync your CoinFalcon transactions with KoinX, you can use the sync now feature of KoinX. The transactions will be automatically updated in your KoinX dashboard.
With KoinX, your crypto tax management process will be hassle-free. It will accurately streamline the process while you enjoy peace of mind and save valuable time.
Frequently Asked Questions
Do I need to report my CoinFalcon transactions for tax purposes?
Yes, if you are engaged in crypto transactions to get profits, you are obliged to report the profit for tax purposes. Not reporting taxes can lead to penalties or prohibitions on your crypto portfolio.
Does CoinFalcon report to the Income Tax Department?
No, CoinFalcon does not report to the Income Tax Department. It does interfere with users’ tax obligations toward the authority. CoinFalcon is a cryptocurrency platform that allows users to buy and sell cryptocurrencies. It may have tax obligations as a financial entity registered in the UK.
Does CoinFalcon provide tax reports?
CoinFalcon does not provide tax reports of the user’s crypto portfolio. It is a centralised crypto exchange that enables users to trade a wide range of cryptocurrencies. KoinX will provide you with tax reports that are accurate and 100% compliant with the concerned tax regulations
How are CoinFalcon transactions taxed?
Crypto transactions of Coinfalcon users are taxed according to the region they reside. In India, the country’s Budget 2022 states 1% TDS (Tax Deducted at Source) for transactions over Rs 50,000 and a flat 30% tax on all the profit gained by selling, mining or swapping digital assets.
How does CoinFalcon tax reporting with KoinX work?
Integrating the CoinFalcon account with KoinX is a seamless process. After integrating, it organises your transactions and provides a preview of the data. Following the latest tax regulations will generate an accurate tax report within minutes.
What are the most common issues with importing transactions from CoinFalcon to KoinX?
While making a new API, you must provide the “only read” permission to the API address. This will prevent anyone from making alterations to your transaction data.
How do I troubleshoot my CoinFalcon integration with KoinX?
If you encounter any problem while following the integration steps, you can contact the customer care service of KoinX. You can contact them via the site chat box, Twitter, or email at [email protected]. The active support of the team will help you solve the queries.