XinFin XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain. The network obtains consensus via the XDPoS technique, allowing 2-second TPS, near-zero gas ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. It’s gaining recognition as an Ethereum Scalable solution with its ability to power a wide range of secure and efficient blockchain use cases.
If you’re an investor engaging in XinFin XDC Network transactional activities, it’s important to be aware of potential tax liabilities.
KoinX streamlines managing crypto taxes, portfolios, and accounting for investors through automated systems. It simplifies the generation of XinFin XDC Network tax reports therefore making it easier for everyone to stay on top of their tax game in the crypto space.
This post shows an in-depth explanation of how to generate your XDC Network tax report from KoinX.
A step-by-step guide on how to integrate your XDC Network with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the XinFin chain:
Step 1: The first step would be going to your XDC wallet and selecting “Access my wallet” if you already have one. If you do not have a wallet on XDC, then we suggest you create one.
Step 2: Select “Software” as shown.
Step 3: You will be shown options to get access by software like these. Choose one that suits you and enter the passcode.
Step 4: Go to the Contract Section then on the top left, you can find your public address under the “Address” section; please copy it.
Step 5: Sign in to your KoinX account with your credentials.
Step 6: Locate the “Integrations section” at the top.
Step 7: Select “Blockchains” then select Xin-Fin XDC Network from the list of blockchains available.
Step 8: You can add a custom name of your choice. This name will help you identify your wallet later on.
Step 9: Finally, enter your public address or unstoppable domain in the field.
Step 10: Once you’ve entered your public address, double-check that it’s correct, and then hit the “Submit” button to complete the integration process.
All your transactions on the XinFin chain are now added to KoinX.
Watch how to generate your XDC Network tax report with KoinX
Are you tired of the hassle of crypto tax reporting for XinFin XDC Network? Let us show you how easy it can be with KoinX!
Our tutorial will guide you through generating your XDC Network tax report, saving you precious time and money. Don’t let tax liabilities weigh you down – trust KoinX to simplify the process for you.
Join us now and take the first step towards stress-free crypto tax reporting with KoinX!
Important Things to Consider While Generating Your XDC Network Tax Report with KoinX
- Please make sure that all of your integrations have been connected.
- KoinX automatically synchronises transactions from your wallet address at regular intervals. However, if you need to synchronise it at any other time, please utilise the ‘Sync Now’ feature available on KoinX.
How To Easily Calculate & File Your XDC Network Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX offers support for various leading cryptocurrency exchanges and wallets, allowing users to import all of their transaction data in one convenient location
Step 2: Review your transactions.
With KoinX, users can rest assured that all their transactions are accurately categorized and their gains and losses are properly calculated according to the latest tax regulations. In case there are any warnings in your portfolio, refer to this article to address the issues.
Step 3: Generate your tax reports for the selected Financial Year
KoinX makes all the necessary tax reports and breaks down your crypto tax obligations in an easy-to-read way.
You have the option to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as a secondary source of income (like passively investing for returns), then please select Capital Gains.
If you are trading with the intent of making crypto your primary source of income, then please select Business Income.
Step 4: File your taxes
Export tax reports directly from KoinX and import them into your preferred tax software, or provide them to your tax professional for swift and hassle-free filing.
KoinX’s user-friendly approach streamlines cryptocurrency tax management, making it a breeze for users to handle tax-related matters. With a comprehensive solution that ensures accurate transaction classification and full compliance with tax regulations, KoinX allows users to manage their assets with peace of mind. Say goodbye to the complexities of crypto taxation and let KoinX simplify the process for you.
Frequently Asked Questions
Do I need to report my XDC Network for tax purposes?
Yes. Certainly. According to the Indian government’s 2022 Budget, trading, selling, or spending cryptocurrencies are subject to a 30% tax on profits. As a result, XDC transactions are also subject to this regulation.
Does XDC Network provide tax reports?
XinFin XDC Network currently does not have a built-in tax reporting feature. However, investors can easily generate accurate tax reports for their XDC Network transactions by integrating their accounts with KoinX, a comprehensive cryptocurrency tax management solution.
How are XinFin XDC Network transactions taxed in India?
XinFin XDC Network transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. Investors selling crypto assets for more than INR 50,000(in specific cases) or INR 10,000 in a financial year may also face a 1% TDS.
How does XinFin XDC Network tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your XDC Network investments. Once integrated, KoinX will automatically sync all your transactions and produce downloadable tax reports that can be used for filing your taxes or shared with your tax professional.
What are the most common issues with importing transactions from XinFin XDC Network to KoinX?
While the integration between KoinX and XinFin XDC Network is designed to be seamless, there may be cases where the wrong address is uploaded or some characters are missing. To avoid such issues, we recommend thoroughly reviewing the file before uploading to ensure the correct address is provided. Taking a moment to double-check can help ensure a smooth experience.
How do I troubleshoot my XinFin XDC Network integration with KoinX?
For any troubles related to the XinFin XDC Network-KoinX integration, you can carefully navigate through the steps once again mentioned in our guide. Alternatively, you can also reach out to us on Twitter or write to us at email@example.com