Indian crypto media house Crypto Kanoon announced on Sunday that it has joined hands with crypto accounting software solutions platform BearTax. It stated in the official tweet that BearTax will help Indian crypto users to generate their tax documents in three steps, after scanning their crypto transactions on multiple crypto exchanges and calculating profit or loss on trading.
We have joined hands🤝 with @bear_tax to help the Indian crypto community in calculating Profit or Loss on their crypto trading and generate tax documents in just 3 easy steps.
After serving 🇺🇸, 🇨🇦, 🇦🇺, 🇯🇵. Now in available in 🇮🇳.
— Crypto Kanoon (@cryptokanoon) August 30, 2020
Most crypto users have accounts on multiple trading platforms to invest in a different and wide range of digital assets. This makes calculating profit or loss on cumulative trade quite cumbersome and tedious. Therefore, BearTax becomes very useful software as it calculates the user’s trade across platforms, generating a single report. This report can be submitted to the chartered accountants for filing tax and returns.
Speaking about their collaboration with BearTax, Crypto Kanoon co-founder, and one of the biggest crypto influencers in South Asia, Kashif Raza said in the video embedded in the tweet that most users feel the need for a software to analyze and centralize their crypto data for multiple platforms. He further added that BearTax has integrated with major Indian crypto exchanges including WazirX, Coinome, BitBns, and Koinex.
Apart from Crypto Kanoon, BearTax has also partnered with Quagmire Consulting, a crypto-blockchain industry-focused accounting firm based out of New Delhi. Moreover, BearTax has integrated with over 50 global crypto exchanges, including Binance, Coinbase, Gemini, Huobi, KuCoin, and Poloniex.
BearTax will allow users to generate their trading reports from multiple platforms for free. However, downloading the reports for submissions is a paid service. The prices are quite reasonable at Rs.499 for downloading statements for up to 200 transactions, and Rs.2000 for up to 999 transactions. Beside the profit or loss calculation, BearTax will also help users classify their income. For instance, it will let users know whether the particular tokens are from airdrops, purchases, or rewards.