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      CoinTracker Launched Services in India

      CoinTracker, a global cryptocurrency tax compliance and portfolio tracking firm has announce its entry into Indian shores in a bid to help crypto users wade through tax complexities and gauge deductions with ease.

      The CoinTracker intends to not only engage with crypto users in India but also hire and grow its globally distribute team in the country.

      Noting that from 1st April, 2022, income from the transfer of virtual digital assets such as cryptocurrencies and NFTs is taxable in India at 30%, CoinTracker believes that tax compliance ranks high on the minds of both users and regulators.

      CoinTracker’s tax compliance product will help Indian users track their crypto tax liability from transactions across centralise or decentralise exchanges.

      Users can sign up for the service by linking their crypto wallet details on the platform, which will automatically calculate and generate a tax liability estimate that can be generated at any time while filing income tax returns or when ask for by a tax consultant.

      The platform follows a subscription-base model which starts with a free tier that works for users with up to 25 transactions across wallets.

      The paid tiers start at Rs. 699 as a one-time payment for the tax year, with a ‘Premium’ tier with more features like wallet-wise breakdown etc price set at Rs. 2,499 per tax year.

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      Jon Lerner, chief executive officer, CoinTracker Said :

      “It can be challenging for folks to navigate the complexity of buying, holding, and transacting with cryptocurrency and nearly impossible to comply with taxes without the right tool. We built CoinTracker to solve this problem seamlessly and are excited to deliver our offering in India,”.

      “We plan to rapidly expand our integrations and partnerships with all the popular exchanges and tax products used in India in the coming months, and ultimately work together to help enable mainstream adoption of cryptocurrency in India,”.

      The foray into the Indian market arrives after CoinTracker secure a $100 million (approx. Rs. 775 crore) Series A funding, which it is using to build products and expand into regions like India.

      CoinTracker is also upbeat about its prospects in India despite the mute cryptocurrency trading volumes in recent weeks.

      CoinTracker has also release a comprehensive guide that explains the Finance Act and the current status of crypto tax rules in India.

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