The Cleartax tax filing platform has forayed into the crypto tax segment with the launch of crypto tax filing and calculation products. Its goal is to provide a comprehensive solution to taxpayers.
Clear seeks to simplify the legal obligations of investors in digital assets by simplifying and enabling a precise tax process for investors and companies.
According to the rules, users cannot offset crypto losses in different crypto tokens, making it difficult to track net gains/losses. The platform allows users to optimize crypto taxes to offset losses and manage GST and TDS on crypto transactions. It also offers do-it-yourself tax management solutions for retail investors.
Avinash Polepally, Senior Director-Head of Crypto Business, Cleartax, said Line of business, “We see a huge market opportunity with 25 lakh people estimated to be filing tax returns this year. The market is around Rs 100-120 crore and we hope to get 50 per cent of the market share. The new offering is expected to generate revenue in the range of Rs40 – Rs 50 crore. The platform will leverage crypto communities and influencers to inform users about the product.”
The platform has been integrated with more than 100 exchanges, including Coinbase, CoinDCX, Binance, WazirX, and many others. Apart from this, the platform also enables management and tax services for Airdrops and crypto staking. The merging of various exchanges and offers improves the user experience with a single view of all your investments.
The platform leverages advanced algorithms and historical market data to ensure accurate tax calculations, while automatic API integration with several popular exchanges makes it easy to sync transactions in real time, the company said.