Binance is a prominent cryptocurrency exchange established in 2017. It offers a wide range of crypto-to-crypto trading options, supporting over 350 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Dogecoin (DOGE). It also has its own coin called BNB. Apart from exchange services, Binance provides a secure wallet, opportunities to earn interest, and user-friendly methods for cryptocurrency transactions.
But does Binance offer a feature that allows users to generate their tax reports directly on its platform?
Yes, Binance offers a Tax Reporting Tool that assists users in calculating their cryptocurrency tax obligations and generating tax reports for their transactions on the platform.
However, if you’re looking for a more comprehensive and automated approach to managing your crypto taxes, KoinX provides an advanced crypto tax solution to streamline your tax reporting further and optimise your tax savings. With KoinX, you’ll benefit from additional features and functionalities that enhance your overall tax management experience.
Simplified Crypto Tax Management: Seamless Integration for Binance Users with KoinX
KoinX and Binance have collaborated to revolutionise the way you manage your crypto taxes. With just a few clicks, Binance users can now effortlessly import their transaction data directly into KoinX, unlocking a world of comprehensive tax reporting in accordance with government guidelines.
KoinX allows you to manage your crypto taxes effortlessly and helps you gain valuable insights into your portfolio. But how can Binance users tap into this incredible resource?
By integrating their Binance account with KoinX through a simple one-click integration within the Binance app or by conveniently uploading their trade reports directly onto the KoinX platform.
How To Generate Your Binance Tax Report With KoinX
There are 2 ways to integrate Binance with KoinX. One is easy and quick OAuth integration, and we also support manual CSV file upload. Let’s look at these methods:
Binance OAuth Integration
Through OAuth integration, you can integrate Binance with KoinX. Your Binance account will be integrated with KoinX in just a few clicks.
Follow these easy step-by-step instructions:
Step 1: Log in to your KoinX Account using your credentials
Step 2: Once you are in, go to Integration.
Step 3: Search Binance and click on the icon.
Step 4: Select ‘Direct Connect’ on the next page and click ‘Connect Binance.’ This will link your Binance account with KoinX with a single click.
Step 5: You will be redirected to Binance’s Official Website. If you are already logged in your Binance account, you will the see the screen below, there, click on Confirm to enable secure and seamless integration with KoinX.
If you are not logged in, login first and then you proceed with this step.
Once you click on confirm, you will be redirected back to KoinX, and just like that, you can track all your trading with our portfolio tracker and generate your Binance tax report using our crypto tax software.
Download & Upload Binance Trade Reports
If you don’t wanna go the OAuth way, you can manually upload the trade report to integrate.
You can effortlessly connect your Binance account to KoinX by uploading your trade reports
Follow these step-by-step instructions to upload your trade CSV report into your KoinX account
Step 1: Go to your Binance home page, and click on Log In
Step 2: After Logging In, Click here, to directly open the “Transaction History” page and click on “Export Transactions Records” on the top-right corner.
Step 3: Select the Time Period for which you wish to see the transactions by choosing the “Customized” option from the “Time” dropdown. You can select a time range of upto 1 year. We advise you to select the earliest time range first.
For example, if you have been trading since April 2020, try downloading the report from April 2020 to March 2021 first, and from April 2021 to March 2022 next.
Step 4: Click on “Generate“.
Step 5: Once your report is ready, you will receive a mail from Binance and you should be seeing a “Download” button as shown in the image below. Click on “Download“. You would have a “tar.gz” file downloaded. Extract the “tar.gz” file to find a “CSV” file.
Step 6: Do you have P2P trades on Binance? If yes, click “Trade” on the dashboard and click the “P2P” option.
If No, Please skip to step number “17”
Step 7: Read and agree the Notice, and click Confirm.
Step 8: Then click on “Orders”
Step 9: Click on the “Date” section.
Step 10: Under the dates column select quarter.
Step 11: Select the quarter for which you would like to generate the report.
Note: For an efficient tax report, please download the transactions quarter-wise rather than for multiple quarters together.
Step 12: Once a Quater is chosen, Close the date window and hit the “Export” Button
Step 13: Now you can download the files. Click download and close the window.
Note: Please don’t open the trade file as it might change the format as per your device settings
Step 14: Now, go to the KoinX website, and log in with your credentials
Step 15: Click on the “Integration” option and select Binance to integrate it with your KoinX profile.
Step 16: Now select “Click to Upload” under “Upload Data” and locate the CSV Trade files you downloaded just now.
Once uploaded hit the “Submit” button.
Step 17: Your work is done! Sit tight until your transactions are processed.
Streamline Your Binance Cryptocurrency Tax Management
Step 1: Consolidate Your Binance Account
Effortlessly consolidate your Binance cryptocurrency account and transactions in one place by adding them to the KoinX platform.
Step 2: Review And Categorise Binance Transactions
Ensure accurate categorisation of your Binance transactions and precise calculation of gains and losses according to the latest tax regulations. Take the time to review your Binance transactions and address any issues with the help of KoinX’s articles.
Step 3: Generate Binance Tax Reports
Easily generate comprehensive tax reports specifically for your Binance transactions with KoinX. These reports provide a clear breakdown of your Binance crypto tax obligations.
Step 4: Effortless Binance Tax Filing
Export the generated Binance tax reports from KoinX and seamlessly import them into your preferred tax software or share them with your tax professional for smooth and efficient filing. KoinX’s user-friendly approach simplifies handling your Binance cryptocurrency tax matters.
Important Things To Consider While Generating Your Binance Tax Report
- To ensure that your transactions are accurately tracked and reported, you should connect all of your integrations to KoinX. This includes your exchange accounts, wallet addresses, and any other sources of crypto income or spending. You can do this by visiting the integrations section on KoinX and following the instructions for each integration.
- KoinX will automatically update your transactions from your wallet address every few hours. This will help you keep track of your balances and portfolio performance. However, if you want to refresh your transactions at any time, you can use the ‘Sync Now’ feature available on KoinX. This will trigger a manual sync and fetch the latest transactions from your wallet address. You can find this feature on the dashboard or on the wallet details page.
KoinX is the ultimate crypto tax solution that lets you automate your tax reporting and optimise your tax savings. You can also access other benefits like portfolio tracking, performance analysis, and tax optimisation. Seize this opportunity now – sign up for KoinX today and have your Binance tax report ready in minutes!
Frequently Asked Questions
Q. Do I need to report my Binance for tax purposes?
In accordance with the Indian government’s 2022 Budget, it is important to note that trading, selling, or spending cryptocurrencies on platforms like Binance is subject to a 30% tax on profits. This regulation applies to Binance transactions as well, emphasising the need for tax compliance in crypto activities.
Q. How are Binance transactions taxed in India?
Binance transactions in India are subject to taxation based on the latest guidelines issued by the Central Board of Direct Taxes (CBDT). Crypto transactions are subject to a 30% tax on capital gains and income gains, and a 1% Tax Deducted at Source (TDS) on transfers of crypto assets exceeding Rs 50,000 (or Rs 10,000 in certain cases) in a financial year.
Q. Does Binance provide tax reports?
Binance does provide a Tax Reporting Tool to assist users in calculating their cryptocurrency tax liabilities and generating tax reports for their transactions on the platform. For a more comprehensive and automated crypto tax solution, KoinX offers an ultimate crypto tax solution that not only helps you automate your tax reporting but also optimises your tax savings.
Q. How does Binance tax reporting with KoinX work?
KoinX simplifies Binance tax reporting by seamlessly integrating with your investments. It automatically synchronises your transactions, generating downloadable tax reports. With KoinX’s user-friendly interface and automation, managing your Binance investments and meeting tax obligations becomes effortless.
Q. What are the most common issues with importing transactions from Binance to KoinX?
The most common issues with importing transactions from Binance to KoinX include not connecting all necessary integrations (exchange accounts, wallet addresses, etc.), inaccurate or delayed transaction updates, and missing transactions due to infrequent syncing. To resolve these issues, ensure all integrations are connected, use the ‘Sync Now’ feature for manual updates, and monitor your wallet details page for any discrepancies.
Q. How do I troubleshoot my Binance integration with KoinX?
If you encounter any difficulties with the integration of Binance and KoinX, you can carefully follow the steps mentioned in this guide to resolve the problem. However, if you require further assistance, you can reach out to us on Twitter or send an email to support@koinx.com.
How do I troubleshoot my Bibox integration with KoinX?
If you experience difficulties with your Bibox-KoinX integration, refer to our guide, which provides step-by-step instructions. Additionally, you can seek assistance by contacting us on Twitter or by emailing support@koinx.com.
