Binance Smart Chain (BSC) is a blockchain network designed for running smart contract applications. BSC operates alongside Binance Chain, offering the best of both worlds: Binance Chain’s high transaction capacity and BSC’s smart contract functionality. BSC supports Ethereum-based applications such as MetaMask due to its implementation of the Ethereum Virtual Machine (EVM).
KoinX streamlines managing crypto taxes, portfolios, and accounting for investors through automated systems. It simplifies the generation of Binance Smart Chain tax reports, 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 Binance Smart Chain tax report from KoinX.
A step-by-step guide on How to Integrate your Binance Smart Chain chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the Binance Smart Chain:
Step 1: Log in to your KoinX account.
Step 2: Locate the “Integrations section” at the top and select the “Blockchains” category.
Step 3: From the available options, select the Binance Smart Chain chain.
Step 4: You can add a custom name of your choice. This name will help you identify your wallet later on.
Step 5: Finally, enter your public address. This is nothing but the receiving address or account address that you see on your wallet, like “Metamask” or “Trust”.
Step 6: 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 Binance Smart Chain chain are now added to KoinX. We import all your transactions across all years, including BEP-20 and ERC-721 transactions.
Watch how to generate your Binance Smart Chain tax report with KoinX
Take the first step towards stress-free crypto tax reporting. Watch our tutorial on generating your Binance Smart Chain tax report with KoinX and start saving your precious time and money today!
We are there where it is a crypto tax liability to adhere to.
Important Things to Consider While Generating Your Binance Smart Chain 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 Binance Smart Chain Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data in one place.
Step 2: Review your transactions.
Ensure 100% accuracy and compliance with the latest tax regulations by reviewing your transactions. KoinX guarantees precision by automatically categorising all transactions and computing gains and losses. If any warnings appear in your portfolio, refer to our helpful article to resolve them.
Step 3: Generate your tax reports for the selected Financial Year
In order to generate your tax reports accurately, it’s important to categorize your trades as either Capital Gains or Business Income. If you’re trading crypto as a secondary source of income, such as passive investing for returns, please select Capital Gains. On the other hand, if you’re trading with the goal of making crypto your primary source of income, please select Business Income.
Rest assured, KoinX produces all the necessary tax reports and provides a transparent breakdown of your crypto tax obligations. With our user-friendly cryptocurrency tax management solution, you can streamline your tax reporting process and stay compliant with ease.
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.
Frequently Asked Questions
What is the KoinX and Binance Smart Chain chain integration, and how does it work?
The KoinX and Binance Smart Chain chain integration is a feature that allows KoinX users to easily track their Binance Smart Chain transactions and calculate their tax liability. Users can paste their Binance Smart Chain address at KoinX and import their transaction data, which is automatically organised and used to generate accurate tax reports.
How do I connect my Binance Smart Chain address to KoinX?
To connect your Binance Smart Chain wallet to KoinX, simply follow the step-by-step instructions above. You will need to provide your wallet address. Once your wallet is connected, you can start importing your transaction data and generating tax reports. If you are still facing any issues, please feel free to contact our support team.
Do I need to report my Binance Smart Chain tax reports?
Yes, you must report all taxable transactions with Binance Smart Chain or any other cryptocurrency on your tax return, no matter how much money was involved. Keep detailed records of your crypto transactions and use a reliable tax-calculation platform like KoinX to make accurate tax reports.
Does Binance Smart Chain provide tax reports?
Binance Smart Chain doesn’t generate any tax reports. Instead, it provides you with a transaction history that you can upload to KoinX to calculate your taxes accurately.
How are Binance Smart Chain transactions taxed in India?
In India, Binance Smart Chain transactions are covered under tax jurisdiction, which means a 30% tax on profits and a 1% TDS on all transactions.
How does Binance Smart Chain's tax reporting with KoinX work?
After the Binance Smart Chain and KoinX integration, you are presented with a tax report that gives you a comprehensive overview of the taxes you’re liable to pay on your trades. You can share it with your tax professional for tax filing purposes.
How do I troubleshoot my Giottus integration with KoinX?
For any troubles related to 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 support@koinx.com.
