BL3P is a venture of Bitonic. It is available in almost all European Countries. It has its base in the Netherlands. BL3P is a rare exchange platform with Dutch bank accounts. These help in processing euro transactions. It is also known for processing all transactions at a high pace.
There are various feasible methods of trading in crypto. But calculating crypto taxes is the actual task. With the automated tax calculation feature of KoinX, you can now make this process easy. It can analyse all the data and give out accurate reports. The speed at which it computes all transactions is very high. It can even carry out portfolio management with ease.
This article will highlight the steps to integrating the BL3P account into KoinX. All you need to do is follow the steps and do the needful.
A step-by-step guide on how to generate your BL3P tax report with KoinX
Step 1: Log in to your BL3P account.
Step 2: Click on the Security section.
Step 3: In the security section under API access, please name the API and request a new key
Step 4: Make sure you select the Read-Only part and select the Generate Key to create your API keys.
Step 5: Now, log in to KoinX.
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for BL3P exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How To Easily Calculate & File Your BL3P Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
You can easily opt for tax calculation and a wide range of exchanges on different Crypto assets on KoinX. All you have to do is connect any such exchange platform or chains to it. For instance, those who have a BL3P account need first to integrate it with KoinX.
Step 2: Review your transactions
KoinX strictly follows the latest tax rules and regulations. The report it generates ensures following all such laws. It even makes it simpler for the users by differentiating the transactions into different categories. It also offers an insight into the profits and losses. Users can easily get a preview of all transactions here.
Step 3: Generate your tax reports for the selected financial year
First, it analyses all the data available. Then it generates a tax report with utmost accuracy. But before that, the user must select the year they want the data. You can then segregate them by considering your trading and investment method. You can take them as business income or capital gains.
Step 4: File your taxes
KoinX gives you your tax reports directly. You can then choose the format in which you need the report. You can easily share it with your tax professionals when you get it in the format you need. It is one of the easy methods of filing taxes.
Important Things to Consider While Generating Your BL3P Tax Report with KoinX
One must remember certain things before generating a BL3P tax report with KoinX. These things are as follows:
- KoinX will not derive information straight from BL3P itself. Users must sync up all the transactions first. While doing so, they need to ensure that no gaps exist. It will keep the tax report away from all errors.
- Users must ensure they transfer all the data from the BL3P account accurately. The data you choose should be from the beginning date of your account creation on BL3P. It will make KoinX produce a perfect tax sheet that is free of errors.
- Users must analyse all the transactions, mainly the profits and losses before the computation begins. It will present accurate data on all the profits and losses.
After users consider all the above criteria, tax report filing will become easy for them. It will push them to start using KoinX today. It will also assist them in staying compliant with all the changing tax rules and regulations.
It is high time to make BL3P tax filing easy. Set up your account today! Now is the right time to access easy tax filing. Get hold of your cryptocurrency taxes today!
Frequently Asked Questions
Do I need to report my BL3P for tax purposes?
Yes, you need to report your BL3P for tax purposes. Tax filing is essential if you already have set up an account on BL3P and are using it for transactions and generating profits. You must ensure you follow all the rules and regulations laid down by the authorities in your region.
Does BL3P report to the Income Tax Department?
No, BL3P does not report to the Income Tax Department. It is primarily a crypto exchange platform whose sole aim is to facilitate the selling and buying of different cryptocurrencies. But as it is also a legal and financial entity, tax regulations apply to it.
Does BL3P provide tax reports?
No, you cannot get tax reports from BL3P. It is solely a crypto exchange platform where you can trade in or buy and sell different types of cryptocurrency. To generate accurate tax reports, you must venture into KoinX. By following the tax regulations, it generates a report with all the accurate data.
How are BL3P transactions taxed?
BL3P transactions are taxes by analysing all the laws and regulations laid down by a region’s specific authorities. The Indian budget 2022 mentions that the profits generated from crypto assets will bear a 30% tax. It will also have a 1% TDS. All those platforms need to function legitimately and follow these rules.
How does BL3P tax reporting with KoinX work?
When you integrate your BL3P account with KoinX, it gets hold of all the transactions on the account. Then it will display a preview of all such transactions. You must check the whole data. It will give you an insight into whether there are any errors, such as irregular trade. You can make the report accurate with such analysis. Then KoinX will start computing all the data available and generate a report. You can download it in the format you require.
What are the most common issues with importing transactions from BL3P to KoinX?
The process of importing transactions from BL3P to KoinX is straightforward. When you upload a file, you must ensure that the file you have chosen is the correct one. You must also select the financial year for which you want the report. You must check the ‘read info’ option while generating the API key. It will ensure that no changes occur in the data.
How do I troubleshoot my BL3P integration with KoinX?
You can refer to the guide here to ensure you swiftly carry out the integration process. You can also contact customer support at KoinX through their live chat, Twitter, and email at support@koinx.com.
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