Founded in the year 2011, Blockchain.com was quick to assume a leadership position in the cryptocurrency industry. Initially, the company was known as blockchain.info and apart from having a first explorer status, its primary function was to track all trades and transactions related to Bitcoin.
A few attributes of the company are its instant matching engines and trading facilities, which allow users to execute quick, accurate, and above all, profitable transactions in cryptocurrency. However, one constant hiccup is the company’s inability to offer tax reports to users. This is where KoinX comes into the picture, as it offers users a platform to integrate their trades from Blockchain.com in a seamless manner and receive a comprehensive tax report easily.
Let’s simplify the process further with a detailed step-by-step guide.
A step-by-step guide on how to integrate Blockchain.com with KoinX
Step 1: Log in to your Blockchain.com account.
Step 2: On the top right corner, click on Settings.
Step 3: Click on API Management on the left side and then click on New API Key.
Step 4: In the permissions section, please select Get Balances.
Step 5: Now, log in to your KoinX account.
Step 6: Select the Integrations section.
Step 7: In the exchanges category, select Blockchain.com exchange.
Step 8: Enter your API and secret key and click on the Import Now button.
How to Easily Calculate & File Your Blockchain.com Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX can easily categorise all your transaction data at one place from leading crypto exchanges and wallets around the world.
Step 2: Review your transactions
All profits and losses on your transactions are calculated according to the latest regulations after they are categorised. However, if you see any warnings on your dashboard, refer to this article.
Step 3: Generate your tax reports for the selected financial year
KoinX presents tax reports and liabilities in an easy-to-read format. You have the option to categorise your trades as Business Income & Capital Gains. Select the Capital Gains option if trading is your secondary income. Select Business Income if trading is your primary (active) source of income.
Step 4: File your taxes
Download your reports to file taxes at year-end. You can refer to KoinX’s tax professionals or head to any of our partnered websites for any assistance regarding filing taxes.
Frequently Asked Questions
Do I need Blockchain.com reports for tax filing?
Yes, if you trade or invest in crypto assets using Blockchain.com, your profits on investments are subject to tax as per Indian Government’s regulations. Therefore, you will need a tax report that has calculated your tax liabilities for filing the taxes.
How are Blockchain transactions taxed?
Various governments have their own tax regulations regarding crypto assets. In India, according to the 2022 Budget, all profits on crypto investments are taxed at a flat 30% rate, and 1% TDS is levied on every transaction.
Does Blockchain.com provide tax reports?
No, Blockchain.com does not provide tax reports. You can download your transaction history and upload that file onto KoinX to generate detailed tax reports for your portfolio.
How do I troubleshoot my Blockchain.com and KoinX integration?
Reach out to us at support@koinx.com or Twitter if you are still facing issues with integration after reading this article. The active customer support team of KoinX will guide you through your issue.
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