Boba Network is favoured by investors for its Layer-2 scaling solution and Hybrid Compute platform, which facilitate quicker, more cost-effective, and intelligent transactions. Additionally, the platform supports multiple chains, NFT bridging, dual-fee tokens, and offers L1 security and staking opportunities for token holders.
As an investor involved in Boba Chain activities, it’s crucial to consider possible tax obligations. Fortunately, KoinX provides a cryptocurrency tax management solution that simplifies the intricate process of tax calculations and helps maintain compliance with current regulations in India.
Check out our comprehensive guide with videos to easily generate your Boba tax report using KoinX.
A step-by-step guide on how to Integrate your Boba chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the Boba chain:
Step 1: The first step would be signing in to your KoinX account with your credentials.
Step 2: Navigate to the “Integrations section” and select the “Blockchains” category.
Step 3: Select the Boba option from the list of blockchains available.
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: Click on “Submit” and you are done!
All your transactions on the Boba chain are now added to KoinX. We import all your transactions across all years, including ERC-20 transactions.
Watch how to generate your Boba tax report with KoinX
Take the first step towards stress-free crypto tax reporting. Watch our tutorial on generating your Boba 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 Boba 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 Boba Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX offers support for various leading cryptocurrency exchanges and wallets, allowing users to import all of their transaction data in one convenient location
Step 2: Review your transactions.
With KoinX, users can rest assured that all their transactions are accurately categorized and their gains and losses are properly calculated according to the latest tax regulations. In case there are any warnings in your portfolio, refer to this article to address the issues.
Step 3: Generate your tax reports for the selected Financial Year
KoinX makes all the necessary tax reports and breaks down your crypto tax obligations in an easy-to-read way.
You have the option to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as a secondary source of income (like passively investing for returns), then please select Capital Gains.
If you are trading with the intent of making crypto your primary source of income, then please select Business Income.
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.
KoinX’s simplified method makes it very easy for users to deal with tax issues related to cryptocurrencies. KoinX provides a comprehensive solution that simplifies the process for users, allowing them to have peace of mind knowing their transactions are accurately classified and fully compliant with tax regulations. With KoinX, you can focus on managing your assets with ease, while KoinX handles the complexities of crypto taxation.
Frequently Asked Questions
Do I need to report my Boba for tax purposes?
Yes, investors in India who have invested in Boba should be aware that the 2022 Budget by the Indian government requires taxation of all cryptocurrency transactions, including trading, staking, mining, airdrops, and Boba, at a rate of 30%. To avoid legal issues or penalties, it is essential to report your Boba investments for tax purposes.
Does Boba provide tax reports?
Boba does not offer a built-in tax reporting feature. By integrating your Boba account with KoinX, you can easily generate accurate tax reports for all your transactions. KoinX is a comprehensive cryptocurrency tax management solution that simplifies the complex process of calculating taxes, ensuring compliance with government regulations.
How are Boba transactions taxed?
Boba transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits as per the 2022 Indian budget. Investors selling crypto assets for more than INR 50,000 or INR 10,000 (in certain cases) in a financial year may also face a 1% TDS.
How does Boba tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your Boba investments. Once integrated, KoinX will automatically sync all your transactions and produce detailed tax reports to provide a breakdown of realized capital gains and income. Easily share reports with your accountant or file them yourself, or share them with your tax professional.
What are the most common issues with importing transactions from the Boba to KoinX?
Even though the KoinX and Boba Chain integration is seamless, there are instances where you sometimes upload the wrong address or the address might be missing characters. Try double-checking the file before uploading.
How do I troubleshoot my integration with KoinX?
For any troubles related to the Boba-KoinX 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
