CoinList is a leading platform in the cryptocurrency space. Launched to facilitate compliant token sales, it has evolved into a comprehensive exchange and fundraising platform. It simplifies crypto trading and investing, offering a range of features catering to novice and seasoned investors.
Trusted for its reliability, CoinList provides a secure environment for buying, selling, and managing digital assets. But what about crypto taxes? For that, you can use KoinX. An automated crypto tax software that quickly and accurately computes your crypto taxes. It integrates over 270 exchanges, wallets, and blockchains, including CoinList.
How can you integrate your CoinList transactions on KoinX? Read this guide to get the details.
How To Generate Your CoinList Tax Report With KoinX
Step 1: Visit the CoinList website and log in to your account using your credentials.
Step 2: Once you have logged in, click on the profile icon at the top right corner of the screen.
Step 3: In the profile dropdown menu, scroll down the page and click ‘’Transaction History.”
Step 4: Under the Transaction History window, select ‘Statement’
Step 5: Now, under ‘Request a New Statement’, mention the following:
- Statement Type: File Statement
- Start Date: 2023-04-01
- End Date: 2024-03-31
Step 6: Check all the details and hit ‘Request Statement’
Step 7: When the file is ready to download, it will appear under the ‘Statement’ section. You can then hit ‘Download’ to get the file.
Step 8: Once you have the file, log into your KoinX account.
Step 9: Click on the Integration tab in the top navigation bar.
Step 10: Locate “CoinList” under the exchange section using the search bar or scrolling.
Step 11: Upload your downloaded ‘Transaction History and click “Submit” to complete the integration process.
How To Easily Calculate & File Your CoinList Taxes with KoinX?
Here’s how you can easily calculate your CoinList taxes with KoinX:
Step 1: Integrate Your Accounts
Connect all your crypto exchanges and wallets to your KoinX account to generate detailed tax reports. KoinX supports over 270 platforms, including CoinList. Refer to our integration guides to get a thorough idea of integrating different platforms on KoinX.
Step 2: Organise And Review Transactions
After linking all your accounts, the next step is to organise and review your transactions. KoinX’s user-friendly interface automatically categorises and verifies your trading data quickly. Accurately calculating your gains and losses, ensuring you comply with the latest tax regulations.
Step 3: Generate Tax Reports For The Financial Year
KoinX simplifies your crypto tax obligations by generating clear, easy-to-understand tax reports. You can categorise your trades as either Capital Gains or Business Income. Choose Capital Gains if you invest in crypto for returns and Business Income if crypto trading is your primary source of income.
Step 4: File Your Taxes
After generating the tax report, import it into the appropriate tax filing software or give it to your tax professional for swift and efficient filing.
Important Things To Consider
Here is a list of things which you must keep in mind when integrating your CoinList account with KoinX:
- Ensure all your data and accounts are appropriately integrated with KoinX.
- Select the proper Start and End Date to generate an accurate tax report.
- Please note that KoinX does not fetch trades from CoinList in real time. To ensure your latest transactions are accurately synced, generate and upload the latest ‘Transaction History’ per the instructions above.
- Download transaction reports from the inception of your CoinList account to identify any missing transactions, ensuring accurate and complete calculations.
- Ensure you have uploaded the current Transaction History on KoinX.
KoinX aims to simplify crypto tax responsibilities, letting you focus on profits without worrying about taxes and their complexities. So, sign up today on KoinX for streamlined crypto tax management.
Frequently Asked Questions
Do I Need To Report My CoinList Transactions For Tax Purposes?
Yes, you need to report your CoinList transactions for tax purposes. In 2022, the Indian government directed all crypto investors and traders to declare their digital asset transactions under the VDA law, which imposes a 30% tax on gains. Moreover, any income generated through staking, mining or farming is liable for income tax. Hence, transactions from all exchanges, including CoinList, should be reported to avoid future issues.
Does CoinList Report To The Respective Tax Departments?
CoinList meets its legal and regulatory obligations by carefully reporting financial transactions to the Income Tax Department. This commitment to transparency and compliance creates a secure environment, boosting user confidence and trust.
Does CoinList Provide Tax Reports?
No, CoinList does not directly provide crypto tax reports. However, it has partnered with KoinX, an automated platform that generates accurate crypto tax reports from over 270 exchanges, wallets, and blockchains.
How Are CoinList Transactions Taxed?
In India, CoinList transactions are taxed according to the crypto tax laws introduced in the Financial Bill 2022. Any profit from crypto is taxed at a flat rate of 30%, plus a 4% health and education cess on the capital gains tax amount. Additionally, the exchange where you sell your digital assets must deduct a 1% TDS on the selling amount.
How Does CoinList Tax Reporting With Koinx Work?
After integrating your CoinList account with KoinX, it categorises your transactions for review and calculates all gains and losses. Once you review the data, KoinX generates an accurate crypto tax report based on your transactions. You can then download the tax report or share it directly from KoinX.
What Are The Most Common Issues With Importing Transactions From CoinList To KoinX?
One common issue you might encounter when importing transactions from CoinList to KoinX is account integration failure. Additionally, please upload the specific file for the current financial year if you wish to file your taxes.
How do I troubleshoot my CoinList integration with KoinX?
If you need any help with the CoinList account integration with KoinX, please carefully review the steps outlined in our guide. If you are unsatisfied with the guide, contact us via Twitter or email us at support@koinx.com for further assistance.
