Founded in 2017, Flitpay has always been at the forefront of simplifying crypto trading and investing in India; with its exemplary, easy-to-use trading features and diverse crypto services like crypto gift cards, staking, etc., Flitpay provides seamless deposits and withdrawals with utmost convenience. Trusted by 1 million users, it enables investors to hold and trade all the trending cryptocurrencies with a click and top-notch security.
However, crypto trading in India comes with specific tax regulations and liabilities. Moreover, the manual calculation of such taxes can prove bothersome. KoinX acts as your saviour. It is an automated crypto tax computing platform that automatically classifies all your transactions based on their nature. This is why it provides accurate crypto tax reports to its users.
But how can you integrate your Flitpay account with KoinX? Here is a detailed guide on integrating Flitpay with KoinX to effortlessly generate tax reports.
How To Generate Your Flitpay Tax Report With KoinX
Step 1: Sign in to your Flitpay account.
Step 2: Navigate to the “Wallet” tab in the top navigation bar.
Step 3: Click on “Account Statement.”
Step 4: Select a Report Type.
Step 5: Select the Duration/Period you wish to generate the report.
Step 6: Click “Generate Report” to receive the report via email.
Step 7: Once you have the report, log into your KoinX account.
Step 8: Click on the Integration tab in the top navigation bar.
Step 9: Locate “Flitpay” under the exchange section simply using the search bar or by scrolling.
Step 10: Upload your trade reports and click “Submit” to complete the integration process.
How To Easily Calculate & File Your Flitpay Taxes with KoinX?
Here’s how you can easily calculate your Flitpay taxes with KoinX:
Step 1: Integrate Your Accounts
The first step to generating your crypto tax reports is integrating all your crypto exchanges and wallets into your KoinX account. KoinX allows integration from over 180 wallets, exchanges and blockchains, so ensure that all your crypto wallets and exchange accounts, including Flitpay, are correctly integrated with KoinX. For more details, you can read our integration guides.
Step 2: Organise and Review Transactions
Once you have integrated all your accounts, the next step is to organise and review all the transactions. KoinX’s interface offers a user-friendly way to categorise and review the trading data. It accurately calculates all gains and losses, helping you comply with the latest tax regulations.
Step 3: Generate Tax Reports for the Financial Year
KoinX simplifies meeting your crypto tax obligations by generating all necessary tax reports in an easy-to-understand format. You can classify your trades as either Capital Gains or Business Income. Choose Capital Gains if you invest in crypto for returns or Business Income if crypto trading is your primary source of income.
Step 4: File Your Taxes
After generating your tax report, import it into the relevant tax filing software or provide it to your tax professional for quick and efficient tax filing.
Important Things to Consider
Here is a list of things which you must keep in mind when integrating your Flitpay account with KoinX:
- Verify all your integrations to avoid any issues.
- KoinX does not fetch your trades from Flitpay in real-time. Please generate and upload the latest “Trade Reports” as instructed above to ensure your latest transactions are correctly synced.
- Please ensure you download transaction reports from the day you created your Flitpay account. This will help us identify missing transactions and ensure your calculations are accurate and complete.
- We recommend reviewing your imported transactions to avoid any discrepancies in profit calculations.
KoinX is working efficiently to ease the burden of crypto taxes on its users so they can enjoy the profits and not get entangled in the web of taxes. So sign up on KoinX and make your crypto tax easier.
Frequently Asked Questions
Do I Need To Report My Flitpay Transactions For Tax Purposes?
Yes, reporting your Flitpay transactions for tax purposes is essential. In 2022, the Indian government mandated that all crypto investors and traders report digital asset transactions under VDA law, imposing a 30% tax on gains from these transactions. Therefore, reporting transactions from all exchanges, including Flitpay, is important to prevent future complications. For further clarification on crypto taxes, consult a tax expert.
How Are Flitpay Transactions Taxed?
Crypto transactions on Flitpay are subject to specific tax regulations in India. Any profit from the sale of cryptocurrencies is considered a realised gain and is subject to a 30% tax, whereas a 1% TDS is applicable on all sell transactions.
How Does Flitpay Tax Reporting With Koinx Work?
Koinx allows you to seamlessly generate tax reports by analysing and calculating your Flitpay transactions without a hitch. It automatically scans and categorises your transactions, using advanced algorithms to calculate gains and losses precisely. KoinX also ensures compliance with the latest tax regulations, providing comprehensive and accurate tax reports and making the filing process straightforward and efficient.
What Are The Most Common Issues With Importing Transactions From Flitpay To KoinX?
Generally, integrating and importing transactions on KoinX is a slick process. However, there might be times when technical glitches interrupt the system or errors occur due to incorrect uploading procedures. If you encounter any issues while generating your reports, it is advisable to double-verify the uploads and entries. If the problem persists, reach out to our support team for assistance.
How do I troubleshoot my Flitpay integration with KoinX?
If you need any help with the Flitpay-KoinX integration, carefully review the steps outlined in our guide. You can also contact us via Twitter or email support@koinx.com for further assistance.
