Giottus is a highly-rated cryptocurrency exchange in India that provides a wide range of trading options in popular cryptocurrencies, such as Bitcoin, Ethereum, and Ripple. Their platform is user-friendly, reliable, and trustworthy, adhering to strict compliance and cyber-security standards to protect customer assets.
However, buying and selling crypto on Giottus comes with tax obligations. KoinX simplifies managing crypto taxes, portfolios, and accounting with its easy-to-use automated systems. This enables you, as investors, to become more responsible and compliant. KoinX is now the number one tax-calculating platform for crypto users in India.
You can find an in-depth explanation of how to generate your Giottus tax report from KoinX in this post.
A Step-By-Step Guide On How To Integrate Your Giottus Account With KoinX
Step 1: Start by logging into your Giottus account on Giottus Mobile App.
Step 2 : As you are logged in, click on the “Dashboard” button and then click “INR History”.
Step 3 : Select the time range you want to download your transaction report.
Step 4 : Make sure that the file format is in “csv”.
Step 5 : You will all your transaction history, click on the “download” button.
Step 6 : As you have downloaded your CSV file, upload them to your KoinX account.
Step 7 : Once the CSV files have been downloaded, log in to your KoinX account.
Step 8: Navigate to the “Integrations” section in the navigation bar.
Step 9: Select “Exchanges” and choose “Giottus” from the list of available exchanges.
Step 10: Upload the downloaded CSV files in the respective rows provided under the “Giottus” exchange tab.
Step 11: After uploading the files, click the “submit” button to transfer the data from Giottus to KoinX.
Watch How To Generate Your Giottus Tax Report With KoinX
Say goodbye to complicated cryptocurrency tax reporting – watch our tutorial on generating your Giottus tax report with KoinX and simplify your life today.
Important Things To Consider While Generating Your Giottus Tax Report
- It’s essential to be aware that KoinX’s system doesn’t currently provide real-time retrieval of trades from Giottus Exchange. As a result, it’s crucial to ensure that your transactions are accurately synced and your tax reports are generated correctly. In order to achieve this, we recommend generating and uploading the latest “Trade Reports” by following the steps outlined above. By doing so, you can guarantee that your cryptocurrency tax reporting process will be seamless and error-free.
- For the highest degree of accuracy and completeness in your calculations, it’s crucial to download your transaction reports dating back to the inception of your Giottus account. This step is critical to identifying any missing transactions and ensuring the utmost precision. Neglecting to download all transaction reports may result in discrepancies and inaccuracies in your cryptocurrency tax reporting process. Therefore, we strongly advise that you make it a priority to download and retain all transaction reports to ensure a seamless and hassle-free experience.
- To avoid any irregularities in calculation of profits, we recommend you to review your imported transactions on our transactions page.
How To Easily Calculate & File Your Giottus Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data in one place.
Step 2: Review your transactions.
Ensure 100% accuracy and compliance with the latest tax regulations by reviewing your transactions. KoinX guarantees precision by automatically categorising all transactions and computing gains and losses. If any warnings appear in your portfolio, refer to our helpful article to resolve them.
Step 3: Generate your tax reports for the selected Financial Year
In order to generate your tax reports accurately, it’s important to categorize your trades as either Capital Gains or Business Income. If you’re trading crypto as a secondary source of income, such as passive investing for returns, please select Capital Gains. On the other hand, if you’re trading with the goal of making crypto your primary source of income, please select Business Income.
Rest assured, KoinX produces all the necessary tax reports and provides a transparent breakdown of your crypto tax obligations. With our user-friendly cryptocurrency tax management solution, you can streamline your tax reporting process and stay compliant with ease.
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.
Frequently Asked Questions
Do I need to report my Giottus for tax purposes?
Yes, if you are based in India and you have traded on the Giottus Exchange, it’s important to note that the 2022 Budget by the Indian government mandates that all cryptocurrency transactions are taxable. According to the Indian government’s 2022 budget, trading, selling, or spending cryptocurrencies is subject to a 30% tax on profits. As a result, Giottus transactions are also subject to this regulation.
Does Giottus provide tax reports?
Giottus does not offer any native tax reporting functionality. However, investors can seamlessly generate their crypto tax reports for their Giottus transactions by integrating their accounts with KoinX, facilitating tax season.
How are Giottus transactions taxed in India?
Giottus transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. If you are an investor selling crypto assets for more than INR 50,000 (in case of specified person) or INR 10,000 in a financial year, you may also face a 1% TDS.
How does Giottus tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your Giottus investments. Once integrated, KoinX will automatically sync all your transactions, calculate your realised and unrealised gains, and produce downloadable tax reports that can be used for filing your taxes or shared with your tax professional.
What are the most common issues with importing transactions from Giottus to KoinX?
Even though the KoinX-Giottus integration is seamless, there are instances where you sometimes upload the wrong file or submit the wrong report to KoinX. Try double-checking the file before uploading. To avoid errors, kindly ensure that the downloaded files are uploaded under the correct subheading. If you are facing any issues, please feel free to contact our support team.
How do I troubleshoot my Giottus integration with KoinX?
For any troubles related to 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.
