Founded in 2013, HitBTC is one of the oldest and most advanced cryptocurrency exchange platforms. A team of individuals, including experienced system architects, technology enthusiasts, and finance professionals, are behind the foundation of HitBTC. The platform offers various trading features for spot, margin, and futures trading. It provides API support, high liquidity, and solid security for a seamless trading experience. The platform has an exceptional track of reliability in its growing years.
Now that crypto activities are subject to quite complex taxes around many countries. Many HitBTC users are turning towards tax calculation tools to manage their taxes. KoinX is one of the industry’s leading platforms when calculating crypto taxes and its optimum management.
To seamlessly start managing your taxes, you can integrate your HitBTC account with KoinX. In this article, we will guide you through the process of integration.
KoinX’s powerful automated tax calculation system will handle your taxes without errors. Don’t let your taxes stop you from having a good investment plan
A step-by-step guide on how to generate your HitBTC tax report with KoinX
Step 1: Log in to your HitBTC account.
Step 2: On the top right corner, click on the Settings icon.
Step 3: Click on the API Keys on the settings page and click on Add New API.
Step 4: Make sure you have given the following permissions.
Step 5: Log in to KoinX.
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for HitBTC exchange and select the exchange.
Step 8: Paste your API and secret keys and hit the Import Now button.
How To Easily Calculate & File Your HitBTC Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX allows the integration of all the tools you may use for crypto activities under one platform for accurate tax calculations. In the integration section of KoinX, you can find all the major exchanges, wallets, and chains available for integration. Integrating HitBTC with KoinX is a seamless process; you can follow the above steps to integrate.
Step 2: Review your transactions
After successfully integrating your account with KoinX, the transaction has been imported. KoinX will organise your data category-wise; you can review your transactions from the produced outline. KoinX will inform you of any irregularities in your transaction history.
Step 3: Generate your tax reports for the selected financial year
KoinX will compute your transaction data and provide you with parameters like gains and losses. It will produce a complete tax report of your portfolio that is 100% accurate and compliant with the tax regulations of the authorities. You can get your tax report according to the nature of your investment and trading style.
Step 4: File your taxes
You can export the complete tax report directly from KoinX to your system in your preferred file format. The report will be rest assured errorless, and you swiftly file it.
Important Things to Consider While Generating Your HitBTC Tax Report with KoinX
- If you want KoinX to fetch the latest HitBTC transactions automatically, you can use the sync now option present in KoinX.
- When you create a new API from your HitBTC account, ensure you give only the necessary permissions for the API. Always select the read-only option in the permission section.
- Ensure that all the wallets and exchanges you use for crypto transactions are connected to KoinX to get a full-fledged tax report.
Now you can devote more time to upgrading your investment strategies rather than hassling for making a tax report for your crypto portfolio with the help of KoinX. You can relax while KoinX handles all the complex tasks of taxes.
Frequently Asked Questions
Do I need to report my HitBTC for tax purposes?
Yes, if you are an investor/trader in the crypto market, you must report your HitBTC transactions for tax purposes. All the crypto activities are subject to tax under the tax regulation provided by the concerned authority of the region.
Does HitBTC report to the Income Tax Department?
No, HitBTC does not get involved in the tax matters of the users. It is a cryptocurrency exchange that provides a platform to buy and sell a wide range of cryptocurrencies. The platform may have its own tax obligations according to where it operates.
Does HitBTC provide tax reports?
No, HitBTC does not provide tax reports to the users. It is a cryptocurrency exchange that facilitates the trade of various cryptocurrencies on its platform. KoinX will provide comprehensive tax reports of your portfolio with its robust automated tac calculation systems.
How are HitBTC transactions taxed?
HitBTC services are available in many countries around the world. The tax regulations differ according to the country and the authorities. In India, the crypto tax law was addressed in Budget 2022, stating that any transaction’s crypto profit is subject to 30% tax and 1% TDS for transactions above Rs 50,000.
How does HitBTC tax reporting with KoinX work?
The transaction history is imported when you integrate your HitBTC account with KoinX. KoinX organises your data and provides an overview of your transactions. After completing the transaction history, it produces a comprehensive tax report compliant with the tax department’s regulations.
What are the most common issues with importing transactions from HitBTC to KoinX?
Integrating HitBTC with KoinX is a relatively seamless process. But if you have to be attentive while entering the API address in the KoinX integration interface. The API address should be correct and not missing any characters, or else you may encounter an error during integration.
How do I troubleshoot my HitBTC integration with KoinX?
In case you get a problem while integrating your HitBTC with KoinX. You can always reach out to the customer care service of KoinX. Connect with the support team via live chat, Twitter, or email at support@koinx.com.
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