New Delhi, Jul 27 (PTI): Business Wire India bridging the compliance gap between the web3 and the real world, crypto tax and portfolio tracking platform Binocs has today announced its partnership with cryptocurrency exchange BitBns as their tax partner. Through this partnership, BitBns users can easily calculate their crypto taxes by simply integrating their accounts with Binocs.
Over the years, India has grown to become one of the largest investor bases in crypto and with the government announcing taxes on crypto, there is a need for software that can help to simplify the crypto taxation process. To address this gap, Binocs has built crypto compliance and portfolio tracking infrastructure for retail and B2B customers.
The primary purpose of Binocs is to ensure accurate tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users. Binocs caters to an array of transactions right from Buy, Sell, and Stake, P2P transactions and even internal and external transfers. With complete transparency, the algorithm breaks down the transaction fee and TDS already paid on the transactions and then calculates tax on the net amount.
Users can link their crypto portfolios via multiple sources – Indian exchanges, international exchanges, on wallets, and on chains directly. They can track daily portfolio movements and portfolio value (enabled by intelligent analytics), as well as download quarterly and annual tax computation and account statements. Binocs also reconciles transactions, since inception, from multiple accounts with zero errors.
Binocs simplifies the reporting of cryptocurrency holdings for several jurisdictions for users and expands the portfolio of services offered in the ecosystem. This partnership with BitBns offers the exchange’s users a plethora of ways to import their historical crypto transactions by simply linking their accounts to the Binocs app, which then generates necessary tax reports with the click of a button. These reports can be downloaded or shared with a tax professional or simply imported into popular tax filing software solutions.
Binocs uses OAuth Integration systems that provide state-of-the-art security and protect all its users’ data. The app also recognizes duplicate transactions and corrects them automatically. It ensures all accurate values have been considered for the transactions and has added the feature to tag all transactions correctly.
Binocs CEO Tonmoy Shingal said, “With the government regulating crypto transactions, the need for a simple yet efficient crypto tax software is the need of the hour. By partnering with BitBns, a leading cryptocurrency exchange we are one step closer to making crypto taxes and portfolio tracking accessible for everyone. BitBns users can accurately calculate their crypto taxes by linking their wallets with Binocs, all while being compliant. We are sure this partnership will simplify the reporting process for BitBns retail investors.” Gaurav Dahake, CEO of BitBns, said, “The Binocs team has delivered a high-quality crypto accounting & tax system. They have integrated with BitBns using the ‘Login with BitBns’ feature, and we encourage our users and other crypto investors to try out their platform to stay on top of their tax accounting and filing requirements.” With the help of Binocs, BitBns users can carry on their crypto activities without having to worry about the taxation aspect of things.
Binocs is building cutting-edge compliance (accounting and taxes) and portfolio tracking software for crypto transactions. Our software caters to both B2B and B2C use cases. Our software makes it effortless for Indian crypto investors to comply with the recent new regulations announced by the Government. We have also partnered with all of the top Indian exchanges through API/CSV integration.
India is a large market for crypto (approximately 20 million Indian crypto investors), which is already the second largest base in the world (after the US). It is expected to become the largest in a few years to come. As crypto compliances evolve for Indians, they need a piece of software to help track their crypto portfolio and compute their taxes and compliances.
Of the 15-20 countries that currently have tax regulations and compliances around cryptocurrency in place, there are 40-50 more that will implement regulations and compliances on it in the near future. This is a great market opportunity to build an easy-to-use, yet powerful, system early on. Catering to the Indian audience, to begin with, will help us to refine our software to understand various different types and nuances of crypto transactions. It will soon have a global presence for crypto taxation and portfolio tracking.