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Indian cryptocurrency exchange WazirX on Tuesday launched Taxlyst, a free tax reporting platform that allows investors to generate tax reports from transactions across multiple crypto exchanges ahead of India's income tax filing deadline. The exchange said the platform is designed to simplify crypto tax calculations by enabling users to upload transaction histories from any exchange and generate reports on gains, losses and tax liabilities within minutes. Taxlyst automatically analyses trading activity and produces reports including virtual digital asset (VDA) gains and losses, estimated tax liability, futures profit and loss statements, exchange-wise transaction summaries and Schedule VDA-ready reports for income tax filings. For spot transactions, the platform uses the First In, First Out (FIFO) method to calculate gains and losses. The tool also allows users to download detailed reports, including transaction histories, futures profit and loss statements, USDT-INR conversion ...
The Central Board of Direct Taxes (CBDT) has issued a guidance note specifying that crypto exchanges and other intermediaries will have to report all transactions on their platforms to the Income Tax department. The objective of the guidance note on crypto asset reporting obligations is to bridge the information gap that existed because such assets could be transferred or held outside the traditional financial system. It is more procedural in nature while ensuring that crypto transactions become part of a transparent global tax reporting ecosystem. The note intends to explain the reporting obligations of Reporting Crypto-Asset Service Providers (RCASP) in line with the Crypto-Asset Reporting Framework (CARF) developed jointly by the Organisation for Economic Cooperation and Development (OECD) and participating countries, including India. The CARF is a global tax transparency framework which provides for the automatic exchange of tax-relevant information on transactions in crypto ..