SAAS-based TaxCryp software aims to simplify tax computation, compliance and reporting requirements, India-based TaxCryp Technologies said on its verified Twitter handle.
India imposed a 30% flat tax on all crypto income from April 1, and a 1% tax deducted at source (TDS) on the sale and transfer of crypto assets in excess of 10,000 Indian rupees (about US$127).
India also does not allow crypto traders to offset losses with gains made elsewhere, and has not clarified the legal status of the asset.
Compliance is tedious for Indian taxpayers as clarifications on the method of calculating these taxes has not been provided by the department.
India taxes on a proportional basis with direct tax on income ranging between 5% and 30%. However, only 6.7 million people filed their income tax declarations this year till July 31, according to a Twitter post by the department. India’s has a population of more than 1.4 billion people.