Indian start-up TaxCryp Technologies is set to tackle India’s crypto taxation regime via its crypto tax calculation services.
By introducing a software as a service (SAAS) solution the company is focused on simplifying tax computation, compliance and reporting requirements.
TaxCryp was launched this morning via a tweet from the company saying: “Introducing TaxCryp: A transparent tax computation and compliance solution focused on supporting crypto investments in India.”
Since India enforced a 30% tax on all crypto income on April 1, the country has forbidden crypto traders to offset losses with gains made elsewhere, alongside introducing a 1% deducted tax at source on the sale and trades of crypto assets that exceed 10,000 Indian rupees ($127).
However, compliance has been up in the air and there has been regulatory uncertainty around Indian investors and crypto holders.
As a result, crypto deposits were banned; CoinSwitch and WazirX halted their UPI deposit framework amid the unpredictability of Indian laws, and trading plummeted by 40%.
To tackle such issues surrounding cryptocurrencies in India, TaxCryp announced it will “allow investors to easily navigate through India’s complex crypto regulatory landscape”.
The new TaxCryp software has been billed at enabling users to “trade with ease by seamless integration with crypto wallets”.