Cryptocurrency is a virtual digital asset that has been used across the country for making quick transactions, even without any hassle. There are many methods available for sending and receiving cryptos. The government also has set certain Taxes for the VDA.
The VDA is the code, information, or even the token that is generated through the cryptographic. Recently, crypto wallet taxes have been introduced in the country, so the crypto user is required to file the Tax during the transaction. Investment schemes that can be transferred, stored, or even traded electronically are also called as VDA.
Non Fungible Token:
The Non-fungible token or other tokens especially have a similar nature, and these have been notified by the Central Government. Normally, the tokens could be used for making the quick transaction of the cryptos, and this makes it helpful for saving more money in the process.
Digital assets that you buy, sell, or even use to pay for any item will be taxable. For example, when your client or employee pays you in crypto, then this payment would be denoted as a stable income. It is quite important to report the transaction during the Tax filing. Whether you are converting the value of your cryptocurrency into fiat or buying, selling, or even storing them, then it is taxable.
Secure Wallet Integrations:
If you are looking to accurately calculate the Tax from all the possible sources and integrate the cryptocurrency wallets, then choosing Binocs is one of the wonderful options. Binocs Wallet Integrations is one of the best ways to extensively integrate more wallets into the Binocs platform.
These are quite helpful for calculating crypto taxes even without any hassle. Binocs also integrates about 50+ wallets so you can easily calculate the complete amount of taxes that are deductible from across the source.
Methods To Integrate Crypto Exchanges:
Crypto users can easily sync their crypto wallet accounts with Binocs. It will be a much more suitable option for easily calculating complete taxes efficiently. You can simply access official Binocs and make quick signups, or you can use the Binocs app. Upon login into the account, you need to connect to the wallet or even the exchange page.
When the user clicks crypto exchange then, it will redirect to the site, so it is important to sign in the crypto exchange account. Exchange asks permission to give read-only access for trades in Binocs. They are a suitable option for easily improving the trade along with taxes more efficiently. These are suitable options for choosing the cryptocurrency exchange that you like to integrate.
Save Your Time:
When the user approves permission, then they would be redirected into the Binocs app. It will be successful in integrating the crypto exchange by allowing the user to view the complete cryptocurrency transaction history on the Binocs.
Binocs is the perfect option to easily calculate crypto wallet taxes in a more accurate manner. All the trades can be easily integrated into a single platform. Users could extensively integrate other exchanges and wallets to get a complete portfolio as well as Tax liability.