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Clear co-founder Srivatsan Chari, Archit Gupta and Ankit Solanki
Tax filing platform Clear (formerly ClearTax) has launched its crypto tax platform, providing users with a comprehensive solution for optimizing their cryptocurrency taxes.
According to the company, The new service allows users to offset losses, manage GST and TDS on crypto transactions, and seamlessly integrate with over 100 exchanges such as Binance, Coinbase, and CoinDCX in real-time.
In addition to streamlining tax processes, Clear's platform offers various use cases for filing taxes based on different transaction types, including airdrops, gifting, business expenses, and capital gains. Avinash Pollepaly, Senior Director-Crypto Business Head at Clear, highlighted the platform's advanced algorithms and utilization of historical market data, ensuring accurate tax calculations.
During a Twitter Spaces session, Pollepaly emphasized the limitations of traditional profit and loss (P&L) generators used by many startups. These tools often lack a holistic approach and may result in customers being inaccurately classified under capital gains by their chartered accountants. Clear aims to address this issue by providing end-to-end guidance to customers, maximizing their tax savings.
The Indian government has long been focused on taxing crypto assets, and Finance Minister Nirmala Sitharaman recently introduced new measures in the Union Budget Speech. Under the new tax regime, VDA capital gains will be subject to a 30% tax, and an additional 1% tax will be deducted at source for all VDA transactions. Furthermore, any losses from VDA transfers cannot be offset against other income.
Clear's crypto tax platform aims to simplify the complex process of filing taxes related to cryptocurrencies. By offering optimization strategies, real-time integration with major exchanges, and a comprehensive approach to different transaction categories, Clear seeks to empower users and ensure they maximize their tax benefits.
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