Cryptocurrency investments have been gaining momentum globally. With an influx of investors and a few countries even adopting Bitcoin as a legal tender, it’s no surprise the adoption of cryptocurrency is being accepted. With the mass adoption of cryptocurrency and its investments, governments are putting a few regulations in place and trying to tax cryptocurrencies.
The same has been the case with India. With Budget 2022, a few regulations were put in place for taxing cryptocurrencies. A flat 30% rate plus surcharge and cess has been applicable on all crypto gains. Along with, 1% TDS is applied to all cryptocurrency transactions. But there are a few caveats to this which can lead to tax calculation being a tedious task for crypto investors.
Crypto taxation and portfolio tracking software, Binocs aims to bridge the gap for crypto investors by providing an easy yet efficient tax software for the tokenized economy.
Why Binocs
With ~20m investors, India is among the top 3 crypto markets in the world by a number of retail investors. It is touted to become #1 in a few years.
A sophisticated crypto accounting and tax software is a need of the hour. Software that understands all the types of transactions happening to create account statements, tax, and other reports and provides portfolio tracking.
This is the perfect time to create a tax and portfolio tracking system in one of the largest markets globally.
Binocs is a one-stop shop for all things crypto tax and portfolio tracking related!
Compliances related to crypto trades and investments can be tricky, error-prone, and time-consuming. Binocs mitigates these pain points, and lets users have a seamless crypto experience.
Not only that, but today investors have crypto holdings in multiple exchanges and wallets. Right from coins to NFTs and smart contracts, it’s tedious for investors to track their overall crypto portfolio. But with the help of Binocs, users can get a bird’s eye view of their crypto holdings all under one platform!
Binocs has the ability to access, understand and execute this data.
Users can simply sign up on the application, link their wallets or accounts from different exchanges, and let the Binocs software work its magic for generating tax reports or portfolio tracking!
Not only are the taxes calculated completely compliant with the latest regulations, but users can also see the breakdown of various charges, fees, and TDS and understand the net amount for the tax to be calculated on. Once the tax is calculated and the report is generated, Binocs users can download and share the reports with their tax consultant or simply upload the report on famous tax computing softwares.
It’s literally as simple as that.
Features and advantages of Binocs
- Integrated with 300+ exchanges, 50+ wallets and 20+ smart contracts
Whether you have multiple accounts on different exchanges or different wallets, you can integrate all your accounts on Binocs and combine all the transactions to calculate your net tax liability. The process to add your accounts is also extremely efficient, with just a few clicks and that’s it. No added steps are required.
- Accurate Transaction Entries
While importing the data from different exchanges and wallets, the accuracy offered by Binocs is top-notch. The software is also able to detect double-entry ledger systems and missing transactions. This not only reduces the manual labor to cross-check the transactions but also helps in calculating the true fair value of the net taxable amount.
- Supports Multiple Transactions
Buy, Sell, Stake, USDT, P2P, Margin, Rewards, Stakes, Swaps, and a plethora of transactions are supported on Binocs. Once an investor imports their data on Binocs, they can rest assured the software will handle all the transaction details for them.
- Manage and control crypto portfolio
Till now, we’ve spoken about the taxation side of features on Binocs. But Binocs also offers the feature of tracking an entire crypto portfolio from just one platform. Users can get a comprehensive view of their total portfolio holdings across their wallets and accounts. Binocs also offers the features of live market updates and advisory on the assets the users hold. Users no longer need to switch between applications to know their portfolio standings. It can all be accessed via Binocs.
At the moment, Binocs is available for all users in India, but very soon, it will have a global presence, and users can calculate taxes based on their local laws.
Binocs x BitBns
To cater to a large set of audience, Binocs has partnered with BitBns, a leading cryptocurrency exchange in India, to provide tax solutions to BitBns users in just a few clicks.
BitBns users can link their accounts with Binocs using the BitBns platform and the process can be done within just a few minutes. Once a user links their BitBns account with Binocs, Binocs can calculate the taxes paid by the users and generate their tax reports. No additional steps are required from the user’s end.
This seamless integration between Binocs and BitBns is surely going to ease the load on investors in regards to taxation for crypto transactions.
Meet the Founders
Tonmoy Shingal (IITK, IIMB), co-founded Mettl, a SaaS company in India that was acquired by Mercer in 2018.
Pankaj Garg (BTech CSE, IITD), engineering manager at Google, VP Engineering at SigTuple (10US Patents)
Pankaj and Tonmoy both believe blockchain is more than a technology. It’s a living ecosystem. And be able to create a product that can disrupt the economy and reduce the load on investors is a driving force behind their passion.
More than just crypto taxation and portfolio tracking platform
Apart from providing easy-to-use software for crypto tax calculation, Binocs is also breaking down tax concepts for its users and readers. Whether it’s understanding the latest crypto tax regulation or figuring TDS on transactions, Binocs has the content covered.
Highest priority on security
In today’s world, data is gold. But, for Binocs, their users and gaining their trust is what’s important. Binocs uses the data only to calculate the tax liability for its users and nothing else.
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