Mudrex, ClearTax partners to assist users in calculating and filing paid crypto taxes

Mudrex, a cryptocurrency investment platform founded by Indian entrepreneurs, has partnered with tax calculation platform ClearTax. Cryptocurrency exchanges operating in India now have a set of rules that they must adhere to, in order to remain compliant in conducting their operations here. One of the important criteria that Indian cryptocurrency players prioritize is that their users pay due taxes on their cryptocurrency-related profits. The calculation of these taxes has been complicated and confusing for many, leading many of them to evade these cryptocurrency taxes for the past two years since these charges were imposed.

Mudrex aims to alleviate the complexities associated with tax reporting with this new partnership. The goal is to help users save time by not having to deal with the complexities of the cryptocurrency tax filing process. As part of this partnership, communities of traders and investors using Mudrex will have access to tax calculation solutions offered by ClearTax. This access will streamline the process of generating detailed tax reports, leveraging automated tax calculation services, and gaining valuable portfolio insights. Mudrex users will also be able to download VDA compliant tax reports, essential for filing income tax returns (ITR).

It is noteworthy, however, that Mudrex users will have to pay a “nominal fee” to use ClearTax’s suit despite this partnership. Speaking to Gadgets360, the company said that ClearTax’s service plan starting from Rs. 299, will cost less for Mudrex users. The exact price was not disclosed.

“Mudrex users are well positioned to leverage this opportunity as a pivotal moment in their financial journey and further equip themselves with the tools and resources they need to achieve their financial and compliance goals efficiently,” said Avinash Polepally, Senior Director (Consumer Business Head) at ClearTax to comment on the matter.

THE crypto community in India he has repeatedly urged members of his circle to be compliant in paying taxes on cryptocurrencies, to demonstrate to the government that the cryptocurrency industry can follow legal discipline. In this way, they believe, the government could gain greater confidence in supporting the growth of this sector.

According to the Indian law imposed in 2022, profits generated from crypto assets are taxed by 30 percent. Additionally, 1% tax is deducted at source on every crypto transaction.

In a recent conversation with Gadgets360, Taxnodes had another crypto tax calculation platform She said that tax compliance in the Indian crypto community is very low. Between 2022 and 2023, only 0.07% of cryptocurrency holders in India paid cryptocurrency taxes, according to a report by the Sweden-based technology research firm Divly he said last year.

According to Taxnodes, the main reason for poor tax compliance in India is lack of awareness among taxpayers.

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