Move to help the users track their crypto portfolios across wallets and exchanges, and manage taxes on their transactions
As the FM levies 30% tax and TDS on cryptocurrency assets, fintech SaaS firm Clear, launches a crypto tax and portfolio management platform for enterprises and individual users.
Nearly 20 million Indians jumped onto the crypto bandwagon in 2021. From picking up Bitcoin, the world’s first and most popular currency, they started investing in Ethereum and eventually experimenting with alternative coins like Solana, Polygon, and Terraluna, and stable coins like Tether, too. As the owner of India’s largest SaaS platform for e-filing and financial services, Clear will be partnering with the crypto exchanges to help such investors seamlessly manage and track their crypto portfolios across wallets and exchanges.
Clear will not only assist the investors with reporting their TDS, taxes, and GST level invoices and deposits but will directly integrate with the exchanges to remove all the manual processes that traders currently undergo. All the crypto trading, investment and holding patterns will be declared in their asset-liability and tax will be automatically calculated. The users will get live portfolio performance dashboards and tax reports to be able to make real-time decisions.
Clear will tie up with crypto exchanges to help their customers adhere to the new tax norms.
Sharing his insights on the launch, Archit Gupta, Co-founder and CEO of Clear, said, “Cryptocurrencies have become an exciting part of the Indian investor’s lexicon. We currently have around 50k income tax filers reporting crypto income. However, considering the Government of India’s rules on crypto taxes where users cannot offset losses across different crypto assets, tracking their transactions at the asset level and being able to track the net profit or loss of those trades becomes critical for crypto trading. Our crypto offering will help the existing as well as potential traders to manage their crypto portfolio against taxes and make their decisions with ease.”
Finance Minister Nirmala Sitharaman announced the Indian government’s plans to issue its first digital rupee, a central bank digital currency (CBDC), most likely in the 2022-2023. The specific tax regime was announced witnessing the phenomenal increase in the magnitude and frequency of virtual asset transactions in the country recently.
Clear plans to bring one crore users on the crypto portfolio dashboard management system. The company has allocated $10 million to develop the crypto taxation product.
About Clear
Clear (née ClearTax) is India’s leading Fintech SaaS company with the mission of simplifying finance. We are trusted by over 6 million Indians, more than 50,000 tax professionals, 1 million small businesses and 3,300 large Enterprises. For small and large businesses, our product suite covers invoicing, GST, range of managed services and credit. For tax professionals, we offer comprehensive GST, Income Tax and TDS solutions. For individuals, we offer tax and wealth management solutions. We have raised $140 million in equity capital since inception. Our investors includeStripe, Kora Capital, Alua Capital, Think Investments, Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital and Founders Fund.
