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Binocs become a tax partner to BitBns

July 28, 2022

Binocs become a tax partner to BitBns
Business Wire India bridging the compliance gap between the web3 and the real world, crypto tax and portfolio tracking platform Binocs has today announced its partnership with cryptocurrency exchange BitBns as their tax partner. Through this partnership, BitBns users can easily calculate their crypto taxes by simply integrating their accounts with Binocs.

Over the years, India has grown to become one of the largest investor bases in crypto and with the government announcing taxes on crypto, there is a need for software that can help to simplify the crypto taxation process. To address this gap, Binocs has built crypto compliance and portfolio tracking infrastructure for retail and B2B customers.

The primary purpose of Binocs is to ensure accurate tax computation is executed while maintaining compliance with the latest local laws and regulations for all its users. Binocs caters to an array of transactions right from Buy, Sell, and Stake, P2P transactions and even internal and external transfers. With complete transparency, the algorithm breaks down the transaction fee and TDS already paid on the transactions and then calculates tax on the net amount.

Users can link their crypto portfolios via multiple sources – Indian exchanges, international exchanges, on wallets, and on chains directly. They can track daily portfolio movements and portfolio value (enabled by intelligent analytics), as well as download quarterly and annual tax computation and account statements. Binocs also reconciles transactions, since inception, from multiple accounts with zero errors.

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