Cryptocurrency is on a rise in India. Though the Indian government has taken various steps to stop cryptocurrency trading, the country still has seen a 10 fold increase in Bitcoin trade volume as compared to any other previous year.
In order to buy/sell cryptocurrencies or make investments in blockchain technology, it becomes necessary to file crypto tax India returns with the Income Tax Department of India (ITDI). The ITDI offers income tax return filing service for individuals and companies and charges fees based on their annual income.
With the official notification released by the ITDI to the traders and investors, it becomes necessary to know what you should consider while choosing a platform to file your returns.
Features An Ideal Crypto Tax Software Should Have
Secure and reliable processing server:
The most important factor that you must consider while choosing a platform to file your returns is that it should be safe and secure. The Security rating of the app chosen by you will shape your decision. If any fraudulent incident takes place while filling out your forms or during transmission, it might lead to implications that can jeopardise your future tax filing needs. Most importantly, the platform you choose should offer multiple modes of filing, so that you can file your returns in bulk as well as individually. Your tax return cannot take place properly if it is not individually filed; this will offer you some advantages that can help you save time when it comes to submitting forms for assessment year 2019-20.
Easy to use:
The second most important factor that you should consider when choosing a crypto tax software to file your returns is its usability. How usable is the platform that you have chosen? Are you able to handle it without much difficulty on your part? Are the instructions simple enough for you to follow? The answers to these questions should be positive for a simpler process and good user experience.
The third most important factor that you should consider while choosing a platform to file your returns is that it should have high-level security features. Hackers would take advantage of a vulnerable website if they find it easily accessible to them. The platform should secure the files and the accounts of users remotely and make it impossible for hackers or people with malicious motives to access that information. This will ensure the safety and speed of your tax filing needs.
Maintaining robust privacy standards:
The fourth most important factor that you should consider while choosing a platform to file your returns is that it must maintain robust privacy standards. It is necessary to carry out your tax filing needs in a way that ensures your privacy. The platform you choose must not have personally identifiable information of the users. The platform will only have publicly available demographic data, and it must not be given any additional information that can identify the users individually. This will help you make sure that no one gets access to your personal details.
If you are searching for an ideal crypto tax software then i will recommend you to checkout Binocs. Binocs is the best platform available in India and it will help you track your credentials in realtime and will make your trading experience smoother.