WazirX partners with Taxnodes to simplify tax computation for VDAs

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Cryptocurrency exchange WazirX and TaxNodes, an ITR depository platform, have been restricted to simplifying the crypto tax process for investors.

Through this partnership, TaxNodes will help WazirX’s user base to accurately calculate and file taxes on their investments and make them aware of tax developments in the virtual digital asset (VDA) industry.

There have been many misconceptions as well as a general lack of understanding on the part of investors regarding tax calculations. The company said that with the growing popularity of cryptocurrencies in India, it is imperative to create the appropriate compliance infrastructure and knowledge to engage with virtual digital assets, and thus this arrangement.

“Prioritize Compliance”

Rajagopal Menon, Vice President of WazirX said, “WazirX has always prioritized compliance with regulations in the country to set an example of fair practice in the virtual digital asset industry. The partnership between WazirX and TaxNodes will be instrumental in enabling an ecosystem of regulatory compliance and mainstream adoption of cryptocurrencies without facing challenges of miscalculation. tax or default.”

The collaboration between stakeholders in the Indian crypto ecosystem will encourage more users to seek information about the current and evolving laws of virtual digital assets with access to a wide range of digital tokens. The company said this will also be pivotal in helping users freely trade cryptocurrencies without having to worry about the complexities of tax filing.

Avinash Shekhar, Founder and CEO of TaxNodes, said: “We are delighted to embark on a new journey with WazirX. We are certain that our comprehensive solutions will help WazirX’s huge client base, gain much needed clarity on the taxation of their investments. We are confident of Our users will be able to take advantage of our expert-backed plans to not only calculate but also file their taxes, enabling us to simplify the tax journey for every crypto investor in the country.”