Overview of cryptact tax reports

This page explains about the breakdown of tax reports. 

1. Introduction

Tax reports are currently available for users in India (under any plans including India Exclusive Plan) and Canada (with a paid plan).
If you'd like to learn how to download your tax reports and transaction history, please refer to this help page.

2. India

2-1. Overview

When the reporting currency is set to Indian Rupee (INR), the financial year is fixed from April 1st to March 31st.
Please ensure that your reporting currency is "INR", cost basis method is FIFO or Average Cost Basis (ABC), and the timezone of your location is selected. You can update these settings from the Settings page if needed.

2-2. Tax report

The Tax Report (the file titled "cryptact-annual-summary-[Year]") downloaded from cryptact includes an Income Summary section, which may be required when filing taxes in India.

If you are required to report capital gains, be sure to also download the following files:

・Capital Gains Summary (the file titled "cryptact-india-capital-gains-summary-[Year]")
・Derivatives Summary (the file titled "cryptact-india-derivatives-summary-[Year]")

These reports provide the necessary details for your capital gains and derivatives income.

3. Canada 

3-1. Overview

The financial year is from January 1st to December 31st by default. Please ensure that your reporting currency is "CAD", cost basis method is the average cost (ACB), and the timezone of your location is selected. You can change these settings from the Settings page if needed. 

3-2. Tax report

Tax report (the file titled "cryptact-annual-summary-[ ]-Year") downloaded from cryptact includes the following contents:

• Capital gains summary 

  • Proceeds from sales -
    • This represents the total amount you received from all your disposals. The figure may be higher than expected if you reinvested proceeds from previous trades.
  • Aquisition costs (Adjusted cost basis) -
    • The total cost incurred to acquire the assets, including any trading fees.
  • Net gains -
    • The overall profit from your trades, calculated as total gains minus losses.

• Income summary 

  • Total income - The total amount of the following items:
    • Bonus 
      • Including airdrop, campaign bonus etc. 
    • Staking
      
      • Sum of the profits earned through staking 
    • Lending
      • Sum of the profits earned through lending
    • Mining
      • Sum of the profits earned through mining
    • Others 
      • The total of other types of transactions profit/loss subject to income tax. (e.g. profit/loss caused by liquidity staking) 

•  Expenses

  • Total expenses - The total amount of items below:
    • Blockchain transfer fees 
      • Fees paid to transfer your assets between accounts 
    • Borrowing fees 
      • Fees paid to borrow assets
    • Custom expenses 
      • Items input as "expense" by the custom file 
    • Others
      • The total of other expenses (e.g. payment for service and goods using fiat currency) 

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4. Other supported countries (including US and Japan)

4-1. Overview

The financial year is from January 1st to December 31st by default. (Year end month changes depending on the reporting currency you selected. For mode details: Supported Reporting Currencies)

Please ensure your reporting currency and cost basis method are correct, and the timezone of your location is selected. You can change these settings from the Settings page if needed. 

• cryptact offers transaction history (file name: cryptact-ledger).
• If you file taxes in Japan, you can proceed with tax filing using the current cryptact features. Please refer to our blog for a guide on how to file taxes by yourself using cryptact.  https://www.cryptact.com/en/blog/cryptocurrency-how-to-taxfiling-en