Mumbai, 7th September 2023 — WazirX, India’s leading cryptocurrency exchange platform, has streamlined tax filings for Indian crypto investors through its collaboration with TaxNodes, paving the way for a more straightforward and efficient approach to addressing the complexities of crypto taxation.
Together, WazirX and TaxNodes have embarked on a mission to simplify the lives of Indian crypto investors, providing them with a precise and hassle-free process to fulfil their tax obligations. Key success metrics that highlight the collaboration’s achievements include:
• Inclusive Participation: Over 30,000 Indian cryptocurrency investors, hailing from diverse genders and geographic locations, have found immense value in this collaboration.
• Geographical Reach: The collaboration has extended its reach to encompass more than 1,000 Indian cities, ensuring that investors from every corner of India can confidently manage their tax responsibilities. Mumbai emerged as the frontrunner in engagement, followed by Delhi and Jaipur.
• Efficient Time Management: On average, users reported saving a remarkable 8 hours in crypto tax computation and income tax return filing by leveraging TaxNodes’ user-friendly platform provided through this collaboration. Users could effortlessly upload their transactions and receive their Scheduled VDA tax reports in less than 30 minutes.
• User Satisfaction and Feedback: Impressively, TaxNodes has secured an exceptional 4.8-star Google rating in its debut year, primarily driven by strong user satisfaction and feedback. This rating reflects the significant positive influence the partnership between WazirX and TaxNodes has had on enhancing the overall tax filing experience. Users added more than 50 different wallets with 4000+ cryptocurrencies, with 30% of users accurately filing their income returns by 15th July 2023 (early filers).
• Educational Initiatives: WazirX and TaxNodes conducted a series of informative sessions, webinars, contests, and published educational blogs. These initiatives greatly enriched participants’ understanding of crypto taxation, making knowledge accessible to investors across India.
Reflecting on this transformational partnership, Rajagopal Menon, VP at WazirX, emphasized, “Our partnership with TaxNodes underscores our unwavering commitment to the Indian crypto community. As we guide investors through the complexities of tax regulations, it exemplifies our genuine dedication to ensuring their successful financial journey.”
Avinash Shekhar, Founder of TaxNodes, added, “We are proud that this partnership has been a huge success. Together, we have helped Indian crypto investors calculate, evaluate, and file their taxes accurately. We have also provided them with expert advice and personalized services to help them trade crypto freely without worrying about the intricacies of tax filing. This partnership has promoted compliance and eased regulatory uncertainties, thus fostering the growth of the Indian crypto market.”
For revised and belated returns, WazirX and TaxNodes remain steadfast in simplifying crypto tax compliance for the Indian crypto community. The partnership’s significance lies in the lasting boost to investors’ confidence and understanding of tax regulations. This partnership stands as a testament to WazirX and TaxNodes’ unflagging dedication to serving the dynamic requirements of Indian crypto investors, promoting compliance, and ensuring financial empowerment.