New Tool Generates Schedule VDA-Ready Reports Using FIFO Method for Faster Crypto Tax Filing Across Exchanges
Indian crypto exchange WazirX has launched Taxlyst, a free crypto tax reporting tool that helps investors prepare their tax reports before the July 31 income tax filing deadline. The platform allows users to upload transaction histories from different crypto exchanges and generate tax reports within minutes.
Taxlyst is designed to make crypto tax reporting simple and quick. Many investors use more than one exchange, and calculating taxes manually can take a lot of time. The platform automatically calculates crypto gains, losses, and estimated tax liability after users upload their trading records.
Taxlyst Simplifies Crypto Tax Calculations
The tool also creates Schedule VDA-ready reports required for Indian income tax returns. It uses the First In First Out method for spot crypto transactions and prepares reports in a format suitable for tax filing.
Taxlyst provides detailed reports, including transaction history, futures profit and loss statements, exchange wise summaries, and USDT to INR conversion reports. Users can download these reports for tax filing and record keeping.
WazirX Aims to Reduce Tax Filing Effort
WazirX founder Nischal Shetty said that many investors spend several hours reviewing trades across multiple exchanges before filing taxes. Taxlyst aims to reduce this effort by creating organized tax reports quickly and reducing calculation mistakes.
The launch comes as crypto investors across India prepare to file income tax returns under the country’s Virtual Digital Asset tax rules. Investors must report crypto gains separately under Schedule VDA, making accurate records very important.
Industry Sees Better Tax Compliance Ahead
Bharat Web3 Association Chairperson Dilip Chenoy said simple tax reporting tools can help improve tax compliance as more people invest in digital assets. Better reporting systems can also increase confidence in India’s growing crypto market.
Taxlyst does not reduce tax liability, but it makes crypto tax reporting easier and more organized before the filing deadline. The platform helps investors prepare accurate tax documents with less manual work and fewer calculation errors.
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