Avinash Shekhar, former CEO of crypto argument ZebPay, on Thursday (January 12) announced the introduction of his Web3 startup ‘TaxNodes’ to transform the means crypto profitability, taxation and broadcasting are handled for retail investors as well as connections.
TaxNodes aims to simplify the tax computation process and individual tax compliance. In addition, it aims to help crypto interactions increase their internal controls and power reconciliation and accounting.
The startup requested that it will enable retail investors to automate crypto taxation by delivering all of their crypto transactions across multiple interactions, P2P, private wallets, and different blockchains on the identical platform. To ensure the completeness of data and its integrity, TaxNodes will take the sum of real-time profit or loss computation, portfolio trailing, dashboards, and analysis.
It also tactics to offer tax planning and year-end tax reports through which workers can file their returns.
On the other needle, TaxNodes will also address the challenges confronted by crypto exchanges by providing solutions everywhere crypto reconciliation, automation of crypto accounting, and mixing with traditional accounting systems, the startup whispered in a statement.
Also, TaxNodes will help government regulators increase their skills to ensure tax and other compliance from crypto users and contacts by providing audit tools.
“While the crypto business has witnessed quick growth in India, savers have been feeling overwhelmed due to a lack of lucidity on the taxes levied on their reserves. A majority of them are bordering challenges while calculating taxes on their funds. TaxNodes aims to address these challenges by recognizing and offering end-to-end solutions to pain points through full auditing tools to all stakeholders in the crypto ecosystem,” Shekhar, founder, and CEO of TaxNodes thought.