Rewarding Crypto Tax Compliance with NFTs in India

TaxNodes, a platform for computing taxes on profits derived from cryptocurrency activities and facilitating ITR filing, is breaking new ground. It has announced an initiative to offer complimentary NFTs to all eligible customers who file their Income Tax Returns for crypto gains through their platform in India. This move aims to show gratitude towards compliant Indian taxpayers. It also aims to encourage greater inclusion in the Web 3.0 domain and promote the mass adoption of blockchain technology, all in partnership with Polygon Labs, a leading player in the blockchain industry.

Between 11th July and 31st July, eligible users can claim their NFTs, minted on the Polygon Labs blockchain, by providing their ITR acknowledgement number. The initiative also prioritizes existing TaxNodes users, offering them first access to the NFTs as a mark of customer loyalty. Premium customers’ benefits include invitations to exclusive upcoming events and higher referral bonuses. An immediate 25% discount on their ITR filing for the financial year 2022-2023 through the TaxNodes platform provides an added incentive for users.

Benefits for Indian Crypto Taxpayers

This initiative is expected to touch the lives of over 110 million taxpayers in India who report income from cryptocurrency activities. Furthermore, new customers will receive additional discounts for filing their crypto-based ITR for the current and following year, encouraging all Indian taxpayers to leverage this offer.

By linking tax compliance on crypto profits with entry into the burgeoning Web3 ecosystem, TaxNodes aspires to propel the adoption of blockchain technology among the vast majority of tax-paying individuals in India.

Avinash Shekhar, CEO & Founder of TaxNodes, spoke enthusiastically about this venture, saying, “Crypto and Web3 are here to stay. As TaxNodes, we want to encourage compliant participation in this revolution and push Web3 to become mainstream.” He added, “We wish to thank our users for entrusting us with their IT computation for crypto gains, and we aim to propel them into the broader Web3 ecosystem by integrating the NFT element on the Polygon blockchain.”

Blockchain Technology and NFT Use Cases Worldwide

Various sectors worldwide, including businesses, artists, and governments, are exploring the potential of these digital tokens, thereby opening up an entirely new universe of applications and possibilities.

Echoing this sentiment, Mr Sai Krishna V K, Senior Vice President of Polygon Labs, stated, “We are thrilled to see TaxNodes harnessing blockchain for meaningful use cases. By introducing Indian taxpayers to NFTs and demonstrating the potential of on-chain experiences, we envision a world where people can truly appreciate the utility of these assets and be motivated to delve deeper into the crypto world.”

TaxNodes is committed to streamlining the tax filing process, especially for crypto-related income, and empowering individuals to efficiently manage their financial obligations. The platform has recently raised $1.6 million in seed funding from its existing partners, demonstrating its dedication to staying at the forefront of technological advancements in tax computation and filing.