If you're looking for a neat "Download Tax Report" button on Binance like CoinDCX has — you won't find one. Binance doesn't generate a single, ready-to-use tax report for Indian users. Instead, you need to download three separate sets of files: Spot trade history, Futures trade history, and P2P trade history. Let me walk you through each one.
Why Binance Doesn't Have a Single Tax Report for India
Binance is a global exchange, and unlike Indian exchanges like CoinDCX or WazirX, it wasn't originally designed for Indian tax compliance. While Binance does offer a "Tax Report" tool for some countries (using third-party integrations), India isn't one of the supported countries yet.
So you're left to download raw trade data and either calculate manually or use a tool like CryptoITR to do it for you. The good news is that Binance's CSV exports are detailed and CryptoITR supports all three file types.
Downloading Your Spot Trade History
Your spot trades include all buy/sell orders on Binance's trading interface (BTC/USDT, ETH/USDT, etc.).
- Log in to binance.com on your desktop
- Hover over "Orders" in the top navigation and click "Spot Order"
- Click on "Trade History" tab
- Click the "Export" button (usually in the top-right of the trade history table)
- Select your date range — for FY 2024-25, choose April 1, 2024 to March 31, 2025
- Click "Generate" and wait for the CSV to be ready
- Download the CSV file once it's generated
Heads up: Binance limits exports to 3 months at a time for some accounts. If that's the case, you'll need to download 4 separate files (Apr-Jun, Jul-Sep, Oct-Dec, Jan-Mar) and either combine them or upload them separately to CryptoITR.
The CSV contains columns like Date, Pair, Side (BUY/SELL), Price, Quantity, Fee, Fee Asset, and Total. This is your raw trade data for all spot market transactions.
Downloading Your Futures Trade History
If you traded USDT-M or COIN-M futures (perpetuals or quarterly contracts), you need a separate download.
- Go to "Orders" → "Futures Order"
- Click on "Trade History"
- Select USDT-M or COIN-M (you'll need to download both if you traded both)
- Click "Export" and select your date range
- Download the CSV
For a complete futures tax picture, you'll also want your Realized PnL export:
- Go to "Futures" → "Transaction History" → "Realized PnL"
- Export the data for your financial year
The Realized PnL file is often more useful for tax purposes than raw trade history, because it directly shows your profit or loss per closed position. CryptoITR can work with either format.
Downloading Your P2P Trade History
This is the one most people forget. If you used Binance P2P to buy or sell USDT/BTC/ETH with INR, those trades are recorded separately from spot and futures.
- Click on "Orders" → "P2P Order"
- You'll see your completed P2P orders with details like amount, price, and counterparty
- Click "Export" to download the CSV
- Select the date range for your financial year
If you don't see an export button on the P2P orders page, try accessing it through "Transaction History" → "Buy/Sell" and filtering for P2P. Binance has moved this option around in different UI updates.
The P2P CSV will show the crypto asset, quantity, INR amount, exchange rate, and whether it was a buy or sell. This is critical for establishing your cost basis when you buy USDT via P2P and then use it for spot trading.
The USDT-to-INR Conversion Challenge
Here's the thing that makes Binance tax calculation uniquely tricky for Indian users. Almost all trading on Binance happens in USDT pairs — BTC/USDT, ETH/USDT, SOL/USDT, etc. But your tax has to be computed and paid in INR.
So every single trade needs a USDT-to-INR conversion. But what rate do you use?
Option 1: P2P Rate at Time of Purchase
If you bought USDT at ₹93 on P2P, you could argue that ₹93 is your INR value per USDT. But this rate changes throughout the year. USDT might be ₹91 in April and ₹94 in December. Using a single rate for the whole year isn't accurate.
Option 2: Market Rate on Date of Each Trade
The more defensible approach is to use the fair market value of USDT in INR on the date of each trade. If you sold 0.1 BTC for 5,000 USDT on October 15, you'd convert 5,000 USDT to INR using the USDT/INR rate on October 15.
CryptoITR uses daily USDT/INR rates sourced from reliable market data to do this conversion for every trade. This gives you the most accurate and defensible INR figures for your ITR.
Why This Matters
A small example: you trade 10,000 USDT worth of crypto in a year. If the USDT/INR rate fluctuates between ₹91 and ₹95, the difference in total INR volume could be ₹40,000. At 30% tax, that's a ₹12,000 difference in your tax liability just from the conversion rate you choose. Use accurate daily rates — don't wing it.
Uploading to CryptoITR
Once you have your files ready, here's how to process them:
- Go to CryptoITR.com and start a new calculation
- Click "Add Exchange" and select Binance
- You'll see options to upload Spot, Futures, and P2P files separately
- Upload each CSV file to its corresponding slot
- CryptoITR processes all three, links P2P purchases to spot trading cost basis, converts USDT to INR at daily rates, and calculates per-transaction gains
The result is a complete breakdown: total taxable gains from spot, total from futures, total from P2P, combined tax liability, and a transaction-level report you can use for Schedule VDA in your ITR.
Things to Watch Out For
Binance Earn and Staking
If you used Binance Earn, Flexible Savings, or Locked Staking, those rewards are taxable income. Download your "Distribution History" from the Earn section separately. These won't appear in your spot or futures exports.
Deposits and Withdrawals
If you transferred crypto between Binance and another exchange or wallet, those transfers are NOT taxable events. But they show up in your transaction history. Make sure they're identified as transfers, not trades, in your tax calculation.
Sub-Account Trading
If you use Binance sub-accounts, each sub-account has its own trade history. You'll need to download and upload CSVs from each sub-account separately.
Binance API Alternative
If you find CSV downloads painful (especially with the 3-month limit), you can also connect via API keys. Create a read-only API key on Binance (no trading permissions needed) and use it in CryptoITR to pull your data automatically. This is faster and avoids the multi-file hassle.
Binance makes downloading tax data harder than Indian exchanges do, but once you have the files, CryptoITR handles the rest. The key is getting all three file types — spot, futures, and P2P — because missing any one of them means incomplete tax calculations and potential mismatches with your AIS data.