Friday, 24 March, 2023

TDS of 1% will be levied on payments towards virtual digital assets, cryptocurrencies from July 1

<p>The Income Tax Department has published comprehensive disclosure guidelines for TDS deductions for virtual digital assets, which stipulate that the date of transfer and method of payment must be stated. In accordance with Section 194S of the I-T Act, which was added by the Finance Act of 2022, payments for virtual digital assets or cryptocurrencies over Rs 10,000 per year will be subject to a 1 percent tax withheld at source starting on July 1.</p>