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News INCOME TAX

  • Jun 23, 2022
  • Income Tax dept notifies tax filing disclosure norms for TDS on crypto assets from July 1. Check details

    The Income Tax Department has notified the disclosure norms for Tax Deducted at Source (TDS) for virtual digital assets (VDAs). From July 1, a TDS of 1% will be levied on any transactions exceeding Rs 10,000 in a year on crypto assets under the newly introduced Section 194S of the I-T Act.
    IT Department’s Central Board of Direct Taxes (CBDT) on June 21 notified of the changes in rules pertaining to filings of TDS returns in Form 26QE and Form 16E.
    CBDT clarified that TDS collected under Section 194S shall be deposited within 30 days of the month in which the deduction is made. This will reflect in challah-cum-statement Form 26QE, it added.
    Nangia Andersen LLP Partner Neeraj Agarwala told PTI that to furnish Form 26QE, taxpayers would be required to mention the date of transfer of VDAs, value of consideration, mode of consideration, whether cash or kind or in exchange of another VDA etc.