Amendment of Income Tax rule 31A and insertion of Form No. 26QF (Quarterly statement of tax deposited in relation to transfer of virtual digital asset under section 194S to be furnished by an exchange for the quarter) vide Notification No. 73/2022- Income Tax Dated 30th June, 2022.

Notification below is updated with subsequent Corrigendum Notification No. 77/2022-Income Tax, Dated: 01.06.2022

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi

Notification No. 73/2022- Income Tax | Dated: 30th June, 2022

G.S.R. 482(E).—In exercise of the powers conferred by section 295 read with section 194S of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. Short title and commencement.–– (1) These rules may be called the Income-tax (20th Amendment) Rules, 2022.

(2) They shall come into force from 1st day of July, 2022.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31A, ––

(i) after sub-rule (1), the following shall be inserted, namely:-

“Provided that where the Exchange has, in accordance with the guidelines issued under sub-section (6) of section 194S, agreed to pay tax in relation to a transaction of transfer of a virtual digital asset, owned by it as an alternative to tax required to be deducted by the buyer of such asset under section 194S, the Exchange shall deliver or cause to be delivered, a quarterly statement of such transactions in Form No. 26QF to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems).

Explanation: For the purposes of this sub-rule,––

(i) “Exchange” means a person that operates an application or platform for transfer of virtual digital assets, which matches buy and sell trades and execute the same on their application or platform;

(ii) “virtual digital asset” shall have same meaning as assigned to it in clause (47A) of section 2.”

(ii) after sub-rule (4D), the following sub-rule shall be inserted, namely,––

“(4E) The Exchange referred to in sub-rule (1) shall, at the time of preparing the quarterly statement in Form No. 26QF, furnish particulars of amount paid or credited on which tax was not deducted in accordance with guidelines issued under sub-section (6) of section 194S.”.

3. In the principal rules, in Appendix II, after Form No. 26QE, the following Form shall be inserted, namely:–

“Form No. 26QF

Quarterly statement of tax deposited in relation to transfer of virtual digital asset under section 194S to be furnished by an Exchange for the quarter ending…………………………………………………………… June/ September/ December/ March

[section 194S, rule 31A(1) and (4E)]

1. Name of the Exchange :
2. Address of the Exchange :
3. PAN :
4. Financial year :
5. Details of transactions :

(A) Details of tax paid with respect of transactions referred to in proviso to sub-rule (1) of rule 31A:

S. No.
Name of buyer/ broker
Add-ress
of
buyer/
broker
PAN of buyer/ broker
Date of tran-saction
Value of
VDA bou-ght
by
buyer/ broker
No. of VDA bou-ght by buyer/ broker
Total consi-deration
1% of total consi-deration
Refle-cted in tax pay-ment made on (date of tax pay-ment )
Challan details
BSR code of bank bra-nch
Am-ount paid (in
Rs.)
Cha-llan serial nu-mber
1.
2.
3.

(B) Details of transactions on which tax was not deducted in accordance with the guidelines issued under sub-section (6) of section 194S

S. No. Name of
broker
Address of broker PAN of
broker
TAN of
broker
Date of transaction Value of VDA
bought by
buyer
No. of VDA
bought by
buyer
Total consideration
paid/ credited
2
3

Verification

I ………………………… , in my capacity as …………………………………….  of……………….. do hereby certify that the information furnished above is correct and complete.

Place:  ……………………..

Date: ……………………….

Signature of the person

Name and designation..

[Notification No. 73/2022/F. No. 370142/29/2022-TPL (Part-I)]

ANKIT JAIN, Under Secy.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub­section (ii) vide notification number S.O. 969 (E), dated the 26th March, 1962 and was last amended vide notification number G.S.R. 463(E) dated 21.06.2022.

Read Also:-

CBDT notifies Non fungible token as virtual digital asset Notification No. 75/2022-Income Tax [S.O. 2959(E).] Dated: 30/06/2022
Exclusion of certain digital assets from definition of virtual digital asset Notification No. 74/2022-Income Tax [S.O. 2958(E).] Dated: 30/06/2022
CBDT Amends rule 31A and inserts new Form No. 26QF Notification No. 73/2022- Income-Tax [G.S.R. 482(E).] Dated: 30/06/2022

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