Income Tax : The guide provides detailed rules for VDA transfers executed through exchanges, brokers, and payment gateways. It identifies who i...
Income Tax : Learn about India's tax regime for Virtual Digital Assets (VDAs) including cryptocurrencies and NFTs. Understand the 30% flat tax,...
Income Tax : A summary of India's tax framework for Virtual Digital Assets (VDAs), including the flat 30% tax on gains, 1% TDS, and the ITAT ru...
Income Tax : Indian government introduced a legal tax framework to bring such transactions under regulatory oversight. This move culminated in ...
Income Tax : The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing complia...
Income Tax : Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 20...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
Income Tax : CBDT Order under section 119 of the Income-tax Act, 1961 (the Act) in relation to tax deduction at source under section 194S of th...
Income Tax : Section 194S mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a vi...
Income Tax : AMENDMENT TO RULE 30, 31, 31A AND FORM 26Q, 26QB, 26QC AND 26QD AND INSERTION OF NEW FORM 16E AND 26QE TO INCOME TAX RULES, 1962 V...
Learn about the new TDS section 194S and its implications on the transfer of virtual digital assets. Stay updated with the changes in the Income Tax Act.
Section 194S mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such sum as income tax thereon.
AMENDMENT TO RULE 30, 31, 31A AND FORM 26Q, 26QB, 26QC AND 26QD AND INSERTION OF NEW FORM 16E AND 26QE TO INCOME TAX RULES, 1962 Vide Notification No. 67/2022-Income Tax (Income-tax (19th Amendment) Rules, 2022) CBDT amended Income Tax Rule 30 and 31A, Inserted new Form No. 16E – Certificate under section 203 of the […]
All You Wish to Know about New TDS Sections 194R, 194S & Much More The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022. Looking at the swift pace, with which the new TDS sections, are being inserted by the […]
Scheme for taxation of virtual digital assets Virtual Digital Assets, especially cryptocurrencies & Non-Fungible Tokens (NFTs), have gained tremendous popularity in recent times and the volumes of cryptocurrency trading has increased substantially. With a view to bring clarity for taxation of such assets, provisions to define such assets, provide for the taxation from income arising […]
Articles explains the definition of virtual digital asset u/s 2(47A) , the taxability of virtual digital asset u/s 115BBH, the TDS provision u/s 194S and the proposed amendment u/s 56(2)(X) of the Act. Meaning of Virtual Digital Asset Finance Bill, 2022 has proposed to inset a new clause (47A) to section 2 of income tax […]
What is Virtual Digital Asset? Finance Bill, 2022 has inserted a new clause 47A to define virtual digital asset. As per the new clause, a virtual digital asset include any information or code or number or token generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value which is […]
The Indian Government has been thoroughly focussing on digitalisation as part of it’s India governance. Be it the Digital India programme and integration of ministries on digital platforms or mandating data localisation in India, the Government does not seem to be leaving any stone unturned to embrace technological developments and innovations to the fullest. The […]
What are Virtual digital assets Clause 47A has been introduced under section 2 of the Act which defines Virtual Digital Assets. ‘(47A) “virtual digital asset” means– (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital […]
The proposed section 115BBH seeks to provide that where the total income of an assessee includes any income from transfer of any virtual digital asset, the income tax payable shall be the aggregate of the amount of income-tax calculated on income of transfer of any virtual digital asset at the rate of 30%
