A TDS deduction on all virtual digital asset transactions of 1 % was announced in Union Budget 2022 - 2023 by Finance Minister Nirmala Sitharaman
After announcing a 30 % tax on crypto payments in India 2022 - 2023 in Union Budget. Cryptocurrency transactions are set to attract extra tax deducted at a source of 1 % starting from 1 July 2022
The TDS deduction will apply to all virtual digital asset transfers including cryptocurrencies and NFT over 10,000 INR in the newly introduced clause 47 A of the Income Tax Act.
VDA is defined as any information code, number, or token except Indian or any other foreign currency that is generated through cryptographic or other means NFT or any other related token are included in this act.
Furthermore, ambiguity over the rates arose after the income tax department website mentioned that the rate for virtual digital assets has been brought down to 0.1% from the 1 % TDS on crypto assets.
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Topic: Finance Minister Nirmala Sitharaman announced 1% TDS To Be Charged On Cryptocurr (Read 19 times)