How to disclose income of vda on which tds deducted u/s 194S

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This discussion clarifies how to report income from Virtual Digital Assets (VDA) when Tax Deducted at Source (TDS) under Section 194S has been applied. The consensus is that such income should be disclosed in the 'Schedule VDA' within ITR Form 3. Reporting it solely in the VDA schedule is sufficient and does not require a separate declaration under business income.

sachin Alwadhi

sachin Alwadhi (Querist)

24 June 2023 Hi
TDS deducted on VDA U/S 194S 568/ on transaction value Rs 56800/-.How to disclose payment of Rs 56800 on which tds deducted u/s 194s .Business income or capital gain? in itr 3 one schedule is VDA .IS IT SHOW IN VDA schedule ? or need to show in simple in business income .it is only payment received not any income .How need to disclose in itr ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 June 2023 As per the Income Tax Department of India, any income from the transfer of these Virtual Digital Assets is considered taxable. In ITR Form 3, taxpayers can report their VDA income under 'Schedule VDA'.

sachin Alwadhi

sachin Alwadhi (Querist)

25 June 2023 ok One more question if we show under vda schedule then we also require to report under business income head schedule or not? Or reporting under vda schedule sufficient?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 June 2023 Reporting under vda shedule is sufficient. Check vda schedule income is included in the total income.

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