Section 194S TDS

This query is : Resolved

Suraj (Querist)
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26 July 2023 Dear Sir / Madam,

Form 26AS of Mr A shows income of Rs. 36773/- and TDS there on of Rs. 367.73/- u/s 194S.
I understand that this TDS u/s 194S pertains to the transfer of Cryptocurrency or other VDAs.

However, I don't understand how should I show this in his Income Tax return? what kind of this income is? Capital gain or other sources or something else? which additional documents are to be asked for?

Please guide me in this.
Regards,
Suraj

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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26 July 2023 You have to give details of transaction in schedule VDA.
There the option is available to declare it in CG head or IFOS. Choose any one and declare it in that head, though default is Capital Gains.

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Suraj

Suraj (Querist)
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26 July 2023 Achcha Sir. It means the amount Rs. 36773/- shown in Form 26AS is the sale value on which TDS is deducted... and then we have to show the purchase cost against it, and thus result would be either gain or loss.. is it so sir???

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 July 2023 Yes, you are right...
...

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Suraj

Suraj (Querist)
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26 July 2023 You both are soooo helpful... thank you Rambhia Sir and thank you CA R Seetharaman Sir !!!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 July 2023 You are welcome...
..

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