Tds column in VDA

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This discussion addresses a common query regarding the TDS column in ITR 2 when dealing with Virtual Digital Assets (VDA). The user is asking how to report TDS deducted on a large sum (e.g., 1% on £10 lakhs) when the actual income from VDA is much lower (e.g., £1000). The consensus is to show the full sales receipt amount (£10 lakhs) in the TDS column to prevent ITR errors, while correctly reporting the actual income (£1000) in the VDA schedule as capital gains.

ghosh

ghosh (Querist)

05 September 2023 Say tds is deudcted rs. 10000 i.e 1% on rs. 10 lakhs. however income from vda is rs.1000.
what to fill in corresponding receipts offered in tds columns as it is default showing rs. 10 lakhs however income is rs. 1000?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

05 September 2023 Show default amount 10 lacs sale receipt.
In the VDA schedule show income as 1000.

ghosh

ghosh (Querist)

06 September 2023 i am talking about filing TDS column in ITR 2. In which VDA is shown as capital gain.
So in TDS column , tds claimed is rs. 10000 and corresponding income rs. 1000 or corresponding sales rs.10 lakhs? because mostly we show income value against which tds is claimed.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

06 September 2023 Show corresponding sales rs.10 lakhs.
Otherwise ITR will show error.
Show 1000 as income in ITR against sale value 10 lacs.

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