Dear Sir,
We understand that the threshold limit for specified person for purchasing Virtual Digital Assets is Rs 50,000 per financial year. Above Rs 50,000 we have to deduct tds while buying VDA.
Kindly clarify whether the threshold limit is applicable as a whole or is applicable as per deal with each party.
For example in the case of specified person, if we buy VDA from 5 different parties of Rs 20,000 from each party. Then total amount would be 1 Lakh but per party per financial year it would be Rs 20,000 so in this case do we deduct TDS or not.
Kindly advise.
Regards
Vinny
CAclubindia
