Quick Summary
The IT department on Wednesday clarified that theTDSon virtualdigitalassets continues to be 1%. The clarification from the Income Tax comes at a time when earlier in the day some media reports mentioned that theTDSrate for virtualdigitalassets has been dropped to 0.1% from 1% as announced earlier in the budget. The 1%TDSwill be applicable from July 1. Some media reports have come to the notice ofCBDTclaiming that the rate of TDS on Virtual Digital Assets(VDA) has been reduced to 0.1%.
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FAQ :
The TDS rate on Virtual Digital Assets (VDA) continues to be 1%.
No, the IT Department has clarified that there is no change in the TDS rate on VDA, and it remains at 1%.
The 1% TDS rate on VDA will be applicable from July 1st.
The clarification was issued because some media reports incorrectly stated that the TDS rate for VDA had been dropped to 0.1%.
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