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Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23 The Direct tax collected by way of tax deducted at source under section 194S of the Income-tax Act, 1961, on payments made upon transfer of Virtual digital Asset
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FAQ :
As of March 20, 2023, the total Tax Deducted at Source (TDS) collected on the transfer of Virtual Digital Assets (VDAs) for the financial year 2022-23 has aggregated to £157.9 crore.
TDS on payments made upon the transfer of Virtual Digital Assets is collected under section 194S of the Income-Tax Act, 1961.
The figures were stated by the Union Minister of State for Finance, Shri Pankaj Chaudhary, in a written reply to a question in the Rajya Sabha.
Currently, crypto assets are not regulated in the country, although transactions are subject to various laws.
Transactions in cryptocurrencies are subject to provisions of laws such as the Prevention of Money Laundering Act, 2002, and the Income-Tax Act, 1961.
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