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Home Business

TDS On Cryptocurrency: Cryptocurrency investors will have to pay one percent TDS from July 1, 2022, know the rules

by AnyTV
23/06/2022
in Business, Latest News
Reading Time: 3 mins read
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Investors of cryptocurrencies will have to pay TDS of one per cent on every transaction whether it is sold for profit or loss with effect from July 1, 2022. Since then, the enthusiasm for investing in cryptocurrencies has waned. This may come down further after the TDS is levied.

Cryptocurrencies not recognized, but tax applicable
The government has not recognized cryptocurrencies but has decided to impose a 30 per cent capital gains tax on income from cryptocurrencies from 2022-23 this year. Now from July 1, 1 percent TDS will also have to be paid on crypto transactions. Investors who do not sell cryptocurrencies for profit will also have to pay tax. Investors investing in such cryptos will have to pay one per cent TDS so that the government can trace the exact whereabouts of those transacting in cryptocurrencies.

Selling crypto at a profit will attract a tax of 30 percent. TDS of one percent will have to be paid even if it is not sold at a profit, so that it will be known where crypto transactions have taken place. The provision of levying one percent TDS on cryptocurrencies is going to come into effect from July 1, 2022.

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The government has clearly stated that as per the provisions of the proposed section 115BBH of Income Tax 1961, loss arising from transfer of VDA (Virtual Digital Assets) shall not be allowed to be set-off against income arising from transfer of another VDA . Section 115BBH is a newly proposed clause in the Income Tax Act that defines gains from virtual digital assets such as cryptocurrencies.

Learn Rules
The CBDT has said that if the buyer has deducted tax under section 194S of the Income Tax Act, the seller need not deduct it on the same transaction. Any amount deducted under 194S shall be paid to the Central Government within 30 days from the end of the month in which the deduction was made.

Expansion

Investors of cryptocurrencies will have to pay TDS of one per cent on every transaction whether it is sold for profit or loss with effect from July 1, 2022. Since then, the enthusiasm for investing in cryptocurrencies has waned. This may come down further after the TDS is levied.

Also Read  ICICI Bank: After RBI, ICICI Bank gave a setback, increased interest rates by 0.50 percent

Cryptocurrencies not recognized, but tax applicable

The government has not recognized cryptocurrencies but has decided to impose a 30 per cent capital gains tax on income from cryptocurrencies from 2022-23 this year. Now from July 1, 1 percent TDS will also have to be paid on crypto transactions. Investors who do not sell cryptocurrencies for profit will also have to pay tax. Investors investing in such cryptos will have to pay one per cent TDS so that the government can trace the exact whereabouts of those transacting in cryptocurrencies.

Selling crypto at a profit will attract a tax of 30 percent. TDS of one percent will have to be paid even if it is not sold at a profit, so that it will be known where crypto transactions have taken place. The provision of levying one percent TDS on cryptocurrencies is going to come into effect from July 1, 2022.

The government has clearly stated that as per the provisions of the proposed section 115BBH of Income Tax 1961, loss arising from transfer of VDA (Virtual Digital Assets) shall not be allowed to be set-off against income arising from transfer of another VDA . Section 115BBH is a newly proposed clause in the Income Tax Act that defines gains from virtual digital assets such as cryptocurrencies.

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Learn Rules

The CBDT has said that if the buyer has deducted tax under section 194S of the Income Tax Act, the seller need not deduct it on the same transaction. Any amount deducted under 194S shall be paid to the Central Government within 30 days from the end of the month in which the deduction was made.

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Tags: 1 percent tds on cryptoBusiness Hindi NewsBusiness News in HindiCryptocurrencyinvestorsJulypaypercentrulestdstds on cryptocurrency
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