Crypto new tax is coming .. will come into effect from July 1 .. Tax Commission announcement !!

The Income Tax Department has released detailed information on TDS deductions for virtual digital assets following a 30% tax on the profits of virtual currencies.

Accordingly Virtual says that crypto investors must specify in the tax deduction form the date under which the transaction was made and the method of payment to obtain the DTS exemption on digital assets.

Prior to the implementation of the new rule, the Central Board of Direct Taxes (CBDT) on June 21 announced some amendments to the IT rules regarding the provision of TDS income in Form 26QE and Form 16E.

Accordingly, with effect from July 1, the Tax Authority has introduced Section 194S in the Indian Finance Act 2022 IT Act to enable crypto investors to invest up to Rs. Virtual digital assets or cryptocurrencies over 10,000 are said to be subject to a 1 percent tax deduction (DTS).

The CBDT has announced that TDS collected under Section 194S will be deposited within 30 days from the end of the exempt month. The tax so deposited will be recorded in the deposit salon-cum-statement form 26QE.

Neeraj Agarwala, a partner at Nangia Anderson India Pvt.

Accordingly, the Central Board of Direct Taxes has announced that tax exemptions on cryptocurrency / virtual digital assets will come into effect from July 1.

At the same time as the announcement of taxes, the Ministry of Finance of India is preparing detailed answers to questions about cryptocurrency taxes.

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