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of <h1>New Tax Rule: 1% TDS on Virtual Digital Assets Transfers from July 2022, with Exemptions for Specified Persons.</h1> Section 194S of the Income-tax Act, effective from July 1, 2022, mandates a 1% tax deduction at source on payments made to residents for transferring virtual digital assets. If the consideration is in kind or insufficient cash, the payer must ensure tax payment before releasing the consideration. Exemptions apply for specified persons if the total consideration does not exceed INR 50,000, and INR 10,000 for others. Transactions taxed under this section are exempt from other tax deductions. Guidelines for implementation can be issued by the Board with government approval, and these will be binding.
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