Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Tax on virtual digital asset transfers imposes a single-rate tax and prohibits deductions and loss set-off. Income from transfer of virtual digital assets is taxed at a special rate of 30 per cent on the income from such transfers, with additional tax computed on the remaining total income after excluding that income. Except for cost of acquisition, no deductions, allowances or set-off of losses are allowed in computing the taxed virtual digital asset income; losses from such transfers cannot be set off against other income or carried forward. The statutory definition of 'transfer' applies whether the virtual digital asset is a capital asset or not.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax on virtual digital asset transfers imposes a single-rate tax and prohibits deductions and loss set-off.
Income from transfer of virtual digital assets is taxed at a special rate of 30 per cent on the income from such transfers, with additional tax computed on the remaining total income after excluding that income. Except for cost of acquisition, no deductions, allowances or set-off of losses are allowed in computing the taxed virtual digital asset income; losses from such transfers cannot be set off against other income or carried forward. The statutory definition of "transfer" applies whether the virtual digital asset is a capital asset or not.
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