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of <h1>Section 203A: 1% TDS on virtual digital asset transfers - deducted at credit or payment, small-value exemptions, prevails over section 194-O</h1> Any person paying consideration to a resident for transfer of a virtual digital asset must deduct 1% tax at the earlier of credit or payment, ensuring deduction is paid before releasing non-cash or partly non-cash consideration where cash is insufficient. Exemptions: no deduction if payer is a 'specified person' and aggregate consideration = ?50,000 in a financial year, or if payer is other than a specified person and aggregate consideration = ?10,000. Section 203A does not apply to a specified person. Where both this section and section 194-O apply, deduction under this section prevails. Credits to suspense or similar accounts are treated as payee credits. The Board may issue binding guidelines to resolve difficulties.
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