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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Tax Rule: 1% Deduction on Virtual Digital Asset Transfers u/s 194S, Effective July 1, 2022.</h1> The Finance Act 2022 introduced Section 194S in the Income-tax Act, 1961, effective from July 1, 2022, mandating a 1% tax deduction on payments for virtual digital asset (VDA) transfers. Exemptions apply if the annual consideration is below INR 50,000 for specified persons or INR 10,000 for others. The Central Board of Direct Taxes issued guidelines to clarify tax deduction responsibilities in VDA transactions, especially those involving exchanges and brokers. The guidelines also address tax deduction issues in transactions involving payment gateways and clarify that deductions should be on a net basis, excluding GST and service charges.
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