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of <h1>New Tax Rule: 1% TDS on Virtual Digital Asset Transfers u/s 194S, Effective July 2022, with CBDT Guidelines.</h1> The Finance Act, 2022 introduced section 194S of the Income-tax Act, effective from July 1, 2022, mandating a 1% tax deduction at source for payments made to residents as consideration for transferring virtual digital assets (VDAs). This deduction applies at the time of credit or payment, whichever is earlier, except when the consideration does not exceed specified thresholds. The Central Board of Direct Taxes (CBDT) issued guidelines for transactions not conducted through an Exchange. The circular outlines the procedures for tax deduction in transactions involving VDAs, including those in kind, and clarifies the interaction with section 194Q.
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