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of <h1>Section 194S: Tax Deduction Rules for Virtual Digital Asset Transactions Clarified for Buyers, Exchanges, and Brokers.</h1> Under Section 194S, any person paying a resident for transferring a virtual digital asset (VDA) must deduct tax at source. In over-the-counter transactions, the buyer deducts the tax. For VDA exchanges, both parties may need to deduct tax. If VDAs are transferred via an exchange, the exchange deducts the tax unless a broker is involved, in which case both may be responsible unless a written agreement specifies otherwise. If the exchange owns the VDA, the buyer or broker deducts the tax unless the exchange agrees to do so. Payment gateways are exempt if the required party has deducted the tax.
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