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of <h1>Amendment to Rule 31A: Exchanges Must File Form 26QF for VDA Transactions, Effective July 1, 2022.</h1> The Income-tax (20th Amendment) Rules, 2022, effective from July 1, 2022, amend Rule 31A of the Income-tax Rules, 1962, and introduce Form 26QE. These amendments require exchanges handling virtual digital assets (VDAs) to submit a quarterly statement of transactions in Form 26QF. This applies when the exchange agrees to pay tax on VDA transfers instead of the buyer. The statement must include details of transactions where tax was not deducted per section 194S guidelines. The amendments aim to streamline tax reporting for VDA transactions, ensuring compliance with the Income-tax Act, 1961.
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