Quarterly TDS reporting for virtual digital assets requires Exchanges to file Form 26QF detailing tax paid and nondeducted transactions. Where an Exchange has agreed to pay tax as an alternative to buyer deduction under section 194S, it must, from 1 July 2022, furnish a quarterly statement in Form No. 26QF to the Principal Director General of Income tax (Systems) containing transaction level details of tax paid (with challan particulars) and particulars of amounts paid or credited on which tax was not deducted in accordance with guidelines under sub section (6) of section 194S, together with a verification by an authorised official.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Quarterly TDS reporting for virtual digital assets requires Exchanges to file Form 26QF detailing tax paid and nondeducted transactions.
Where an Exchange has agreed to pay tax as an alternative to buyer deduction under section 194S, it must, from 1 July 2022, furnish a quarterly statement in Form No. 26QF to the Principal Director General of Income tax (Systems) containing transaction level details of tax paid (with challan particulars) and particulars of amounts paid or credited on which tax was not deducted in accordance with guidelines under sub section (6) of section 194S, together with a verification by an authorised official.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
