https://www.taxtmi.com/article/detailed?id=10486 Section 194S requires any person paying consideration for transfer of a virtual digital asset to deduct tax at the time of credit or payment; where consideration is wholly or partly non-cash and the cash portion is insufficient, the payer must ensure tax has been paid before releasing consideration. The provision overrides certain other withholding rules, applies to credits to suspense accounts, and exempts small-value payers and defined specified persons; reporting and operational procedures are prescribed for exchanges, in-kind withholding, conversions of withheld VDA to fiat, and buyer-liability scenarios for payment gateways. en-us Mon, 27 Jun 2022 15:45:16 +0530 Mon, 27 Jun 2022 15:45:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10486 Section 194S requires any person paying consideration for transfer of a virtual digital asset to deduct tax at the time of credit or payment; where consideration is wholly or partly non-cash and the cash portion is insufficient, the payer must ensure tax has been paid before releasing consideration. The provision overrides certain other withholding rules, applies to credits to suspense accounts, and exempts small-value payers and defined specified persons; reporting and operational procedures are prescribed for exchanges, in-kind withholding, conversions of withheld VDA to fiat, and buyer-liability scenarios for payment gateways. Articles Income Tax Mon, 27 Jun 2022 15:45:16 +0530 https://www.taxtmi.com/article/detailed?id=10486