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of <h1>Finance Bill 2022: New 30% Tax on Virtual Digital Assets & 1% TDS on Transfers per Sections 115BBH & 194S.</h1> The Finance Bill 2022 introduces a taxation scheme for virtual digital assets due to their growing popularity and trading volumes. Section 115BBH proposes a 30% tax on income from transferring these assets, with no deductions allowed except for acquisition costs. Losses from such transfers cannot offset other income or be carried forward. Section 194S mandates a 1% tax deduction at the source on payments for asset transfers, effective from July 1, 2022, with specific exemptions for small transactions and specified individuals. Amendments also include taxing gifted digital assets and defining 'virtual digital asset,' effective from April 2023.
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