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1% Tax (TDS) On Digital Assets Transactions From Today; These Excluded

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1% TDS on Virtual Digital Assets from today, but some items are exempt, readA 1 per cent Tax Deducted at Source (TDS) on virtual digital assets' (VDAs) transactions comes into play from today, July 1, 2022, and a 30 per cent rate on income from activities on such assets, but a government notification has clarified that some items will not be considered as digital assets.All virtual digital assets (VDAs) transactions, including those involving cryptocurrencies and non-fungible tokens (NFTs), worth more than Rs 10,000 will be subject to the TDS deduction.

In clause 47 A added to the Income Tax Act, "VDA" is defined as any information, code, number, or token formed using cryptography or other techniques and excluded Indian or any other foreign currency.

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