cryptocurrency Personal Finance Tax

Selling cryptocurrencies bypassing exchange? Here’s how you need to deduct 1% TDS

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From July 1, you will have to pay 1 percent TDS (tax deducted at source) on transfer of a virtual digital asset (VDA), as per a new income-tax section, 194S, introduced in the Finance Act, 2022.

The TDS is required to be made at the time the buyer makes the payment to the seller. In its previous circular, dated 22 June, the Central Board of Direct Taxes (CBDT) made it clear that onus of withholding TDS will be on the buyer, exchange or broker.

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