Income Tax Department Rectifies Gaffe, “Restores” 1% TDS On Virtual Assets After “Reduction”

Income Tax Department clarified that TDS on virtual digital assets will remain at 1 percent

In a sort of confusion, the Income Tax Department’s portal on Wednesday updated its document on Tax Deduction at Source (TDS), reiterating that TDS on virtual digital assets remains at 1 per cent, as per the Union Budget for 2022-23. stated in. It had earlier mentioned that the rate had been reduced to 0.1 per cent.

There was a stir after the department’s website mentioned earlier that the TDS rate for virtual digital assets has been reduced from 1 per cent TDS to 0.1 per cent on such properties announced in the Union Budget.

However, after the change was noticed by a cross section of people, the website updated the document, rectifying the error.

Several crypto platforms and investors actively discussed the matter on social media.

The website had also said that no tax would be applicable if the total value during the financial year does not exceed Rs 10,000 and during the financial year does not exceed Rs 50,000, which remains unchanged.

1 percent TDS on virtual digital assets will be applicable from July 1, 2022.



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