The Finance Bill 2022 has proposed a new section 194S that will take effect on 1 July 2022 and mandate the deduction of tax at source @ 1% on the payment of purchase consideration to a resident person on transfers of virtual digital assets.
Note:
No tax shall be deducted under this provision in the following circumstance:
• If the consideration is payable by any person (other than a specified person) and its aggregate value does not exceed Rs. 10,000 during the financial year.
• if the consideration is payable by a specified person and its aggregate value does not exceed Rs. 50,000 during the financial year.
For more details click on the official link -click here
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