The provisions of Section 206AB will not apply in cases where the amount does not exceed
A. For Business ( sales, gross receipts or turnover ) – INR 1 Crore
B. For Individual ( salary on service ) – INR 50 lakh,
In the previous financial year with respect to the current year in which such VDAs were transferred or sold.
At the end of the financial year, while filing ITR if you have TDS receivables and your calculated tax is coming out less than your receivable TDS then you can file for TDS returns and government is liable to pay. BuyUcoin will also provide a TDS certificate every quarter on your transactions to ease the process.
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