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CBDT issued notification, from July 1, these rules will be applicable regarding TDS on Cryptocurrencies

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CBDT Notification: The Income Tax Department has notified the detailed disclosure requirements regarding TDS deduction for digital assets or cryptocurrencies. Under this, the date of transfer and the method or mode of payment will also have to be told. In fact, in the budget this year, it was informed that the government is going to impose tax on virtual or digital assets and provisions will come soon for this.

Section 194S added in Income Tax Act
The Finance Act 2022 has added section 194S to the Income Tax Act, under which tax deducted at source (TDS) at one per cent will be levied on payment of digital assets or cryptocurrencies exceeding Rs 10,000 in a year with effect from July 1.

Amendments added to Form 26QE and Form 16E
In order to implement the new provision, the Central Board of Direct Taxes (CBDT) on June 21 notified certain amendments in the IT rules regarding filing of TDS returns in Form 26QE and Form 16E.

What is in the notification of CBDT
CBDT notified that TDS deposited under section 194S has to be deposited within 30 days from the end of that month. The tax so deducted shall be deposited in the statement form 26QE along with the challan. The Central Board of Direct Taxes (CBDT) on June 21 has notified certain amendments in Income Tax Rules with regard to furnishing of TDS returns in Form 26QE and Form 16E. This step has been taken in order to implement the new provision.

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