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ARTICLE · 12 JULY 2022

TDS Deduction Norms For Virtual Digital Assets Out

S.S. Rana & Co.
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In March 2020 the Supreme Court in re Internet and Mobile Association of India v. Reserve Bank of India overturned the RBI circular banning the trade of cryptocurrencies in India.

IndiaTechnology
Rupin Chopra
Rupin Chopra
Apalka Bareja
Apalka Bareja
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In March 2020 the Supreme Court in re Internet and Mobile Association of India v. Reserve Bank of India1 overturned the RBI circular banning the trade of cryptocurrencies in India. Since then the Indian crypto industry has grown manifold to develop into a market with the highest number of crypto asset holders. In light of this proliferation and mass adoption of crypto assets across India and its seemingly unregulated & anonymous nature, the Government of India was pressed to bring in provisions via the Finance Act, 2022 to levy tax and TDS on these assets. With effect from July 1, 2022, the provision put in place for Tax Deduction at Source (TDS) of Virtual Digital Assets (VDA) would become effective. These latest norms are by the virtue of the new section 194S of the Income Tax Act, 1961 (hereinafter referred to as 'IT act'), which was added via the Finance Act, 20222.

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