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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.
New Delhi| Income Tax Department has notified detailed disclosure requirements regarding TDS deduction for digital assets. Under this, the date of transfer and method of payment will also have to be mentioned.
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.
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.
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.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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