{"id":5972,"date":"2023-12-06T12:40:57","date_gmt":"2023-12-06T07:10:57","guid":{"rendered":"https:\/\/simplemyfiling.com\/?p=5972"},"modified":"2023-12-06T12:42:41","modified_gmt":"2023-12-06T07:12:41","slug":"tds-on-transfer-of-virtual-digital-assets-vda-section-194s","status":"publish","type":"post","link":"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/06\/tds-on-transfer-of-virtual-digital-assets-vda-section-194s\/","title":{"rendered":"TDS ON TRANSFER OF VIRTUAL DIGITAL ASSETS (VDA) \u2013 SECTION 194S"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5972\" class=\"elementor elementor-5972\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e301a2e eael-dual-header-content-align-center elementor-widget elementor-widget-eael-dual-color-header\" data-id=\"e301a2e\" data-element_type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\t\t        <div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title\"><span  class=\"lead solid-color\">TDS ON TRANSFER OF<\/span> <span> VIRTUAL DIGITAL ASSETS (VDA) \u2013 SECTION 194S<\/span><\/h2>\n\t\t\t\t<span class=\"subtext\"><\/span>\n\t\t\t\t<\/div>\n\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-375a9e09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"375a9e09\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515d5dcd\" data-id=\"515d5dcd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6580e071 elementor-widget elementor-widget-text-editor\" data-id=\"6580e071\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:group {\"layout\":{\"type\":\"constrained\"}} --><\/p>\n<div>\n<figure style=\"text-align: left;\">\n<ul>\n<li>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-sojdz-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-sojdz-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-482\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"737c554f-f147-41ce-ac4c-b619ce5b2328\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><strong>Understanding Section 194S: TDS on Transfer of Virtual Digital Assets (VDAs)<\/strong><\/p>\n<p><strong>Introduction:<\/strong><\/p>\n<p>In the Budget 2022, the government introduced Section 194S to enforce TDS on the transfer of Virtual Digital Assets (VDAs), including cryptocurrency, NFTs (Non-Fungible Tokens), and other digital assets. This provision came into effect from July 1, 2022. Let&#8217;s delve into the essential requirements of this section.<\/p>\n<p><strong>What is a Virtual Digital Asset (VDA)?<\/strong><\/p>\n<p>As per Section 194S, a Virtual Digital Asset encompasses:<\/p>\n<ol>\n<li>Cryptocurrency \u2013 information, code, number, or token generated through cryptographic means.<\/li>\n<li>NFT \u2013 Non-Fungible Token or any token of similar nature.<\/li>\n<li>Any other digital asset notified by the central government in the official gazette.<\/li>\n<\/ol>\n<p><strong>Who Deducts TDS under Section 194S?<\/strong><\/p>\n<p>Any person, whether a resident or non-resident, responsible for paying a sum to a resident as consideration for the transfer of VDA must deduct TDS under Section 194S.<\/p>\n<p><strong>When to Deduct TDS?<\/strong><\/p>\n<p>TDS is to be deducted at the time of crediting the sum to the resident&#8217;s account or at the time of payment, whichever is earlier.<\/p>\n<p><strong>Rate of TDS Deduction:<\/strong><\/p>\n<p>TDS is deducted at a rate of 1% on the consideration amount. The GST component is excluded from consideration for TDS purposes.<\/p>\n<p><strong>Non-Applicability of Section 194S:<\/strong><\/p>\n<ol>\n<li>Not applicable if the payee is a non-resident.<\/li>\n<li>If the value or aggregate value of consideration does not exceed Rs. 10,000 during a financial year. The threshold for a specified person is Rs. 50,000.<\/li>\n<\/ol>\n<p><strong>Specified Person:<\/strong><\/p>\n<p>An individual or HUF without income from business or profession, or having income from business\/profession with gross receipts not exceeding Rs. 1 Crore in business or Rs. 50 Lakh in the case of a profession in the previous financial year.<\/p>\n<p><strong>Consideration in Kind or Partly in Cash and Partly in Kind:<\/strong><\/p>\n<p>If the consideration is wholly in kind or partly in cash and partly in kind, the person responsible for payment must ensure that TDS has been paid before releasing the consideration.<\/p>\n<p><strong>Due Date for TDS Deposit:<\/strong><\/p>\n<p>The due date for depositing TDS is the 7th from the end of the month in which TDS was deducted.<\/p>\n<p><strong>Different Cases for TDS Deduction:<\/strong><\/p>\n<ol>\n<li>\n<p><strong>Transaction not in kind:<\/strong><\/p>\n<ul>\n<li>Through an exchange: Exchange deducts TDS.<\/li>\n<li>Buyer is a broker: Broker deducts TDS.<\/li>\n<li>Seller is a broker, and the transaction is through an exchange: Exchange deducts TDS.<\/li>\n<li>Both broker and exchange involved: TDS by both or as per the agreement.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Transaction in kind:<\/strong><\/p>\n<ul>\n<li>Through an exchange: Both buyer and seller deduct TDS or as per the agreement.<\/li>\n<li>Seller is a broker, and the transaction is through an exchange: Both broker and buyer deduct TDS or as per the agreement.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>Other Points to Remember:<\/strong><\/p>\n<ol>\n<li>Section 194Q doesn&#8217;t apply if TDS is deducted under Section 194S.<\/li>\n<li>For FY 2022-23, VDA transfers from April 1, 2022, to June 30, 2022, are considered for the threshold value.<\/li>\n<li>Sections 203A and 206AB don&#8217;t apply to a specified person.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/figure>\n<\/div>\n<p><!-- \/wp:paragraph --><!-- wp:post-date \/--><!-- wp:post-author \/--><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TDS ON TRANSFER OF VIRTUAL DIGITAL ASSETS (VDA) \u2013 SECTION 194S Understanding Section 194S: TDS on Transfer of Virtual Digital Assets (VDAs) Introduction: In the Budget 2022, the government introduced Section 194S to enforce TDS on the transfer of Virtual Digital Assets (VDAs), including cryptocurrency, NFTs (Non-Fungible Tokens), and other digital assets. This provision came [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5764,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_joinchat":[]},"categories":[416],"tags":[420,545,471],"blocksy_meta":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TDS ON TRANSFER OF VIRTUAL DIGITAL ASSETS (VDA) \u2013 SECTION 194S | simplemyfiling<\/title>\n<meta name=\"description\" content=\"Navigate TDS on the transfer of Virtual Digital Assets (VDA) under Section 194S. 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