Wait and watch: Industry players on 1% TDS on crypto investments in India

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CBDT has clarified that if the buyer has deducted tax under Section 194S of the Income Tax Act, the seller will not be required to deduct it on the same transaction.

CBDT has notified that the TDS collected under Section 194S should be deposited within 30 days from the end of the month in which the deduction has been made.

The TDS on virtual coins come as the Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that cryptocurrencies are a clear danger to the financial systems, adding that we must be mindful of the emerging risks on the horizon.

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Author / Journalist: IANS

Category: EconomyFinance

Topics: Standard Cryptocurrencies Business 194s Content Form Section Virtual Digital Cent

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-01, 18:11:00

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Reading Time: 4 minutes read

Article Length: 716 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 25085

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About Business Standard

Main Topics: EconomyFinance

Official Website: business-standard.com

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Year Established: 1975

Headquarters: India

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Coverage Areas: India

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