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TDS Rate On Virtual Digital Assets (VDA) Continues To Be 1%, Govt Clarifies

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The IT department on Wednesday clarified that the TDS on virtual digital assets continues to be 1%. The clarification from the Income Tax comes at a time when earlier in the day some media reports mentioned that the TDS rate for virtual digital assets has been dropped to 0.1% from 1% as announced earlier in the budget.

The 1% TDS rate on VDA will be applicable from July 1.

"Some media reports have come to the notice of CBDT claiming that the rate of TDS on Virtual Digital Assets(VDA) has been reduced to 0.1%. It is hereby clarified that there is no change in the rate of TDS on VDA, which continues to be 1%," the official Twitter handle of the Income-tax department tweeted.

See Tweet Here

 


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TaxGyata Team

TaxGyata Team