❗️TDS all Question & Answers ✅👇
Q1. I am trading on Indian exchanges, Should I deduct TDS?
- No. If trading on Indian exchanges all TDS compliance will be done by Indian exchanges.
The tax payer need not file any TDS forms.
Q2. I am doing P2P on Indian exchange, Should I deduct TDS?
- No. If trading on Indian exchanges all TDS compliance will be done by Indian exchanges.
The tax payer need not file any TDS forms.
Q3. I am doing P2P outside Indian exchanges (like Foreign exchanges or separately), Should I deduct TDS?
- Yes, you are required to deduct TDS and file TDS Forms.
Q4. I am doing trading on International exchanges or DEX (not P2P), Should I deduct TDS?
- Currently this is a grey area. There is no guidance from Income Tax Dept. on how TDS will work on DEX & Foreign exchanges.
Please consult your CA or Tax advisor to understand the risks.
Q5. How many TDS forms are there and which is applicable to Individuals?
- There are 2 TDS forms. 26Q & 26QE
A. Form 26Q is applicable if you have Business Income > 1 cr or Professional Income >50 L in FY 21-22.
If this forms applies to you, Please consult your CA for filing.
—B. Form 26QE is applicable if you
1. Don't have Business/Professional Income OR
2. You have business Income up to 1 cr or Professional Income >50L
This form is NOT yet available on Income tax portal for filing.
We will need to wait for clarity from ITD
Q6. What are the consequences of not deducting TDS?
- There are significant consequences like Penalties, Jail and also fines.
Please consult your CA or tax advisor before taking any decision :)
—-Update*
1. Penalty equal to TDS amount
2. Jail term is 3 months to 7 years and additional fine
tamilbtc.com/bityard
Q1. I am trading on Indian exchanges, Should I deduct TDS?
- No. If trading on Indian exchanges all TDS compliance will be done by Indian exchanges.
The tax payer need not file any TDS forms.
Q2. I am doing P2P on Indian exchange, Should I deduct TDS?
- No. If trading on Indian exchanges all TDS compliance will be done by Indian exchanges.
The tax payer need not file any TDS forms.
Q3. I am doing P2P outside Indian exchanges (like Foreign exchanges or separately), Should I deduct TDS?
- Yes, you are required to deduct TDS and file TDS Forms.
Q4. I am doing trading on International exchanges or DEX (not P2P), Should I deduct TDS?
- Currently this is a grey area. There is no guidance from Income Tax Dept. on how TDS will work on DEX & Foreign exchanges.
Please consult your CA or Tax advisor to understand the risks.
Q5. How many TDS forms are there and which is applicable to Individuals?
- There are 2 TDS forms. 26Q & 26QE
A. Form 26Q is applicable if you have Business Income > 1 cr or Professional Income >50 L in FY 21-22.
If this forms applies to you, Please consult your CA for filing.
—B. Form 26QE is applicable if you
1. Don't have Business/Professional Income OR
2. You have business Income up to 1 cr or Professional Income >50L
This form is NOT yet available on Income tax portal for filing.
We will need to wait for clarity from ITD
Q6. What are the consequences of not deducting TDS?
- There are significant consequences like Penalties, Jail and also fines.
Please consult your CA or tax advisor before taking any decision :)
—-Update*
1. Penalty equal to TDS amount
2. Jail term is 3 months to 7 years and additional fine
tamilbtc.com/bityard
BYDFi
BYDFi(BitYard) | Cryptocurrency Exchange | Bitcoin Trading | Defi Trading | Perpetual Futures
BYDFi(BitYard) , Exchange, Bitcoin Price, Bitcoin Market, Bitcoin Trading, BTC, Crypto Exchange, NFT, DeFi, Metaverse