As you are aware, the Finance Bill of 2022 introduced a new section called 194S in the Income-Tax Act, 1961, to levy 1% TDS on any consideration that will be paid for the transfer of Virtual Digital Assets (VDA) like Crypto.
The TDS provisions will be applicable from 1st July 2022. As per these provisions, tax (TDS) will be deducted on each trade where a Crypto asset is exchanged for INR or another Crypto asset.
Making it simple for you, you as a buyer or seller will not have to do anything. WazirX will do the needful. To help you understand these provisions better, here are a few pointers.
No tax (TDS) will be deducted from the buyer on buying Crypto using INR, while the seller of the Crypto asset will be liable to pay TDS.
When a Crypto asset is bought by paying with another Crypto asset, i.e., trading one Crypto asset for another, the TDS would be payable by both parties.
In P2P trades, 1% tax (TDS) will be deducted before a USDT sell order is placed. No tax (TDS) will be deducted from the P2P USDT buyer.
As per Section 206AB of the Income-Tax Act, 1961, if any user has not filed their Income Tax Return in the last two years and the amount of TDS is ₹50,000 or more in each of these two previous years, then the tax (TDS) to be deducted for Crypto related transactions will be at 5%.
In spot as well as P2P orders, users can see the applicable TDS on the order confirmation screen and the TDS deducted on the order details screen post order execution.
If tax (TDS) gets deducted in Crypto, users will be able to see the INR value of this TDS in the trading report after 48 hours.
If an order is placed before 1st July 2022, but the trade is executed on or after 1st July 2022, TDS provisions will apply.
tamilbtc.com/wazirx
The TDS provisions will be applicable from 1st July 2022. As per these provisions, tax (TDS) will be deducted on each trade where a Crypto asset is exchanged for INR or another Crypto asset.
Making it simple for you, you as a buyer or seller will not have to do anything. WazirX will do the needful. To help you understand these provisions better, here are a few pointers.
No tax (TDS) will be deducted from the buyer on buying Crypto using INR, while the seller of the Crypto asset will be liable to pay TDS.
When a Crypto asset is bought by paying with another Crypto asset, i.e., trading one Crypto asset for another, the TDS would be payable by both parties.
In P2P trades, 1% tax (TDS) will be deducted before a USDT sell order is placed. No tax (TDS) will be deducted from the P2P USDT buyer.
As per Section 206AB of the Income-Tax Act, 1961, if any user has not filed their Income Tax Return in the last two years and the amount of TDS is ₹50,000 or more in each of these two previous years, then the tax (TDS) to be deducted for Crypto related transactions will be at 5%.
In spot as well as P2P orders, users can see the applicable TDS on the order confirmation screen and the TDS deducted on the order details screen post order execution.
If tax (TDS) gets deducted in Crypto, users will be able to see the INR value of this TDS in the trading report after 48 hours.
If an order is placed before 1st July 2022, but the trade is executed on or after 1st July 2022, TDS provisions will apply.
tamilbtc.com/wazirx
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This is a nice update.
Price needs to break that $20k support in order to continue down further.
Given the current price action... It looks like that will happen very soon. #btc
Price needs to break that $20k support in order to continue down further.
Given the current price action... It looks like that will happen very soon. #btc
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