The direct tax collected through TDS under section 194S of Income-tax Act, 1961, on payments made upon transfer of Virtual Digital Assets totals Rs. 157.9 crore up to 20/03/2023 for FY 2022-23.
Reetu | Mar 29, 2023 |
Direct Tax from transfer of Crypto Assets aggregates to Rs.157.9 crore upto 20th March 2023
The Direct Tax Collected through tax deducted at source under section 194S of the Income-tax Act, 1961, on payments made upon transfer of Virtual Digital Assets (VDA) totals Rs. 157.9 crore up to 20/03/2023 for FY 2022-23. This was mentioned by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a query in Rajya Sabha today.
The Minister stated that Crypto assets are currently unregulated in the country, however, transactions in cryptocurrencies are subjected to provisions of various laws like the Prevention of Money Laundering Act, 2002 and Income-Tax Act, 1961.
According to the Minister, the Financial Stability Board states in its Consultative Document titled “Regulation, Supervision, and Oversight of Crypto-Asset Activities and Markets,” dated October 11, 2022, that investment and activity in the crypto asset market is largely self-contained and primarily for speculative purposes, with limited connections to the real economy.
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