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TMI BlogTaxation of Virtual Digital Assets – Section 115BBHX X X X Extracts X X X X X X X X Extracts X X X X ..... * the amount of income-tax with which the assessee would have been chargeable, had the total income of the assessee been reduced by the income referred to in clause (a). * Notwithstanding anything contained in any other provision of this Act,- * No deduction allowed except cost of acquisition - no deduction in respect of any expenditure (other than cost of acquisition, if any) or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing the income referred to in clause (a) section 115BBH(1); * Set off or carry forward of loss from transfer of virtual digital assets not to be allowed - No set off of loss from transfer of the virtual digital asset computed under cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on - the aggregate fair market value of which exceeds Rs. 50,000/-, the whole of the aggregate fair market value of such property; (b) For inadequate consideration - for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50,000/-, the aggregate fair market value of such property as exceeds such consideration. [ Section 56(2)(x)(c) ] Explanation.-For the purposes of this clause,- (b) the expression "property" shall have the same meaning as assigned to it in clause (d) of the Explanation to clause (vii) and shall include virtual digital asset. Tax deduction at source TDS - Under section 194S @1% TDS to be deducted of any sum by way of consideration for transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x authority may serve a notice requiring compliance within a period not exceeding thirty days from the date of service. * Mandatory Compliance: The recipient is statutorily bound to furnish the statement within the time specified in the notice. Correction of Inaccuracies [ Section 285BAA(4) ] If any person, having furnished a statement under sub-section (1), or in pursuance of a notice issued under sub-section (3), comes to know or discovers any inaccuracy in the information provided in the statement, he shall within ten days inform the prescribed income-tax authority, the inaccuracy in such statement and furnish the correct information in such manner as prescribed. Rule-making Powers [ Section 285BAA(5) ] The Central ..... X X X X Extracts X X X X X X X X Extracts X X X X
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