Taxation of Virtual Digital Assets – Section 115BBH

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... hic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein. [ Section 2(47A) ] Notes:- NFT shall not include a NFT whose transfer results in transfer of ownership of underlying tangible assets and the transfer of ownership of such underlying tangible asset is legally .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 115BBH @30% on Income on transfer of Virtual Digital Asset Tax payable on income from the transfer of any VDA - Where the total income of an assessee includes any income from the transfer of any virtual digital asset, notwithstanding anything contained in any other provision of this Act, the income-tax payable shall be the aggregate of,- the amount of income-tax calculated on the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d under clause (a) of section 115BBH(1) shall be allowed against income computed under any provision of this Act to the assessee and such loss shall not be allowed to be carried forward to succeeding assessment years. The word transfer as defined in clause (47) of section 2, shall apply to any virtual digital asset, whether capital asset or not. Taxability of receipt of virtu .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... aning 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 of a Virtual Digital Asset . [ For more details refer this Link ] - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Com .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X