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The Times of India
The Times of India
Business
PTI

Onus of deducting TDS primarily rests on crypto exchanges: CBDT FAQ

CBDT Crypto Amit Maheshwari Income Tax New Delhi

NEW DELHI: The income tax department on Wednesday said the 1 per cent TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges.

The Central Board of Direct Taxes (CBDT) issued an FAQ on the TDS provisions on virtual digital assets (VDA) or cyptocurrencies, which was introduced in 2022-23 Budget and will be effective from July 1.

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