Question

How much amount has been collected as tax deducted at source on payments made from transfer of virtual digital currencies in March 2023?

Q: Answer-How much amount has been collected as tax deducted at source on payments made from transfer of virtu...

The government has collected Rs 157.9 crore as tax deducted at source on payments made from transfer of virtual digital currencies in March 2023. The government had brought virtual digital assets such as cryptocurrencies under the income tax net in the Union Budget 2022-23. Income from the transfer of these assets is taxed at the rate of 30. Further, a 1 TDS is also levied on payment of transfer of these assets. Gift of VDAs is also to be taxed in the hands of the recipient.