The Finance Act, 2022 had inserted a new section 194S to the Income-tax Act, 1961 providing for deduction of tax at source (TDS) on transfer of a virtual digital asset (VDA). TDS under section 194S is applicable with effect from 1st July 2022. Provisions of Section 194S in brief: Particulars TDS u/s 194S Deductor A person, who is responsible for

The Finance Act, 2022 had inserted a new section 194R to the Income-tax Act, 1961 providing for deduction of tax at source (TDS) on benefit or perquisite in respect of business or profession. TDS under section 194R is applicable with effect from 1st July 2022. The text of Section 194R has been produced hereunder: Section 194R: Deduction of tax on