1% tds band huya ja nai ??

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1% tds band huya ja nai ??

#cryptocurrency #english #wazirx

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27.11.2023

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Rose

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0

27.11.2023

WazirX Guard (Won't DM you first) · Accepted Answer

Please note - For those withdrawing crypto to international exchanges, most of these exchanges do not have a TDS framework in place. Also, many of them have no visibility over the user's real identity or the scale of transactions. Thus, putting the onus of deducting TDS on the individual, which is nearly impossible. As per section 194S of Income Tax Act, it is mandatory for the buyer (whether a resident of India or not) to deduct 1% (5% in some cases) of the amount paid to the Indian seller for transactions more than Rs.10,000.The Central board of direct taxes, in a notice dated June '22, mandates a person who is responsible for paying any resident any sum by way of consideration for transfer of crypto to deduct an amount equal to 1% of such sum as income tax thereon.The tax deduction is required to be made at the time of credit of the sum to the account of the resident or at the time of payment whichever is earlier. WazirX has a framework for complying with the TDS as per government notification. We request the users not to panic and take the right decision. it's better to pay Advance tax to avoid interest u/s 234A/B/C Thank you for your support, Team WazirX

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