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TMI BlogInsertion of new section 194S-Payment on transfer of virtual digital assetX X X X Extracts X X X X X X X X Extracts X X X X ..... ere the consideration for transfer of virtual digital asset is (a) wholly in kind or in exchange of another virtual digital asset, where there is no part in cash; or (b) partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of such transfer, the person responsible for paying such consideration shall, before releasing the consideration, ensure that tax has been paid in respect of such consideration for the transfer of virtual digital asset. (2) The provisions of sections 203A and 206AB shall not apply to a specified person. (3) Notwithstanding anything contained in sub-section (1), no tax shall be deducted in a case, where (a) the consideration is payable by a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the said section are also applicable along with the provisions of this section, then, tax shall be deducted under sub-section (1). Explanation. For the purposes of this section specified person means a person, (a) being an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business carried on by him or profession exercised by him does not exceed one crore rupees in case of business or fifty lakh rupees in case of profession, during the financial year immediately preceding the financial year in which such virtual digital asset is transferred; (b) being an individual or a Hindu undivided family, not having any income under the head Profits and gains of business or profession . . - Clause 59 see ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ifty thousand rupees during the financial year; and (b) the consideration is payable by any person other than a specified person and the value or aggregate value of such consideration does not exceed ten thousand rupees during the financial year. The proposed sub-section (4) seeks to provide that notwithstanding anything contained in Chapter XVII of the Income-tax Act, a transaction in respect of which tax has been deducted under sub-section (1) shall not be liable to deduction or collection of tax at source under any other provision of the said Chapter. The proposed sub-section (5) seeks to provide that where any sum referred to in subsection (1) is credited to any account, whether called Suspense Account or by any other name, in the books ..... X X X X Extracts X X X X X X X X Extracts X X X X
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