Insertion of new section 194S.

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..... ny resident any sum by way of consideration for transfer of a virtual digital asset, shall, at the time of credit of such sum to the account of the resident or at the time of payment of such sum by any mode, whichever is earlier, deduct an amount equal to one per cent. of such sum as income-tax thereon: Provided that in a case where the consideration for transfer of virtual digital asset is- ( .....

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..... exceed fifty thousand rupees during the financial year; or (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. (4) Notwithstanding anything contained in section 194-O, in case of a transaction to which the provisions of the said section are also applic .....

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..... ding on the income-tax authorities and on the person responsible for paying the consideration on transfer of such virtual digital asset. 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 d .....

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