Rs 158 cr direct tax collected in current fiscal via TDS on crypto assets

Direct tax collected by way of tax deducted at source (TDS) on payments made upon transfer of virtual digital assets (VDA) aggregated to Rs 157.9 crore upto March 20, 2023, the Parliament was told on Tuesday.

“Rrypto assets are currently unregulated in the country, however, transactions in cryptocurrencies are subjected to provisions of various laws like the Prevention of Money Laundering Act, 2002 and Income Tax Act, 1961,” Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha in a written reply.

He also said that the Financial Stability Board states in its consultative document titled “Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets” that investment and activity in the crypto asset market is largely self-contained and is mostly for speculative purposes with limited connections to the real economy.

–IANS

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