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Rs 158 crore TDS collected from transfer of Virtual Digital Assets
Image Credit: Pixabay

Rs 158 crore TDS collected from transfer of Virtual Digital Assets

| @indiablooms | 29 Mar 2023, 11:05 pm

New Delhi/IBNS: Tax deducted at source on payments made upon transfer of Virtual Digital Assets (VDA) stood at Rs 157.9 crore as of March 20 for FY23, according to the Ministry of Finance.

In a written reply to a question in Rajya Sabha on Tuesday, Union Minister of State for Finance Pankaj Chaudhary said crypto 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.

The minister further stated that the Financial Stability Board states in its Consultative Document titled “Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets,” dated October 11, 2022 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.

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