Section 194S TDS
This query is : Resolved
26 July 2023
Dear Sir / Madam,
Form 26AS of Mr A shows income of Rs. 36773/- and TDS there on of Rs. 367.73/- u/s 194S.
I understand that this TDS u/s 194S pertains to the transfer of Cryptocurrency or other VDAs.
However, I don't understand how should I show this in his Income Tax return? what kind of this income is? Capital gain or other sources or something else? which additional documents are to be asked for?
Please guide me in this.
Regards,
Suraj
Form 26AS of Mr A shows income of Rs. 36773/- and TDS there on of Rs. 367.73/- u/s 194S.
I understand that this TDS u/s 194S pertains to the transfer of Cryptocurrency or other VDAs.
However, I don't understand how should I show this in his Income Tax return? what kind of this income is? Capital gain or other sources or something else? which additional documents are to be asked for?
Please guide me in this.
Regards,
Suraj
26 July 2023
You have to give details of transaction in schedule VDA.
There the option is available to declare it in CG head or IFOS. Choose any one and declare it in that head, though default is Capital Gains.
There the option is available to declare it in CG head or IFOS. Choose any one and declare it in that head, though default is Capital Gains.
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26 July 2023
Achcha Sir. It means the amount Rs. 36773/- shown in Form 26AS is the sale value on which TDS is deducted... and then we have to show the purchase cost against it, and thus result would be either gain or loss.. is it so sir???
26 July 2023
Yes, you are right...
...
...
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26 July 2023
You both are soooo helpful... thank you Rambhia Sir and thank you CA R Seetharaman Sir !!!
26 July 2023
You are welcome...
..
..
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