TDS on Perquisites and VDA: CBDT Notifies Revised Returns [Read Notification]

Virtual Digital Assets - TDS - VDA - CBDT - Revised Returns - Taxscan

In view of the recent amendments to impose TDS on the perquisites of businessmen and professionals and the virtual digital assets (VDAs), the Central Board of Direct Taxes (CBDT) has notified the revised/new returns. These rules may be called the Income-tax (19th Amendment) Rules, 2022.

A notification issued on Tuesday stated that “(2D) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194S by a specified person referred to in that section shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QE.”; (ii) after sub-rule (6C), the following sub-rule shall be inserted, namely:–– “(6D) Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QE, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2D) into the Reserve Bank of India or the State Bank of India or any authorised bank.”

The Union Budget 2022 introduced a new provision of sections 194R and 194S in order to tax the benefits or perquisites of business or profession and the payment of consideration for transfer of virtual digital asset by persons other than specified persons.

The notification also provides the revised format of challan-cum-statement of deduction of tax under section 194M.

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Notification No: 67/2022

Date of Judgement:   21st June 2022

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