Section 194R makes it mandatory to deduct 10 per cent tax at source on the value of any benefit or perquisite received by a resident Indian. This section was introduced by the government to widen the tax base and reduce tax evasion in the country
TDS under Section 194S
Payment on transfer of Virtual Digital Asset:
The section provides that a person being resident or non-resident, responsible for providing to a resident, any sum by the way consideration for transfer of 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 tax @ 1% on it. Since the provision of section 194S applies at the time of credit or payment whichever is earlier, representing consideration for transfer of virtual digital assets, such sum which has been credited or paid before 01.07.2022 would not be subjected to tax deduct u/s 194S.
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