India's Central Board of Direct Taxes has issued Circular No. 13 of 2022, providing guidelines on the application of tax deducted at source (TDS) on the transfer of virtual digital assets (VDAs). The obligation to deduct tax at a rate of 1% was introduced as part of the Finance Act 2022 with effect from 1 July 2022, provided that the consideration for the transfer exceeds a monetary threshold of:
- Aggregate annual consideration of INR 50,000 if paid by a specified person, which generally mea…