GK Question

technology medium mcq

Which Indian provision imposes 1% TDS on cryptocurrency transactions?

  1. Section 194S
  2. Section 115BBH
  3. Section 43A
  4. Section 66

Answer: Section 194S

Section 194S (Income Tax Act) imposes 1% TDS on transfer of virtual digital assets above threshold. Aims to track transactions and ensure tax compliance. Critical for crypto tax reporting obligations.

Topic Crypto Regulation
Exam Relevance Banking, SSC, UPSC