Income Tax Department Rectifies Gaffe, "Restores" 1% TDS On Virtual Assets After "Reduction"

Income tax department portal on Wednesday updated its document on TDS, reiterating that TDS on virtual digital assets remains at 1 per cent

In a confusion of sorts, the income tax department portal on Wednesday updated its document on tax deductible at source (TDS), reiterating that TDS on virtual digital assets remains at 1 per cent, as stated in the Union Budget for 2022-23, after it had earlier mentioned that the rate had been dropped to 0.1 per cent. Seems it was typo which has now been corrected by Income tax department & updated on all links. https://t.co/T8raxR4lOwpic.twitter.com/RtB5sNrxRX

There was a flutter after the department's website earlier mentioned that the TDS rate for virtual digital assets has been brought down to 0.1 per cent from the 1 per cent TDS on such assets announced in the Union Budget. 

However, after the change was noticed by a cross section of people, the website updated the document rectifying the error.