Answer

ITR

Crypto TDS showing in AIS

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  1. Facts

    Transfers of virtual digital assets have 1% TDS, which appears in AIS and 26AS. Gains are taxed at 30% plus cess with no deduction except cost, and losses cannot be set off or carried forward.

  2. Provisions and law

    • Sec 285BB (now Sec 510)Annual Information Statement of a taxpayer's reported transactions and taxes
    • Sec 115BBH (now Sec 194)Tax on income from virtual digital assets
    • Sec 194S (now Sec 393)TDS on transfer of virtual digital assets

  3. Analysis

    Get the exchange's tax report. If you sold crypto for ₹5,00,000 bought for ₹3,50,000, the gain is ₹1,50,000 taxed at 30% plus cess, about ₹46,800. TDS of ₹5,000 is credited against it. A loss on another coin cannot reduce this gain. Report each transfer in Schedule VDA.

  4. Conclusion

    1. Download the exchange tax report
    2. Compute gain per transfer using cost only
    3. Report in Schedule VDA and claim the TDS
    4. Pay balance tax before filing

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