CBDT notifies virtual digital assets excluded from the definition of virtual digital asset
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 74/2022
New Delhi, the 30th June, 2022
(Income-tax)
S.O.2958(E).––In exercise of the powers conferred by proviso to clause (47A) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies following virtual digital assets which shall be excluded from the definition of virtual digital asset:
(i) Gift card or vouchers, being a record that may be used to obtain goods or services or a discount on goods or services;
(ii) Mileage points, reward points or loyalty card, being a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services;(iii) Subscription to websites or platforms or application.
2. This notification shall come into force from the date of publication in the Official Gazette.
[F. No. 370142/29/2022-TPL (Part-I)]
ANKIT JAIN, Under Secy
Download Notification Click Here >>
- Validity of demand u/s 156 for default u/s 115-O, if assessment order u/s 143(3) has Nil demand
- Issue already examined and adjudicated by CIT(Appeals), can’t be reopened on same set of facts
- TDS can’t be denied for non deposit of tax deducted by the deductor – High Court
- Cash withdrawal from bank can’t be taxed u/s 69C as unexplained expenditure – ITAT
- A bland statement of ‘fraud or concealment of facts” in GST Notice u/s 74 not sufficient – SC
