CBDT notifies assets excluded from the definition of virtual digital asset

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 >>

• Negligence of tax payer would not make exempt income taxable – ITAT
• For a notice sent by GSTN Portal no inference may be drawn as to its actual service
• Cash deposit of Rs. 250000 cr (credit) misread as crores by AO – Plea declined
• Discontinuance of business of firm will not vest ownership of firm’s property with partners
• Release of seized jewellery/gold u/s 132B within 120 days is directory not mandatory