CBDT specifies non-fungible token which shall not be considered as virtual digital asset
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 75/2022
New Delhi, the 30th June, 2022
(Income-tax)
S.O.2959(E).––In exercise of the powers conferred by clause (a) of Explanation to clause (47A) of section 2 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred as ‘the Act’), the Central Government hereby specifies a token which qualifies to be a virtual digital asset as non-fungible token within the meaning of sub-clause (a) of clause (47A) of section 2 of the Act but shall not include a non-fungible token whose transfer results in transfer of ownership of underlying tangible asset and the transfer of ownership of such underlying tangible asset is legally enforceable.
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 >>
- Cash deposit in demonetisation held exempt assessee being resident of Arunachal Pradesh
- ICAI bans seven Chartered Accountants being guilty of professional misconduct
- ITAT deleted addition made on presumption – there cannot be loss in restaurant business
- Rent of plot taxed as income from other sources in absence of proof of structure on it
- Application invited for special Public Prosecutors in Income Tax Department NER Region
