Exclusion of digital assets from definition of virtual digital asset
Exclusion of digital assets from definition of virtual digital asset
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.
- This notification shall come into force from the date of publication in the Official Gazette.
Read More:
- New sections on Virtual Digital Assets under the income tax
- Section 194S: Payment on transfer of virtual digital asset
Read More on Income-tax, CBDT
