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
