Central Government notifies virtual digital assets which shall be excluded from the definition of virtual digital asset - 74/2022 - Income Tax

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.