The CBDT vide Notification No. 74/2022 dated June 30, 2022 has notified the following exceptions/ exclusions to the definition of Virtual Digital Assets (“VDA”) under the Income-tax Act, 1961 (“the IT Act”):
- Gift card or vouchers, being a record that may be used to obtain goods or services or a discount on goods or services.
- 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.
- Subscription to websites or platforms or application.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2022/236916.pdf
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