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of <h1>Finance Bill 2022 Amends Income-tax Act: Defines 'Virtual Digital Asset,' Replaces 'Sales' with 'Transfer' Retroactively</h1> The Finance Bill, 2022 proposes amendments to section 2 of the Income-tax Act. It replaces the term 'sales' with 'transfer' in clause (42C), effective retroactively from April 1, 2021, impacting the assessment year 2021-2022 onwards. Additionally, a new clause (47A) is introduced to define 'virtual digital asset,' encompassing digital representations of value like tokens and non-fungible tokens, excluding Indian and foreign currencies. The Central Government can specify or exclude certain digital assets from this definition through notifications. These amendments will be effective from April 1, 2022.
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