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of <h1>Amendments to Income-tax Act: Section 56 updates include COVID-19 exclusions and virtual digital assets, effective 2020 & 2023.</h1> The amendment to section 56 of the Income-tax Act involves changes to sub-section (2). Clause (viib) now includes funds regulated under the International Financial Services Centres Authority Act, 2019, effective April 1, 2023. Clause (x) introduces exclusions for sums received for COVID-19-related medical expenses and death benefits, effective retrospectively from April 1, 2020. The definition of 'property' is expanded to include virtual digital assets, effective April 1, 2023. These changes affect the assessment years 2020-2021 and 2023-2024 onwards, addressing income from other sources and specific exclusions related to COVID-19.
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