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of <h1>Income-tax Act Update: Digital Forms Added, 'Transfer' Replaces 'Sales,' Virtual Digital Assets Defined Under Section 2</h1> Section 2 of the Income-tax Act has been amended to include electronic and digital forms in clause (12A), replacing the previous wording. Clause (42C) now substitutes 'transfer' for 'sales,' effective from April 1, 2021. A new clause (47A) defines 'virtual digital asset' as any digital representation of value, including non-fungible tokens, generated through cryptographic means or otherwise. The Central Government may specify or exclude certain digital assets from this definition through official notifications. Terms like 'non-fungible token' and currency definitions align with the Foreign Exchange Management Act, 1999.
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