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of <h1>New Notification Excludes Gift Cards, Reward Points, and Subscriptions from Virtual Digital Assets Definition Under Income-tax Act.</h1> The Central Government has issued Notification No. 74/2022 under the Income-tax Act, 1961, specifying certain virtual digital assets that are excluded from the definition of a virtual digital asset. These exclusions include gift cards or vouchers used for goods or services, mileage or reward points given without direct monetary consideration under various programs, and subscriptions to websites, platforms, or applications. This notification, issued by the Ministry of Finance's Department of Revenue, will take effect upon its publication in the Official Gazette.
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