Notification on the definition of virtual digital asset, prescribes list of excluded assets and defines non-fungible tokens

The CBDT on June 30, 2022 vide Notification no. 75-2022 has specified a token which qualifies to be a virtual digital asset as non fungible token. The Finance Act 2022 introduced a new taxation regime for VDAs, under which no deduction of any expenditure (other than cost of acquisition), allowance or set off of losses is allowed for computation of VDA income.

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Notification PDF