{"act":{"id":"finance-act-2022","short_title":"The Finance Act, 2022","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.","act_number":"6","act_year":2022,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":134,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2022/"},"unit":"section","section":{"number":"3","heading":"Amendment of section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (a) | in clause (12A), for the words \"in the written form or as print-outs of data stored in\", the words \"in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in digital form or in\" shall be substituted; (b) | in clause (42C), for the word \"sales\" occurring at the end and before Explanation 1, the word \"transfer\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021; (c) | after clause (47), the following clause shall be inserted, namely:— '(47A) \"virtual digital asset\" means— (a) | any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) | a non-fungible token or any other token of similar nature, by whatever name called; (c) | any other digital asset, as the Central Government may, by notification in the Official Gazette specify: Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein. Explanation.—For the purposes of this clause,— (a) | \"non-fungible token\" means such digital asset as the Central Government may, by notification in the Official Gazette, specify; (b) | the expressions \"currency\", \"foreign currency\" and \"Indian currency\" shall have the same meanings as respectively assigned to them in clauses (h), (m) and (q) of section 2 of the Foreign Exchange Management Act, 1999. (42 of 1999).'.","html":"

CHAPTER III

DIRECT TAXES

Income-tax

Amendment of section 2.

3. In section 2 of the Income-tax Act,—

(a)in clause (12A), for the words \"in the written form or as print-outs of data stored in\", the words \"in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in digital form or in\" shall be substituted;
(b)in clause (42C), for the word \"sales\" occurring at the end and before Explanation 1, the word \"transfer\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021;
(c)after clause (47), the following clause shall be inserted, namely:—

'(47A) \"virtual digital asset\" means—

(a)any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically;
(b)a non-fungible token or any other token of similar nature, by whatever name called;
(c)any other digital asset, as the Central Government may, by notification in the Official Gazette specify:
Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein.
Explanation.—For the purposes of this clause,—
(a)\"non-fungible token\" means such digital asset as the Central Government may, by notification in the Official Gazette, specify;
(b)the expressions \"currency\", \"foreign currency\" and \"Indian currency\" shall have the same meanings as respectively assigned to them in clauses (h), (m) and (q) of section 2 of the Foreign Exchange Management Act, 1999. (42 of 1999).'.
","words":339,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2022/section/3/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}