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1. Question
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Which one of the following best describes the term 'virtual digital asset'?
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The Finance Bill has defined virtual digital assets in the newly-inserted clause (47A) under Section 2 of the Income Tax Act, 1961. VDA has been defined to mean any information or code or number or token generated through cryptographic means or otherwise. And which can be transferred, stored or traded electronically. (Hence, Option A is correct).
The Union government in the Budget for 2022-23 introduced new provisions aimed at taxing and tracking Virtual Digital Assets. Along with the framework for taxation, the Budget for the first time defined virtual digital assets, as given below:
‘(47A) “virtual digital asset” means:
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;
Incorrect
The Finance Bill has defined virtual digital assets in the newly-inserted clause (47A) under Section 2 of the Income Tax Act, 1961. VDA has been defined to mean any information or code or number or token generated through cryptographic means or otherwise. And which can be transferred, stored or traded electronically. (Hence, Option A is correct).
The Union government in the Budget for 2022-23 introduced new provisions aimed at taxing and tracking Virtual Digital Assets. Along with the framework for taxation, the Budget for the first time defined virtual digital assets, as given below:
‘(47A) “virtual digital asset” means:
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;