Finance Ministry to Levy 30% Tax on Winnings from Online Games
By MYBRANDBOOK
Finance Minister Nirmala Sitharaman in the Finance Bill 2023 has proposed new rules under the Income Tax Act to define online gaming and levy a tax of 30% on net winnings from online games. The proposal was made in Section 115BBJ, which was added to the Finance Bill and will come into effect from 1 April 2024.
“For the purposes of this section, online games shall have the meaning assigned to it in clause (iii) of the Explanation to section 115BBJ,” according to the Finance Bill 2023.
The Finance Bill also added another section called Section 194BA, which gives the Securities and Exchange Board of India (SEBI) the power to create a process for the computation of deduction of income tax at the time of withdrawal of net winnings from online games. It will come into effect from 1 July.
Sitharaman in her budget speech also proposed to do away with the minimum threshold of ₹10,000 for levying TDS on winnings from online gaming. This means TDS will be charged even if the winning is under ₹10,000. Before the budget announcement, some sections of the gaming industry had urged the government to not remove the threshold.
Freshworks CEO Girish Mathrubootham pours in Rs 100 cr to setu
The youth academy - FC Madras, accredited by national governing body AIFF,...
Internet cut down affects 27 million as Punjab Police hunts fo
Indian authorities have blocked internet access for about 27 million people...
ChatGPT returns online after a brief outage
ChatGPT has stopped working, as users around the world complain about issu...
Manoj Tandon takes charge as new Director at RailTel Corporati
Manoj Tandon has taken over the charge of Director (Projects, Operation & M...
Icons Of India 2022: BHARAT GOENKA
Icons Of India 2022: BHARAT GOENKA...
Icons Of India 2022: NANDAN NILEKANI
Icons Of India 2022: NANDAN NILEKANI...
Icons Of India 2022: RAJIV MEMANI
Icons Of India 2022: RAJIV MEMANI...