Goods and Services Tax - Explore tax implications of online gaming in India under Finance Bill, 2023. Learn about new tax deductions and regulations for online gaming income....
Goods and Services Tax - In the Finance Bill 2023, a new TDS section, 194BA, and 115BBJ, have been inserted into the Income Tax Act, and they have been made applicable from 01.04.2023. Eligibility criteria for the tax deductor: Any person (resident or non-resident) responsible for paying any income by way of winnings from any online game to any person […]...
Goods and Services Tax - Government vide its notification no. 28/2023 dated 22 May 2023, introduced rule 133 under Income Tax Rules (the Rule) to provide the mechanism of calculation of the net winnings. While computing the net winnings following terms have been defined which will be used in formula for computation....
Goods and Services Tax - Earlier there were no specific provision for taxation for winning from online games. Generally, no one pays on such winning and those who pays, that taxed under Income from other sources at slab rates. For how much time this winning is stay away from the eyes of income tax, so new section 115BBJ is inserted […]...
Notification No. 28/2023-Income Tax [G.S.R. 379(E).] - (22/05/2023) - Amendment in Income tax Rules, 1962, insertion of new rule 133 for prescribing calculation of net winnings for online games, notification of revised Form No. 16, Form 24Q, Form 26Q, Form 27Q, and Form 27EQ – Notification No. 28/2023-Income Tax | Dated: 22.05.2023 Central Board of Direct Taxes ...
Notification No. 28/2023-Income Tax [G.S.R. 379(E).] - 22/05/2023