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Section 115BBJ

Latest Articles


Changes in Latest Income Tax Return (ITR) Forms for FY 2023-24

Income Tax : Explore significant changes in ITR forms for FY 2023-24: deadlines, EVC for audits, reporting modifications, taxation updates, and...

March 26, 2024 10812 Views 0 comment Print

Taxation on Winnings from Online Games: Regulations & Calculations

Income Tax : Explore intricacies of taxation on winnings from online games, including TDS deductions, calculations, and regulatory guidelines f...

March 22, 2024 3357 Views 0 comment Print

New Financial Year and New ITR Forms

Income Tax : Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed fo...

March 6, 2024 2709 Views 0 comment Print

Streamlining Income Tax Filing: Insights into Revamped ITR Forms for FY 2023-24

Income Tax : Discover the revamped Income Tax Return (ITR) forms by CBDT for 2023-24, promising efficiency and transparency. Explore key highli...

February 6, 2024 2100 Views 2 comments Print

Understanding Sec 194B: TDS on Lottery Winnings: Rules & Exemptions

Income Tax : In the context of the Income Tax Act of 1961 in India, winnings typically refer to income earned through activities such as lotter...

January 3, 2024 3267 Views 1 comment Print


Latest Notifications


Formula to Calculate Net Winnings & New Form 16, 24Q, 26Q, 27Q & 27EQ

Income Tax : Amendment in Income tax Rules, 1962, insertion of new rule 133 for prescribing calculation of net winnings for online games, notif...

May 22, 2023 2958 Views 0 comment Print


Latest Posts in Section 115BBJ

Changes in Latest Income Tax Return (ITR) Forms for FY 2023-24

March 26, 2024 10812 Views 0 comment Print

Explore significant changes in ITR forms for FY 2023-24: deadlines, EVC for audits, reporting modifications, taxation updates, and more. Stay informed!

Taxation on Winnings from Online Games: Regulations & Calculations

March 22, 2024 3357 Views 0 comment Print

Explore intricacies of taxation on winnings from online games, including TDS deductions, calculations, and regulatory guidelines for compliance.

New Financial Year and New ITR Forms

March 6, 2024 2709 Views 0 comment Print

Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed for seamless filing. Get expert insights.

Streamlining Income Tax Filing: Insights into Revamped ITR Forms for FY 2023-24

February 6, 2024 2100 Views 2 comments Print

Discover the revamped Income Tax Return (ITR) forms by CBDT for 2023-24, promising efficiency and transparency. Explore key highlights and changes in the filing process.

Understanding Sec 194B: TDS on Lottery Winnings: Rules & Exemptions

January 3, 2024 3267 Views 1 comment Print

In the context of the Income Tax Act of 1961 in India, winnings typically refer to income earned through activities such as lotteries, crossword puzzles, races, card games, gambling, betting, or any other kind of game of chance or skill.

Analyzing the taxability of online gaming vis-a-vis Finance Bill, 2023: A conspicuous intention with poor implementation

September 17, 2023 4047 Views 0 comment Print

Explore tax implications of online gaming in India under Finance Bill, 2023. Learn about new tax deductions and regulations for online gaming income.

Section 194BA – TDS on winning from Online Games

June 2, 2023 13317 Views 1 comment Print

from online gaming. This includes both the winnings withdrawn and the remaining amount of net winnings in the user account at the end of the financial year. If the net winnings are received wholly or partly in kind, and the cash portion is insufficient to cover the entire TDS liability, the payer must ensure that the required tax has been paid before releasing the winnings.

Taxation & TDS on winnings from Online Games – Section 115BBJ and 194BA

May 25, 2023 24420 Views 1 comment Print

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.

Formula to Calculate Net Winnings & New Form 16, 24Q, 26Q, 27Q & 27EQ

May 22, 2023 2958 Views 0 comment Print

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 ICBDT) has issued Notification No. 28/2023-Income Tax […]

‘Rummy Khelo Paisa Jeeto’ is Now Taxable under Section 115BBJ

April 9, 2023 3618 Views 1 comment Print

Discover the taxation changes for online game winnings under Section 115BBJ and Section 194BA introduced by the Finance Bill, 2023. Stay informed about the 30% TDS on net winnings from games like Dream11 and Rummy, applicable from July 1, 2023. Ensure compliance to avoid penalties.

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