Income Tax : A summary of Tax Deducted at Source (TDS) rates under various sections of the Income-tax Act, 1961, covering payments to resident ...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Income Tax : Explore significant changes in ITR forms for FY 2023-24: deadlines, EVC for audits, reporting modifications, taxation updates, and...
Income Tax : The online gaming industry in India has witnessed significant growth in recent years, with millions of users engaging in a variety...
Goods and Services Tax : Explore tax implications of online gaming in India under Finance Bill, 2023. Learn about new tax deductions and regulations for on...
Income Tax : The Tribunal examined whether GST could be included in gross receipts for presumptive income. It held that GST is a statutory levy...
Income Tax : Amendment in Income tax Rules, 1962, insertion of new rule 133 for prescribing calculation of net winnings for online games, notif...
Income Tax : Circular No. 5 of 2023, issued by CBDT, provides guidelines for the implementation of section 194BA of Income-tax Act, 1961. This ...
The Tribunal examined whether GST could be included in gross receipts for presumptive income. It held that GST is a statutory levy with no income element and must be excluded under section 44BB.
A summary of Tax Deducted at Source (TDS) rates under various sections of the Income-tax Act, 1961, covering payments to resident and non-resident individuals and companies.
Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in India.
Explore significant changes in ITR forms for FY 2023-24: deadlines, EVC for audits, reporting modifications, taxation updates, and more. Stay informed!
The online gaming industry in India has witnessed significant growth in recent years, with millions of users engaging in a variety of games across different platforms. As this industry expands, it becomes crucial to understand the taxation implications and the role of Tax Deducted at Source (TDS) in the context of online gaming activities in […]
Explore tax implications of online gaming in India under Finance Bill, 2023. Learn about new tax deductions and regulations for online gaming income.
Gain a comprehensive understanding of Tax Deducted At Source (TDS) provisions under the Income Tax Act, 1961. Explore key sections such as 192, 193, 194, and 195, which cover various payment scenarios where tax deduction is required. Learn about TDS rates, thresholds, and implications for different types of income.
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.
Section 194BA was introduced by Finance Act 2023 to deduct TDS on net winnings from any online games. Manner of computation of net winning has been prescribed in Rule 133 of Income-Tax Rules, 1962.
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.
