Income Tax : Explore TDS rates for various incomes for FY 2024-25, including payments on salary, interest, winnings, rent, and more, applicable...
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 : Gain a comprehensive understanding of Tax Deducted At Source (TDS) provisions under the Income Tax Act, 1961. Explore key sections...
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 ...
Explore TDS rates for various incomes for FY 2024-25, including payments on salary, interest, winnings, rent, and more, applicable to residents and non-residents.
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 This includes both the winnings withdrawn and the remaining amount of net winnings in the user account at the end of the financial year.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.
Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 with effect from 1st April 2023. As per section 194BA, a person who is responsible for paying to any person any income by way of winnings from any online game during the financial year to deduct income-tax on the net winnings in […]
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 […]
