TMI BlogCalculation of Net winnings from online games during the previous year, for the purposes of section 115BBJ - New Rule 133 inserted - TDS Form 16, certificate amended - various TDS Returns / statements amended - Income-tax (Fifth Amendment) Rules, 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... ect from 1st July 2023, (a) for clause (ix), the following clause shall be substituted namely:- (ix) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under second proviso to section 194N or in view of the exemption provided in fourth proviso to section 194N or in view of the notification issued under fifth proviso to section 194N; ; (b) in clause (xvii), after sub-clause (a), the following sub-clause shall be inserted, namely:- (aa) winnings in terms of sub-section (2) of section 194BA; . 3. In the principal rules , after rule 132 , the following rule shall be inserted, namely: 133 . (1) Net winnings from online games during the previous year, for the purposes of section 115BBJ, shall be calculated using the following formula, namely: Net winnings =(A+D)-(B+C), where A = Aggregate amount withdrawn from the user account during the financial year; B = Aggregate amount of non-taxable deposit made in the user account by the assessee during the financial year; C = Opening balance of the user account at the beginning of the financial year; and D= Closing balance of the user account at the end of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or sub-rule (4), during the financial year if tax has been deducted in accordance with the provision of section 194BA on winnings comprised in such withdrawal or withdrawals. (7) Net winnings in the formula given in sub-rule (6) shall be zero, if the sum of amounts B, C and E is equal to or greater than the sum of amount A and D. Explanation 1. For the purposes of this rule (a) non-taxable deposit means the amount deposited by the user in his user account and which is not taxable; (b) taxable deposit means any amount deposited in the user account which is not a non-taxable deposit and includes any amount paid directly to the user not through the user account; and (c) withdrawal means any amount withdrawn by the user from any user account. Explanation 2 . For the removal of doubts, it is hereby clarified that (a) user account shall include every account of user, by whatever name called, which is registered with the online gaming intermediary and where any taxable deposit, non-taxable deposit or the winnings made by the user is credited and withdrawal by the user is debited; (b) whenever there is payment to the user in kind or in cash, or partly in kind and partly in cash, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Deductor TAN of the Deductor PAN of the Employee/specified senior citizen Employee Reference No./ Pension Payment order No. provided by the Employer (If available) CIT (TDS) Address .. City . Pin Code . Assessment Year Period with the Employer From To Summary of amount paid/credited and tax deducted at source thereon in respect of the employee Quarter(s) Receipt Numbers of original quarterly statement of TDS under sub section (3) of section 200 Amount paid/credited Amount of tax deducted (Rs.) Amount of tax deposited/ remitted (Rs.) Total (Rs.) I. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH BOOK ADJUSTMENT (The deductor to provide payment wise details of tax deducted and deposited with respect to the deductee) Sl. No. Tax Deposited in respect of the deductee (Rs. ) Book Identification Number (BIN) Receipt numbers of Form No. 24G DDO serial number in Form No. 24G Date of transfer voucher dd/mm/yyyy Status of matching with Form No. 24G Total (Rs. ) II. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH CHALLAN (The deductor to provide payment wise details of tax deducted and deposited with respect to the deductee) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... head Salaries [(3+1(e)-5] Rs. ... 7. Add: Any other income reported by the employee under as per section 192 (2B) (a) Income (or admissible loss) from house property reported Rs. ... by employee offered for TDS (b) Income under the head other sources offered for TDS Rs. ... 8. Total amount of other income reported by the employee Rs. ... [7(a)+7(b)] 9. Gross total income (6+8) Rs. ... 10. Deductions under Chapter VI-A Gross Deductible Amount Amount (a) Deduction in respect of life insurance premia, Rs. ... Rs. ... contributions to provident fund etc. under section 80C (b) Deduction in respect of contribution to certain pension Rs. ... Rs. ... funds under section 80CCC (c) Deduction in respect of contribution by taxpayer to Rs. ... Rs. ... pension scheme under section 80CCD (1) (d) Total deduction under section 80C, 80CCC and 80CCD(1) Rs. ... Rs. ... (e) Deductions in respect of amount paid/deposited to notified Rs. ... Rs. ... pension scheme under section 80CCD (1B) (f) Deduction in respect of contribution by Employer to Rs. ... Rs. ... pension scheme under section 80CCD (2) (g) Deduction in respect of health insurance premia under Rs. ... Rs. ... section 80D (h) Deduction in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e under the head Other Sources paid by the specified bank Rs. ... 7. Gross total income (5+6) Rs. ... 8. Deductions under Chapter VI-A Gross Amount Deductible Amount (a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C Rs. ... Rs. ... (b) Deduction in respect of contribution to certain pension funds under section 80CCC Rs. ... Rs. ... (c) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD(1) Rs. ... Rs. ... (d) Total deduction under section 80C, 80CCC and 80CCD (1) Rs. ... Rs. ... (e) Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B) Rs. ... Rs. ... (f) Deduction in respect of health insurance premia under section 80D Rs. ... Rs. ... (g) Deduction in respect of interest on loan taken for higher education under section 80E Rs. ... Rs. ... Gross Amount Qualifying Amount Deductible Amount (h) Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G Rs. ... Rs. ... Rs. ... (i) Deduction in respect of interest on deposits in savings account under section 80TTB Rs. ... Rs. ... Rs. ... (j) Amount deductib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... II, in the column for tax deposited in respect of deductee, furnish total amount of tax, surcharge and health and education cess. 7. Deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure-I) to the employee. . (b) in form 24Q , with effect from 1st July, 2023, (i) in serial number 4, in the table, in column No. 4, for the words Education Cess , the words Health and Education Cess shall be substituted; (ii) in Annexure I, in the table before Verification , in column No. 11, for the words Education Cess , the words, Health and Education Cess shall be substituted; (iii) for Annexure II , the following Annexure II shall be substituted, namely: Annexure II Details of salary paid or credited during the financial year .and net tax payable (under section 192) Serial number. Permanent Account Number of the employee. Name of the employee. Whether opting out from taxation u/s 115BAC(1A) [Yes/No] Deductee type (Senior Citizen, Super Senior Citizen, Others). Date from and date up to employed with current employer in the current financial year (dd/mm/yyyy). (a) Gross Salary as per provisions contained in section 17(1). (b) Value o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of health insurance premia under section 80D. Deduction in respect of interest on loan taken for higher education under section 80E. Total deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G. Deduction in respect of interest on deposits in savings account under section 80TTA. Amount deductible under any other provision (s) of Chapter VI‐A. Total amount deductible under Chapter VI‐A [357+ 359+ 361 (limited to Rs. 1,50,000) +363 +364B + 365B +366B + 367B +369 + 372 +375 +378]. Gross amount Deducti ble amount Gross amount Deduc tible amount Gross amount Deducti ble amount Gross amount Deducti ble amount Gross amount Deducti ble amount Gross amount Deductibl e amount Gross amount Qualify ing amount Deducti ble amount Gross amount Qualify ing amount Deducti ble amount Gross amount Qualify ing amount Deducti ble amount (362) (363) (364A) (364B) (365A) (365B) (366A) (366B) (367A) (367B) (368) (369) (370) (371) (372) (373) (374) (375) (376) (377) (378) (379) Total taxable income (355-379). Income-tax on total income. Rebate under section 87A, if applicable. Surcharge, wherever applicable. Health and education cess. Income‐ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , for the words Whether opting for taxation u/s 115BAC [Yes/No] , the words Whether opting out of taxation u/s 115BAC(1A) [Yes/No] shall be substituted; (c) in form 26Q, with effect from 1st July, 2023, (i) for the brackets, words, figures and letters [See sections 192A, 193, 194, 194A, 194B, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBA, 194LBB, 194LBC, 194N, 194-O, 194P, 194Q, 194R, 194S, 197A, 206AA, 206AB and rule 31A] , the following brackets, words, figures and letters, shall be substituted, namely: [See sections 192A, 193, 194, 194A, 194B, 194BA, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBA, 194LBB, 194LBC, 194N, 194-O, 194P, 194Q, 194R, 194S, 197A, 206AA, 206AB and rule 31A] ; (ii) for the Annexure , the following Annexure shall be substituted, namely: ANNEXURE: DEDUCTEE/PAYEE WISE BREAK UP OF TDS ( Please use separate Annexure for each line-item in Table at Sl. No. 4 of main Form 26Q ) Details of amount paid/credited during the quarter ended (dd/mm/yyyy) and of tax deducted at source Name of the Deductor/Payer TAN BSR Code of branch/Receipt Number of Form No. 24G Date on which challan deposited/Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osited BSR Code of bank Date of payment Challan serial number Amount of tax deposited BSR Code of bank Date of payment Challan serial number Amount of tax deposited BSR Code of bank Date of payment Challan serial number Amount of tax deposited BSR Code of bank Date of payment Challan serial number [426A] [426B] [426C] [426D] [427A] [427B] [427C] [427D] [428A] [428B] [428C] [428D] [429A] [429B] [429C] [429D] Verification I,............................................................................ , hereby certify that all the particulars furnished above are correct and complete. Place: .. Date: .. .. Signature of the person responsible for deducting tax at source . .. Name and designation of the person responsible for deducting tax at source Notes: 1. Write A if lower deduction or no deduction is on account of a certificate under section197. 2. Write B if no deduction is on account of declaration under section197A other than the cases mentioned in sub-section (1F) of section 197A. 3. Write C if deduction is on higher rate under section 206AA on account of non-furnishing of PAN. 4. Write D if no deduction or lower deduction is on account of payment made to a person or class of pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n paid before such net winnings are released 94BA-P 194BB Winnings from horse race 4BB 194C Payment of contractors and sub-contractors 94C 194D Insurance Commission 94D 194DA Payment in respect of life insurance policy 4DA 194EE Payments in respect of deposits under National Savings Schemes 4EE 194F Payments on account of repurchase of Units by Mutual Funds or UTIs 94F 194G Commission, prize etc., on sale of lottery tickets 94G 194H Commission or Brokerage 94H 194-I(a) Rent 4-IA 194-I (b) Rent 4-IB 194J(a) Fees for Technical Services (not being professional service), royalty for sale, distribution or exhibition of cinematographic films and call center (@2%) 94J-A 194J(b) Fee for professional service or royalty etc (@10%) 94J-B 194K Income in respect of units 94K 194LA Payment of Compensation on acquisition of certain immovable property 4LA 194LBA(a) Certain income in the form of interest from units of a business trust to a resident unit holder 4BA1 194LBA(b) Certain income in the form of dividend from units of a business trust to a resident unit holder 4BA2 194LB Income in respect of units of investment fund LBB 194LBC Income in respect of investment in securitization trust LBC 194 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Challan Total TDS to be allocated among deductees as in the vertical total of Col. 726 Total interest to be allocated among the deductees mentioned below Sl. No Deductee reference number provided by the deductor, if available Deductee code (See Note 11) Permanent Account Number or Aadhaar Number of the deductee [see note 12] Name of the deductee Section code (see Note 13) Whether deductee opting out of taxation regime u/s 115BAC (1A)? (Y/N) Date of payment or credit (dd/mm/yyyy) Amount of cash withdrawal in excess of Rs 1 crores as referred to in section 194N (in cases not covered by the first proviso or third proviso to section 194N) Amount of cash withdrawal which is in excess of Rs. 20 lakhs but does not exceed Rs. 1 crore for cases covered by sub-clause (a) of clause (ii) of first proviso to section 194N (except cooperative societies) Amount of cash withdrawal which is in excess of Rs 1 crores for cases covered by sub-clause (b) of clause (ii) of first proviso to Section 194N (except cooperative societies) Amount of cash withdrawal in excess of Rs. 3 crore in case of co- operative societies as covered by third proviso to section 194N (in cases not covered by the first proviso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in view of sub-section (2A) of section 194LBA. 5. Write M if no deduction or lower deduction is on account of notification issued under second proviso to section 194N. 6. Write N if no deduction or lower deduction is on account of payment made to a person referred to in the fourth proviso to section 194N or on account of notification issued under the fifth proviso to section 194N. 7. Write O if no deduction is in view of clause (a) or (b) of sub-section (1D) of section 197A. 8. Write H if no deduction is in view of proviso to sub-section (1A) of section 196D in respect of an income paid to a specified fund which is exempt under clause (4D) of section 10. 9. Write I if no deduction is in view of sub-section (2) of section 196D in respect of income of the nature of capital gains on transfer of securities referred to in section 115AD paid or payable to a Foreign Institutional Investor. 10. Write J if deduction is at higher rate in view of section 206AB for non-filing of return of income by the non-resident having a permanent establishment in India. 11. List of deductee codes Sr No. Deductee Code Description 1 01 Company, other than domestic company 2 02 Individual 3 03 Hindu Undivid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -C 194N First Proviso read with Third Proviso Payment of certain amount in cash to non-filers being co-operative societies 4N-FT 195 Other sums payable to a non-resident 195 196A Income in respect of units of Non-Residents 96A 196B Payments in respect of Units to an Offshore Fund 96B 196C Income from Foreign Currency Bonds or shares of Indian Company payable to Non-Resident 96C 196D(1) Income of foreign institutional investors from securities under sub-section (1) 96D 196D(1A) Income of specified fund from securities referred to in clause (a) of sub-section (1) of section 115AD (other than interest income referred to in section 194LD) 96DA (e) in Form 27EQ, with effect from 1st July, 2023, (i) in serial number 4, in the table, in column No. 4, for the words Education Cess , the words, Health and Education Cess shall be substituted; (ii) for Annexure the following Annexure shall be substituted, namely: ANNEXURE -: PARTY WISE BREAK UP OF TCS (Please use separate Annexure for each-line item in Table at Sl. No. 04 of main Form 27EQ) Details of amount received/debited during the quarter ended (dd/mm/yyyy) and of tax collected at source Name of the Collector TAN BSR Code of branch/Receip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se (ii) of the fifth proviso to sub-section (1G) or in view of notification issued under the clause (ii). Write G if no collection is on account of the second proviso to sub-section (IH) of section 206C. Write H if no collection is on account of sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of notification issued under sub-clause (C), of clause (a) of the Explanation to sub-section (1H) of section 206C. Write I if collection is at a higher rate in view of section 206CCA. 10. List of Collectee Codes Sl No. Party Code Description 1 01 Company 2 02 Individual 3 03 Hindu Undivided Family 4 04 Association of Persons (AOP) except in case of AOP consisting of only companies as its members 5 05 Association of Persons (AOP) consisting of only companies as its members 6 06 Co-operative Society 7 07 Firm 8 08 Body of individuals 9 09 Artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act 1961 10 10 Others 11. Write collection code as mentioned below: Section Nature of collection Collection Code 206C Collection at source from alcoholic liquor for human consumption 6C A 206C Collection at source from timber obtained under f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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