TMI BlogTDS and taxability on net winnings from online gamesX X X X Extracts X X X X X X X X Extracts X X X X ..... rd puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall, at the time of payment thereof, deduct income-tax thereon at the rates in force. 2. Section 194BB of the Act provides for similar provisions for deduction of tax at source for horse racing in any race course or for arranging for wagering or betting in any race course. 3. Section 115BB of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons and payment options. 6. Accordingly, it is proposed to: (i) amend section 194B and 194BB of the Act to provide that deduction of tax under these sections shall be on the amount or aggregate of the amounts exceeding ten thousand rupees during the financial year; (ii) amend section 194B of the Act to include gambling or betting of any form or nature whatsoever within its scope; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... puted in the prescribed manner. (v) to provide in the proposed section 194BA that in a case where the net winnings are wholly in kind or partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the net winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said section from the assessment year 2024-25, since it is proposed to introduce section 115BBJ to tax winnings from online games from that assessment year; (ix) to insert a new section 115BBJ in the Act with regard to tax on winnings from online games to provide that where the total income of an assessee includes any income by way of winnings from any online game, the income-tax payable shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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