Saturday, September 23rd, 2023

Online Games | Online gaming will be taxed from this date, IT department issued ‘this’ notification. ‎ (‎‎Trending)

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Mumbai: The business of online gaming is growing rapidly not only in the country but all over the world. Companies were already making huge profits but now the users playing games are also earning huge profits from it. If you are also a strong player of online games and earn big money, then be ready to pay tax now. Because income tax is keeping an eye on the income from online games and a notification has also been issued in this regard.

Tax will be applicable from this date

The government has amended the tax rules on income from online games. Under this, the government has amended the Income Tax Rules, 1962. The new rule will come into force from 1 July 2023. Simply put, from July 1, income from online games will be taxed. Online gaming is a fast-growing industry, which is expected to grow at a CAGR of around 27% over the next five years in India.

Complete information will have to be given in the declaration

As per the new income tax rules, details like number of transactions, taxable income, deposits by the gaming company in all user accounts during the entire year will have to be given in the declaration for 2023-24. Earlier the Finance Act 2023 added a new section 194BA to the Income Tax Act, 1961, which asked online gaming platforms to deduct TDS on the net winnings credited to the account of the person concerned. Further, the CBDT further clarified that GST shall not be taken into account for the purpose of calculation of winnings for TDS under section 194BA of the Income Tax Act.

These users will not be taxed

However, there is also a relief for the users. Under this, the money given by the company for referral, promotion or any other item will remain out of the tax net until it is used in the game and not withdrawn. For this, the complete details of any account of the user, deposits, withdrawals, company incentives and winnings throughout the year will also be required. There will be no tax on the money deposited by the users.

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