The TDS or tax deducted at source on online gaming applications will now be effective from 1 April, 2023 as against an earlier provision of 1 July, 2023. This comes as the online gaming industry ...

India’s net direct tax collection so far during the financial year 2023-24 grew 15.87 per cent on-year. The Central Board of Direct Taxes (CBDT) recently issued guidelines for tax deduction at source ...

Budget proposes 30% TDS on net winnings in online games, removes threshold for TDS levy The Budget 2023-24 proposed to introduce two new provisions for Tax Deducted at Source (TDS) on online gaming -- ...

The CBDT, via a notification, prescribed the manner of computation of net winning for online gaming platforms under Rule 133 of the Income-tax Rules, 1962 Online gaming platforms will not be required ...

The online gaming industry is a rapidly growing sector in India, projected to experience a compound annual growth rate (CAGR) of approximately 27% over the next five years. This growth is expected to ...

As per the new guidelines, information such as transactions happening throughout the year in all accounts of the user, taxable income and the deposits as well as incentives doled out by the gaming ...

The Central Board of Direct Taxes (CBDT) on Monday clarified that any deposit in the form of bonus or incentives credited in a user account will be considered net winnings, and subject to tax ...

This threshold may be lowered further to ensure that the tax is not avoided. Winnings from online gaming could come under stricter income tax scrutiny. The Finance Ministry is understood to be ...

The online gaming industry has welcomed the amendments made in the Finance Act 2023 on the applicability of TDS on online gaming and income tax on online gaming, the applicable date for which was ...