money earned in online game taxable income

The amendment is applicable from 01-04-2023. 10,000 for a financial year for a single payment or in the aggregate. (e) Section 194B and Section 194BB of the Act have been amended to fix the threshold limit of Rs. The amendment is applicable from 01-04-2023 and (d) A consequential amendment has been made to Section 194B of the Act to exclude from its scope the winning from online games. The amendment is applicable from Assessment Year 2024-25 (c) A consequential amendment has been made to Section 115BB of the Act to exclude winning from online games from its scope. The section is applicable from 01-04-2023 (b) A new Section 194BA has been inserted in the Act to require the deduction of tax from the winning from online games. The section is applicable from Assessment Year 2024-25 (a) A new Section 115BBJ has been inserted in the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’) to provide a regime for taxation of winning from online games.

Under this scheme for the taxation of winning from online games, the following provisions have been introduced or amended: All winnings from online games on or after 1-4-2023 shall be covered under this scheme. The Finance Act, 2023 introduces a new scheme for the taxation of winnings from online games at a flat tax rate of 30% with effect from the assessment year 2024-25. It also covers a section-wise digest of landmark rulings from 1922 – 2023 (Feb.) and the gist of Circulars & Notifications from 1961 – 2023 (Feb.). Tax on winnings from online games Ĭheck out Taxmann's Master Guide to Income Tax Act which covers section-wise commentary on the Finance Act 2023 along with Income Tax Practice Manual.

Money earned in online game taxable income