Taxation of Winnings from Games & Online Games - Key Budget 2023 Proposals!
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
70 minutes
Episode Background:
The Finance Bill 2023 has brought in a new taxation regime with respect to income by way of winnings from online games and introduced new withholding tax provisions upon the online gaming operators who are responsible for making the payment of such winnings. The proposed changes completely substitute the old taxation and withholding taxation regime. Further, certain changes have also been introduced in withholding tax obligations on winnings from lotteries and crossword puzzles etc. The changes proposed shall have far-reaching consequences on the game operators, players of online games and the overall gaming industry.
What shall the episode cover?
Taxsutra is delighted to present to you a special episode on "Taxation of Winnings from Games & Online Games - Key Budget 2023 Proposals" in association with premier law firm “Lakshmikumaran & Sridharan [L&S]”. The session has been led by L&S Executive Partners, Mr. L. Badri Narayanan & Mr. S. Vasudevan, who has provided an in-depth understanding of the proposed changes to the taxation of winnings from games and online games.
Key Highlights:
The episode covered the following aspects:
- Current law governing the taxation of winnings from games
- Proposed changes
- De-minimis threshold of INR 10,000 to be seen vis-à-vis each financial year
- Separate provision to tax, winnings from online games
- Tax on net winnings, to be computed as per prescribed rules
- Mandatory deduction of tax at the end of the financial year on the winnings in the user account
- Payer to ensure the payment of tax when winnings are in kind, partly or wholly
- Simplification of Know Your Customer (KYC) and DigiLocker service
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2023
- ISBN: 0
Episode Duration:
70 minutes
Episode Background:
The Finance Bill 2023 has brought in a new taxation regime with respect to income by way of winnings from online games and introduced new withholding tax provisions upon the online gaming operators who are responsible for making the payment of such winnings. The proposed changes completely substitute the old taxation and withholding taxation regime. Further, certain changes have also been introduced in withholding tax obligations on winnings from lotteries and crossword puzzles etc. The changes proposed shall have far-reaching consequences on the game operators, players of online games and the overall gaming industry.
What shall the episode cover?
Taxsutra is delighted to present to you a special episode on "Taxation of Winnings from Games & Online Games - Key Budget 2023 Proposals" in association with premier law firm “Lakshmikumaran & Sridharan [L&S]”. The session has been led by L&S Executive Partners, Mr. L. Badri Narayanan & Mr. S. Vasudevan, who has provided an in-depth understanding of the proposed changes to the taxation of winnings from games and online games.
Key Highlights:
The episode covered the following aspects:
- Current law governing the taxation of winnings from games
- Proposed changes
- De-minimis threshold of INR 10,000 to be seen vis-à-vis each financial year
- Separate provision to tax, winnings from online games
- Tax on net winnings, to be computed as per prescribed rules
- Mandatory deduction of tax at the end of the financial year on the winnings in the user account
- Payer to ensure the payment of tax when winnings are in kind, partly or wholly
- Simplification of Know Your Customer (KYC) and DigiLocker service
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
