INCOME TAX IMPLICATIONS OF WINNING IN ONLINE GAMES
Amazon Pay India top up; GST summons for egaming firms
Amazon has pumped Rs 600 crore in its local fintech unit Amazon Pay India. This and more today’s ETtech Top 5.
Online gaming companies get summons for cashback to players since October
The agency detected reimbursements of taxed money back to players as cashback in a separate promo account by online gaming companies post implementation of the 28% GST (goods and services tax) on the full entry level betting amount. The DGGI Gurgaon has sent summons for a period between October 2023 and June 15, 2024, ET has learnt.
GST Council Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz
GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
Games 24x7 posts 70% rise in FY23 operating revenue, trims loss
Games24x7's operating revenue grew by over 70% to Rs 1,988 crore in FY23. The firm's loss narrowed by nearly 30% to Rs 199 crore. It runs platforms like RummyCircle and My11Circle.
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Double whammy coming for already struggling real gaming companies
Real money gaming companies like Dream11, Games24X7, and Mobile Premier League (MPL) face cost pressures with Google introducing service fees on Playstore listings from July 1.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
View: Gotta get ready for the AI-ternative
The integration of AI, nano robotics, space tech, and battery tech is transforming industries and reshaping economic models. As digital workers replace human roles in areas like call centers and logistics, governments must address potential job losses. Suggested measures include reskilling programs, focusing on labor-intensive industries, and implementing universal basic income (UBI) to support displaced workers. This proactive approach will help manage the transition and harness the benefits of these groundbreaking technologies.
Low charges, high returns, income tax benefits — 5 reasons to choose NPS for retirement planning
The NPS for the general public completes 15 years this week. Over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. Here are five reasons why you should invest in it.
Payment for imported software not royalty, rules SC
A bench of Justices BR Gavai, BV Nagarathna and Pankaj Mithal rejected a batch of review petitions filed by the Commissioner of Income Tax both on merits as well as on the grounds of delay. This means tax liability of foreign software seller without a permanent establishment in India would reduce to the 2% equalisation levy introduced via Finance Act 2020 from the 10%-15% royalty tax, which the Indian buyer has hitherto been liable to withhold.
Tax-free allowances can be availed under new income tax regime too: Avinash Godkhindi, CEO, Zaggle Prepaid
The flexi benefits in the salary can now be managed digitally, which actually eases the compliance burden for both the employee and the employer. For instance, the Zaggle Multi Wallet Card can be used to pay for a range of employee benefits and reimbursements, says Avinash Godkhindi, CEO, Zaggle Prepaid.
Future Gaming’s Santiago Martin: Under ED, I-T’s lens for a decade, this 'Lottery King' bought electoral bonds worth Rs 1,368 cr
ELECTORAL BONDS: Future Gaming and its CEO Santiago Martin, dubbed the 'Lottery King', have drawn attention for purchasing electoral bonds worth Rs 1,368 crore. The company, with interests spanning healthcare to gambling, has faced scrutiny from investigative agencies for alleged financial fraud and money laundering since 2011, despite its substantial turnover.
What is the TDS rate for salary, dividend, interest, house rent, cash withdrawal and other transactions for FY 2024-25
Tax Deducted At Source (TDS): TDS is levied on many types of incomes like salary, house rent, virtual digital assets (VDA), etc. What is important to note here is that a correct amount of TDS should be deducted and TDS return (if applicable) is filed in time. Read here to know some TDS rates for FY 2024-25.
Real-money gaming companies look for an ace to beat tax blues
Companies are trying out restrictions on the withdrawal of deposits for shorter games like rummy and poker to avoid being hit by repetitive taxation, as goods and services tax is levied every time a new deposit is made.
Gaming firms offer to pick up tax bill to keep players hooked
Companies are subsidising tax liability on users through deposit offers and bonuses, say industry insiders.
Delta Corp says Rs 23,200 crore-GST demand arbitrary
Delta Corp, an online gaming and casino firm, contested a GST demand of over Rs 23,200 crore, deeming it arbitrary and contrary to laws, hence not provisioning for it. Their Q3FY24 reported a 59% decrease in net profit at Rs 34.48 crore, with a reduced income from operations at Rs 181.54 crore. Show cause notices from tax authorities alleging GST short payments led to legal action by Delta Corp and its subsidiaries, securing stay orders from High Courts.
Epic wins antitrust fight vs Google: A deeper look at the case and its implications
Jurors found for Epic Games on all counts after the landmark antitrust trial that lasted over a month,
West Bengal: Bill passed to impose 28 pc GST on online gaming, horse racing, casinos
The West Bengal assembly on Thursday passed a bill by virtue of which online gaming, horse racing and casinos will be taxed at the highest GST rate of 28 per cent on full face value of the bets involved. Minister of State for Finance Chandrima Bhattacharya said when the West Bengal Goods and Services Tax (Second Amendment) Bill, 2023, will become an Act, it will augment the revenue of the state.
Gameskraft’s revenue grows to Rs 2,662 crore, profit rises to Rs 1,062 crore amid tax troubles
The company’s revenue from operations increased to Rs 2,662 crore in FY23, an almost 25% increase from the Rs 2,113 crore it generated in FY22, according to financial documents sourced from company data and intelligence platform Tofler.
Income tax payable on winnings from online, offline games of chance
E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar offline or online games.
Will new NPS systematic lump sum withdrawal (SLW) option help you during retirement? Here’s how to decide
PFRDA has now introduced phased withdrawal of the lump-sum part of the maturity amount of your NPS corpus at the time of retirement. NPS subscribers can now either opt for a lump- sum withdrawal or make periodic withdrawals (systematic lump-sum withdrawal or SLW) from their corpus. Should you opt for new SLW option or stay away? How will it help to achieve your retirement goals. Read here to find out
Income tax implications of investing in shares, mutual funds, bank FDs in child's name
Investments in the name of minor childrens for future expenses like college education, marriage, others can be done in many instruments including shares, mutual funds, bank fixed deposit (FD), post office schemes among others. Further if the income of a child is clubbed with the parent then a tax exemption is also given.
Centre collected Rs 600 crore from online gaming companies in TDS
The CBDT Chairman said that while there was a rule earlier it was subject to diverse interpretations and now rules are simplified, this will ensure better compliance for both players and companies.
Want to file ITR online? Check charges of six different income tax return filing websites
Read here to know what are the charges for expert assisted and self-assisted ITR filing across six different websites- Clear, TaxBuddy, Quicko, Tax2Win, myITreturn and TaxSpanner. Further if you are not sure of filing your ITR by your own virtue, you can always hire an CA from either these websites or from outside. Charges for this service is extra.
Flipkart employee's Twitter rant sparks outrage over taxation woes and online gaming taxes
The conversation took a detour into the realm of online gaming, as Goyal and others discussed the government's recent decision to impose a 28 percent tax on funds collected by gaming companies from their customers. Many argued that this move was excessively burdensome and discouraged investment in the real-money gaming industry.
TDS on online games winnings: How companies will deduct tax as per CBDT guidelines
The Central Board of Direct Taxes (CBDT) has issued guidelines on how online gaming companies will deduct tax from winnings they have earned. The guidelines have come after government removed the threshold of Rs 10,000 for deducting tax from the winnings in Budget 2023. The new rules have come into effect from April 1, 2023.
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