Taxes on
Winnings from and Get Maximum RefundsOnline gaming websites and apps
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Taxes on Winnings from Online gaming websites and apps
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More About Taxes on Winnings from Online gaming websites and apps
Winnings from online gaming websites and apps in India are taxable as per the Income Tax Act, 1961.
The tax rate for such winnings is 30% plus applicable surcharge and cess, which is deducted at source by the gaming operator.
Individuals are required to file an income tax return if their total annual income, including online gaming winnings, exceeds the basic exemption limit of Rs. 2.5 lakh.
Deductions under Section 80C can be availed to reduce taxable income, and non-compliance with tax laws can result in penalties and legal consequences.
you are required to file an income tax return and declare your online gaming winnings.
Non-compliance with tax laws can lead to penalties and legal consequences, so it is advisable to consult a tax expert or a CA to ensure proper compliance with the tax laws in India.
