In Budget 2023, the Finance Minister proposed to create a new section 194BA for online gaming and proposed to levy a 30 percent TDS on 'net winnings'
NEW DELHI : The government’s proposal new tax proposal introduced in the Union budget for FY24, the Centre has proposed that tax should be levied on the net winnings and TDS can either be calculated at the end of the financial year or at the time of withdrawal by a player.
However, the gaming industry welcomed the Centre’s move to recognize online gaming as a separate category from gambling or betting in the Finance Bill.
30% TDS or tax deducted at source on online gaming applications will now be effective from 1 April, 2023
Earlier it was applicable for over Rs 10,000 till 31st March 2023. From 1st April 2023 onwards it'll be applicable to all the amounts.
For Example: If you withdraw Rs. 100 then you will get Rs. 70 in your account and Rs. 30 will be deposited to Income Tax Department
Dram11 New TDS Rule – TDS- Tax Deducted at Source on every online gaming app which will be effective from 1st April 2023. This will affect all the cricket fans who are playing fantasy sports.
Dram11 has recently introduced new rules regarding TDS, and it is crucial for all users to be aware of them. These rules will be effective from 1st April 2023.
Dram11 New TDS Rule 1st April | New TDS Rule in Fantasy Sports. TDS- Tax Deducted at Source on every online gaming app which will be effective from the 1st of April 2023.
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Updated: 29 Apr 2021, 06:36 PM IST Stff Writer. Dram11's website states that the company excludes cash bonus which it offers when calculating TDS.
How are fantasy sports taxed?
According to Indian tax laws, any income earned from winning a game of chance are subject to a flat tax rate of 30%. This means that if you win, say, Rs. 1,00,000 in a lottery, you would be liable to pay a tax of Rs. 30,000 (30% of Rs. 1,00,000) on the winnings.
How much tax will I pay for Dream11 earning?
Currently, there is a threshold of Rs. 10,000 below which Tax Deducted at Source (TDS) is not applicable. This means that if you win less than Rs. 10,000 from online gaming, the gaming operator does not have to deduct any tax on your winnings. However, under the proposed rules, this TDS slab of Rs. 10,000 would be removed, and any winnings above this amount would be subject to the 30% tax.
What is the tax on 1 crore in Dream11?
According to Indian tax laws, any income earned from winnings of a game of chance, including fantasy sports platforms like Dream11, are subject to a flat tax rate of 30%. This means that if someone wins a prize of 1 crore on Dream11, they would be liable to pay a tax of Rs. 30 lakhs (30% of Rs. 1 crore) on their winnings.
How do I pay taxes on my fantasy winnings?
The income tax on prize money earned from participating in this fantasy sport is subject to taxation at a rate of 30%, excluding any additional cess and surcharge. The platform that issued the prize will deduct the applicable Tax Deducted at Source (TDS) at the time of payment, and this will be reflected in the user's Form 26AS.
Can we claim Fantasy Sports TDS?
If TDS (Tax Deducted at Source) has been deducted on your income, including fantasy sports winnings, you can claim credit for it while filing your Income Tax Returns (ITR) for the relevant financial year. This means that you can subtract the amount of TDS deducted from your tax liability when calculating the final tax payable for that year.
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