DelhiDesk: The Income Tax Department in India has announced that gaming platforms will not be required to deduct tax at source (TDS) if the prize money in online games is less than Rs 100. The Central Board of Direct Taxes (CBDT) has prescribed the procedure and manner related to TDS on online gaming by notifying Rule 133 of the Income Tax Rules. The net amount won in an online game will be calculated after deducting the total deposits, and online gaming platforms will be required to deduct TDS only if the net winning amount exceeds Rs 100.

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Here is the news bullets sorted by DelhiBreakings.com team.

👉 Relief for those earning money from online games
👉 Gaming platforms not required to deduct TDS if prize money is less than Rs 100
👉 CBDT prescribes procedure and manner related to TDS on online gaming
👉 Net amount won in online game calculated after deducting total deposits
👉 TDS deducted only if net winning amount exceeds Rs 100
👉 New rule in Finance Act 2023 required online gaming platforms to deduct income tax on net winning amount deposited in account.

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Online Gaming Platforms Not Required to Deduct TDS on Prize Money Below Rs 100: IT Department

Here is the news bullets sorted by DelhiBreakings.com team.

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