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Online Gaming TDS Budget 2023: The Central Government has presented the General Budget (Budget 2023-24) for the financial year 2023-24 in the Parliament today. In this budget, a big announcement has been made regarding the online gaming sector. Presenting the general budget in Parliament, Finance Minister Nirmala Sitharaman said that 30 percent tax is being imposed on the income earned from online gaming or the total amount you win. Along with this, the government has talked about abolishing the existing limit of Rs 10,000 in this budget. Know what are the complete details….
30% tax on income
In the budget 2023-24, the Modi government has proposed to impose a tax of up to 30 percent on the total amount won in online gaming. Along with this, it has also been announced to abolish the existing limit of Rs 10,000 on Tax Deducted at Source (TDS). In the budget, a proposal has been issued to bring two new provisions for TDS on online gaming. These include a provision to levy 30 per cent tax on the total winning amount paid in a financial year and to remove the existing limit of Rs 10,000 for levying TDS.
Business will reach 5 billion dollars
If the user does not withdraw the amount from the account, then there will be deduction of tax at source at the end of the financial year. According to media reports, the earning in the online gaming sector in India is expected to reach $5 billion by the year 2025. year 2023 With the introduction of 5G technology, this sector has gained more momentum.
What did Minister Rajeev say
Earlier, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar (Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology) had demanded to tighten the rules regarding online gaming. The draft amendments to the IT Rules reflect our commitment towards a secure, reliable and accountable Internet. As carefully practiced by the government, these amendments will be put through open consultation.
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