As per the Finance Act 2023, all Real Money Gaming Apps are mandated to deduct tax at the rate of 30% on users’ Net Winnings at the time of withdrawal or on 31st March (i.e. end of the Financial Year).
Tax deducted at Source- TDS
What are the latest changes to TDS (Tax Deducted at Source) on online gaming apps?
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- Will my Opening A/c Balance be considered if I want to make a withdrawal at the start of the new Financial Year (April 2023)?
- Will tax be deducted if I withdraw an amount lesser than my total deposits?
- How is tax calculated on 'Net Winnings'?
- What is ‘Net Winnings’?
- What are the latest changes to TDS (Tax Deducted at Source) on online gaming apps?
- How can I get my Tax Certificate to file IT Returns?
- I play on both RummyCircle & My11Circle. How will this impact me?
- What is TDS?
- When will the tax be deducted?
- If my ‘Net Winnings’ go down during the year, can I get a refund of the TDS already deducted?