Good news for those who earn money from online games! Now TDS will be deducted only on this much prize money

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Satta Matka Online Game TDS News: There is news of relief for those earning money from online games. The Income Tax Department (IT Department) has said that gaming platforms are not 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 / CBDT) has prescribed the procedure and manner related to TDS on online gaming by notifying Rule 133 of the Income Tax Rules. Accordingly, the net amount won in an online game will be calculated after deducting the total deposits.

According to a PTI-language report, the Income Tax Department has said that gaming platforms will not be required to deduct tax at source (TDS) if the net winning amount in online games is less than Rs 100. The Central Board of Direct Taxes (CBDT), the apex organization of the Income Tax Department, by notifying Rule 133 of the Income Tax Rules, has prescribed the procedure and manner related to TDS on online gaming.

According to the new rule of the apex body of the Income Tax Department, the net amount won in an online game will be calculated after deducting the total deposits. Accordingly, online gaming platforms will be required to deduct TDS only if the net winning amount exceeds Rs 100. Earlier, in the Finance Act 2023, a new section 194BA was included in the Income Tax Act, 1961, in which online gaming platforms were asked to deduct income tax on the net winning amount deposited in the account of the person concerned.

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