Tax on winnings from online games – Section 115BBJ - Income Tax - Ready Reckoner - Income Tax

Tax on winnings from online games Section 115BBJ w.e.f. 01 st April 2024 [New section inserted by FA, 2023] The amount of income-tax calculated on net winnings from such online games during the previous year Rate of Tax 30% on the net winning amount Amount to be paid to assessee After deducting tax, balance amount to be paid Explanation. For the purposes of this section, (i) computer resource shall have the same meaning as assigned to it in clause (e) of the Explanation to section 144B ; (ii) internet means the combination of computer facilities and electromagnetic transmission media, and related equipment and software, comprising the interconnected worldwide network of computer networks that transmits information based on a protocol for controlling such transmission; (iii) online game means a game that is offered on the internet and is accessible by a user through a computer resource including any telecommunication device.'.