Winnings from online games - Section 115BBJ - Income Tax - Ready Reckoner - Income Tax

Winnings from online games - Section 115BBJ Meaning of 'Winning from Online Games' - Games like Rummy, Poker, Dream11, etc. w.e.f. 01 st April 2024 taxabililty of 'Winning from Online Games' the income-tax payable shall be the aggregate of the amount of income-tax calculated @30% on net winnings from such online games during the previous year, computed in the manner as may be prescribed, and the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the net winnings referred to in clause (i). TDS - TDS u/s 194BA on any income of winning from online games shall be deduct @30% on net winning from online games. [ For more detail refer this chapter ] Explanation. For the purposes of this section, computer resource shall have the same meaning as assigned to it in clause (e) of the Explanation to section 144B ; 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; 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 Calculation of Net wining from online Games Net winnings from online games during the previous year, for the purposes of section 115BBJ, shall be calculated using the following formula mention under Rule 133 of Income Tax Rules, 1961. [ For more detail Refer this chapter ]