Topics
Gaming Industry India | CBDT | betting
BS Web Team |
https://mybs.in/2axvDNJ
Tax evasion in the gaming industry has come under the radar of the tax department. The Central Board of Direct Taxes (CBDT) has urged the winners of online games to file updated income tax returns (ITR-U), disclose their incomes and pay the applicable taxes.
Nitin Gupta, chairman of CBDT, on Thursday, stated that one gaming portal has distributed Rs 58,000 crore in the last three years as the gross winning amount, according to a report by The Financial Express (FE). It has over 8 million users.
The winners will have to pay 30 per cent tax along with interest without any rebates. They will also have to pay an additional 25-30 per cent on both the tax and the interest due.
The winners might be subjected to hefty penalties if they fail to pay tax dues by the deadline. The last date to file the ITR-U is generally after 24 months after the end of the relevant assessment year. For FY22, the last date to file the ITR-U stands on March 31, 2024.
"ITR-U should be utilised by the winners of such games from other gaming portals also, as it would be an efficient provision for them to come forward and pay taxes rather than face the consequences of penalty," Gupta was quoted as saying by FE.
On February 15, the CBDT raided a business group engaged in gaming. They searched and seized operations of the group in 29 locations spread over Mumbai, Delhi, Jaipur, Pune, Kolkata and Surat.
According to Gupta, 100,000 ITR-Us have been filed since the scheme was introduced in Budget 2022. The additional taxes paid have been to the tune of Rs 28 crore. It is beneficial for the people who may have unknowingly or knowingly not paid taxes on dues from activities like gaming, betting, lottery etc.
Under the new rules, 10 per cent tax deducted at source (TDS) liability on the banks for the loans waived.
The banks have, however, flagged the concerns related to the implementation of the new TDS provisions on loans waived and have sought help from the government.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
PREVIOUS STORY
NEXT STORY
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Premium Services
In Partnership with 
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.
Enjoy Reading!
Team Business Standard
About Author
