However, things are changing, and w.e.f. the FY 23-24, a new Section 115BBJ has been introduced by the Finance Act 2023 to tax net winnings from any online games. A corresponding Section194BA has also been inserted w.e.f. 01-07-2023 for the deduction of tax from the net winnings from online games.
We hope this newsletter finds you in good health and high spirits. In this edition, we would like to provide you with an update on the Union Budget 2023 presented by the Honorable Finance Minister Nirmala Sitharaman. The Budget aims to prioritize following key areas: The budget aims to provide ample opportunities for citizens, especially…
Any person responsible for paying to any resident any consideration for transfer of a Virtual Digital Asset shall deduct tax u/s 194S.
Any person responsible for providing to a resident, any benefit or perquisite, arising from business and profession is liable to deduct tax u/s 194 R on such benefit or perquisite provided.