How is Online Gaming Taxed Under Income Tax Act?
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There are many online games which allow the players to win money. The Corona Virus pandemic has also played a big part in growing the online gaming industry in India. Online quizzes and riddles are also popular. The games are not only about cars and cards but also about rummy, poker, and sports.
Online gaming is a popular pastime for many people. The Corona Virus pandemic has also played a big part in growing the online gaming industry in India. Online quizzes and riddles are also popular. Several platforms provide information to the users about online casino sites. They give a proper review to a player before going for any deposit or withdrawal. It is possible to get a clear picture by going through the review of the brands on their platform.
The Supreme Court of India has declared that players who win online games should pay the taxes on it. The income generated through online gaming needs to be shown to the bank and income tax department while filing the IT returns.
Online gaming is taxable under Income Tax Act. It is not clear whether betting, gambling, the game of skills and chance are legal or illegal.
Online gaming is a good source of income. The players need to declare the winning amount and declare it in their IT returns form. Online gaming can be taxed under the Income Tax Act. If the players do not declare their winnings, they could be taken by the income tax department.
