Playing online games for money during Diwali? Know how your winnings will be taxed
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Online games with players connected through the internet are becoming popular. Some youngsters get addicted to playing online games and remain hooked for a long time. Online games played for money may ruin the lives of youngsters already addicted.
Online games with players connected through the internet are becoming popular. Some youngsters get addicted to playing online games and remain hooked for a long time. Online games involving money are treated like lottery, horse race, sports betting, games of chance etc. and are taxed at the highest tax bracket. The entire amount received will be taxable at a flat rate of 31.20%. No deduction under section 80C or 80D or any other deduction/allowance is allowed from gambling income. The Benefit of basic exemption limit and income tax slab rate is not applicable to this income and the tax is on the taxpayer.
The entire amount received will be taxable at the flat rate of 31.20 per cent. No deduction under section 80C or 80D or any other deduction/allowance is allowed from gambling income.
