2 Nov 2020 5:31 AM GMT
2020 has been a year where we've seen an incredible rise in the popularity of online gambling in India. Even though the laws and regulations surrounding online gambling in India are vague, it is absolutely possible for Indian players to gamble legally and securely in India while giving you a chance to make profits while playing. On sites such as MyCasino, interested players...
2020 has been a year where we've seen an incredible rise in the popularity of online gambling in India.
Even though the laws and regulations surrounding online gambling in India are vague, it is absolutely possible for Indian players to gamble legally and securely in India while giving you a chance to make profits while playing.
On sites such as MyCasino, interested players can find the best and most secure online casinos to explore opportunities and multiply your earnings by playing casino games, obtaining bonuses, free spins, and more.
In 2020, there have been several tournaments and exciting introductory offers for players to participate remotely while making earrings with minimum subscriptions.
Such sites often cover card games, slot machine games, virtual game rooms and other virtual-reality sports games based on the wagers placed by such players on the respective website with instant payments.
You will also find easy cash games on a transaction basis such as blackjack, poker, rummy, teen-Patti on sites like MyCasino.
But what about their tax implications in India?
How Is Income From Online Gambling Taxed?
Incomes and winnings earned from online gambling are fully taxable under Section 115BB of the Income Tax Act. The tax is charged under the head "Income from Other Sources" which brings incomes from betting and gambling, lottery, card games or any other games, including earnings from online gambling, under the purview of the Act.
Earnings from online gambling and games are taxable at a flat rate of 30% plus cess, which mounts to 31.2% of the net earnings. There is no exemption of the basic limit for earnings from games, which means that the tax needs to be paid regardless of what the sum is.
Another provision pertaining to winnings from online gambling is that they are supposed to be tax deducted by the gaming company before the final remittance to the player or customer. Section 194B of the Income Tax Act provides for Tax Deducted at Source (TDS) and is applicable for all winnings exceeding an amount of Rupees 10,000.
There is no deduction available to be claimed in the returns against such incomes.
Reporting TDS Deducted Earnings
It is the gamer's responsibility to disclose the particulars of TDS deducted winnings in their returns even though they have provided their details such as PAN, bank account, and address to the betting site or online casino. In the case of winnings received in kind from online gaming, the rate shown will be the market rate of such rewards, where the distributor is responsible for deducting TDS.
Earning extra rewards have boosted the popularity of such platforms since real money is a great motivator among the youth and working population, bringing the number of active gamers to 300 million in India. MyCasino is a great platform to find online casinos in India where you can play a variety of games like online roulette, blackjack, andar bahar, and much more.
Since online casinos are allowed with certain rules and regulations in India, they are taxable, so don't forget to file your returns properly. Every earning you make from online games are to be declared on your Income Tax Returns to avoid scrutiny and legal repercussions.