EGF

  The E-Gaming Federation repre senting lead ing online skill gaming operators in India, has praised the government's proposed changes to TDS regulations on net winnings from online gaming, which were announced in Budget 2023-24. The industry body has also urged the government to move the effective date for implementing these changes in the TDS regime to April 1, 2023.    The Finance Bill 2023 includes two new sections, namely, 194BA for withholding tax on winnings from online gaming, effective from July 1, 2023, and 115BBJ for computing taxes for those who earn income from winnings of online games. For online gaming users, TDS will be deducted under Section 194B for the first three months, i.e., April 1 to June 30, 2023, of the financial year, based on the concept of "winning" (as per Section 115BB), and under Section 194BA for the remaining nine months, based on the idea of "net winning" (as per Section 115BBJ).    A t the end of the financial year , as part

  The E-Gaming Federation , repre senting lead ing online skill gaming operators in India, has praised the government's proposed changes to TDS regulations on net winnings from online gaming, which were announced in Budget 2023-24. The industry body has also urged the government to move the effective date for implementing these changes in the TDS regime to April 1, 2023.    The Finance Bill 2023 includes two new sections, namely, 194BA for withholding tax on winnings from online gaming, effective from July 1, 2023, and 115BBJ for computing taxes for those who earn income from winnings of online games. For online gaming users, TDS will be deducted under Section 194B for the first three months, i.e., April 1 to June 30, 2023, of the financial year , based on the concept of "winning" (as per Section 115BB), and under Section 194BA for the remaining nine months, based on the idea of "net winning" (as per Section 115BBJ).    A t the end of the financial year , as pa