Quick Summary
Government Gains INR 1,260 Crore Through Innovative TDS Framework on Online Gaming and Cryptocurrency Trade In a groundbreaking fiscal development, CBDT Chairperson Nitin Gupta announced on Friday that the government has amassed approximately INR 1,260 crore in taxes during the current fiscal year, following the implementation of a revised Tax Deduction at Source (TDS) regime for online gaming and cryptocurrency transactions. As of January 31, 2024, tax collections under the TDS framework
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FAQ :
The government has collected approximately £1.26 billion in taxes from online gaming and cryptocurrency transactions as of January 31, 2024.
A new section, 194BA, introduced by the Finance Act 2023, requires online gaming platforms to deduct income tax at source on net winnings in a user's account. This applies at the time of withdrawal and at the end of the financial year.
Income generated from the transfer of virtual digital assets, like cryptocurrencies, has been subject to a 30% tax rate since April 1, 2022.
Yes, the 30% tax on virtual digital assets is applicable irrespective of whether a taxpayer's total income falls below the threshold limit of £2.50 lakh.
No deductions are permitted when computing the taxable amount for cryptocurrency, except for the cost of acquisition.
Individuals engaged in online gaming and cryptocurrency trade are obligated to include their earnings from these sectors when filing their individual income tax returns.
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