Resources
Report on Hindi News Viewership

What's the tax for online gambling?

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2020/12/30/gambling.jpg?itok=mngzxS_E

As the deadline for filing income tax returns in India looms closer, many people are rushing to file their ITRs this month. The Central government has extended the deadline to December 31, 2020, and all taxpayers—yes, even online gambling players—need to submit their forms by that date, or a hefty fine awaits them. This doesn't include players who gambles at off-shore casinos such as a 10Cric Casino.

Tax on online gambling wins in India—what’s the rule?

India’s tax rules covering gambling—both for land-based venues and online casinos—are still unclear. The outdated Public Gaming Act of 1867 sets up the foundation of gambling levy requirements and categories; however, there are several legislative acts that also serve as the basis of the Indian gambling taxation.

Section 115BB of the Income Tax Act of 1961, which regulates the income tax of India, specifies that any winnings from lotteries, crossword puzzles, race betting, card games such as Andar Bahar, Teen Patti and online rummy and other games, as well as gambling or betting of any form or nature is taxed at a flat rate of 30%.

This tax rule is applied to all online gambling winnings regardless of an individual’s total income, and no exemptions are made.

Reputable online gaming operators charge a 30% TDS (tax deducted at source), which means that players no longer have to worry about figuring out and paying the tax on their online gambling winnings. So a word of warning: if a platform promises “full amount” payment of online casino winnings, that means the gamer is tasked with the burden of declaring his or her winnings via the correct annual tax form.

What about GST for online gambling?

In 2017, central and state governments in India adopted the standardized goods and services tax (GST), which places a 28% tax rate for all entertainment events and services including casinos, racecourses as well as their related services.

In a new research report, ENV Media described GST as India’s equivalent of Value Added Tax (VAT). It explained, “In general, however, players should not think about this tax much, as it is the registered supplier of goods and services that will need to pay the GST… Yes, it does affect the money a player puts in (before) they win; and it does decrease their return in purely statistical terms. But it is an indirect tax which is already included in the final product they purchase when they play.”

Are there direct surcharges for gambling winnings?

In addition to the universal 30% tax on gambling income, there are a couple of surcharges and tax conditions depending on the income groups.

For instance, gambling winnings that exceed INR 50 lakh have a surcharge of 10% applicable to the normal tax rate—for a total of 33%. Meanwhile, gaming income exceeding INR 1 crore—such as in the case of lottery winnings—incurs a surcharge of 15% of the normal tax rate, bringing the total to 34.5%.
There’s also a 4% surcharge for “Health and Education Cess,” which is added to the due tax and does not depend on income. 

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/11/30/online_classes.jpg?itok=d6GzmntE
10 Best Websites for Online Classes

So you have decided to explore the world of online learning. Undoubtedly, switching to online learning platforms has become a new trend since the onset of the COVID-19 pandemic and doesn’t seem to slow down even today. Whatever skills you are looking for, whether related to K-12 education, various...

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/10/21/technology_1.jpg?itok=sKJAXj0p
Full stack developer: The next big thing in technology?

Presently, full stack developer has emerged to be a highly sought career alternative worldwide. Companies are hiring full stack developers in huge numbers. A Full Stack Developer must possess a vivid knowledge of the front end, version control, the back end, debugging, database management,...

Resources Education insitutes
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/08/30/master-of-arts.jpg?itok=jwiUYaxm
What Can You Do With a Master of Arts Degree?

Master of Arts, popularly known as MA is a 2 years long post graduate programme that candidates can pursue after completing their graduation. Numerous colleges and universities across India and abroad offer the degree in numerous specializations. Some of the most sought after courses in MA include...

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/08/29/loan.jpg?itok=S4bXFvfs
Factors that Contribute to Business Loan Application Rejection

One of the many things that businesses don't want to confront is rejection, whether it's for a new project or business financing. However, financial institutions are extra cautious when conducting credit appraisals. They consider a number of factors before approving your loan application. As a...

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/08/09/writting.jpg?itok=oDpJyIE9
How to turn writing into a habit

The problem with modernity is that we threw out the baby with the bathwater. Horrified by the excess and savagery of the past, we decided to place a stigma on what is seen as old. The word “wisdom” is rarely used in its literal sense or taken literally.

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/06/23/what-are-the-5-methods-of-selecting-projects.jpg?itok=Kdmq05XS
What are the 5 Methods of Selecting Projects?

An organization has many interesting and challenging projects to work on, and it needs proper management for delivering the project on time and within budget.

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/06/17/data.jpg?itok=HvSPdkfp
Which Certifications Are Useful To Get A Job In Data Analytics?

It is well-known that today’s business world runs through data. Data is an essential asset for all organizations as it helps them optimize their performance and growth. Data analytics is gaining popularity day by day as it allows companies to reduce their costs by identifying more efficient ways...

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/06/03/aaj-tak-campuss.jpg?itok=oYFS5vwD
Aaj Tak launches a platform to help students in skill development

Aaj Tak India’s no 1 news channel has launched 'Aaj Tak Campus' (ATC). It is a one-stop online guide for college admissions and competitive exams, offering creative solutions to students for career planning and skill-building.

Resources Education
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/31/hand-writte.jpg?itok=aAkCSZaK
8 Daily Writing Habits of Successful Writers

All great writers have their secrets; there’s a reason they’ve gone through the whole creative process and achieved publishing success and recognition.

Resources Education