Have you ever seen the craziness of online gaming these days?

Online gaming means, Simply, playing games over the internet, right!

These online games have attracted players from a variety of ages, nationalities, and occupations.

Do you Know Tax Department has unearthed Rs 58,000 crore in winnings of players on Indian gaming app and winners have to pay about Rs 20,000 crore in tax. 

How are online gaming earnings taxed in India? 

Section – 115BB of the Income Tax Act deals with Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever. And while submitting income tax returns, keep in mind that the income from such games has to be reported under the head "Income from Other Sources." 

Wanna know more?

Tune into the podcast of FunnTaxx where we simplify tax and finance related topics ! 🎧

P.S. - We are available on all the platforms. 🤩