Poker winnings tax

That is TDS rate. Income you have to file yearly.

Hi,

Winnings from Online Games is liable for tax at 30% plus Education Cess at 3% on Tax (Total 30.9% on the Income). There is no benefit of Basic exemption limit for such earnings. However, you can claim Chapter VI-A Deductions.

TDS is to deducted at 30% on winnings above ? 10,000. So, you will receive the amount after TDS at 30%. You will have to bear the 0.9% out of the amount actually received by you.

Dear Sir,

Income is taxed 33.99% on any amount earned and show it as income from gambling under casual income.

As per Section 115BB of the Income Tax Act the current rate of Income Tax (as on financial year 2013-14) on poker winnings or winnings from any such card games etc. is 30.90%.

Hello Sir,

Withholding tax/ TDS will be deducted from your earnings beforehand and no tax shall be payable by you on the same.

All you have to do is file your Income Tax returns at the end of every Financial year.

i.e before 31st July every year.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Dear Sir,

You have to file your return yearly aggregating all the income received from online poker and it will be atxed at the rate of 30.90%.

Please feel free to call/revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Hi,

You will have to File your Income Tax Returns annually. TDS will be made whenever you receive Rs. 10,000 or more.

TDS on your Income and your Income Tax Returns are two separate things.

No. You have to file income tax return yearly after the end of the year.

Hello Sir,

You as it is need not file your returns every now and then. It is supposed to be filed annually only. I.e after 31st March of every year.

I hope that suffices your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

yes we suggest that you file the returns

Tax and return filing need to be done for entire 1 year in consolidation only

If you want I can file your return,

You can file online return on incometaxindiaefiling.gov.in. If you want i can help you with it

The very fact that Tax is deducted at source @ 30.9%, makes the online poker a legal one.

This is in the nature of gambling. The income is taxed as income from gambling/ speculation business. The losses under other heads of income cannot be set off against this income. Likewise, the losses,if any, under this head also cannot be set off against income from other heads.

You need to file returns on yearly basis as you file your normal IT Returns by including the income from such activities.

Hello Sir,

As 30% tax is deducted straight forward itself, specifies the transaction as legal. It is covered under betting and gambling.

You need not file online tax but instead need to file online Income Tax Return. You may hire the service of an expert to assist you in filing your returns.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

I am not sure about the legality of Online Poker in India. But the Income is certainly taxable in India and liable to TDS at 30% on any Income exceeding Rs. 10,000.

Since the tax is being deducted at 30% straight, you need not worry much about Advance Tax. You will have to File your Income Tax Returns Annually before 31st July every year declaring all the Incomes earned from Online Poker and pay the difference tax, if any, after combining your Taxable Income from all Sources

We have no dedicated laws for online gaming, online gambling, online poker, etc in India. the Supreme Court of India has refused to decide about legality of online poker, online rummy and online card games in India.

gambling is a state subject, different states have reacted differently in this regard. While states like Nagaland have adopted a very liberal approach yet other have taken a very conservative approach. Some states have expressly allowed games of skills and gambling while other have specifically prohibited them in all forms.