Home National Income Tax Returns, Big News for Taxpayers; Cbdt asks those who...

Income Tax Returns, Big News for Taxpayers; Cbdt asks those who win money in online games to pay tax, file updated income tax return itr-u ThePipaNews

ThePipaNews

New Delhi: Online game winnings will now have to pay a total of 30 per cent tax with interest without any deduction, amid the Income Tax department’s efforts to curb tax evasion in the gaming industry. Apart from this, they have to pay an additional 25 to 30 percent in taxes and interest. Failure to pay taxes within the stipulated time can lead to heavy penalties from online game winners.

Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said in an interview that the income tax department is keeping a close eye on tax evasion in the gaming industry. To avoid any action, winners of online games must disclose their income and pay applicable taxes along with filing an updated Income Tax Return (ITR-U). Generally the last date for filing ITR-U is 24 months after the end of the relevant assessment year. The last date for filing ITR-U for the financial year 2021-22 is 31 March 2024. He said that the winners of games on various gaming portals have to file ITR-U. It also provides for payment of tax forward to avoid penalty.

Know the 3 main benefits pensioners get with Aadhaar

Clarification on new TDS provisions soon
CBDT will soon issue a clarification on the process of implementation of new TDS provisions to various stakeholders especially banks. These provisions relate to profits or preconditions derived from any business or profession. Gupta said the board will issue an official circular in this regard. This includes issues such as One-Time Settlement (OTS) faced by banks

The rule is that those who earn through social media have to pay income tax

ITR-U is beneficial for them

  • One lakh ITR-Us have been filed since the presentation of Budget 2022. So the tax collected is Tk 28 crore.
  • It is beneficial for those who knowingly or unknowingly do not pay tax on money earned from gaming, betting, lottery.
  • 58,000 crore distributed by gaming portals
  • A gaming portal won Rs 58,000 crore in a span of three years. They have more than 8 million users.

Do ‘these’ important tasks before 31st August, otherwise you will get a blunder

ITR-U provides an opportunity to update income tax returns within two years after the end of the relevant assessment year. ITR-U provides taxpayers with an opportunity to include any income they have forgotten to pay tax while filing their income tax return. It is important to note that additional income is subject to an additional tax of 25% to 50%. Taxpayers filing updated returns are also required to state the reasons for updating income. Reasons may include – previously unfiled return or income statement not reported correctly, wrong income picked or reduction of loss carried forward.

Also, before ITR-U, once the original ITR was filed, an individual had the option of filing an amended income tax return to correct the mistakes made while filing the return. Last date for filing revised ITR is 31st December of the assessment year. Once this deadline is missed, the taxpayer cannot correct the mistakes made while filing the ITR.

Currently ITR-U can be filed for financial years 2019-20 and 2020-21 or assessment year 2020-21 or 2021-22.

RELATED ARTICLES

Navi Mumbai: Timings till 10pm for garba and dandiya during Navratri festival and till 12pm on Ashtami Navami. Navi Mumbai Municipal Corporation has...

ThePipaNews After Ganeshotsav was celebrated very peacefully in Navi Mumbai municipal area, police made elaborate arrangements to celebrate Navratri festival with peace and joy...

Miftah Ismail resigned, Prime Minister nominated Dar as the new finance minister ThePipaNews

ThePipaNews Prime Minister Shehbaz Sharif named Ishaq Dar as the new finance minister after Miftah Ismail resigned from his post in...

On Deepti’s run out, Anjum Chopra says – she had every right ThePipaNews

ThePipaNews Former India captain Anjum Chopra feels that all-rounder Deepti Sharma ran out Charlie Dean as a rule during the third ODI against England...

Video: Approaching the track to reverse…; Mumbra station clash with AC local leaves young man tragic, watch CCTV footage ThePipaNews

ThePipaNews A 22-year-old youth tragically died in a tragic incident at Mumbra railway station. This tragic incident at Mumbra railway station was caught...

BCCI congratulated Jhulan Goswami for his outstanding career ThePipaNews

ThePipaNews Mumbai: The Board of Control for Cricket in India (BCCI) on Sunday congratulated India's legendary bowler and retired former international captain Jhulan Goswami...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Navi Mumbai: Timings till 10pm for garba and dandiya during Navratri festival and till 12pm on Ashtami Navami. Navi Mumbai Municipal Corporation has...

ThePipaNews After Ganeshotsav was celebrated very peacefully in Navi Mumbai municipal area, police made elaborate arrangements to celebrate Navratri festival with peace and joy...

Miftah Ismail resigned, Prime Minister nominated Dar as the new finance minister ThePipaNews

ThePipaNews Prime Minister Shehbaz Sharif named Ishaq Dar as the new finance minister after Miftah Ismail resigned from his post in...

Truss Government voodoo economy – Newsnet.scot ThePipaNews

ThePipaNews By Russell Bruce Well, it went well, didn't...

On Deepti’s run out, Anjum Chopra says – she had every right ThePipaNews

ThePipaNews Former India captain Anjum Chopra feels that all-rounder Deepti Sharma ran out Charlie Dean as a rule during the third ODI against England...

Video: Approaching the track to reverse…; Mumbra station clash with AC local leaves young man tragic, watch CCTV footage ThePipaNews

ThePipaNews A 22-year-old youth tragically died in a tragic incident at Mumbra railway station. This tragic incident at Mumbra railway station was caught...

BCCI congratulated Jhulan Goswami for his outstanding career ThePipaNews

ThePipaNews Mumbai: The Board of Control for Cricket in India (BCCI) on Sunday congratulated India's legendary bowler and retired former international captain Jhulan Goswami...

Recent Comments