Winnings from online games and virtual digital asset transfers face graded penalties for non payment of required tax. The amendment to section 476 creates a graded penal scheme for failure to pay tax deducted at source or to ensure payment of tax for winnings from online ... Summary
Winnings from online games and virtual digital asset transfers face graded penalties for non payment of required tax.
The amendment to section 476 creates a graded penal scheme for failure to pay tax deducted at source or to ensure payment of tax for winnings from online games and consideration for transfer of virtual digital assets (excluding wholly in kind amounts), prescribing imprisonment up to two years or fines where unpaid tax exceeds fifty lakh rupees, imprisonment up to six months or fines where unpaid tax exceeds ten lakh but does not exceed fifty lakh rupees, and fine in other cases.
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