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of <h1>Section 194BA: Tax Deduction Rules for Online Game Winnings Introduced in Finance Bill, 2023, Effective July 1.</h1> Clause 83 of the Finance Bill, 2023 introduces section 194BA to the Income-tax Act, effective July 1, 2023, concerning taxation of online game winnings. It mandates tax deduction on net winnings in a user's account at the financial year's end or upon withdrawal. If winnings are wholly or partly in kind, tax must be paid before release. The Board may issue guidelines to address implementation difficulties, subject to government approval, which will be binding and presented to Parliament. Definitions for terms like 'online game' and 'user account' are included.
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