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of <h1>New Tax Rule: Section 194BA Requires Tax Deduction on Online Game Winnings Starting April 2023. Guidelines Clarify Computation.</h1> The Finance Act 2023 introduced Section 194BA in the Income-tax Act, effective April 1, 2023, mandating tax deduction on net winnings from online games. The Central Board of Direct Taxes (CBDT) issued guidelines to clarify the computation of net winnings, which includes all user accounts under a single user. Deposits from borrowed funds are non-taxable, while bonuses and incentives are taxable. Tax is deducted on withdrawal or at the fiscal year's end, with exemptions for minor withdrawals. Winnings in kind require tax proof before release. Valuation excludes GST, and shortfalls from April 2023 can be corrected by June 7, 2023.
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