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of <h1>New Income Tax Rules: Rule 133 Introduced for Online Gaming Winnings; Updates to TDS Forms and Returns Effective July 2023.</h1> The Central Board of Direct Taxes has introduced the Income-tax (Fifth Amendment) Rules, 2023, effective from July 1, 2023. Key changes include the insertion of Rule 133 for calculating net winnings from online games under section 115BBJ. The calculation considers amounts withdrawn, non-taxable deposits, and account balances. Amendments also affect TDS Form 16, various TDS returns, and statements. Notably, changes are made to Forms 24Q, 26Q, 27Q, and 27EQ, with updates to terminology and section codes to reflect the inclusion of online gaming winnings and adjustments for health and education cess.
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