TaxTMI 
TaxTMI 
Calculation of Net winnings from online games during the previous year, for the purposes of section 115BBJ - New Rule 133 inserted - TDS Form 16, certificate amended - various TDS Returns / statements amended - Income-tax (Fifth Amendment) Rules, 2023
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....erred to as the principal rules), in rule 31A, in sub-rule(4) with effect from 1st July 2023,-- (a) for clause (ix), the following clause shall be substituted namely:- "(ix) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under second proviso to section 194N or in view of the exemption provided in fourth proviso to section 194N or in view of the notification issued under fifth proviso to section 194N;"; (b) in clause (xvii), after sub-clause (a), the following sub-clause shall be inserted, namely:- "(aa) winnings in terms of sub-section (2) of section 194BA;". 3. In the principal rules, after rule 132, the following rule shall be inserted, namely:- "133. (1) Net winnings from online games during the previous year, for the purposes of section 115BBJ, shall be calculated using the following formula, namely:- Net winnings =(A+D)-(B+C), where - A = Aggregate amount withdrawn from the user account during the financial year; B = Aggregate amount of non-taxable deposit made in the user account by the assessee during the financ....
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....de in the user account by the owner of such account during the financial year; C = Opening balance of the user account at the beginning of the financial year; D= Closing balance of the user account at the end of the financial year; and E= Net winnings comprised in the earlier withdrawal or withdrawals computed under sub-rule (2), or sub-rule (4), during the financial year if tax has been deducted in accordance with the provision of section 194BA on winnings comprised in such withdrawal or withdrawals. (7) Net winnings in the formula given in sub-rule (6) shall be zero, if the sum of amounts B, C and E is equal to or greater than the sum of amount A and D. Explanation 1.- For the purposes of this rule - (a) "non-taxable deposit" means the amount deposited by the user in his user account and which is not taxable; (b) "taxable deposit" means any amount deposited in the user account which is not a non-taxable deposit and includes any amount paid directly to the user not through the user account; and (c) "withdrawal" means any amount withdrawn by the user from any user account. Explanation 2.- For the remov....
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....ll be applicable for the assessment year 2024-25 and subsequent assessment years, namely:-- "FORM NO. 16 [See rule 31(1)(a)] PART A Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source on salary paid to an employee under section 192 or pension or interest income of specified senior citizen under section 194P. Certificate No. Last updated on Name and address of the Employer/Specified Bank Name and address of the Employee/ Specified senior citizen PAN of the Deductor TAN of the Deductor PAN of the Employee/ specified senior citizen Employee Reference No./ Pension Payment order No. provided by the Employer (If available) CIT (TDS) Address................................. ......................................... City........................................ Pin Code .................................. Assessment Year Period with the Employer From To Summary of amount paid/credited and tax deducted at source thereon in respect of the employee Quarter(s) Receipt Numbers of original quarterly statem....
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....er section 192 Details of salary paid and any other income and tax deducted A Whether opting out of taxation u/s 15BAC(1A)? [YES/NO] 1. Gross Salary (a) Salary as per provisions contained in section 17(1) Rs. ... (b) Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable) Rs. ... (c) Profits in lieu of salary under section 17(3) (as per Form No. 12BA, wherever applicable) Rs. ... (d) Total Rs. ... (e) Reported total amount of salary received from other employer(s) Rs. 2. Less: Allowances to the extent exempt under section 10 (a) Travel concession or assistance under section 10(5) Rs. ... (b) Death-cum-retirement gratuity under section 10(10) Rs. ... (c) Commuted value of pension under section 10(10A) Rs. ... (d) Cash equivalent of leave salary encashment under section 10(10AA) Rs. ... &n....
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.... Gross Deductible Amount Amount (a) Deduction in respect of life insurance premia, Rs. ... Rs. ... contributions to provident fund etc. under section 80C (b) Deduction in respect of contribution to certain pension Rs. ... Rs. ... funds under section 80CCC (c) Deduction in respect of contribution by taxpayer to Rs. ... Rs. ... pension scheme under section 80CCD (1) (d) Total deduction under section 80C, 80CCC and 80CCD(1) Rs. ... Rs. ... (e) Deductions in respect of amount paid/deposited to notified Rs. ... Rs. ... pension scheme under section 80CCD (1B) &....
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....... Rs. ... Rs. ... 11. Aggregate of deductible amount under Chapter VI-A [10(d)+10(e)+10(f)+10(g)+10(h)+ 10(i)+10(j) +10(k) +10(l) +10(n)] Rs. ... 12. Total taxable income (9-11) Rs. ... 13. Tax on total income Rs. ... 14 Rebate under section 87A, if applicable Rs. ... 15. Surcharge, wherever applicable Rs. ... 16. Health and education cess @ 4% Rs. ... 17. Tax payable (13+15+16-14) Rs. ... 18. Less: Relief under section 89 (attach details) Rs. ... 19. Net tax payable (17-18) Rs. ... Verification I, ....................., son/daughter of ..............................................working in the capacity of..................................... (designation) do hereby certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS....
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....cation under section 80E Rs. ... Rs. ... Gross Amount Qualifying Amount Deductible Amount (h) Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G Rs. ... Rs. ... Rs. ... (i) Deduction in respect of interest on deposits in savings account under section 80TTB Rs. ... Rs. ... Rs. ... (j) Amount deductible under any other provision(s) of Chapter VI‐A section ... Rs. ... Rs. ... Rs. ... section ... Rs. ... Rs. ... Rs. ... section ... Rs. ... Rs. ... Rs. ... section ... Rs. ... Rs. ... Rs. ... section ... Rs. ... Rs. ... Rs. ... section ... Rs. ... Rs. ... Rs. ... ... Rs. ... Rs. ... Rs. ... (k) Total of amount deductible under any other provision(s) of Chapter VI....
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....ining to the period for which such assessee was employed with each of the employers. (ii) Part B (Annexure-I) of the certificate in Form No.16 may be issued by each of the employers or the last employer at the option of the assessee. (iii) Part B (Annexure-II) of the certificate in Form 16 may be issued by the specified bank to a specified senior citizen. 6. In Part A, in items I and II, in the column for tax deposited in respect of deductee, furnish total amount of tax, surcharge and health and education cess. 7. Deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure-I) to the employee.". (b) in form 24Q, with effect from 1st July, 2023,- (i) in serial number 4, in the table, in column No. 4, for the words "Education Cess", the words "Health and Education Cess" shall be substituted; (ii) in Annexure I, in the table before "Verification", in column No. 11, for the words "Education Cess", the words, "Health and Education Cess" shall be substituted; (iii) for "Annexure II", the following "Annexure II" shall be substituted, namely:-- "Annexure II ....
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....ction under section 16(ii). Total deduction under section 16(iii). Income chargeable under the head "Salaries" [338+339-(347+348+349+350)]. Income (or admissible loss) from house property reported by employee offered for TDS as per section 192(2B). PAN of lender, if interest on housing loan is claimed under section 24(b) (see Note 4). Income under the head other sources offered for TDS as per section 192 (2B). Gross total income (351 +352+ 354). Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C. Deduction in respect of contribution to certain pension funds under section 80CCC. Deduction in respect of contribution by taxpayer to notified pension scheme under section 80CCD(1) Gross amount Deductible amount Gross amount Deductible amount Gross amount Deductible amount (349) (350) (351) (352) (353) (354) (355) (356) (357) (358) (359) (360) (361)  ....
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.... in arrear or advance. Net tax liability [381+383+384- (382+385)]. Total amount of tax deducted at source by the current employer for the whole year [aggregate of the amount in columns 325 of Annexure I for all the quarters in respect of each employee]. Reported amount of tax deducted at source by other employer(s) or deductor(s) (income in respect of which included in computing total taxable income in column 339). Total amount of tax deducted at source for the whole year (387+388). Shortfall in tax deduction (+) or excess tax deduction (‐) (386-389). (380) (381) (382) (383) (384) (385) (386) (387) (388) (389) (390) Notes: 1. Salary includes wages, annuity, pension, gratuity (other than exempted under section 10(10), fees, commission, bonus, repayment of amount deposited under the Additional Emoluments (Compulsory Deposit) Act, 1974 (37 of 1974....
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....shall be substituted, namely:-- "ANNEXURE: DEDUCTEE/PAYEE WISE BREAK UP OF TDS (Please use separate Annexure for each line-item in Table at Sl. No. 4 of main Form 26Q) Details of amount paid/credited during the quarter ended... (dd/mm/yyyy) and of tax deducted at source Name of the Deductor/Payer TAN BSR Code of branch/Receipt Number of Form No. 24G Date on which challan deposited/Transfer voucher date (dd/mm/yyyy) Challan Serial Number / DDO Serial No. of Form No. 24G Amount as per Challan Total tax to be allocated among deductees/payees as in the vertical total of Col. 421 Total interest to be allocated among the deductees/payees mentioned below Sl. No. Deductee /payee reference number provided by the deductor/ payer, if available Deduct ee/ payee code (01- Company 02- Other than comp any) PAN of the deductee / payee Name of the deduct ee/ payee Section code (See Note 16) Date of payme nt or credit (dd/mm/ yyyy) Amount paid or cre....
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.... Date of deduction (dd/mm/ yyyy) Rate at which deducted Reason for non- deduction / lower deduction/ Higher Deduction/ Threshold/ Transporter etc. (See notes 1 to 15) Number of the certificate under section 197 issued by the Assessing Officer for non- deduction / lower deduction [419C] [419D] [419E] [419F] [420] [421] [422] [423] [424] [425] If section code 94B-P is selected, then p....
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....f no deduction is on account of declaration under section197A other than the cases mentioned in sub-section (1F) of section 197A. 3. Write "C" if deduction is on higher rate under section 206AA on account of non-furnishing of PAN. 4. Write "D" if no deduction or lower deduction is on account of payment made to a person or class of person on account of notification issued under sub-section (5) of section 194A. 5. Write "E" if no deduction is on account of payment being made to a person referred to in Board Circular No. 3 of 2002 dated 28th June 2002 or Board Circular No. 11 of 2002 dated 22nd November 2002 or Board Circular No. 18/2017 dated 29th May 2017 6. Write "Y" if no deduction is on account of payment below threshold limit specified in the Income-tax Act, 1961. 7. Write "T" if no deduction is on account of deductee/payee being transporter. PAN of deductee/payee is mandatory [section 194C(6)]. 8. Write "Z" if no deduction or lower deduction is on account of payment being notified under section 197A(1F). 9. Write "M" if no deduction or lower deduction is on account of notification issued under second proviso to sect....
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....ical Services (not being professional service), royalty for sale, distribution or exhibition of cinematographic films and call center (@2%) 94J-A 194J(b) Fee for professional service or royalty etc (@10%) 94J-B 194K Income in respect of units 94K 194LA Payment of Compensation on acquisition of certain immovable property 4LA 194LBA(a) Certain income in the form of interest from units of a business trust to a resident unit holder 4BA1 194LBA(b) Certain income in the form of dividend from units of a business trust to a resident unit holder 4BA2 194LB Income in respect of units of investment fund LBB 194LBC Income in respect of investment in securitization trust LBC 194N Payment of certain amounts in cash other than cases covered by first proviso or third proviso 94N 194N First Proviso Payment of certain amounts in cash to non-filers except in case of co-operative societies 94N-F 194N Third Proviso Payment of certain amounts in cash to co-operative societies not covered by first proviso 94N-C 194N First Proviso read with Third Proviso Payment of certain amount in cash to non-f....
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....d below Sl. No Deductee reference number provided by the deductor, if available Deductee code (See Note 11) Permanent Account Number or Aadhaar Number of the deductee [see note 12] Name of the deductee Section code (see Note 13) Whether deductee opting out of taxation regime u/s 115BAC (1A)? (Y/N) Date of payment or credit (dd/mm/yyyy) Amount of cash withdrawal in excess of Rs 1 crores as referred to in section 194N (in cases not covered by the first proviso or third proviso to section 194N) Amount of cash withdrawal which is in excess of Rs. 20 lakhs but does not exceed Rs. 1 crore for cases covered by sub-clause (a) of clause (ii) of first proviso to section 194N (except cooperative societies) [714] [715] [716] [717] [718] [719A] [719B] [720] [720A] [720B] 1 2 &nb....
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....Number of the certificate issued by the Assessing Officer for non- deduction/ lower Deduction Whether the rate of TDS is as per IT Act (a) DTAA (b) Nature of Remittance [727] [728] [729] [730] [731] [732] Unique Acknowledgement of the corresponding Form No. 15CA, if available Country to which remittance is made Email ID of deductee Contact number of deductee Address of deductee in country of residence Tax Identification Number/ Unique identification number of deductee [733] [734] [735] [736] [737] [738] ....
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....tion is in view of proviso to sub-section (1A) of section 196D in respect of an income paid to a specified fund which is exempt under clause (4D) of section 10. 9. Write "I" if no deduction is in view of sub-section (2) of section 196D in respect of income of the nature of capital gains on transfer of securities referred to in section 115AD paid or payable to a Foreign Institutional Investor. 10. Write "J" if deduction is at higher rate in view of section 206AB for non-filing of return of income by the non-resident having a permanent establishment in India. 11. List of deductee codes Sr No. Deductee Code Description 1 01 Company, other than domestic company 2 02 Individual 3 03 Hindu Undivided Family 4 04 Association of Persons (AOP) except in case of AOP consisting of only companies as its members 5 05 Association of Persons (AOP) consisting of only companies as its members 6 06 Co-operative Society 7 07 Firm 8 08 Body of individuals 9 09 Artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act 1961 10 ....
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....cieties 4N-FT 195 Other sums payable to a non-resident 195 196A Income in respect of units of Non-Residents 96A 196B Payments in respect of Units to an Offshore Fund 96B 196C Income from Foreign Currency Bonds or shares of Indian Company payable to Non-Resident 96C 196D(1) Income of foreign institutional investors from securities under sub-section (1) 96D 196D(1A) Income of specified fund from securities referred to in clause (a) of sub-section (1) of section 115AD (other than interest income referred to in section 194LD) 96DA" (e) in Form 27EQ, with effect from 1st July, 2023, - (i) in serial number 4, in the table, in column No. 4, for the words "Education Cess", the words, "Health and Education Cess" shall be substituted; (ii) for "Annexure" the following "Annexure" shall be substituted, namely:-- "ANNEXURE -: PARTY WISE BREAK UP OF TCS (Please use separate Annexure for each-line item in Table at Sl. No. 04 of main Form 27EQ) Details of amount received/debited during the quarter ended (dd/mm/yyyy) and of tax collected at source Name of the Collector TAN ....
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....681A] is yes, then Challan number Date of payment of TDS to Central Government [677] [678] [679] [680] [681] [681A] [681B [681C] Verification I, , hereby certify that all the particulars furnished above are correct and complete. Signature of the person responsible for collecting tax at source ....................... Name and designation of the person responsible for collecting tax at source .............. Place: ....................... Date: ....................... Notes: 1. Write "A" if "lower collection" is on account of a certificate under sub-section (9) of section 206C. 2. Write "B" if "non-collection" is on account of furnishing of declaration under sub-section (1A) of section 206C. 3. Write "C" if collectio....