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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....t 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shall be calculated using the following formula, namely:- Net winnings =(A+D)-(B+C), where - A = Aggregate amount withdrawn from the user account during the financial year; B = Aggregate amount of non-taxable deposit made in the user account by the assessee during the financial year; C = Opening balance of the user account at the beginning of the financial year; and D= Closing balance of the user a....
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....ised 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and includes any amount paid directly to the user not through the user account; and (c) "withdrawal" means any amount withdrawn by the user from any user account.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 removal of doubts, it is hereby clarified that - (a) user account shall include every account of user, by whatever name called, which is registered with the online gaming intermediary and where any taxable deposit, non-taxable deposit or the winnings made by the user is credited and withdrawal by the user is debited; (b) when....
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....d 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 statement of TDS under sub section (3) of section 200 Amount paid/credited Amount of tax deducted (Rs.) Amount of tax deposited/ remitted (Rs.) Total (Rs.) I. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH BOOK ADJUSTMENT (Th....
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....ived 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. ... (e) House rent allowance under section 10(13A) Rs. ... (f) Other special allowances under section 10(14) Rs. ... (g) Amount of any other exemption under section 10 clause … Rs. ... clause … Rs. ... clause … Rs. ... clause … Rs. ... clause … Rs. ... … Rs. ... (h) Total amount of any other exemption under section 10 Rs. ... (i) Total amount of exemption claimed under section 10 Rs. ... [2(a)+2(b)+2(c)+2(d)+2(e)+2(f)+2(h)] 3. Total amount of salary received from current employer Rs. ... [1(d)-2(i)] 4. Less: Deductions under section 16 (a) Standard deduction under section 16(ia) Rs. ... (b) Entertainment allowance under section 16(ii) Rs. ... (c) Tax on employment under section 16(iii) Rs. ... 5. Total amount of deductions under section 1....
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....any other provision(s) of Chapter VI‐A Rs. ... 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 statements, and other available records Place…………………………......… Date…&he....
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....tion … Rs. ... Rs. ... Rs. ... section … Rs. ... Rs. ... Rs. ... … Rs. ... Rs. ... Rs. ... (k) Total of amount deductible under any other provision(s) of Chapter VI‐A Rs. ... Rs. ... Rs. ... 9. Aggregate of deductible amount under Chapter VI-A [8(d)+8(e)+8(f)+8(g)+8(h)+8(i)+8(k)] Rs. ... 10. Total taxable income (7-9) Rs. ... 11. Tax on total income Rs. ... 12. Rebate under section 87A, if applicable Rs. ... 13. Surcharge, wherever applicable Rs. ... 14. Health and education cess Rs. ... 15. Tax payable (11+13+14-12) Rs. ... 16. Less: Relief under section 89 (attach details) Rs. ... 17. Net tax payable (16-17) 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 ....
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....xure II Details of salary paid or credited during the financial year ………………………….and net tax payable (under section 192) Serial number. Permanent Account Number of the employee. Name of the employee. Whether opting out from taxation u/s 115BAC(1A) [Yes/No] Deductee type (Senior Citizen, Super Senior Citizen, Others). Date from and date up to employed with current employer in the current financial year (dd/mm/yyyy). (a) Gross Salary as per provisions contained in section 17(1). (b) Value of perquisites under section 17(2) (as per FormNo.12BA, wherever applicable). (c) Profits in lieu of salary under section 17(3) (as per Form No.12BA, wherever applicable). Total amount of gross salary received from current employer (see Note 1 for definition of Salary). (330) (331) (332A) (332B) (333) (334) (335) (336) (337) (338) Reported total amount of salary received from other employer(s) (see Note 1 for definition of Salary). Travel concession or assistance under section 10(5). Death-cumretirement gratuity under section 10(10). Commuted value of pension under section 10(10A). Cash equiv....
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.... deposits in savings account under section 80TTA. Amount deductible under any other provision (s) of Chapter VI‐A. Total amount Deductible under Chapter VI‐A [357+359+361 (limited to Rs. 1,50,000) +363 +364B + 365B +366B+ 367B +369 +372 +375 +378]. Gross amount Deductible amount Gross amount Qualifying amount Deductible amount Gross amount Qualifying amount Deductible amount Deductible amount Qualifying amount Deductible amount (368) (369) (370) (371) (372) (373) (374) (375) (376) (377) (378) (379) Total taxable income (355-379). Income-tax on total income. Rebate under section 87A, if applicable. Surcharge, wherever applicable. Health and education cess. Income‐tax relief under section 89, when salary, etc. is paid 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). ....
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....7A, 206AA, 206AB and rule 31A]", the following brackets, words, figures and letters, shall be substituted, namely:-- "[See sections 192A, 193, 194, 194A, 194B, 194BA, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBA, 194LBB, 194LBC, 194N, 194-O, 194P, 194Q, 194R, 194S, 197A, 206AA, 206AB and rule 31A]"; (ii) for the "Annexure", the following "Annexure" 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....
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....ction code 94S-P is selected, then provide If section code 94BA-P is selected, then provide Amount of tax deposited BSR Code of bank Date of payment Challan serial number Amount of tax deposited BSR Code of bank Date of payment Challan serial number [428A] [428B] [428C] [428D] [429A] [429B] [429C] [429D] Verification I,............................................................................ , hereby certify that all the particulars furnished above are correct and complete. Place: ………………….. Date: ………………….. ………………………………………….. Signature of the person responsible for deducting tax at source ………….……………………………….. Name and designation of the person responsible for deducting tax at source Notes: 1. Write "A" if "lower deduction" or "no deduction" is on account of a certificate under section197. 2. Write "B" if ....
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....94B Proviso to section 194B Winnings from lottery or crossword puzzle, etc where consideration is made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such winnings are released 94B-P 194BA Winnings from online games 94BA Sub-section (2) of section 194BA Net Winnings from online games where the net winnings are made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such net winnings are released 94BA-P 194BB Winnings from horse race 4BB 194C Payment of contractors and sub-contractors 94C 194D Insurance Commission 94D 194DA Payment in respect of life insurance policy 4DA 194EE Payments in respect of deposits under National Savings Schemes 4EE 194F Payments on account of repurchase of Units by Mutual Funds or UTIs 94F 194G Commission, prize etc., on sale of lottery tickets 94G 194H Commission or Brokerage 94H 194-I(a) Rent 4-IA 194-I (b) Rent 4-IB 194J(a) Fees for Technical Services (not being professional service), royalty for sale, distribution or exhibition of cinematographic films and call center (@2%) 94J-A 194J(b) ....
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....in the table, in column No. 4, for the words "Education Cess", the words, "Health and Education Cess" shall be substituted; (iii) for "Annexure", the following "Annexure" shall be substituted, namely:-- "ANNEXURE: DEDUCTEE WISE BREAK UP OF TDS (Please use separate Annexure for each line item in Table at Sl. No. 04 of main Form 27Q) 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 TDS to be allocated among deductees as in the vertical total of Col. 726 Total interest to be allocated among the deductees mentioned 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/y....
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....ode 94BA-P is selected, then provide Amount of tax deposited BSR Code of bank Date of payment Challan serial number Amount of tax deposited BSR Code of bank Date of payment Challan serial number [739] [740] [741] [742] [743] [744] [745] [746] Verification I, , hereby certify that all the particulars furnished above are correct and complete. Signature of the person responsible for deducting tax at source ……………………………… Name and designation of the person responsible for deducting tax at source ………………………………. Place: ………………….. Date: ………………….. Notes: 1. Write "A" if "lower deduction" or "no deduction" is on account of a certificate under section 197. 2. Write "C" if grossing up has been done. 3. Write "D" if deduction is on higher rate under section 206AA on account of non-furnishing of Permanent Account Number or Aadhaar Number or non-linking of PAN with Aadhaar. 4. W....
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....here the net winnings are made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such net winnings are released 94BA-P 194BB Winnings from horse race 4BB 194E Payments to non-resident Sportsmen/Sport Associations 94E 194LB Income by way of interest from infrastructure debt fund 4LB 194LBA(a) income referred to in section 10(23FC)(a) from units of a business trust. LBA1 194LBA(b) Income referred to in section 10(23FC)(b) from units of a business trust LBA2 194LBA(c) Income referred to in section 10(23FCA) from units of a business trust LBA3 194LBB Income in respect of units of investment fund LBB 194LBC Income in respect of investment in securitisation trust LBC 194LC (2)(i) and (ia) Income under clause (i) and (ia) of sub-section (2) of section 194LC 4LC1 194LC (2)(ib) Income under clause (ib) of sub-section (2) of section 194LC 4LC2 194LC (2)(ic) Income under clause (ic) of sub-section (2) of section 194LC 4LC3 194LD Income by way of interest on certain bonds and Government securities. 4LD 194N Payment of certain amounts in cash other than cases covered by first proviso or third proviso 94....
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.... collected [673+674+675] [670] [671] [672] [673] [674] [675] [676] Total tax deposited Date of collection (dd/ mm/ yyyy) Rate at which collected Reason for non- collection/ lower collection/ or collection at higher rate (See Note 1 to 9) Number of the certificate u/s 206C issued by the Assessing Officer for lower collection of tax Whether the payment by collectee is liable to TDS as per clause (i) of the fifth proviso to sub-section (1G) or second proviso to sub-section (1H) and whether TDS has been deducted from such payment (if either "F" or "G" is selected in 680) If, answer to [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: ………………….. ....