TaxTMI 
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shall be calculated using the following formula, namely:- Net winnings =(A+D)-(B+C), where - A = Aggregate amount withdrawn from the user account during the financial year; B = Aggregate amount of non-taxable deposit made in the user account by the assessee during the financial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and includes any amount paid directly to the user not through the user account; and (c) "withdrawal" means any amount withdrawn by the user from any user account.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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....pdated 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 (The deductor to provide payment wise details of tax deduc....
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.... 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 re....
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.... scheme under section 80CCD (2) (g) Deduction in respect of health insurance premia under Rs. ... Rs. ... section 80D (h) Deduction in respect of interest on loan taken for higher Rs. ... Rs. ... education under section 80E (i) Deduction in respect of contribution by the employee to Agnipath Scheme under section 80CCH Rs. ... Rs. ... (j) Deduction in respect of contribution by the Central Government to Agnipath Scheme under section 80CCH Rs. ... Rs. ... Gross Qualifying Deductible Amount Amount Amount (k) Total Deduction in respect of donations to certain funds, Rs. ... Rs. ... Rs. ... charitable institutions, etc. under section 80G (l) Deduction in respect of interest on deposits in savings Rs. ... Rs. ... R....
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.... (a) Standard deduction under section 16(ia) Rs.... (b) Tax on employment under section 16(iii) Rs. ... 4. Total amount of deductions under section 16 [3(a)+3(b)] Rs. ... 5. Income chargeable under the head "Salaries" [(2-4] Rs. ... 6. Interest Income under the head "Other Sources" paid by the specified bank Rs. ... 7. Gross total income (5+6) Rs. ... 8. Deductions under Chapter VI-A Gross Amount Deductible Amount (a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C Rs. ... Rs. ... (b) Deduction in respect of contribution to certain pension funds under section 80CCC Rs. ... Rs. ... (c) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD(1) Rs. ... Rs. ... (d) Total deduction under section 80C, 80CCC and 80CCD (1) Rs. ... Rs. ... (e) Deductions in respect of a....
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....true, complete and correct and is based on the books of account, documents, TDS statements, and other available records. Place................................... (Signature of person responsible for deduction of tax) Date.................................... Full Name : ................................. Notes: 1. Government deductors to fill information in item I of Part A if tax is paid without production of an income-tax challan and in item II of Part A if tax is paid accompanied by an income-tax challan. 2. Non-Government deductors to fill information in item II of Part A. 3. The deductor shall furnish the address of the Commissioner of Income-tax (TDS) having jurisdiction as regards TDS statements of the assessee. 4. If an assessee is employed under one employer only during the year, certificate in Form No. 16 issued for the quarter ending on 31st March of the financial year shall contain the details of tax deducted and deposited for all the quarters of the financial year. 5. (i) If an assessee is employed under more than one employer during the year, each of the employers shall issue Part A of the certificate in Form No. 16 pertaining to the period for which suc....
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....r assistance under section 10(5). Death-cumretirement gratuity under section 10(10). Commuted value of pension under section 10(10A). Cash equivalent of leave salary encashment under section 10(10AA). House rent allowance under section 10(13A). PAN of landlord, if exemption is claimed under section 10(13A) (see Note 3). Other special allowances under section 10(14). Amount of any other exemption under section 10. Total amount of exemption claimed under section 10 (340 +341 +342 +343 +344+ 346A +346B). Total deduction under section 16(ia). (339) (340) (341) (342) (343) (344) (345) (346A) (346B) (347) (348) Total deduction 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 housi....
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....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). 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) ....
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.... 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....
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....ase of co- operative societies) Total tax deduct ed Total tax deposit ed 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 provide If section code 94R-P is selected, then provide Amount of tax deposited BSR Code o....
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..... 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 section 194N. 10. Write "N" if no deduction or lower deduction is on account of payment made to a person referred to in the fourth proviso to section 194 N or on account of notification issued under fifth proviso to section 194N. 11. Write "O" if no deduction is as per the provisions of sub-section (2A) of section 194LBA. 12. Write "P" if no deduction is on account of payment of dividend made to a business trust referred to in clause (d) of second proviso ....
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....older 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-filers being co-operative societies 94N-FT 194-O Payment of certain sums by e-commerce operator to e-commerce participant 94O 194Q Payment of certain sums for purchase of goods 94Q 194R Benefits or perquisites of business or profession 94R First Proviso to subsection (1) of section 194R Benefits or perquisites of business or profession where such benefit is provided in kind or where part in cash is not sufficient to meet tax liability and tax required to be deducted is paid before such benefit is released 94R-P 194S Payment of consideration for transfer of vi....
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.... 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 3 Total Amount of cash withdrawal which is in excess of Rs 1 crores for cases covered by sub-clause (b) of clause (ii) of first proviso to Section 194N (except cooperative societies) Amount of cash withdrawal in excess of Rs. 3 crore in case of co- operative societies as covered by third proviso to section 194N (in cases not covered by the first proviso to section 194N) Amount of cash withdrawal which ....
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....p; If section code 94B-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 [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 .................
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....alance due to an employee 192A 194B Winnings from lottery or crossword puzzle, etc 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 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 ....
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....Collectee reference number provided by the collect or, if available Collectee code (see Note 10) Whether resident or non resident (Y/N) PAN of the Collectee Whether collectee opting out of taxation regime u/s 115BAC(1A)? Name of Collectee Total value of the transact ion [664] [665] [666A] [666B] [667A] [667B] [668] [669] 1 2 3 Total Amount received / debited Date on which amount received/ debited (dd/ mm/yyyy) Collect ion Code (See Note 11) Tax Surcharge Health and Education Cess Total tax collected [673+674+675] [670] [671] [672] [673] [674] [675] [676] Total tax deposited Date of collection (dd/ mm/ yyyy) Rate at w....
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....rite "I" if collection is at a higher rate in view of section 206CCA. 10. List of Collectee Codes Sl No. Party Code Description 1 01 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 10 Others 11. Write collection code as mentioned below: Section Nature of collection Collection Code 206C Collection at source from alcoholic liquor for human consumption 6C A 206C Collection at source from timber obtained under forest lease 6C B 206C Collection at source from timber obtained by any mode other than a forest lease 6C C 206C Collection at source from any other forest produce (not being tendu leaves) 6C D 206C Collection at source from scrap 6C E 206C Collection at source from contractors or licensee ....