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of <h1>Union Budget 2023-24: New Tax Rules for Online Gaming Winnings; Sections 194B, 194BB, 194BA, and 115BBJ Updated.</h1> The Union Budget 2023-24 introduces changes to the tax treatment of winnings from online games. Amendments to Sections 194B and 194BB will require tax deduction on winnings exceeding Rs 10,000 annually, closing loopholes that allowed tax avoidance through transaction splitting. From July 1, 2023, Section 194BA will specifically address online games, mandating tax deduction on net winnings at the financial year's end or upon withdrawal. Section 115BBJ will impose a 30% tax rate on online gaming winnings from April 2024. Definitions for terms like 'online game' and 'user account' are included to clarify these provisions.
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