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of <h1>Finance Bill 2023 Introduces 30% TDS on Online Game Winnings; Retains Previous TDS Rates for Other Incomes.</h1> The Union Budget 2023-24 and Finance Bill, 2023 outline the tax deduction at source (TDS) rates for various incomes other than salaries for the fiscal year 2023-24. The TDS rates remain consistent with those from the previous year, 2022-23, as specified in the Finance Act, 2022. A new section, 194BA, imposes a 30% tax on winnings from online games. Surcharges on deducted taxes vary based on income brackets, ranging from 10% to 37%, with specific provisions for different entities like individuals, firms, and non-residents. Additionally, a 4% Health and Education Cess applies to non-residents, including non-domestic companies.
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