SAMPLE CHAPTER
1 TAX ON WINNING FROM ONLINE GAMES* 1.1 Overview 4HE &INANCE !CT INTRODUCES A NEW SCHEME FOR THE TAXATION OF WINNINGS FROM ONLINE GAMES AT A FLAT TAX RATE OF WITH EFFECT FROM THE ASSESSMENT YEAR !LL WINNINGS FROM ONLINE GAMES ON OR AFTER SHALL BE COVERED UNDER THIS SCHEME 5NDER THIS SCHEME FOR THE TAXATION OF WINNING FROM ONLINE GAMES THE FOLLOWING PROVISIONS HAVE BEEN INTRODUCED OR AMENDED a ! NEW 3ECTION ""* HAS BEEN INSERTED IN THE )NCOME TAX !CT HEREINAFTER REFERRED TO AS @THE !CT TO PROVIDE A REGIME FOR TAXATION OF WINNING FROM ONLINE GAMES ;see Para 1.3= 4HE SECTION IS APPLICABLE FROM !SSESSMENT 9EAR b ! NEW 3ECTION "! HAS BEEN INSERTED IN THE !CT TO REQUIRE THE DEDUCTION OF TAX FROM THE WINNING FROM ONLINE GAMES ;see Para 1.4= 4HE SECTION IS APPLICABLE FROM c ! CONSEQUENTIAL AMENDMENT HAS BEEN MADE TO 3ECTION "" OF THE !CT TO EXCLUDE WINNING FROM ONLINE GAMES FROM ITS SCOPE ;see Para 1.5= 4HE AMENDMENT IS APPLICABLE FROM !SSESSMENT 9EAR d ! CONSEQUENTIAL AMENDMENT HAS BEEN MADE TO 3ECTION " OF THE !CT TO EXCLUDE FROM ITS SCOPE THE WINNING FROM ONLINE GAMES ;see Para 1.6= 4HE AMENDMENT IS APPLICABLE FROM AND e 3ECTION " AND 3ECTION "" OF THE !CT HAVE BEEN AMENDED TO FIX THE THRESHOLD LIMIT OF 2S FOR A FINANCIAL YEAR FOR A SINGLE PAYMENT OR IN THE AGGREGATE ;see Para 1.7= 4HE AMENDMENT IS APPLICABLE FROM
1.2 Introduction /NLINE GAMING IS CONSIDERED A DISRUPTIVE INDUSTRY CONSIDERING ITS SIZE AND SCALE 4HE )NDIAN GAMING INDUSTRY HAS GROWN AT A #!'2 OF FROM TO AND IT IS *SECTIONS 115BBJ, 194BA, 115BB, 194B, AND 194BB
1.3