Namastey 🙏🏻🇮🇳
Hello friends, how are you all? wishing you all happy and prosperous life ahead.
In childhood i used to play the spin the wheel whenever i goes to any exhibition or in school activities to win the goodies and gifts. When i started playing game in mobile phone in early of 20's. For me spin the wheel means opportunity to win prizes, it brings joy and excitement whenever i used to spin the wheel. When I used to play Candy Crush on mobile, I used to get an opportunity once a day to spin the wheel to got a special type of candy.
In the era of online shopping, spin the wheel in nykaa's cosmetic app to win the gifts vochers,goodies, cashback, discount on some brands and many more such offers.
Now many big e-commerce company like Amazon Flipkart gives us chances of winning just by spin the wheel to win non-cash prizes like iPhone,One Plus Mobiles, gift vouchers, discount,cashback etc. No extra charges or money is required to participate in spin the wheel by Any of e-commerce companies.
Spin the Wheel is related to us since our childhood and in each and every phase of life we have learned Spin the wheel game in a new and different way with different prizes. Have you ever thought that you may have to pay tax for spinning the wheel?
Yes, you heard it correctly,pay the tax on winning in spin the wheel - the game of luck.
The winning from online games run by e-commerce websites are considered as game of Chance. These winnings are taxed under section 115BBJ of the Income Tax Act 1961. According to section 115BBJ,income in the nature of winning from online game shall me taxed at the rate of 30% flat plus cess and surcharge (if any), with effect from FY 2023-24.
Spin the One I used to think of you as a game of luck. I never thought that I would have to pay tax on this too, but our government has become such that it imposes tax on everything.
Spin the Wheel: game of chance,If I play this game anywhere even if it is an e-commerce site,If by chance I win an amazing amount of money or a gift like this iPhone or OnePlus mobile, then i have to pay 30% of taxes plus surcharges.
So now winning from online game or contest should be reported as income from other sources in the Income Tax Department (ITR),there is no point of hiding such source of income as the company running such type of game would deduct TDS, if the organiser did not deduct TDS,it would consider as crime.
Now paying tax on everythings, it was weird to know about playing online will be also taxable,as paying tax is our duty towards our Nation but government should reduce the tax percentage imposing on online gaming, 30% tax is huge. Being the part of web3.0 we also play games for earning and entertainment, as it was already 30% tax plus 4 % surpass charges on earning from trading,swapping ,selling in crypto currency. Now should we pay double?
For More Details, visit the click given below
Thanks 🙏🏻🇮🇳
