Income Tax dept collects over Rs 1,260 crore in TDS from online gaming, crypto trade
The Finance Act 2023 inserted a new section, 194BA, in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account.
Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year. (File image)