Budget 2023: If you are fond of online gaming, then you will have to loose your pocket, proposal of 30% TDS on the amount won
New Delhi. The government has proposed a 30 per cent tax on net winnings from online games in the Union Budget. It has also scrapped the existing tax cap of Rs 10,000. Two new provisions have been proposed for Tax Deducted at Source (TDS) in sports, including levying 30 per cent tax on net amount paid during the financial year and doing away with the existing threshold of Rs 10,000 for levying TDS. If the amount is not withdrawn from the user’s account, tax will be deducted at source at the end of the financial year.
Revenue Secretary Sanjay Malhotra told reporters after the budget that the net amount won in the net worth would be taxed. He said that the tax department had come to know that some companies of online games keep the winning amount less than the existing limit so that they do not come under the TDS provision, therefore it was decided to do away with the existing limit for levying TDS.
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Capital expenditure increased for the third time
In the budget, capital expenditure for the financial year 2023-24 has been significantly increased for the third time in a row. It has been increased by 33 percent to Rs 10 lakh crore, which is 3.3 percent of the Gross Domestic Product (GDP). This is three times as compared to the financial year 2019-20.
Prime Minister Narendra Modi’s government has steadily increased capital expenditure, including on roads and energy, since coming to power in 2014. In her budget speech, Sitharaman said, “This budget is expected to continue on the line drawn for ‘India at 100’ while continuously building on the foundation laid in the previous budget.” She said that Indian The economy is the ‘shining star’. Seven percent GDP growth is estimated in the current financial year, which is the highest among large economies.
Sitharaman said that despite the global slowdown due to the Kovid-19 epidemic and the Russia-Ukraine war, the country’s economy is on track.
The total expenditure in the budget has been estimated to increase by 7.4 percent to Rs 45 lakh crore. Fiscal deficit is estimated to be 5.9 percent of GDP. This is less than the estimate of 6.4 percent for the current financial year. This means that the government will have to take a total loan of Rs 15.43 lakh crore.
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Tags: budget 2023, online games, TDS
FIRST PUBLISHED : February 01, 2023, 20:13 IST