Since April 2023, the Indian government has imposed a 30% tax on net winnings from online gambling, bringing new complexities for players. This tax applies to the total winnings after subtracting the amount wagered over the financial year. In practice, if you earn substantial profits from online gambling, you are required to pay 30% of your net earnings in taxes.
This new tax rule encompasses all forms of online gambling involving real money. Some platforms might withhold the tax directly from your winnings, which simplifies the process for you. However, maintaining meticulous records of your wins and losses throughout the year is essential for accurate tax reporting.
For those with significant online gambling income, consulting a tax professional is highly recommended. A tax advisor can provide tailored advice and assist in navigating the complexities of tax laws related to online gambling winnings, ensuring compliance and potentially optimizing your tax situation.
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