Paypal Online Game Income

• Paypal Online Game Income Statement
• Paypal Online Game Income Calculator

• Last Updated on 28 June, 2021
• Blog Income Tax
• 291 Views
• 4Min Read

1. Introduction

Online gaming industry has seen a humongous boost due to lockdown worldwide. Online fantasy games not just only provide a good distraction to the people during this lockdown but is also providing monetary as well as non-monetary rewards on winnings.

Fantasy game is not defined under any Indian statute and hence there are various controversies arisen with respect to taxability on its winnings. There are various forms of Fantasy games such as Dream 11, Fan code, and Dreamsetgo, etc. These platforms generally charge a certain amount of entry fees from the players and give the winners of the game their winnings which may or may not be of a substantial amount.

Video games are full of thrills, but fumbling with a thumbstick to enter payment information isn’t one of them. Maybe that’s why VentureBeat reports that 26% of gamers already use PayPal to purchase downloadable content. So use just a username and password and get back to the action. Enjoy the app while you earn rewards, it has never been so much fun to get rewards, now with Online income bd. Tasks to earn rewards and paypal money.

Income Tax Act, 1961 provides provisions for taxing the winnings from various games at a special rate of 30%. However, the games which are taxable at this special rate, are in the nature of the game of chance or game of luck only. Any winnings from other games which involve the application of skills and knowledge are to be taxed at normal tax rates. Now, the major concern is whether the game involves the skill of the user or not. This blog will help the winners understand their tax liability.

2. Game of Skill vs. Game of chance

The main controversy while assessing the income arising from Fantasy games is whether the same will be regarded as a “Game of skill” or a “Game of chance”. Now it is pertinent to first understand why this question arose. Under the Income Tax Act, 1961, as per the provisions of section 115BB, any income arising from the game of any sort which does not involve any skill are taxed at the rate of 30% however, if the game involves the skills of a person to be applied then the same shall be taxed at normal rates as are applicable in case of the recipient of such income.

The matter has been taken under review by many courts. The honorable High Court in the case of Ravindra Singh Chaudhary V. Union of India [2020] 120 taxmann.com 327 (Rajasthan), has held that fantasy games such as Dream 11 include skills to be employed by the user so as to win. It was argued that the person playing these fantasy games requires the application of skills and knowledge regarding the real-life game and the players. The result of the fantasy game depends on the substantial knowledge and strategy and is independent of the outcome of the game or events in the real world.

In the case of State of Bombay v. R.M.D. Chamarbaugwala & Anr., AIR 1957 SC 699, it was held by the Supreme court that contests that involve substantial skills would not amount to gambling activities.

Analyzing both the above rulings, it can be concluded that fantasy games such as cricket, football, etc. require skill and knowledge regarding the game and the actual real-life players and the same would not be regarded as gambling. Winnings from such games would be included under the head “Income from other sources” and would be taxed at a normal tax rate as applicable in his case.

Income earned from the games which do not involve the application of mind and are based on mere luck of the player, then such income would be taxable at 30% under section 115BB.

3. Computation of income

Any income received as winnings from the online games is taxable in the hands of the recipient. Computation of taxable amount of winnings would depend upon whether the game requires application of knowledge and skills or is a game of chance.

If the game does not involve any application of skill or technological knowledge, then the whole of the winnings from such games would be taxable in the hands of the recipient. Section 58(4) of the Income Tax Act, 1961 restricts the assessee to deduct any expenses relating to any income arising winnings from lotteries, crossword puzzles, races, and other games of any sort or from gambling or betting of any form or nature.

If however winnings are received from a game of skill, then any expense incurred for earning such income will be allowed to be deducted while computing the taxable income of the assessee.

4. Taxability of income from online games

4.1 Game of chance

Any winnings from a game of chance are taxed at special rates under section 115BB. Income arising from lottery or crossword puzzles, race including horse race, card game, or any other game of the same sort would be taxed at a flat rate of 30%.

4.2 Game of skill

In case of winnings from a game of skill, the taxable income would be assessed under the head “income from other sources” and would be taxed at a normal tax rate as applicable in the hands of the assessee.

5. TDS on such income

The payer of the winnings is required to deduct TDS from the winning amount of the taxpayer at the rate of 30% if the amount of the winning exceeds Rs. 10,000. In any other case, TDS is not required to be deducted by the payer. If the winnings are partly in form of money and partly in kind, then it is the responsibility of the deductor to ensure that whole of the TDS amount has been recovered from the deductee before releasing the amount of the winning.

If however, the organizers have deducted TDS at higher rates in case of such games, income can be included under the head “Income from other sources”. Such income would be charged to tax at normal tax rates as applicable in the case of the assessee and any TDS deducted in excess of the actual amount of tax, can be claimed as a refund.

6. Disclosure in ITR

Any income irrespective of its quantum earned from online gaming is to be reported while filing return of income. The taxpayer shall also refer to Form 26AS for any amount of TDS deducted with respect to the income earned from such sports.

Income is to be separately reported in both the cases, i.e. in case of winnings from lottery or gambling, etc. in Schedule OS, and also have to be reported quarterly. However, in other cases, winnings from games can be reported under normal income and would be taxed at normal tax rates.

Paypal Online Game Income Statement

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