RummyCulture’s Partnership with ClearTax Benefits Players
In an exciting move by RummyCulture platform, it partnered with ClearTax to help its players file taxes easily.
RummyCulture Elite Editors | 29th Oct, 2024
RummyCulture’s Partnership with ClearTax Benefits Players
In an exciting move by RummyCulture platform, it partnered with ClearTax to help its players file taxes easily. We observed that filing taxes where rummy winnings are involved might get a little complicated, that’s why we decided to partner with ClearTax, to not only help the players file their taxes but also get a return if applicable.
Filing with the help of Chartered Accountant
Our partnership with ClearTax enabled the players to connect with a chartered accountant. They were able to get their taxes filed at a discount (if applicable) and the chartered accountants ensured that the details were accurate and filed correctly.
Stress-free filing
We all understand that tax-filing is a complicated process. Getting the help of a chartered accountant not only means that you file your taxes correctly but it also ensures a stress-free experience. An expert guiding you through the process is always better than you tackling it alone.
Minimising penalties
We often miss out on certain details while filing taxes and end up paying penalties. RummyCulture helped its players save those penalties by getting them in touch with chartered accountants, who not only assisted our users through the entire process but also saved them from penalties due to incorrect details.
If you play real-money games, you should be aware of the following:
What is section 115BBJ?
Winnings from any online game shall be charged to tax under this section of the Income Tax Act, 1961.
- 30% tax is charged at the time of withdrawals on your net winnings.
- The section was applicable from 1st April, 2023, i.e., any income from online games from the said date shall be taxable under this section.
What is section 194BA?
Any person responsible for paying to any person any income by way of winnings from any online game during the financial year shall deduct income-tax on the net winnings in his user account under the said section of Income Tax Act, 1961.
- The applicable rate of TDS shall be 30% at the time of withdrawal (without any threshold) of such winning amount.
- “Any Person” here means the one making payments of winnings or online gaming intermediary.
- “Net Winnings” is A – (B + C), where A is the withdrawal amount, B is the sum of all non-tax deposits made by the user until the time of withdrawal and C is the opening balance at the beginning of a financial year.
- “User Account” means a user who has registered with an online gaming intermediary, delivering one or more online games.
- The section was applicable from 1st July, 2023, i.e., tax shall be deducted from any income from online games from the said date.
Featured Articles