Income Tax News: Quickly declare winnings in online games by filling updated ITR

Tax On Gaming Industry: If you have made huge money by playing online games in the last year 2021-22, then the Income Tax Department has immediately updated Income Tax Return (ITR-U) if you have not disclosed this income in the Income Tax Return filed for 2022-23. asked to enter. According to the Income Tax Department, the updated Income Tax Return (ITR-U) can also be filed by those taxpayers who have earned income by playing lotteries or betting in addition to online games.

CBDT Chairman Nitin Gupta said that apart from online games, the updated Income Tax Return (ITR-U) can also be filed by those earning money through lottery or betting. Updated Income Tax Return (ITR-U) Provision has been made that people come forward and file taxes themselves. Otherwise, penalty will have to be paid according to the Income Tax Act and legal action can also be taken.

In fact, the Income Tax Department is keeping an eye on those who earn big money by playing online games. CBDT Chairman Nitin Gupta said that a gaming portal has distributed Rs 58,000 crore to the winners of online games during the last three years from the financial year 2019-20 to 2021-22. Whereas none of the winners of the game have paid tax on the winning amount. The CBDT has asked the winners to file an updated income tax return, disclose the correct income and pay tax on it.

As per the instructions of CBDT, online game winners will have to pay a total tax of 30 per cent without any rebate along with interest. These people will have to pay penalty along with tax. This applies to the winners of all gaming portals winning money. Taxpayers will have to disclose the correct income in the updated return. During this, taxpayers have to pay 25% more tax along with interest. If the updated return is not filed within 12 months, then 50 percent additional tax will have to be paid along with interest if the updated return is filed within 12 months to 24 months.

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