Receipt of gifts or cash prizes from online spin-the-wheel contests are taxed under section 115BBJ and section 115BB, respectively. Section 115BB imposes a flat income tax rate of 30% plus cess and surcharge (if any) on winnings from offline gambling or betting games.Ĭalculation of taxation for winning from online and offline games However, the tax is levied under different sections of the Income-tax Act. Winnings from offline games are also considered as a game of chance. without the requirement of an internet or telecommunication service or device, respectively. Offline gaming contests are those contests which are conducted at a physical location like in a mall gallery or auditorium, etc. Offline games without internet: 'In case the online games do not fall within the scope of Section 115BBJ due to non-satisfaction of any required condition for instance, the contest can be accessed without internet, the same would still be covered within the scope of Section 115BB and subjected to tax 30% (plus applicable cess and surcharge, if any),' says Surana. Mutual Funds Spend Credit Cards P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter

Spin and get money