Is there an investment opportunity in PSP Projects shares?
Is this the right time to invest in the shares of PSP Projects, a company that does construction work for the government and corporate India? How much benefit will there be from investing in this stock? What targets are experts giving regarding this stock? Watch this video to know-
Since the Covid-19 pandemic has forced us to stay indoors, the online casino gaming sector has taken off like a rocket. Another factor contributing to their appeal is the ease with which players may access them. To have a nice time gambling, all you need is some money to bet and a good internet connection.
There has been a significant rise in the number of Indians betting online in recent years. Because of the enormous revenue generated by the business, the government decided to use taxes to their benefit. Online gambling winnings in India are therefore fully taxed.
Taxation aspect
Online gambling winnings are included on your annual tax return as “other sources of income.” Online casino and sports betting winnings are covered by section 115BB of the Income Tax Act. All winnings are subject to a 30 percent flat tax. The most important rule to keep in mind is that winnings should be reported on your tax return (ITR).
Winnings are subject to taxation and it is not necessary to pay based on the number of transactions. For example, Mr. Ramesh plays online casinos and has made transactions totaling Rs 1 crore, but only earned Rs. 10 lakh. As a result, tax is due on Rs 10 lakh, not Rs 1 crore.
That said, gambling winnings in excess of Rs of 10,000 are subject to a 30 percent flat tax. This also includes the 4 percent health and education cess. Winnings or gaming earnings in excess of Rs 50 lakh attract a 10 percent surcharge, which is added to the standard tax rate, making it a total of 33 percent. Gaming income in excess of Rs 1 crore is subject to a 15 percent surcharge on the usual tax rate, increasing it to 34.5 percent.
Further, the income will not be eligible for a deduction under section 80C of the Income Tax Act. The entire sum of such gains will be taxed in full, with no deductions for investment, housing rent, or medical insurance. In the case of online gambling, no deductions for expenses are permitted against the prize money collected.
Regardless of how much fun you have when playing online casino games, always set a betting limit and don’t get swayed by greed.