Increased Online Gambling and other fantasy sports platforms such as Dream11 brought many Indians into the Tax Network indirectly. Understand all about the Online Gambling, Dream11 and the Taxability on Winnings, TDS and how the tax is calculated for such scenarios.
Online gambling (or Internet gambling) is any kind of gambling conducted over the internet. This includes virtual poker, casinos, sports betting and other such means. Most of the countries have restricted or banned online gambling. Online Gambling service providers are required to have registration specified by the Government of the countries.
Bettings like cricket betting, online poker, football betting, or a game of chance or skill, bettings became popular in India, but most of these bettings are unregulated in India.
Examples of Online Gambling in India: Dream11, Online Rummy etc are some of the examples for online gambling in India.
Dream11 is an Indian fantasy sports platform that allows users to play fantasy cricket, hockey, football, kabaddi, and basketball. It is an online game where users create a virtual team of real-life players and earn points based on the performances of these players in real matches.
A user who scores the maximum points in their joined contests attains the first rank on the leader-board. Dream11 offers free and paid contests. A user has to pay a certain fee to join a contest and can win real cash.
To participate in a Dream11 game, a user must be at least 18 years old and needs to get their profile verified using their PAN.
Income received through online gambling is taxable in the hands of recipient.
For more information on IT Filing, Expert Consultation related to Taxability on Dream11 and/or other Online betting income, take the Online Tax Service or Call +91 7288 900 900
GST Accounting Software Price: FREE for 1st year in India refer pricing for other countries such as India, Australia, Malaysia, Nepal, Pakistan, Singapore, Sri Lanka, & UK
Easiest GST ready Accounting software