The government has been trying to create a conducive environment for online gaming companies. To achieve the goal the central government has taken a number of steps. From giving sun-rising status to online gaming platforms such as sky exchange-id.info to enacting laws for the safety of online gamers, the constant effort of authority has been to make the online gaming industry one of the pillars of the digital economy.
The latest step is an announcement that online gaming companies whose total winning amount is less than 100 crore a month need not pay TDS, tax deducted at source. This is a huge relief to several online gaming companies as the majority of them are small-scale players or startups. The winning amount has to be for users who come to a particular platform to play various games. The net amount has to be less than the stipulated amount. Various online companies sky exchange-id.info involved in the gaming world and fantasy games have welcomed the announcement.
However, the government also mentioned that if an online gaming company is offering bonuses, sky exchange sign in welcome rewards, referral bonuses and big winning prizes etc. these amounts will be accounted in net winning income .such an online gaming company has to pay the TDS.
Some companies often use coupons, tokens, coins, vouchers, etc. The monetary equivalence of these forms will be subject to taxable income.
However, gamers who come to skyexchange sign in and play any game without real money need not worry about these changes. It has been observed by various online gaming platforms and their parent companies that the majority of gamers invest a small amount of money in games. Only professionals invest some amount in games they are comfortable with. Many platforms offering online games and fantasy e-sports do not reach up to the 100 crore mark.