- February 24, 2023
Recently the government of India has taken a series of steps to provide a legal framework to the online gaming industry. Now online gaming industry has sunrise industry status. It also has legal support. There will be a self-regulatory organisation to certify the games on Lotusbook247 Live and recognise the online games. Only those games that are recognised by the self-regulatory organisation will be allowed online platforms.
Another essential step is the announcement that online gaming industry will be to offset losses by paying tax deduction at source on the net winning income. This means that if there is any loss, the particular online gaming platform will be able to offset the loss and reduce its tax burden. Thus, the country’s government has taken a very important step by specifying that tax deduction is at source at the net winning of the company.
Earlier there was no such provision in the income tax for the gaming industry to offset losses against winnings. The whole online gaming and Esports industry Lotusbook247 Live has welcomed the move of the government of India. In a joint statement, the industry said that amendment to the existing sections 194B and 115BB of the income tax act 1961 ensures much-needed relief to various stakeholders of the online gaming industry. Now the entire online gaming and sports industry is waiting for the finer details of the computation mechanism details, which will be the final statement of this specific amendment. The last amendment will be practised by all online gaming companies.
Thus, now companies offering online gaming Lotus book 247 Live services based on games of skill will be able to plan their investment in advance. The clarity of the income will help them to launch new games, enhance the experience of online players and create unique content.
