The CBDT issued Notification No. 28/2023 dated May 22, 2023 notified the new Rule 133 vide the Income-tax (Fifth Amendment) Rules, 2023.
The new rule prescribes a manner for computing ‘Net Winnings’ from online games under section 115BBJ & section 194BA of the Income Tax Act, 1961 (“the IT Act”).
The amendment rule also modified various forms related to Tax Deducted at Source (“TDS”) / Tax collection at source (“TCS”) to incorporate changes by the Finance Act, 2023.
The Complete Notification can be accessed at: https://egazette.nic.in/WriteReadData/2023/245989.pdf