India: Changes to “angel tax” provisions, exemption for leave payments increased, taxation of online games winnings
Reports about notifications by the Central Board of Direct Taxes
Reports about notifications by the Central Board of Direct Taxes
The KPMG member firm in India prepared reports about the following notifications by the Central Board of Direct Taxes (CBDT) (read more at the hyperlinks provided below).
- Proposed changes to “angel tax” provisions: The CBDT proposed an amendment in Rule 11UA and notified certain persons of an exemption from angel tax provisions. Read a May 2023 report [PDF 393 KB] prepared by the KPMG member firm in India
- Exemption for leave payments increased to INR 2.5 million: In accordance with a proposal in the 2023 budget, the CBDT announced an increase in the tax exemption for leave salary payments from INR 300,000 to INR 2.5 million. Read a May 2023 report [PDF 322 KB] prepared by the KPMG member firm in India
- Rules and guidelines on the taxation of winnings from online games and its tax withheld at source implications: The CBDT introduced a new rule (Rule 133) prescribing the manner and the procedure for the computation of net winnings for taxability under section 115BBJ and for tax deduction under section 194BA. The CBDT also issued a circular containing guidelines for the removal of difficulties while implementing tax withheld at source provisions. Read a May 2023 report [PDF 304 KB] prepared by the KPMG member firm in India
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