India

New tax regime

The optional alternate personal tax regime (introduced by Finance Act, 2020), devoid of any deductions or exemptions, has been made the default tax regime effective 1 April 2023. The tax rates under this regime have been revised. Further, a rebate of 100% income tax has been allowed for resident individuals where total income does not exceed 700,000 Indian rupees (INR), and a standard deduction of INR 50,000 has been allowed. See the corresponding sections of India’s individual tax summary for details.

The taxpayers who want to opt for the old tax regime have to specifically indicate this preference in the manner as prescribed.

Winning from online gaming 

Effective 1 April 2023, any income from winnings from online games is taxable at the rate of 30%. An online game has been defined to be a game that is offered on the Internet and is accessible by a user through a computer resource, including any telecommunication device.

An obligation to withhold taxes on the above winnings has also been provided.