|
In India, online sports betting and casino platforms have gained popularity as a way to potentially earn money, but it is essential to understand the tax implications. According to Indian tax laws, any income generated from betting or gambling, whether online or offline, is considered taxable under the Income Tax Act, 1961. This includes winnings from sports betting or casino games. Typically, such income is subject to a flat tax rate of 30%, plus applicable cess and surcharges, making it crucial for users to report these earnings in their tax returns. Many Indian-based platforms, like those offering fantasy sports or online rummy, are required to deduct TDS （Tax Deducted at Source） on winnings above a certain threshold, ensuring compliance with local regulations. Therefore, when choosing between online sports betting or casinos, users should prioritize platforms that are licensed and transparent about tax deductions to avoid legal issues and maximize post-tax returns. |
