Technoglitch
Core Member
Persons using e-wallets or virtual cards and earning money through online gaming or poker hosted by websites inforeign countries will be required to disclose such income under the black money compliance window, which ends on September 30.
In its second set of 27 FAQs, the Central Board of Direct Taxes (CBDT) has said thee-wallet or virtual card is similar to a bank account and therefore "the valuation and declaration of an e-wallet account may be made as in the case of a bank account".
CBDT was responding to a query whether persons maintaining e-wallet or a virtual card account online on a website hosted in a foreign country is required to make a declaration under the new black money law.
The e-wallet and virtual cards are often used to play online games and pokers.
In the case of undisclosed overseas bank accounts, a person is required to submit the details of credit since the opening of the account and pay 60 per cent tax and penalty to take advantage of the 90-day compliance window ending September 30.
If the person is unable to obtain the statement of bank accounts since its opening, the FAQs said he can make a declaration on the basis of the "best estimate".
You play online games or poker? Be ready to disclose your income under black money law | Latest News & Updates at Daily News & Analysis
In its second set of 27 FAQs, the Central Board of Direct Taxes (CBDT) has said thee-wallet or virtual card is similar to a bank account and therefore "the valuation and declaration of an e-wallet account may be made as in the case of a bank account".
CBDT was responding to a query whether persons maintaining e-wallet or a virtual card account online on a website hosted in a foreign country is required to make a declaration under the new black money law.
The e-wallet and virtual cards are often used to play online games and pokers.
In the case of undisclosed overseas bank accounts, a person is required to submit the details of credit since the opening of the account and pay 60 per cent tax and penalty to take advantage of the 90-day compliance window ending September 30.
If the person is unable to obtain the statement of bank accounts since its opening, the FAQs said he can make a declaration on the basis of the "best estimate".
You play online games or poker? Be ready to disclose your income under black money law | Latest News & Updates at Daily News & Analysis
