(Conducted in collaboration with GLaws & Pokerguru)

As per a recent Black Money Circular, amounts in e-wallets from gaming or poker winnings would count as undisclosed foreign assets and could be liable to tax accordingly (see here). This has really raised a lot of confusion in the online gaming industry in India. This is a very complex issue, and as an advisor, lawyer, poker player, owner of an online gaming portal, or simply a gaming enthusiast you may be interested in knowing about the technicalities of the new law.

We are organizing a special webinar with Mr. Sunil Kumar Agarwal, Senior Taxation Partner at AZB & Partners and former Additional Commissioner of Income Tax (who specialized in International Taxation) to discuss the effect of black money law and foreign exchange regulations on winnings in offshore wallets.  You can find out more about the expert here.

Date: The webinar will be organized on September 13, 2015, Sunday

Time: 11 am – 12:30 pm

Cost: INR 1020/-. There are only 60 seats.

Detailed agenda of the webinar:

• Does depositing and withdrawing winnings on offshore/international online gaming, poker websites etc. through e-wallets such as neteller or directly amount to violation of Schedule I of FEMA Current Account Transaction Rules? Alternative structuring alternatives under FEMA.

• Compliances under the new black money law with regard to gambling/betting winnings remitted through e-wallets/directly from such websites particularly having regard to the clarification given in the recent black money circular (see here).

• Penalties under the legal framework, i.e. Black Money, Income Tax Act and FEMA and what you need to be wary of.

• Taxation and disclosure of winnings from offshore/Indian poker and gaming websites when: (i) TDS is deducted by such websites and (ii) if no TDS is deducted. Possible ways to structure remittance of winnings to minimise taxation liability.

• Taxation on winnings in physical casinos outside India when:
  • such winnings are taxed at source in that foreign jurisdiction and India has a DTAA with that country and
  • when India does not have a DTAA with that company.
  • Ways to structure channelising the winnings to minimise tax liability in India (for eg: channelising it through specific foreign entities or vehicles, incorporating an offshore entity, investing the money abroad etc.)

The webinar will be conducted in a virtual classroom environment and we will be able to address participant queries within the above time slot.

Steps for Registering

1. Visit – http://ipleaders.glaws.in/webinar-black-money

2. Click on – “Sign Up Now”

3. Make one-time payment of INR 1,020. On successful payment, you will reach a confirmation page from where you can register for the class.