(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. Â 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.