7 online gaming companies and dozens of players received face IT dept notice for alleged tax evasion

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The income tax department has issued show cause notices to seven online gaming firms, as well as approximately three dozen high-value players active on those gaming platforms, as the gaming sector remains under regulatory vigil.

According to ET, the IT department has issued these notices over the last 15 days. In all of these cases, the potential tax evasion could amount to INR 28,000 Cr. However, according to an official quoted in the report, this could be just the tip of the iceberg, with the actual evaded amount exceeding INR 28,000 Cr and possibly much higher. The IT department has also gathered information on high-value participants with earnings exceeding INR 50 crore. Unsurprisingly, some of the participants are students and young IT professionals from Bengaluru, Pune, and Gurugram.

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7 online gaming companies and dozens of players received face IT dept notice for alleged tax evasion

The income tax department has issued show cause notices to seven online gaming firms, as well as approximately three dozen high-value players active on those gaming platforms, as the gaming sector remains under regulatory vigil.

According to ET, the IT department has issued these notices over the last 15 days. In all of these cases, the potential tax evasion could amount to INR 28,000 Cr. However, according to an official quoted in the report, this could be just the tip of the iceberg, with the actual evaded amount exceeding INR 28,000 Cr and possibly much higher. The IT department has also gathered information on high-value participants with earnings exceeding INR 50 crore. Unsurprisingly, some of the participants are students and young IT professionals from Bengaluru, Pune, and Gurugram.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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