To clarify various queries on under the new Black Money law and general doubts on compliances under the Foreign Exchange Management and Income Tax Acts, iPleaders in association with GLaws.in and Pokerguru is organising a webinar with Sunil Agarwal, Senior Tax Partner at AZB & Partners and former Additional Commissioner of Income Tax on 13th September from 11 am- 12:30 pm. The first-of-its-kind interactive session will be followed by a Q & A session with the expert.
Agenda of the Webinar:
1. Discussion on whether 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 the Foreign Exchange Management Current Account Transaction Rules. Structuring alternatives available, if any.
2. 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.
3. Penalties under the legal framework, i.e. Black Money, Income Tax Act and FEMA and what you need to be wary of.
4. 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.
5. Taxation on winnings in physical casinos outside India when:
(a) such winnings are taxed at source in that foreign jurisdiction and India has a Double Taxation Avoidance Agreements (DTAA) with that country, and
(b) when India does not have a DTAA with that country.
(c) ways to structure channelizing the winnings to minimize tax liability in India.
Steps for Registering
1. Log on to – http://ipleaders.glaws.in/webinar-black-money
2. Click on – “Sign Up Now”
3. Make one-time payment of Rs. 1,020
On successful registration, users will receive a confirmation email along with the login credentials to join the webinar. The webinar has been limited to 60 participants only and carries a registration fee of Rs. 1,020.