If you are an Indian, then you must be aware of the fact that there are certain legal issues pertaining to online gambling in this country; which are not very transparent or clear. Nevertheless, the online gaming domain in India is improving at a rapid pace, and it is expected that the authorities would work towards making clear and transparent laws, which would be easier for people to follow and understand.
Despite of so much of lack in transparency, one thing is quite clear, which is almost 30% of the total tax, on winning are being generated by the Section 194B, of the India’s Income Tax Act. Legal loopholes are always there as far as income tax is concerned, they have always been there; but there are certain casino games, which comes with quite big prizes, that it won’t really bother you too much about the tax which you need to pay. As a matter of fact, some of the amount are so big, that there is no need for you to worry about money for the rest of your life.
In the following section, a brief overview will be presented on the tax billing on some jackpots. These prizes are progressive in nature, and as a result, they keep on pilling till they are being own; after that, they starts all over again.
Few Jackpots and their Tax Billings
- Mega Moolah: It is considered to be as one of the most famous jackpot games to be played, all over the world. It has been more than a decade that this game has been around. It also offers the biggest online casino prize in the world.
- Jackpot King: It is not an individual game, but is a network of different Jackpot games. Using this network different games like Naked Gun can be played. The prize money for these games are awarded randomly.
- Playtech: This is another very popular and famous jackpot game, which offers a huge sum of money.
These are some of the most popular online jackpot games, where you don’t have to worry about taxes. The reward money for winning these jackpots is so huge, that it would not bother you the slightest to pay the taxes. Apart from these, there are different other kinds of jackpots which you can play to win a huge sum of money. Want to learn more about them? Run a search over the internet.
As far as jackpots are concerned, the name itself says it all. It offers you a sum of money, which you would have only dreamt for. Paying tax against such a huge sum makes no difference whatsoever.
If you want to know more about jackpot online games, then you can visit CasinoFair.com. Here you will find all that you need to know about different types of online jackpots and at the same time, you can also try your luck in some of the most popular jackpots. Not quite sure if this is the best option for you? Have a look at the feedback section.