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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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Now pay taxes when you withdraw gaming bonus, incentives

Bonuses, referrals and incentives offered by online gaming companies to their customers will be considered as part of winnings and is subject to tax, the Indian government said on Monday.

Online gaming companies will be required to deduct taxes at source if players claim their net winnings, including bonuses or incentives, according to guidelines issued by the Central Board of Direct Taxes (CBDT).

However, bonuses or incentives will not be taxed if they are not claimed or withdrawn, the agency said. That means if you use these bonuses or incentives further for playing, they will not be liable for tax deducted at source, better known as TDS.

Online gaming companies will also not be required to deduct taxes on winnings withdrawn by a player if the amount is less than Rs 100 ($1.22) a month. TDS will also not be applicable if the balance in the user account at the time of deduction is not sufficient to carry out the tax deduction.

Net winnings will be calculated by subtracting the amount withdrawn by a customer from the sum total of deposits in the account and opening balance at the beginning of the year.

The net winnings of a player on online gaming platforms are currently taxed at 30 percent. The latest clarification is a part of guidelines on TDS provisions on income earned through online games. The new tax rule on online gaming, which came into effect on April 1, makes a user liable to pay taxes on eligible earned money. But the onus is on the online gaming intermediary, which has to deduct taxes in a financial year, provided the player falls under the eligible category.

CBDT further clarified that deposits in games such as coins, vouchers, and coupons will be treated as taxable as soon as the player prompts a withdrawal from the system. But as long as this deposit is carried forward in the game as part of playing, there will be no tax. Moreover, if a user borrows the money and deposits it in their account, the sum will not be liable for a tax deduction. Only the money earned through winning will be.

— Written with inputs from Reuters

The post Now pay taxes when you withdraw gaming bonus, incentives appeared first on Techlusive.



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