Mix all the dry seasonings; salt, pepper, onion powder, garlic powder and Italian seasoning with the flour and baking powder. Whisk to mix.
Break the egg into the flour mixture. Add water and stir till you have a batter that is the consistency of thick cream.
Coat the onion rings in the 1/2 cup flour first, shake off excess and then dump them into the batter. Make sure the onions are coated thoroughly in the batter before coating them with panko breadcrumbs.
Heat oil in pot till frying temp, drop the batter-panko coated onion rings one-by-one into the hot oil. Fry till they're brown and crispy. Drain on a rack.
Eat with ketchup or chilli sauce.