As per section 194B of the Income Tax act any winnings from Card Games which is more than Rs 10,000 in a Financial year will attract TDS @30%.
TDS will be calculated as per current Financial year from 1st April 2019 to 31st March 2020.
TDS is calculated as per below calculations.
- If (Current Financial Year deposits minus Current Financial Year cashouts (including current cashout request) if Deposits are higher than Cashouts then no TDS will be deducted.
- If (Current Financial Year a Players deposits minus Current Financial Year Players Cashouts (including current cashout request) if Cashouts are higher than Deposits by 10,000/- then TDS will be charged @30%.
- Whatever Tds is deducted will be paid to Income Tax Department as per Player PAN details. Players can check TDS amount paid on the Income Tax website.
* Please note only 1 Cashout Request can be placed per day.