Net winnings is calculated as
AMOUNT OF INCOME FOR TDS = TOTAL WITHDRAWAL - (BALANCE AT THE BEGINING OF THE YEAR + NEW DEPOSIT + WITHDRAWAL ON WHICH ALREADY TDS DEDUCTED)
EXAMPLE :
AMOUNT OF INCOME FOR TDS = 132400 –(4717 + 14500+ 132400) = -19217 . So here TDS will not be deducted
Now assume that you won 50000/- in leaderboard. and you are withdrawing all 50000/-, then
AMOUNT OF INCOME FOR TDS = 182400-(4717+14500+132400) = 30783 . So here TDS to be deducted will be 30783 * 31.2% = 9604
Net withdrawal amount credited to bank will be = 50000 - 9604 = 40396
TDS AT THE END OF THE FINANCIAL YEAR :
At the end of the financial year, what ever the winning balance is remaining that will be considered for TDS as per above formula and the winning balance will be adjusted accordingly
Will I get the TDS certificate for the TDS deducted
Yes, you will get the TDS certificate. please connect with us on chat through the app for the TDS certificate
Can you get the refund of the TDS deducted :
No, as per the government guidelines, the TDS deducted cannot be claimed for refund
GAMETHON