DOWNLOADDOWNLOADTowards the end of each Financial Year, your ledger gets reset for next year’s Financial Year for taxation purposes.
This year with auto TDS deduction, TDS will be applicable on net winnings withdrawn any time before 31st March'24. Your withdrawable amount will remain the same, whether you choose to withdraw or keep the balance in your PB Wallet.
For reference,
Net winnings = Difference between Total Withdrawals in a financial year and Total Deposits in the same financial year. Financial year is counted from 1 April to 31st March.
PokerBaazi, a law-abiding company, adheres to the rules and regulations implemented by the government. Since new section 194BA has been introduced, we are abiding by the rules.
For example:Let’s say you have ₹10,000 net winnings in your PokerBaazi wallet. If you withdraw it before 31st March’24, you will receive ₹7,000 in your bank account after 30% tax deduction. If you don’t withdraw it then TDS will be deducted on this amount and your balance will be ₹7,000 on 1st April’24, which will not incur any TDS on withdrawal.
Towards the end of each Financial Year, your ledger gets reset for next year’s Financial Year for taxation purposes.
This year with auto TDS deduction, TDS will be applicable on net winnings withdrawn any time before 31st March'24. Your withdrawable amount will remain the same, whether you choose to withdraw or keep the balance in your PB Wallet.
1. Condition for Balance Less Than or Equal to Non-Taxable Withdrawal Ledger
Policy Statement:When the account balance (excluding any bonuses and rewards balance) is less than or equal to the total amount in the non-taxable withdrawal ledger, the balance itself will be updated as the new total in the non-taxable withdrawal ledger.
Example:
- Account balance (excluding bonuses and rewards balance): 300
- Existing non-taxable withdrawal ledger amount: 350
- Since the balance is less than the ledger amount, the new non-taxable withdrawal ledger amount will be updated to 300.
2. Condition for Balance Greater Than Non-Taxable Withdrawal Ledger
Policy Statement:If the account balance (excluding bonuses) is greater than the total in the non-taxable withdrawal ledger, the balance after deducting TDS (Tax Deducted at Source) on net winnings will be updated as the new total in the non-taxable withdrawal ledger.
Example:
- Account balance (excluding bonuses and rewards balance): 500
- Existing non-taxable withdrawal ledger amount: 300
- TDS on net winnings: 200*30% = 60
- Calculation: 500 (balance) - 60 (TDS on net winnings) = 440
- The new non-taxable withdrawal ledger amount will be updated to 440.
Additional Guidelines:
Definition of Terms:
- Balance (Excluding Bonuses and rewards balance):The total funds available in the account not including any bonuses and rewards balance.
- Non-Taxable Withdrawal Ledger:A record of amounts that can be withdrawn without being subject to tax.
- TDS (30%) on Net Winnings:The tax deducted at the source on the net winnings from the account.
Disclaimer 1:The above-mentioned information is a Company’s View, please consult a professional for expert on the aforesaid matter before filing your Income Tax Return.
Disclaimer 2:The Winners shall be responsible for payment of any other applicable taxes, including but not limited to, income tax, gift tax, etc. in respect of the Net Winnings.
Disclaimer 3:PokerBaazi shall not in any manner be responsible for users' individual tax matters.
