The TDS Policy at Pokerbaazi.com have been recommended by senior tax consultants in India, and proves to be advantageous for both players and the poker industry in the long run.
• TDS of 30% will be deducted on Winnings above INR 10,000 at the time of Withdrawal.
• TDS will NOT be deducted on a player’s Deposit amount.
[Winnings = Total Withdrawals – Total Deposits (at the time of withdrawal) in current Financial Year (April 1 – March 31)]
• As a special offer, PokerBaazi will refund 100% of the amount of the TDS which gets deducted from your account in the form of Real Cash Bonus. This amount will be capped at 30K for the financial year.(i.e bonus on a total tax deduction of 30K).
What Does It Mean For Players?Consider the following situations:
If your winnings at the time of making a withdrawal are more than 10,000, 30% TDS will be applicable on any amount being withdrawn. For example: Your Total Deposits in the current financial year at the time of withdrawal is 15,000. Your Total Withdrawals in the current financial year at the time of withdrawal is 28,000. In the above scenario, following will be applicable: If you withdraw any amount, there will be 30% TDS deduction on the entire amount being withdrawn.
If your winnings at the time of making a withdrawal is less than 10,000, TDS will not be applicable on any amount being withdrawn unless the amount takes the winnings above 10,000. For example: Your Total Deposits in the current financial year at the time of withdrawal is 15,000. Your Total Withdrawals in the current financial year at the time of withdrawal is 7,000. In the above scenario, following will be applicable: If you withdraw up to 18,000, there will be no TDS deduction. If you withdraw 20,000, there will be 30% TDS deduction on 2000, and unless your winnings goes into the negative, a 30% TDS amount will apply on every subsequent withdrawal made in the financial year.
If you have won and paid TDS on a particular amount, and later in the same financial year find that your deposits are more than your withdrawals, you will be allowed to withdraw your deposit amount TDS-free. Only once your winnings become positive again would you attract TDS on further withdrawals.
What will happen on 1st April of every new Financial Year?
Your deposit and withdrawal ledger will become zero at 00:00 hours on 1st April of every financial year.
TDS Policy for Commission Balance:
Real Cash Chips redeemed through either the CashBack Program or the Loyalty Program under Baazi Rewards will attract a standard TDS of 3.75% if withdrawn directly to a player’s Bank Account, and will fall under a separate category called “Commission”. Alternatively, players may choose to transfer this Commission amount to their PokerBaazi balance, in which case, the amount will be transferred and added to a player’s Winnings tally for the year.