The TDS Policy at Pokerbaazi.com has been recommended by senior tax consultants in India, and proves to be advantageous for both players and the poker industry in the long run.
UPDATE: Effective 31st March 2021, there will be no more resets in the deposit or withdrawal ledger. Calculations will be made with the starting point as the last ledger reset, i.e. 1st April 2020.
• TDS of 30% will be deducted on all winnings 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) (1st April 2020 onwards)]
• 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 cumulatively at 30K.(i.e bonus on a total tax deduction of 30K).
What Does It Mean For Players?
Consider the following situations:
30% TDS will be applicable on any winnings being withdrawn from your PokerBaazi account. For example: Your total Deposits since 1st April 2020 at the time of withdrawal are 15,000. Your Total Withdrawals since 1st April 2020 at the time of withdrawal are 18,000. In the above scenario, the following will be applicable: If you withdraw any amount, there will be 30% TDS deduction on the entire amount being withdrawn. Unless your winnings goes into the negative, this 30% TDS amount will apply on every subsequent withdrawal.
If you have won and paid TDS on a particular amount, and later 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.
Will the ledger reset on 1st April of every new Financial Year?
Effective 31st March 2021, there will be no more resets in the deposit or withdrawal ledger. This means that all profits and losses in your account since 1st April 2020 will remain as they are, and will be calculated in accordance with the above section, independent of the time of withdrawal.
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through either the CashBack Program or the Loyalty Program under Baazi Rewards will attract a standard TDS of 5% if withdrawn directly to a player’s Bank Account, and will fall under a separate category called “Commission”.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.