What is TDS?
TDS (Tax Deducted at Source) is the tax amount applicable on your Net Winnings as per the government regulations. TDS is calculated as 30% of your Net Winnings in a financial year starting from 1st April. TDS amount deducted from your wallet is deposited to the government.
What is Net Winnings?
TDS (Tax Deducted at Source) is the tax amount applicable on your Net Winnings as per the government regulations. TDS is calculated as 30% of your Net Winnings in a financial year starting from 1st April. TDS amount deducted from your wallet is deposited to the government.
What is a financial year?
A financial year is a period of 12 months (one year) starting from 1st April and ending on 31st March.
How is TDS calculated?
If your Net Winnings in a financial year are positive, TDS at the rate of 30% is applicable on your Net Winnings. For example, if your total Net Winnings in a financial year are Rs 10,000, a TDS of Rs 3,000 (30% of Rs 10,000) will be deducted. In case your total Net Winnings in a financial year are negative, no TDS will be applicable.
What is TDS liability?
TDS liability is the total TDS to be paid by you based on your current net winnings in the financial year. For example, in the above scenario, total TDS liability is equal to Rs 3,000
Can the TDS liability increase or decrease?
TDS liability will be calculated on the basis of your Net Winnings. If your Net Winnings increase during the financial year, the TDS liability would increase. Similarly, the TDS liability would go down if your Net Winnings decrease over the financial year.
What is Paid TDS?
Paid TDS is the total TDS paid by you during the financial year.
What is outstanding TDS?
Outstanding TDS is the TDS amount that is yet to be paid by you. For example, if your total TDS liability in a financial year is Rs 3,000 and total TDS paid by you till date is Rs 2,000, the outstanding TDS will be Rs (3,000 2,000) = Rs 1,000
What happens if there is TDS outstanding at the end of the financial year?
If the total TDS paid by you till the end of the financial year is less than your total TDS liability, the difference would be automatically adjusted from your wallet balance at the end of 31st Mar. For example, if your total TDS liability in a financial year is Rs 3,000 and total TDS paid by you till 31st March is Rs 2,000, the outstanding TDS of Rs Rs 1,000 will be automatically deducted from your wallet balance.
Can the outstanding TDS be negative?
In case you have paid more TDS than your total TDS liability, the outstanding TDS will be negative. This can be claimed as a refund in the Income Tax Return filing.
When will the TDS deduction take place?
TDS deduction will be done at the time of withdrawal. In case your withdrawal is eligible for a TDS deduction, only the Net Withdrawal amount will be credited to your bank account. For example, if you want to withdraw Rs 500 and the TDS deduction applicable on your withdrawal is Rs 100, a Net Withdrawal amount of Rs (500 - 100) = Rs 400 will be credited to your bank account.
When will my withdrawal amount become eligible for a TDS deduction?
If your total withdrawals (including the new withdrawal) in the financial year become more than your total deposits, the new withdrawal becomes eligible for a TDS deduction. The total deposits will be the sum of deposits made by you on the app.
What is a TDS certificate?
A TDS certificate is a certificate of TDS deduction issued by the deductor (Mythical Gaming Solutions LLP). The certificate contains details of the TDS deductions made during a particular time period.
How are TDS certificates useful?
A TDS certificate can be used by you during Income Tax Return filing for claiming refund on the paid TDS if your outstanding TDS at the end of the financial year is negative.
When will the TDS certificates be available?
TDS certificates will be available on the app after your PAN-based KYC verification is complete. TDS certificates will be available only for TDS deductions made after your KYC verification.
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