1 CR. Registered

TDS On Winnings

As per law, tax deduction at source (TDS) may be applicable on your winnings. The following illustrations explain how TDS will be determined for each format of the rummy game.TDS is currently applicable at the rate of 30% on winning above ₹10,000 and the rate of TDS and/or the exemption limit are subject to changes from time to time as required by law.

 

Tournaments - Example

  • Suppose you participate in a tournament with ₹100/- entry fee and win ₹12,000/- in that tournament.
  • Since your net winning in that tournament is ₹11,900/- (₹12,000/- minus ₹100/-) which is greater than ₹10,000/-, a TDS of 30% will be applicable of the net winning amount (₹11,900/-) and will be deducted from the winning amount (₹12,000/-).
  • ₹3,570/- (₹11,900 x 30%) will be deducted from your winning amount and your account will be credited with ₹8,430/- (₹12,000/- minus ₹3,570/-).

 

Deals Rummy - Example

  • Suppose you participate in a deals rummy game with ₹6,000/- entry fee and win ₹34,000/- in that tournament.
  • Since your net winning in that game is ₹28,000/- (₹34,000/- minus ₹6,000/-) which is greater than ₹10,000/-, a TDS of 30% will be applicable of the net winning amount (₹28,000/-) and will be deducted from the winning amount (₹34,000/-).
  • ₹8,400/- (₹28,000 x 30%) will be deducted from your winning amount and your account will be credited with ₹25,600/- (₹34,000/- minus ₹8,400/-).

 

Points Rummy - Example

  • Suppose you participate in a Points Rummy game and your cash winning in that game is ₹13,000/-. Since your winning is greater than ₹10,000/-, a TDS at the rate of 30%, will be deducted from the winning amount.
  • ₹3,900/- (₹13,000/- x 30%) will be deducted from the winning in that game and ₹9,100/- (₹13,000/- minus ₹3,900/-) will be credited to your money on the table.

 

Pool Rummy - Example

  • You participate in a game of Pool Rummy with ₹3,500/- entry fee and win ₹20,000/- in that Pool Rummy game.
  • Since your net winning in that game is ₹16,500/- (₹20,000 minus ₹3,500/-) which is greater than ₹10,000/-, TDS of 30% will be applicable of the net winning amount (₹16,500/-) and will deducted from the winning amount of ₹20,000/-.
  • ₹4,950/- (₹16,500 x 30%) will be deducted as TDS and your account will be credited for ₹15,050/- (₹20,000/- minus ₹4,950/-).

 

Contests on My11Circle - Example

Example 1:

  • Suppose you participate in a contest with ₹100/- entry fee and win ₹12,000/- in that contest.
  • Since your net winning in that contest is Rs. 11,900/- (₹12,000/- minus ₹100/-) which is greater than ₹10,000/-, a TDS of 30% will be applicable of the net winning amount (₹11,900/-) and will be deducted from the winning amount (₹12,000/-).
  • ₹3,570/- (₹11,900 x 30%) will be deducted from your winning amount and your account will be credited with ₹8,430/- (₹12,000/- minus ₹3,570/-)

 

Example 2:

  • Suppose you participate in a contest with ₹100/- entry fee with 3 teams. When the match ends suppose you win ₹9,000/- with team 1 and ₹5,000/- with team 2 in that contest and you don’t win any amount with team 3.
  • Since your net winning in that contest is Rs. 13,700/- (₹9,000/- plus ₹5,000/- minus 3 * ₹100/-) which is greater than ₹10,000/-, a TDS of 30% will be applicable of the net winning amount (₹13,700/-) and will be deducted from the winning amount (₹14,000/-).
  • ₹4,110/- (₹13,700 x 30%) will be deducted from your winning amount and your account will be credited with ₹9,590/- (₹14,000/- minus ₹4,110/-)

In case you have any queries, please contact our customer support team at support@RummyCircle.com or support@My11Circle.com

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