TDS Policy | LeagueX

FAQ

TDS Policy

As per the new TDS (Tax deducted at source) law, effective 1st April 2023, TDS will be deducted at 30% of your net winnings at the time of withdrawal. This means that when you withdraw money from online fantasy platforms like LeagueX after winning a match(es), the government will deduct 30% of your net winnings as tax.

What are Net Winnings?

Net winnings refer to the difference between the total amount of money you have won and the entry fees you have paid. In simpler terms, it is the amount of money you have gained after subtracting your total spents.

For example,

Let's say you join 10 matches by paying total Rs. 1000 (Rs. 900 from deposits & Rs. 100 from cash bonus) and win Rs. 2000. Then, your net winnings would be calculated as follows:

Net Winnings = Winnings - (Total Entry amount - Discount/ CB)
Net Winnings = 2000 - (900-100) = Rs. 1200

Note: The Net Winnings will reset at the start of every financial year.

Now, if you withdraw this amount of Rs. 1200, 30% TDS = Rs. 360 will be deducted by the government, and the remaining amount of Rs. 840 will be credited to your bank account.

Another Example:

Suppose you join a match by paying Rs. 200 (Rs. 150 from deposits & Rs. 50 from cash bonus) and win Rs. 500. Then, your net winnings would be calculated as follows:

Net Winnings = Winnings - (Total Entry amount - Discount/ Cash Bonus)
Net Winnings = 500 - (200-50) = Rs. 350

Now, if you withdraw this amount of Rs. 350, 30% TDS = Rs. 105 will be deducted by the government, and the remaining amount of Rs. 245 will be credited to your bank account.

For partial withdrawals of net winnings from an account, how is TDS calculated and deducted?

It's important to note that if you withdraw only a part of your net winnings, the TDS will be deducted only on the amount you withdraw. The remaining TDS will be deducted when you make your next withdrawal(s) until the entire TDS amount is recovered.

For Example:

If you have a net winnings of Rs. 10,000 and withdraw only Rs. 5,000, only Rs. 1,500 will be deducted. The remaining Rs. 1,500 will be deducted in the next transaction(s).

What if losing the net winnings used in the subsequent matches, does the TDS calculation change?

If you use your net winnings to join a match and lose the money, the TDS calculation will be adjusted accordingly. The TDS will be calculated based on your actual net winnings, which take into account the money you lost in the subsequent matches.

How is tax calculated on 'Net Winnings'?

When will the tax be deducted?

How can I get my Tax Certificate to file IT Returns?

Will the TDS be deducted on all my winnings?

If my ‘Net Winnings’ go down during the year, can I get a refund of the TDS already deducted?

Can I get a refund for the excess TDS deducted?

📨 Contact us at contact@leaguex.com incase you have any questions or concerns

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