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Government Tax (TDS)

Tax

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

    Tax Certificates will be issued within 1 month from the last date of filing TDS returns for every quarter.

  • When will the tax be deducted? Down Arrow

    If there is a tax liability at the time of withdrawal, the tax will be deducted on net winnings. Other than this, if there is a pending tax liability at the end of the financial year, the balance amount will be deducted from the player’s wallet.

  • What is TDS? Down Arrow

    TDS stands for 'Tax Deducted at Source' which we are legally obliged to deduct tax at source (“TDS”) at the time of withdrawal or the end of the Financial Year.

    As per the Finance Bill passed by the Govt. of India, new tax laws are applicable on Online Gaming apps from April 1st, 2023. As per the law, Platforms offering Online Games are required to deduct tax at source (“TDS”) at the time of withdrawal or the end of the Financial Year. TDS shall be levied at the rate of 30% for all the net winnings of a Player. Here, net winnings shall mean the difference between all winnings and the entry fee paid by a Player for a year.

  • What are the latest changes to TDS (Tax Deducted at Source) on online gaming apps? Down Arrow

    As per the Finance Bill passed by the Govt. of India, new tax laws are applicable on Online Gaming apps from April 1st, 2023. As per the law, Platforms offering Online Games are required to deduct tax at source (“TDS”) at the time of withdrawal or the end of the Financial Year. TDS shall be levied at the rate of 30% for all the net winnings of a Player. Here, net winnings shall mean the difference between all winnings and the entry fee paid by a Player for a year.

    As per the Finance Bill passed in 2023, all Real Money Gaming Apps are mandated to deduct tax at the rate of 30% on users’ Net Winnings.

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

    Deducted TDS is submitted to Income Tax Department against your PAN Card number. Hence, it is mandatory that you provide us with your correct PAN card details so that you can claim the TDS benefit while filing your tax returns. Players can file returns with the income tax department and claim refunds subject to the Player’s overall tax liability. Games24x7 will be issuing all required certificates for doing so. However, we will not be able to refund the excess TDS from our end directly to any Player.

  • I play on both RummyCircle & My11Circle. How will this impact me? Down Arrow

    Players playing all games offered by Games24x7 have a common wallet across games. So, for taxation, the entry fee paid for all games will be deducted from the winnings from all games. The balance amount will be considered for taxation at the rate of 30%.

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