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Save TDS By Playing On Gamezy Poker! Check Out How

Gamezy Poker has announced the revisions they have decided to make in their TDS policy which was effective from 1st April 2023. The online poker platform decided to take the step in order to adhere to the provisions contained in the Finance Act of 2023.

What is the new Gamezy Poker TDS policy?

 As per the new policy followed by Gamezy Poker, TDS will be applicable at the time of withdrawal or deposit refund. It is also worth noting that 30% TDS will be applicable if there are any positive net winnings during the time of withdrawal.

Gamezy Poker players also need to understand that TDS will be applicable at the end of the financial year on year-end wallet balance. The above-mentioned money will be considered as a withdrawal amount. With the remaining amount carried forward to the next financial year as a deposit balance after applying TDS on it (as per policy).

This carry-forward balance is all set to be considered as an investment for the upcoming year, and TDS would not be applicable for that amount. The time duration considered for TDS in a financial year will be 1st April to 31st March alongside the formula, which is Net winnings = Total Withdrawals – Total Deposits. Note: The above mentioned changes in the TDS policy are based on the provisions that have been amended and as introduced in the Finance Act, 2023. 

Save TDS On Gamezy Poker

We have shared few scenarios that will help player understand how the Gamezy TDS Policy will be applicable.

Scenario 1: If your net winnings (including the withdrawal amount) is more than 0, then 30% TDS will be deducted on the net winnings at the time of withdrawal.

Example:

Total withdrawals in the financial year (A)	₹5,000
Total deposits in the financial year (B)	₹10,000

In the above scenario, if you want to withdraw ₹7,000 , then the net winnings will be:

Amount being withdrawn by the player (C)	₹7,000
Net winnings (A+C – B)	₹2,000
30% TDS Applicable on Net Winnings (D)	₹600
Amount to be credited in the bank account (C-D)	₹6400

Zero TDS Withdrawal amount: If you withdraw upto ₹5,000 , then there will be zero TDS deducted as net winnings will be ₹0 (₹5,000 + ₹5,000 – ₹10,000). See calculation below:

Scenario 2: If you have paid TDS in previous withdrawals, then no TDS is applicable on withdrawals till your net winnings crosses the amount for which you have already paid TDS.

Example:

Total withdrawals in the financial year	₹20,000
Total deposits in the financial year	₹20,000
TDS paid in the financial year (TDS paid on winnings of ₹6,000 as initially you had positive net winnings of ₹6,000)	₹1,800

In this scenario, No TDS applicable till your net winnings crosses ₹6,000 (winnings already taxed):

• Zero TDS withdrawal amount: If you withdraw up to ₹6,000, no TDS is applicable
• If you withdraw ₹10, 000, then 30% TDS is applicable only on ₹4,000 winnings i.e. ₹1,200.

Scenario 3: You have paid TDS on initial winnings during the financial year but your net winnings have reduced post that.

Example:

Total withdrawals in the financial year (A)	₹40,000
Total deposits in the financial year (B)	₹20,000
Net winnings in the financial year (A-B)	₹20,000
TDS paid till date	₹6,000

Post this, if your net winnings reduces to ₹10,000, then, subject to applicable law, the excess TDS deducted can be claimed as refund in your annual income tax filing.

Scenario 4: At the end of the financial year, if you have an amount in your account, then TDS will be calculated on that amount by considering it as a withdrawal of the financial year and remaining amount will be carried forward to next year as starting deposit amount. Withdrawal from the starting deposit amount will not be subject to TDS in the next year.

Example:

Total withdrawals in the financial year (A)	₹40,000
Total deposits in the financial year (B)	₹40,000
TDS paid till date (C) (on winning amount of ₹5,000 as initially you had positive net winnings of ₹5,000)	₹1,500
Account balance at the end of 31st March 2024 (D)	₹30,000

In above scenario, following calculation is done:

Total withdrawals in the financial year (A+D)	₹70,000
Total deposits in the financial year (B)	₹40,000
Net winnings (A+D-B)	₹30,000
30% TDS Applicable on Net Winnings (E)	₹9,000
TDS paid till date (C)	₹1,500
TDS Remaining to be paid (E-C)	₹7,500

Thus, ₹7,500 TDS is deducted from your account balance at the end of Mar 31, 2024 and remaining balance of ₹22,500 will be carried forward to the next financial year as deposit amount. You will not have to pay TDS in the next financial year on withdrawal out of this amount. So what are you waiting for! Sign up on Gamezy by clicking here!

For more news and updates, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter, and Telegram.

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