Will tax be deducted if I withdraw an amount lesser than my total deposits?
If your total withdrawal is less than your deposit, no tax will be deducted.
|Total Deposit||Total Withdrawal|
|₹ 4000||₹ 2000|
Here, Net Winnings = Total Withdrawal - Total Deposit
= ₹ 2000 - ₹ 4000
Net Winnings = - ₹ 2000
As Net Winning is negative, there will be no tax deduction.