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Tax deducted at Source- TDS

Will my Opening A/c Balance be considered if I want to make a withdrawal at the start of the new Financial Year (April 2023)?

Let’s consider the following table as an example - 

Opening A/c Balance 

as on 1st April 2023

Total Deposit Total Withdrawal
₹ 1500 ₹ 2000 ₹ 3000

Tax is deducted on Net Winnings. 

 

At the start of the Financial Year (1st April 2023), if there’s an Opening Balance, Net Winnings is calculated as

= (Total Withdrawals) - (Total Deposits) - (Opening Balance)
= ₹ 3000 - ₹ 2000 - ₹ 1500
=  - ₹ 500

As the Net Winning here is negative, there will be no tax deduction. And so, your withdrawal amount post tax deduction would be ₹ 3000 -  ₹ 0 =  ₹ 3000

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