How is tax calculated on 'Net Winnings'?

Tax is calculated at the rate of 30% of Total Net Winnings at the time of Withdrawal. Let's take the above example for reference.
Here, the Net Winnings is ₹ 1000. Tax = 30% of ₹ 1000 = ₹ 300

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

Players playing any games offered by Games24x7 have a common wallet across games. For taxation, deposits and withdrawals of both the platforms would be added to determine Net Winnings.

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

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

If my 'Net Winnings' go down during the year, can I get a refund of tax already deducted?

Tax on Net Winnings at the time of the withdrawal that are deducted are paid to the income tax department for the credit of the player. Players can file their returns with the income tax department and claim refunds subject to the Player's overall tax liability. Games24x7 will be issuing the tax deduction certificates showing the tax deducted for the player. However, Games24x7 will not be able to refund the excess tax from our end directly to any Player.

What will happen if there is some amount remaining in my My11Circle A/c at the end of the Financial Year?

If there is some balance remaining in your My11Circle a/c on 31st March 2024, the tax will be deducted on that amount (considering it a withdrawal), and the remaining amount will be carried forward to 1st April 2024 i.e. the New Financial Year.

Example - Mr. Rao plays games & wins cash prizes on 31st March 2024 and does not make a withdrawal until 11:59 PM. Below are some more details -

* Closing Balance = Deposit Balance + Winning Balance as on 31st March, 11:59 PM

To understand the tax deducted, we will have to determine the Net Winnings

= (Total Withdrawal) + (Closing A/c Balance) - (Total Deposit) - (Opening A/c Balance )

= ₹ 3000 + ₹ 1000 - ₹ 2000 - ₹ 1500

= ₹ 500

30% Tax on above Net Winnings = ₹ 150

Let’s say, out of ₹ 150, ₹ 100 tax already deducted earlier

And so, the remaining Tax to be deducted is ₹ 50

The remaining Tax would be deducted from the Closing A/c Balance & carried forward to the new Financial Year: ₹ 1000 - ₹ 50 = ₹ 950

Will my Opening A/c Balance be considered if I want to make a withdrawal at the start of the new Financial Year (April 2024)?

Let's consider the following table as an example -
Opening A/c Balance as on 1st April 2024 = ₹ 1500
Total Deposit = ₹ 2000
Total Withdrawal = ₹ 3000
Tax is deducted on Net Winnings.
At the start of the Financial Year (1st April 2024), 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

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. Example -

Total Deposit = ₹ 4000

Total Withdrawal = ₹ 2000

Here, Net Winnings = Total Withdrawal - Total Deposit
= ₹ 2000 - ₹ 4000