As per the new TDS (Tax deducted at source) law, effective 1st April 2023, TDS will be deducted at 30% of your net winnings at the time of withdrawal.

Net winnings are defined as the difference between your gains and spends.

Net winnings* = Winnings - (Total Entry amount - Discount/ Cash Bonus)

*subject to change as per the rules that are to be notified under the Income Tax 1961

Example-. If entry amount = Rs. 525 (Rs. 500 from deposits & Rs. 25 from cash bonus) & winnings = Rs. 1000, then,

- Net Winnings = 1000 - (500-25) = Rs. 475

- On withdrawal of Rs. 1000, 30% TDS = Rs. 142.5

- Amount credited to bank account = Rs. 857.5

We recommend that you go through the Government notification attached at the bottom for complete details on this new TDS law.