As per amendments to the Income Tax Act that came into effect on 1 April, 2023, Govt Taxes (TDS) are applicable on your Net Winnings.
Hence, TDS applicable on your Net Winnings for the Financial Year 2023-24 (1 April 2023 to 31 March 2024) will be automatically deducted from your Dream11 account on 31 March 2024, 11:59 PM.
How will it be calculated?
Your Taxable Amount (Net Winnings) = A - B - C - E + D
Where
A = Total withdrawals in the FY
B = Total deposits in the FY
C = Opening balance (Unused Deposits + Winnings) at the beginning of FY
E = Amount on which TDS has been deducted in the FY
D = Closing Balance (Current Balance on 31 March, 2024, including Unused Deposits and Winnings)
For more details, click here.
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