Yes! A tax of 30% is deducted at source when your net winning in a contest is more than ₹10,000. The remaining amount (after tax deduction) gets credited to your Dream11 account as 'Winnings'. You will also get a TDS certificate ONLY if you've verified your PAN card on Dream11.
Please update your app now, head to My Contests, and you'll see the detailed TDS calculations. You'll see the calculations only for contests where TDS is applicable.
Here's some info on how we calculate your net winnings:
- You joined a contest with Entry worth ₹2,000 and won ₹12,000
Your Net Winnings will be (₹12,000 - ₹2,000) = ₹10,000. There is no TDS for this contest since tax is only applicable when your net winning is more than ₹10,000.
If you win Rs. 13,000 in this contest, your net winning will be (₹13,000 - ₹2,000) = ₹11,000 and a 30% TDS will be applicable on ₹11,000.
- You joined a contest with Entry worth ₹1,000 used a Cash Bonus worth ₹500, won ₹20,000
Your Net winnings will be ₹20,000 - ₹500 = ₹19,500. Here, ₹500 Cash Bonus being a promotional incentive, is excluded while working out TDS on net winnings.