Yes! A tax of 31.2% is deducted at source when you win more than INR 10,000 in a single contest, as per the Income Tax Act 1961. The remaining amount (after tax deduction) gets credited to your Dream11 as "Winnings".
You’ll get a TDS certificate for this tax deduction within 3 months from the winning date. Any other applicable income tax, gift tax, etc. with regards to Cash Prizes money won will have to be paid by you in addition to the TDS deduction. 👍