Finance Hack to Save TDS on Online Games #shorts

Finance Hack to Save TDS on Online Games #shorts

From April 1, 2023, TDS on winnings from online games will be deducted for every rupee earned, net of entry fees (if any). The rate at which TDS on winnings from online games is deducted at 30 percent.

Net Winnings = Total Withdrawal - Total Deposit

The tax rate is 30%, which means that if you withdraw Rs. 150 and your net winnings (the amount you won after subtracting your total deposit) is Rs. 50, then 30% of Rs. 50 (which is Rs. 15) will be deducted as TDS.

However, if you withdraw less than what you won, then no TDS will be applicable. For example, if you deposited Rs. 100 and played a game and won Rs. 50, but you only withdraw Rs. 100, then your net winnings are 0 and no TDS will be deducted. But if you withdraw Rs. 150, then you will have to pay TDS on your net winnings of Rs. 50.

Source: Economic Times https://bit.ly/41w7IW2

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