All prizes shall be subject to deduction of tax (“TDS”) as per the Income Tax Act 1961. With effect from 1st April 2023, TDS of 30% shall be deducted from Net Winnings (NW) on each withdrawal request placed by the user. With effect from 1st May 2023, Net Winnings shall be calculated as follows:
NET WINNING = A-B-C-D+E. Where: A= Total withdrawal (including current withdrawal amount), B= Total Deposit, C= Opening Balance at the beginning of the financial year, D= Amount on which TDS was deducted. E= Closing balance of the user account at the end of the financial year.
In the event, a user does not withdraw any of his winnings during a financial year and has a Net Winning balance as of 31 March of each year, then TDS of 30% shall be deducted from such Net Winnings balance from the user’s Winning Account as on 31 March. In case of any revisions by the Government of India to the aforementioned rate or the definition of Net Winnings in the future, TDS will be deducted by Sportasy in accordance with the then-current prescribed TDS rate and the revised definition of Net Winnings. Winners will be provided TDS certificates in respect of such tax deductions. The Winners shall be responsible for payment of any other applicable taxes, including but not limited to, income tax, gift tax, etc. in respect of the Net Winnings. Sportasy shall not in any manner be responsible for users' individual tax matters.
TDS for Prizes ( Cash, Gadgets, etc..)
All prizes are subject to 30% TDS and shall be borne solely by the winners.
In the event, a winner is unable to pay the TDS amount to claim the prize, the winner may reach out to our Whatsapp Support to receive the cash equivalent of the prize. The cash equivalent of the prize shall be subject to a deduction of 30% as TDS deductions.
