Why does MyTeamPoker Deduct TDS?
In accordance with the government’s income tax policy, a tax deduction is implemented of various payment threshold limits. In the case of the gaming industry, a tax deduction of 30% on any amount of ₹10,000 or more is required to be implemented as per Section 194B of the Income Tax Act.
How is the TDS deduction calculated on MyTeamPoker?
MyTeamPoker implements a 30% TDS deduction when the winnings of the user are ₹10,000 or more. The TDS deduction is made during the transfer of the amount from the user’s MyTeamPoker wallet to his/her MyTeam11 wallet. The transferred amount will be credited after the TDS deduction.
The winnings of a user of MyTeamPoker are calculated as:
TDS calculation = Amount to be withdrawn MyTeamPoker wallet– Total deposits made from MyTeam11 wallet to MyTeamPoker wallet since last withdrawal
For example: If a user makes a deposit of ₹5000 to MyTeamPoker from MyTeam11 wallet, wins ₹20,000 & raises a transfer request of ₹20,000. Then his winnings will be calculated as:
TDS calculation = ₹20,000 – ₹5,000 = ₹15,000
As the winnings exceed the ₹10,000 limit, a TDS deduction of 30% will be implied on the user’s winnings of ₹15,000. After the deduction of 30% TDS, the remaining amount will be transferred to the user’s MyTeam11 wallet for withdrawal.
How and when will I get my TDS certificate?
MyTeamPoker shares TDS certificates with the users every quarter on their registered email addresses.
In case of any queries, the users can reach out to firstname.lastname@example.org
What is the Difference between MyTeam11 wallet & MyTeamPoker wallet?
The MyTeamPoker wallet is specifically used for playing & winning on the MyTeamPoker app. However, all the deposits & withdrawals for MyTeamPoker wallet can only be carried out through the MyTeam11 wallet.