How is the TDS deduction calculated on MyTeamPoker?
To withdraw winnings from MyTeamPoker wallet, the user needs to transfer the amount from MyTeamPoker wallet to their MyTeam11 wallet. TDS will then be deducted from users’ MyTeam11 Wallet, when they make a withdrawal request. Amount after TDS deduction will then be credited to the registered bank account of the user. Net Winnings and TDS will be calculated in the following manner:
NOTE: TDS will be deducted at the time of withdrawal throughout the year or at the financial year-end. The financial year runs from 1 April to 31 March the following year. The financial year from 1 April 2023 to 31 March 2024 would generally be abbreviated as FY 2023-24, but it may also be called FY 2024 on the basis of the ending year.
For withdrawals throughout the Financial Year:
In this case, net winnings of a user will be calculated as:
Net Winnings = A – B – C – D, where,
A = Aggregate withdrawals from the user account
B = Aggregate amount deposited in the user account during that period
C = Balance in the user account at the beginning of the financial year
D = Winnings included from earlier withdrawals on which TDS has already been deducted
For easier understanding, please refer to the following examples:
Example 1) TDS DEDUCTION ON 1ST WITHDRAWAL:
A user has a winning wallet balance of ₹2,000 at the beginning of the financial/fiscal year and hasn’t deposited any amount in MyTeamPoker wallet. The user uses the existing balance to participate in fantasy contests and has accumulated winnings of ₹10,000. Now the user requests a withdrawal of ₹4,000, then the user’s account has the following details:
- Requested withdrawal from the user, A = ₹4,000
- The amount deposited in the user account during the year, B = 0
- Opening balance in the user account, C = ₹2,000
- Winnings from earlier withdrawals on which TDS has been deducted, D = 0
Then, Net Winnings = A – B – C – D
Net Winnings = 4,000 – 0 – 2,000 – 0
Net Winnings = ₹2,000
TDS on this withdrawal will be calculated as follows:
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 2,000
TDS = ₹600
Amount credited to Bank Account = Requested Withdrawal Amount (A) – TDS
Amount credited to Bank Account = ₹4,000 – ₹600
Amount credited to Bank Account = ₹3,400
In simpler terms, the user has requested to withdraw ₹4,000 from his/her winnings. After considering the account balance and deposits, the Net Winnings amount to ₹2,000. MyTeam11 will withhold 30% of the Net Winnings as TDS, which is ₹600 in this case. The final amount credited to the user’s registered bank account would be ₹3,400.
Example 2) TDS DEDUCTION ON FOLLOWING WITHDRAWALS:
Let’s say that the same user has deposited ₹2,000 in his in-app wallet. The user now requests another withdrawal of ₹5,000. In this case:
- Total withdrawal amount requested, A = ₹4,000 (earlier withdrawal amount) + ₹5,000 (new withdrawal amount)
- Total amount deposited by the user, B = ₹2,000
- Opening balance of the financial year, C = ₹2,000
- Withdrawals on which TDS has been deducted, D = ₹2,000
Then, Net Winnings = A – B – C – D
Net Winnings = (₹4,000 + ₹5,000) – ₹2,000 – ₹2,000 – ₹2,000
Net Winnings = ₹9,000 – ₹6,000
Net Winnings = ₹3,000
TDS on this withdrawal will be calculated in the following manner,
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 3,000
TDS = ₹900
Amount credited to Bank Account = Requested Withdrawal Amount – TDS
Amount credited to Bank Account = ₹5,000 – ₹900
Amount credited to Bank Account = ₹4,100
The user has made two withdrawals that sums up to ₹9,000 from his/her winnings during the year. After considering the account balance, deposits and previous withdrawals, user’s Net Winnings amount to ₹3,000. After the TDS deduction, ₹4,100 will be credited to the registered bank account of the user.
For TDS at the year end:
Example 1) TDS DEDUCTION ON LAST DAY OF THE YEAR
Let’s say the same user mentioned in the above examples has ₹10,000 winning amount left in MyTeamPoker wallet by the end of financial year (i.e. 31st March) against the deposit of ₹5,000. Since, no TDS deduction has been done on these winnings, in such a case, MyTeam11 will automatically deduct a 30% TDS in the following manner: (and will be reflected in MyTeam11 wallet and MyTeamPoker Wallet as well)
- Total withdrawal amount, A = ₹9,000 Total amount deposited by the user, B = ₹2,000 + ₹5,000 = ₹7,000
- Opening balance of the winning wallet at the beginning of the financial year, C = ₹2,000
- Winnings from earlier withdrawals on which TDS has been deducted, D = ₹2,000 + ₹3,000 = ₹5,000
- Closing Balance in the winning wallet at the end of the financial year, E = ₹10,000
Then, Net Winnings = E + A – B – C – D
Net Winnings = (₹10,000 + ₹9,000) – ₹7,000 – ₹2,000 – ₹5,000
Net Winnings = ₹19,000 – ₹14,000
Net Winnings = ₹5,000
TDS on this withdrawal will be calculated in the following manner,
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 5,000
TDS = ₹1,500
New Wallet Balance = Winnings on which no TDS has been deducted – TDS
New Wallet Balance = ₹10,000 – ₹1,500
New Wallet Balance = ₹8,500
EXAMPLE 2) TDS DEDUCTION IF THE USER MAKES NO WITHDRAWAL THROUGHOUT THE YEAR:
In a scenario where a user with an opening balance of ₹3,000 has participated in Poker contests throughout the year and won ₹15,000, deposited ₹5,000 in the wallet but has not made any withdrawal, in such case, Net Winnings and TDS deduction will be calculated in the following manner:
- Net Winnings = E + A – B – C – D, where,
- Total withdrawal amount, A = ₹0, as user hasn’t made any withdrawal request
- Total amount deposited by the user, B = ₹5,000
- Opening balance of the winning wallet at the beginning of the financial year, C = ₹3,000
- Winnings from earlier withdrawals on which TDS has already been deducted, D = ₹0, as no withdrawal has been made
- Closing Balance in the winnings wallet at the end of the financial year, E = ₹15,000
Net Winnings = E + A – B – C – D
Net Winnings = ₹15,000 + 0 – ₹5,000 – ₹3,000 – 0
Net Winnings = ₹15,000 – ₹8,000
Net Winnings = ₹7,000
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 7,000
TDS = ₹2,100
New Wallet Balance = Balance in the user account at the end of the financial year – TDS
New Wallet Balance = ₹15,000 – ₹2,100
New Wallet Balance = ₹12,900
This new wallet balance is the closing balance of the year which will automatically become the opening balance of the following financial year.
How and when will I get my TDS certificate?
MyTeamPoker provides TDS certificates to users every quarter, sent to their registered email addresses.
For any queries, users can contact support@myteampoker.com.
What is the difference between the MyTeam11 wallet & MyTeamPoker wallet?
The MyTeamPoker wallet is specifically for playing and winning on the MyTeamPoker app. However, all deposits and withdrawals for the MyTeamPoker wallet can only be made through the MyTeam11 wallet.
