Government Tax Policy - PokerHigh | Online Poker Games India

GOVERNMENT TAX POLICY

1. PokerHigh, Spartan Poker, and Blitz Poker are a part of the Quadnet Poker Network. Deposits and cashouts for all poker rooms on the network will be made by Quadnet Poker Network’s parent company Quadrific Media Pvt Ltd.

2. Cashouts and TDS: Cashouts for all players on the network are subject to withholding tax (TDS) as per applicable rates (i.e. 30% currently) which is submitted to the Indian tax authorities under section 194B of the Income Tax Act 

3. Cashouts from all the Network Partners will be added to calculate the player's TDS liability. 

4. TDS will only be deducted on net winnings (Withdrawals till date – Deposits till date) from withdrawals during the financial year in excess of Rs. 10,000. It is calculated at the time of the withdrawal. 


Examples for players:

1. Player deposited Rs 5,000 till the date of cashout and are withdrawing Rs. 9,999; there shall be no TDS as this is your first withdrawal below 10,000. However, continuing the same example say on day 2 you put in a request to withdraw another Rs. 5,000 (your deposit till date being 5,000 and withdrawal till date being 9999) TDS shall be applicable at 30% on the full Rs.5,000 and net Rs. 3,500 shall be paid post deduction of TDS. 

2. Assuming you have deposited Rs. 20,000 till the date of withdrawal and the withdrawals prior to today’s request were Rs. 5,000. If the withdrawal request is for or up to Rs. 15,000 – no TDS shall be deducted; however, if you withdraw 25,000 – TDS shall be deducted on the differential Rs. 10,000 @ 30% which is Rs. 3,000 

3. Deposit till date is Rs. 20,000 and withdrawal till date is Rs. 30,000 and the TDS were paid on the Rs. 10,000 as Rs. 3000. Now, let’s assume you deposit Rs. 40,000 and now you request a withdrawal of Rs. 20,000. There shall be no TDS on Rs. 20,000 withdrawal. 


WHAT’S THE WAIT?

Let’s get right into it!

  • Secure Poker Game India
2020 Inspiration Gaming Tech Pvt Ltd. All Rights Reserved.
Payment Accepted