From 1st April, 2023, new TDS rules have been in place. With reference to the latest TDS Rules effective from 1st April, 2023, the following changes have been made on Ludo Passion.
- TDS will be deducted on the user’s withdrawal amount and not on the user’s pot winning amount.
- The withdrawal amount will be subject to 30% TDS, calculated on the user’s net winnings. Thus, the user will get the complete winning amount in the Winnings and TDS will be deducted only when the user withdraws.
- User’s Net Winnings during the financial year April to March will be calculated by considering the following transactions:
- User’s total winnings
- User’s total deposit
- Amount withdrawn by the user to date
- TDS paid by the user to date
- User’s total outstanding amount in the Winnings as on the last day of the financial year. In this case, the user’s current balance as of 31st March of that Financial Year will be subject to TDS, and the remaining balance will be carried forward to the next Financial Year.
TDS Calculation
- The TDS will be charged on Net Winnings, the formula for which will be:
- Net Winnings = Total Withdrawal (Made in the FY including the current withdrawal transaction amount) – Total Deposit (made in the FY) – Opening balance as on 1st April 2023 (Deposit+Winning) – Amount on which TDS has been deducted w.e.f., 1st April 2024.
* FY – Financial Year starting from April and ending in March. For example, FY 2024-25 starts on 1st April 2024 and ends on 31st March 2025.
