Hot Deal Dream11 winning amout Tax Query

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Hi guys, I wonder why do people play head to head 10k contest by investing 5750 rs as entry fee?? I have read they deduct 31.2% as tax amount on total wining of 10k. Please enlighten. Thanks

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@flawlessking – You cannot claim the TDS deducted by Dream 11 as refund, if we strictly go as per the provisions of Income Tax Act.

However my friend claimed a refund of TDS deducted by Dream 11 amounting to 25k as he declared the same as his Income and paid tax as per the prevailing slabs.

So yes it’s risky but these people might also end up going it.

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rahulkothu wrote:

@flawlessking – You cannot claim the TDS deducted by Dream 11 as refund, if we strictly go as per the provisions of Income Tax Act.

However my friend claimed a refund of TDS deducted by Dream 11 amounting to 25k as he declared the same as his Income and paid tax as per the prevailing slabs.

So yes it’s risky but these people might also end up going it.

Why can’t we bro? I mean which provision says so?

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Awake wrote:

Why can’t we bro? I mean which provision says so?

It is casual income in nature. Income received from winning lotteries, crosswords, puzzles, card games, horse race, gambling, betting or any other games is known as casual income. Casual Income is taxed at a flat rate of 30%. No expenditure is allowed as a deduction from casual income. Also the benefit of basic exemption limit is not available for casual income.

TDS @ 30% is deducted u/s 194B in case of winnings from lotteries if the amount exceeds Rs. 10,000/-.

Since Dream 11 also treats it as a casual income and deducts TDS , we cannot claim it under basic exemption limit.

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rahulkothu wrote:

It is casual income in nature. Income received from winning lotteries, crosswords, puzzles, card games, horse race, gambling, betting or any other games is known as casual income. Casual Income is taxed at a flat rate of 30%. No expenditure is allowed as a deduction from casual income. Also the benefit of basic exemption limit is not available for casual income.

TDS @ 30% is deducted u/s 194B in case of winnings from lotteries if the amount exceeds Rs. 10,000/-.

Since Dream 11 also treats it as a casual income and deducts TDS , we cannot claim it under basic exemption limit.

Correct! plus1

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Because they load d11 with 50% to 100% cb.
They can loos as much as 32% or even 40%
Still they get 60% profit.
Means 4k for 12k investment is profit.

They do on large scale.say 1cr per month which yields 4L profit with full income tax deducted. Relatively safe

Even engineers wont make 4L p.m

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kirandr221996 wrote:

Because they load d11 with 50% to 100% cb.
They can loos as much as 32% or even 40%
Still they get 60% profit.
Means 4k for 12k investment is profit.

They do on large scale.say 1cr per month which yields 4L profit with full income tax deducted. Relatively safe

Even engineers wont make 4L p.m

Your Assumption is wrong bro…..There are some terms and conditions for using bonus/cashback. Only 10% can use as a bonus for joining big leagues. some leagues they are us to use 100% but maximum is 25 rupees.

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saichand.sanka wrote:

Your Assumption is wrong bro…..There are some terms and conditions for using bonus/cashback. Only 10% can use as a bonus for joining big leagues. some leagues they are us to use 100% but maximum is 25 rupees.

Where I said bonus?
Please read again

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kirandr221996 wrote:

Where I said bonus?
Please read again

Either cashback or bonus. In general, how much cashback you are expecting from dream11? As far as I know Only amazon is giving cashback and that to maximum 100 rupees.

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No tax deducted for m 10000

If you won more than 10k like 10001 or 15k or etc ur money get deducted by 33%

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bablu_ wrote:

No tax deducted for m 10000

If you won more than 10k like 10001 or 15k or etc ur money get deducted by 33%

Great thanks, that’s what i needed to know…

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