Tax on Dream11 / Games winnings
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Yes it has to be included in your Income tax Return
And to calculate total winnings, what i do is I search the word “Champion” on my email!
And for tds certificate, you may check your 26AS (its their on your income tax website) after you login! If its not reflecting, contact cc
Also you cannot deduct cost of the ticket, for calculating tax! Its calculated on gross earnings
So i do not need to find out amount credited in dr11,
and Is there any possibility of getting refund of TDS, deducted at 30%+.
You can contact their customer care they will share the full statement for previous year.
Also check your Form 26AS, there you can find the TDS deducted by them.
Wah wah, nice to see big amount winner’s here….
@manishs total investment?
I reached level 211. Maybe more than 3 lakhs.
Whatever TDS dream11 deducts, it appears in ITR. Will post a screenshot.
Anything above 10k lead to 30%+ deduction before it get credited to withdrawable balance.
This is From US not from India. But It can be applied in Indian Context as well .It will Go
for litigation and Courts to decide.
Reporting income or losses from fantasy sports as business income
If you can establish that you play fantasy sports as a business, you can report your net profit as business income on Schedule C. The great advantage to this tax choice is that you can then report all losses as well. If you have a net loss for the year, you can use that loss to reduce taxable income from jobs you hold or other businesses you run.
The IRS allows you to claim fantasy sports as a business if you can convince them it is not a hobby and that:
You engage in fantasy sports regularly, and
Treat it as a business activity with the intention of earning a profit
The IRS may consider an activity to be a business if it earns a profit at least two years out of every five.
https://turbotax.intuit.com/tax-tips/general/ta...
Another from US CPA https://www.cpajournal.com/2019/06/17/earning-r...
Looks like I again started debate between you two @soccergiants @Awake
Yeah! I forgot to reply here.
I think the only logical way for someone who is winning big amount is to take deductions, and fight with ITO, if ever happens.
For someone like me, i took gross, and took rebate u/s 87a for the tax computed.
That’s till some legislation comes out! Peace out!!
does dream11 winnings get pre filled while filing for itr2
You can see the Tds deducted, winnings need to be filled manually.
Govt Nowadays – “Even if you need to sell your both kidney, Do not forgot to pay taxes”
Itna profit me becha tumne kidneys.
Tax to banta hai
Arre Bhai Kuch tax Vax pay krne ki jrurt nhi hai Kisi ko, Maine dream11 customer care se call pe BAAT ki thi, unhone Bola 10k se Kam winning wale contest me Kitna Bhi earn kro govt ko koi tax pay nhi krna pdega, sirf 10k + walo me krna hoga Jo ki Apne aap dream11 kaat lega aapko Kuch krne ki jrurt nhi.
Fir b Maine pucha koi notice to nhi aayega to unhone Bola Kuch nhi aayega agar aa b Jaye to vo 10k+ winning wale contests ke liye AA skta hai Uske liye aapko TDS certificate dikhana Hoga BAAT khtm.
Ye Sab dream11 customer care ne bola 🥱
Vo juth thoda bolege aur agar aise hi tax pay krna pad Jaye to khelega kon , ye fantasy experts roj roj 1 lakh+ invest krke 10-20k kma rhe hai ye pagal thodi na hai agar tax ktne lag Jaye fir to ye Sab loss me chle jaayege, vaise hi dream11 bahut commission kaat ta hai aur tum BAAT Kr rhe ho tax ki to fir 70% win percentage wale be loss me hi chle jaayege aise to, fir to dream11 ke 13 crore users pagal hai. Aur ek expert se BAAT Bhi hui thi MERI uski Saal ki winning crores m chili jati hai aur net profit Kuch 30 lakh Ke around bta rha tha, usne Bola 3 Saal se koi tax Vax nhi pay Kiya Kuch issue nhi hai.
Smjdhar smjh gye hoge aur ye Jo English me jyada gyan jhad rhe hai ye Sab faltu BAAT hai, aur ye vahi log milege jinhone jindagi me dream11 par kbhi khela Bhi nhi Hoga...🥱
😲😲😲 expert sattebaaj.👌👌👌
Tax on total amount u earned in a year.