GOVERNMENT TAX POLICY
- BLITZPOKER and Spartan Poker are a part of the Quadnet Poker Network. Deposits and cash outs for all poker rooms on the network will be made by Quadnet Poker Network’s parent company Quadrific Media Pvt Ltd.
- Cash outs 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
- Cash outs from all the Network Partners will be added to calculate player’s TDS liability.
- TDS will only be deducted on net winnings (Withdrawals till date – Deposits till date) from withdrawals during financial year in excess of Rs. 10,000. It is calculated at the time of the withdrawal.
- Once a player reaches Level 4 – he or she is eligible for a TDS refund. As you level up you will receive more benefits as a TDS refund.
a. For Level 4:BLITZPOKER will refund the TDS amount in the form of Bonus Money on 30% of net winnings of Rs. 15L per month in your account.
b. For Level 5: BLITZPOKER will bear the TDS for all Elite players for a maximum limit of 30L net winnings per month.
Examples for players:
- Player deposited Rs 5,000 till 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.
- Assuming you have deposited Rs. 20,000 till 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