GOVERNMENT TAX POLICY
1.BLITZPOKER, Spartan Poker and PokerHigh 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.
2.Withdrawals on BLITZPOKER 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.Cash outs from all the poker rooms will be added to calculate 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 at the time of the withdrawal.
5.TDS will not be charged in case total withdrawal of player is less than Rs. 10,000 during the financial year. However, same shall be attracted in case total withdrawal of player is more than 10,000 during the Financial year
a.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.
b.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
7.Once a player reaches Level 4 – Champion, he or she is eligible for a TDS refund. As you level up you will receive more benefits as a TDS refund.
a.For Champion – 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 Legend – BLITZPOKER will refund the TDS amount in the form of Bonus Money on 30% of net winnings of Rs. 30L per month in your account inclusive of Champion benefits if taken in the month.
a. As a Champion you took benefit on 10 lakhs profit as 3 Lakhs Bonus Money, then your limit as an Legend would be 30 lakhs – 10 lakhs = Rs 20 lakhs
b.As a Champion you took benefit on 15 lakhs profit as 4.5 Lakhs Bonus Money, then your limit as an Legend would be 30 lakhs – 15 lakhs = Rs 15 lakhs
c.As a Champion you took Zero benefit then your limit as an Legend would be 30 lakhs – Nil = Rs 30 lakhs
8.A player will be eligible for the TDS benefits only if he/she maintains the player level at the time of withdrawal