TDS FREE WITHDRAWALS
Enjoy TDS Free Withdrawals up to 20 Lacs only on Blitzpoker.
Terms and Conditions for TDS :
1. Bonus Money will be credited within 72 working hours.
2. BlitzPoker, Pokerhigh 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 Esperanza Gaming Pvt Ltd.
3. Withdrawals on Spartan Poker/ Pokerhigh/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.
4. What is a “Release Point”?
Each “Release Point” is equivalent to “₹50 Rake” generated by you.
Since 1 Release Point = 50 Rake. Thus, on generating a Rake of ₹12 Lac you would generate 24,000 Release Points (12,00,000/50 = 24,000) i.e TDS free withdrawal of ₹10 Lac and a TDS refund of ₹3 Lac.
5. Cash Out from all the poker rooms will be added to calculate player’s TDS liability.
6. 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.
7. All Winnings shall be subject to deduction of tax (“TDS”) as per Law. From 1st April, 2023 there will be a change in the TDS policy for all players and calculation of TDS shall be as per the new Regulations. TDS @ 30% shall be deducted from your net winnings at the time of withdrawal.
Net winnings = Total Withdrawals – Total Deposits.
At the end of the financial year, in the event you do not withdraw/partially withdraw your winnings during a financial year and you have a withdrawable Net Winning balance as on 31 March of each year, then net winnings lying in your wallet shall be considered as withdrawal amount and TDS shall be deducted on such amount. The remaning amount lying in your account after deduction of TDS shall be carried forward in the next financial year as opening balance.
You will be required to furnish your Permanent Account Number (PAN) duly issued to you by the income tax authorities if you have not already done so. We neither advise you nor shall in any manner be responsible for your individual tax matters.
Please note that the change in TDS Policy is based on the understanding of the provisions as introduced/ amended by Finance Act, 2023. In the event revisions by the Government of India to the aforementioned TDS rate or the definition of Net Winnings in the future, the Company reserves its right to modify/change/amend the TDS Policy on the basis of the law applicable at the relevant time.
8. Spartan Poker/ Pokerhigh/BlitzPoker holds the right to make changes in the current program without any prior intimation.
9. For Additional Terms & Conditions please refer to Legal terms and conditions