Why am I required to pay TDS on my winnings?

Why am I required to pay TDS on my winnings?


TDS (Tax Deducted at Source) is a compulsory government requirement. According to the law, if you have net winnings in your account, you are obligated to pay TDS. The TDS deduction rate is 30% of your net winnings as per the applicable regulations. Deductions can be made either at the time of withdrawal or by the end of the financial year, whichever comes earlier.

When you initiate a withdrawal, the due TDS will be subtracted from your requested amount. This implies that the amount you receive in your bank account after the deduction will be your requested amount minus the relevant TDS amount.

Please Note: This has been submitted to the government and may be adjusted by them when you file your annual tax returns.