Is TDS applicable on Vision11? If yes, then how much? Welcome to our blog post about TDS deductions on the Vision11 fantasy app! I understand that understanding TDS deductions can be complicated and confusing, so I have written this post to help make it easy to understand.
In this post, I will be discussing how much TDS is deducted from the Vision11 fantasy app, so you can make sure you’re getting the most out of your winnings. Let’s get started!
What is Vision11 Fantasy App?
Vision 11 is a fantasy sports app that allows users to create virtual teams and participate in fantasy leagues for various sports, including Cricket, Football, Kabaddi, and Basketball. The user interface of Vision 11 is user-friendly and easy to navigate.
Additionally, the app provides users with a range of exciting contests and promotional offers, such as cashback, bonuses, and discounts, enhancing the overall experience for users.
Woohoo! Now you get ₹500 free cash bonus on the Vision 11 app if you create a Vision11 account today. Here is how you get a bonus on Vision11 for free.
Is TDS Deducted on Vision11?
When making a payment to the payee, the payer must deduct TDS (Tax Deducted at Source), tax. On a variety of forms of income, including salary, interest, commission, rent, etc., it is deducted. Concerning Vision11, TDS is subtracted from specific transactions.
Users can build their virtual teams on the fantasy sports website Vision11 and take part in different competitions to win real money rewards. The platform takes a service fee out of the user’s earnings, which are then subject to TDS by the Income Tax Act.
TDS is deducted at a rate of 30% under India’s current tax legislation from gains from skill games like fantasy sports. This rate may change based on the user’s overall income and tax obligations. So yes it is true that TDS will be taken off of the prizes from Vision11 contests.
How Much TDS is Deducted from Vision11?
Starting on April 1, 2023, every online gaming app will be subject to TDS-Tax Deducted at Source. Every cricket fan who participates in fantasy sports will be impacted by this. If your wins exceed Rs. 10,000 in a financial year, every gambling platform will deduct the 30% tax.
Problems for players that rely on online gaming applications like Vision 11, fantasy games, and other casino games will result from this. Every player who wins money must pay 30% TDS.
How Much Tax Do I Pay on 1 Crore Winning in Vision11 App?
In India, any amount of winnings won in a contest or tournament in Vision 11 is subject to a flat 30% tax deduction at source.
This means that you would need to pay 30% of the 1 crore you won in the Game. So, in this case, you would need to pay ₹3,00,00,000 (30 lakh) in taxes.
Is the TDS rate applicable on the entire amount invested in Vision11?
No, the TDS rate applies only to the profits earned from Vision11 and not to the capital amount invested.
Is there any way to reduce the amount of TDS deducted from my Vision11 account?
Yes, you can reduce the amount of TDS deducted from your Vision11 account by linking your PAN card details to your account.
Are there any exemptions from TDS on the Vision11 fantasy game app?
Yes, investors who have their PAN card details linked to their Vision11 account are eligible for exemptions from TDS up to a maximum of Rs. 10,000 in a financial year.
Are there any other charges apart from TDS on the Vision11 app?
Yes, there is a flat fee of 0.25% for every transaction.
How is the TDS deducted from my Vision11 account?
The TDS is deducted from your Vision11 account at the end of the financial year based on your profits.
The Tax Deducted at Source (TDS) rate applicable to Vision11 is 30%, as per the provisions of Section 194N of the Income Tax Act, 1961. The TDS applies to all withdrawals above Rs. 10,000/- made by individuals from their Vision11 account.
This rate applies to all individuals, both resident and non-resident, who have opened Vision11 accounts. I hope now you have got enough information about the TDS deductions.
If you have queries on whether is TDS applicable on the Vision11 app or how much TDS is deducted from Vision11 fantasy winnings, then please ask me in the comment box.