1. Spartan Poker and FTR Poker are websites owned and managed by Quadrific Media Pvt Ltd, cash outs for both poker rooms will be made by Quadrific Media Pvt Ltd.
2. Withdrawals on Spartan Poker and FTR Poker 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 both 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 financial year in excess of Rs. 10,000. It is calculated at the time of the withdrawal.
5. Please note that in case if a player is in a category of Elite on the date of withdrawal, Spartan Poker will bear TDS liability as may be applicable under the relevant act on net winnings of a player for the period.
Examples for players:
1. Player deposited Rs 5,000 till date of cashout and are withdrawing Rs. 10,000; there shall be no TDS as this is your first withdrawal is equals to 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 15,000) TDS shall be applicable at 30% on the full Rs.5,000 and net Rs. 3,500 shall be paid post deduction of TDS.
2. 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
3. Deposit till date is Rs. 20,000 and withdrawal till date is Rs. 30,000 and the TDS was paid on the Rs. 10,000 as Rs. 3000. Now, let’s assume you deposit Rs. 40,000 and now you request a withdrawal of Rs. 20,000. There shall be no TDS on Rs. 20,000 withdrawal
4. Assuming you have not deposited any amount and you request a withdrawal of Rs. 10,000 at first occasion during the financial year, there shall be no TDS as this is your first withdrawal is equals to 10,000. However, continuing the same example say you put a withdrawal request of Rs. 11,000 instead of 10,000 then TDS shall be applicable on your complete withdrawal of Rs. 11,000 @ 30% which is Rs. 3,300.