TDS Policy

Magic Rummy APK

Rein Games Private Limited

November 30, 2023
reviews 3.9 rating 14 reviews
download 23 MB 1k+ installs
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Magic Rummy
Magic Rummy
Magic Rummy
Magic Rummy

Magic Rummy TDS Policy

Tax Deducted at Source (TDS) is applied during withdrawals from Real Money Gaming Apps.

  • TDS is levied at a rate of 30% on net winnings if they exceed total deposits in a financial year.
  • Net winnings are calculated as withdrawals minus deposits within the financial year (April 1 to March 31).
  • If net winnings exceed total deposits at withdrawal, 30% TDS applies on the exceeding amount.
  • If net winnings are less than total deposits, no TDS applies unless the withdrawal increases total withdrawals beyond deposits.
  • If TDS was deducted earlier and net winnings fall below total deposits, withdrawals can be made without TDS deduction up to the net winnings plus the TDS-paid amount.
  • TDS is deducted during withdrawal and at the end of the financial year based on the total tax liability.
  • Players can file returns with the income tax department to claim refunds, and Magic Rummy issues tax deduction certificates.
  • Tax certificates are issued within 1 month from the last date of TDS returns filing for each quarter.
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