TDS stands for Tax Deducted at Source. In the context of Dream11, TDS refers to the tax that is deducted by the platform on any winnings above a certain threshold limit.
As per the Indian Income Tax Act, 1961, any amount of more than INR 10,000/- that is won through any game of skill, including fantasy sports like Dream11, is subject to TDS at the rate of 30%. This means that if you win more than INR 10,000/- on Dream11, the platform will deduct 30% of the winning amount as TDS and credit the remaining amount to your account.
It is important to note that the TDS is deducted only on the winning amount and not on the amount that you have deposited to participate in the game. Additionally, you can claim credit for the TDS deducted while filing your income tax returns at the end of the financial year.
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