Government Tax Policy
1. Spartan Poker, BLITZ POKER, and Pokerhigh are a part of the Quadnet Poker Network. Deposits and cash outs for all poker rooms on the network will be made by Quadnet Poker Network’s parent company Quadrific Media Pvt Ltd.
2. Withdrawals on Spartan Poker/ Pokerhigh/ BLITZ 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 all the 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 the financial year at the time of the withdrawal.
5. TDS will not be charged in case total withdrawal of player is less than Rs. 10,000 during the financial year. However, same shall be attracted in case total withdrawal of player is more than 10,000 during the Financial year
a. Player deposited Rs 5,000 till date of cashout and are withdrawing Rs. 9,999; there shall be no TDS as this is your first withdrawal below 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 9999) TDS shall be applicable at 30% on the full Rs.5,000 and net Rs. 3,500 shall be paid post deduction of TDS.
b. 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
7. A Player has to generate the following VIP Points at the time of Withdrawal (based on the Level Stay given to her/him) to be eligible for a TDS refund. As you generate more VIP Points, you will receive more benefits as a TDS refund.
Example - if you are given a Recruit Level Stay:
a. When you generate 40,000 VIP Points – Spartan Poker will refund 100% TDS amount (up to Rs. 2,50,000/- Lakhs per month) on your net winnings in the form of Bonus Money in your account.
b. When you generate 75,000 VIP Points – Spartan Poker will refund 100% TDS amount (up to Rs. 5,00,000/- Lakhs per month) on your net winnings in the form of Bonus Money in your account.
For instance – as a Recruit:
a. After generating 40,000 VIP Points (before reaching 75,000 VIP Points), if you take TDS refund of Rs. 1 Lakh Bonus Money, then you would be eligible for a TDS refund of the remaining Rs. 4 Lakhs (= Rs. 5 Lakhs - Rs. 1 Lakh) Bonus Money after you generate 75,000 VIP Points.
b. After generating 40,000 VIP Points, if you take TDS refund of Rs. 2.5 Lakhs Bonus Money, then you would be eligible for a TDS refund of the remaining Rs. 2.5 Lakhs (= Rs. 5 Lakhs - Rs. 2.5 Lakhs) Bonus Money after you generate 75,000 VIP Points.
c. After generating 40,000 VIP Points, if you don't take any TDS refund till you generate 75,000 VIP Points, then you would be eligible for a TDS refund of Rs. 5 Lakhs Bonus Money after you generate 75,000 VIP Points.