Tax on winning from Dream 11 in FY 2022 -23

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This query is : Resolved

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This discussion clarifies the tax treatment of Dream11 winnings for the financial year 2022-23. The user sought to understand if income tax is levied on the net profit (amount withdrawn minus amount deposited) or the gross amount withdrawn. It was confirmed that expenses incurred in earning winnings, like entry fees, may be deductible under 'Income from Other Sources'.

D Das

D Das (Querist)
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22 June 2023 Hi,

I want to know whether income tax on Dream11 winning for FY 2022-23 is on net profit (amount withdrawn - amount deposited) or is it on the total amount withdrawn from the app ?

RAJA P M

RAJA P M (Expert)
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22 June 2023 Withdrawn - Deposit

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D Das

D Das (Querist)
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22 June 2023 Thank you for your reply sir.
I'm pretty much sure about TDS applicability on (Withdrawn - Deposit) for FY 2023-24. But was not very sure about it for the previous FY i.e. 2022-23.

Thanks again.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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20 August 2023 Expenses incurred in earning the winnings, such as entry fees or transaction charges, may be eligible for deduction under the head “Income from Other Sources.”

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