Hello Madam/Sir,
I want to know whether we need to pay taxes on winning of small amount in Dream11. There is no tax deduction from dream11 for a single winning below 10K. I had mailed them but they are very ambiguous in answering the straight forward question and asked to consult a CA.
Suppose we play for 15Rs and win 25 Rs do i need to pay tax of 31.2 % as per lotteries act.
Reason for asking is that over a due period of time i might have played with just 1000rs sometimes it doubles to 2000 and then may lose to 1000 again so if i win 100 times and loose again the same number of time the overall winning might go up to lakhs and i end up making no profit and but do i need to pay taxes for the lakh which i actually never made.
Please shed some light.
CAclubindia
