1. Now Get Tax Benefit even on Losing Amount; and
2. No Tax will be deducted anymore on Big Winnings
B. What are adda Chips ?
Chips used to play any game of Rummy (Points/Pool/Deals) on Adda52 Rummy are adda Chips.
C. How adda Chips will benefit you ?
More Power in your hands as you decide when TDS gets deducted
D. How is it better compared to playing on other unregulated rummy platforms?
1. It is fully compliant with Legal guidelines so your withdrawal/deposits are 100% safe and secure
2. It is the standard benchmark for online Real Money Gaming (RMG) Industry as per Government regulations
3. It is 100% compliant with Tax regulations and brings Transparency with Tax authorities
So, Earn More, Play More with 100% Money Safe Guarantee only at Adda52 Rummy.com, Download or Add Cash Now!
Effective 1st April 2020, 12:00 am, Adda52 Rummy is introducing a new policy for taxation on winnings in all cash games and tournaments. All forms of rummy game will be played with adda chips & prize money will be credited to adda wallet. TDS will be applicable on Net Winnings calculated at the time of adda to rummy Wallet Conversion.
New TDS Policy
30% TDS will be deducted on Net Winnings of 10,000 & above at the time of adda to rummy Wallet Conversion
As per the new policy, Net Winnings will be calculated every time a user converts adda Chips to rummy Wallet. Net Winnings = Total Withdrawal – Total Deposit
The Net Winnings will be calculated based on overall gameplay in a Financial Year.
Note: In the above statement, Withdrawal means adda Chips converted to rummy Wallet & Deposit means amount brought into adda Wallet.
Q. How can I get adda Chips?
A. To play online rummy games on Adda52 Rummy, you need to transfer your deposit amount from rummy Wallet to adda Chips. For your convenience, when you take a seat on a Ring Game cash table or register into a tournament/Sit & Go, the buy-in amount is automatically transferred to adda chips from rummy Wallet.
Alternately, you can transfer your rummy wallet balance to adda chips from the game lobby. You just need to go to the “Cashier” tab and then click on “adda”, Click on “rummy Wallet to adda” and enter the amount. Once you fill in the amount and click on “transfer” button, appropriate number of chips from your rummy Wallet will immediately be transferred to adda Chips.
Q. How is adda winnings credited?
When you leave a seat from a Ring Game cash table, your table balance is credited back to adda Chips wallet. Similarly, when you win a prize in a tournament or a Sit & Go, the amount is credited as adda Chips.
Q. How is the TDS calculated on winnings?
As stated above, TDS is calculated on Net Winnings of Rs 10,000 & above (Total Withdrawal - Total Deposit) at the time of adda to Real conversion. Net Winnings is calculated every time you convert adda to rummy Wallet. This gives you the benefit of covering all wins/losses in a Financial Year.
To understand more, take a look at the below scenarios:
To start, you deposit Rs 1000 in your rummy wallet & play ring game cash table. You leave a seat with 10,000 which is credited to your adda Chips Wallet. Now, you convert adda chips to rummy Wallet.
Net Winnings = 10,000 – 1,000 = 9,000
10,000 will be added to your rummy Wallet without TDS. You may withdraw it or reuse it to play games.
You put 3000 in your adda wallet again. With 1000 chips you take a seat on a ring game cash table and leave a seat with 10,000. This 10,000 gets added to your adda balance. Your adda balance is now 12,000.
Again you play a tournament with buy-in 500 & win 10,000. This 10,000 tournament payout is also added to adda balance. Your adda balance is now 21,500.
Now, you convert adda chips to rummy Wallet.
Net Winnings = Total Withdrawal (10,000+21,500) – Total Deposit (1,000+3,000) = 27,500 which is greater than 10,000.
30% TDS will be deducted on 27,500. 19,250 will be added to your rummy Wallet after 8250 TDS.
On any day, your net winnings at the time of adda to rummy Wallet conversion goes below 10,000. Once again, No TDS will be deducted. E.g. Your total deposits in adda before the end of FY is 40,000 but your total withdrawal till date is 48,000. Hence, no TDS will be deducted.
Adda52 Rummy does not allow the partial transfer of adda chips to rummy Wallet. Players have to compulsorily transfer all existing adda chips to their rummy Wallets when they want to convert. However, Net Winnings is not calculated based on the session. It is always calculated for the year.
You may maintain your adda chips as it is till 31st March of each year, after which Adda52 Rummy will automatically transfer all adda chips to rummy Wallet and deduct tax accordingly based on net winnings for the year. This is done as per Government of India regulations to calculate net winnings of each player for the complete financial year and issue TDS Form 16.
At the end of every financial year i.e. 31st March, all the adda sessions are ended and adda chips are automatically transferred back to your rummy Wallet. This happens without any user action and is mandatory and done automatically by the server. The conversion will be done at 6 AM 31st March.
Adda52 Rummy.com calculates TDS on the basis of Section 194B of Income Tax Act. You will get a TDS certificate from us which you can use at the time of filing your annual IT return. We submit the TDS to the government in the first week of every month and file a TDS return every quarter-end. Your Pan number is required to apply for a TDS certificate.
As per the Indian Income Tax Act, every person is liable to pay his due taxes to the government on his own. Adda52 Rummy.com is not responsible for fulfilling player’s personal tax-related liabilities in any situation. It is advisable to hire the services of a professional financial accountant to calculate and file income tax returns.