Dream11 is a well-known name in the world of fantasy sports, and it is India’s biggest platform in this field. Recently, the platform has made several changes, including the removal of certain restrictions. For instance, users can now add a maximum of eight players from a team, and there are fewer restrictions on the selection of batsmen, all-rounders, and bowlers. These changes have made team building on Dream11 more flexible than ever before.
The platform made these changes in response to increasing competition. Additionally, Dream11 has recently introduced new rules regarding TDS on the winning amount. Let’s take a look at these new rules.
Understanding the impact of the new rules on winning amounts and reactions from users
Dream11 has recently introduced new rules regarding TDS, and it is crucial for all users to be aware of them. These rules will be effective from 1st April 2023. The new rules determine the difference between the total winning amount and the amount that reaches the user’s account.
Dream11 has clarified that these new rules have been implemented in accordance with government orders, and the platform has no role in them. According to the new rules, users will have to pay 30% of the winning amount as TDS when they transfer the amount to their account. This rule has been implemented based on the Income Tax Act of 1961.
Dream11 has clarified that these new rules have been implemented in accordance with government orders, and the platform has no role in them. According to the new rules, users will have to pay 30% of the winning amount as TDS when they transfer the amount to their account. This rule has been implemented based on the Income Tax Act of 1961.
To understand the impact of the new rules, let’s consider an example. Suppose a user joins a contest worth ₹100 by adding ₹75 to their Dream11 account and joining the contest with a cash bonus of ₹25. If they win ₹1000, their net winning amount will be reduced to ₹925. Applying 30% TDS on ₹925 will result in a deduction of ₹277.5, leaving ₹647.5 to be credited to the user’s account.
Since the introduction of these new rules, users have expressed various reactions, with some expressing dislike for the rules, while others are having difficulty understanding them. The table below may help to clarify the example:
| Particulars | Amount (in INR) |
| Entry Fee | 100 |
| Cash Bonus | 25 |
| User’s Contribution | 75 |
| Total Winning Amount | 1000 |
| TDS Deducted (@30%) | 277.5 |
| Amount Credited to User’s Account | 647.5 |