- TDS (Tax Deductable at Source)
TDS (Tax Deductable at Source)
All players playing 1000 or above real chips entry tables should have their PAN number updated and a scanned copy sent to Ace2Three. This is a mandatory Govt regulation to deduct TDS if the winnings are greater than Rs 10,000. The winnings from such games will be kept on hold for 30 days, after which the winnings will be forfeited on failure to complete verification of your PAN.
"As per the provisions of Section 194B of the IT Act, any person responsible for paying to any person any income by way of winnings from any lottery or card game and other game of any sort in an amount exceeding ten thousand rupees shall, at the time of payment thereof, deduct income-tax thereon at the rates in force. It is also provided that in a case where the winnings are wholly in kind or partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings."
Accordingly, it may be concluded that the company is required to withhold tax as per the rate specified below:
- Gross winnings less than or equal to Rs. 10,000 - Nil
- Gross winnings more than Rs. 10,000 but less than Rs. 10,00,000 - 30%
- Gross winnings more than Rs. 10,00,000 - 33.99%
How do I verify my PAN?
On joining a high-entry game, there is a link "Click here to update your PAN" - on clicking the link, you will be redirected to the webstie where you can upload a scanned copy of your PAN card for verification.
Alternatively, go to ace2three.com from your browser on desktop/laptop, login using your Ace2three nickname and select the KYC option from left-hand menu.
What happens if I do not verify my PAN?
If you have winnings greater than 10000 from a high-entry game and your PAN is not verified, your winnings will be kept on hold for 30 days, after which the winnings will be forfeited on failure to complete verification of your PAN
Can I play on another high-entry game?
Once you have some winnings on hold, you cannot join another high-entry game until you complete your PAN verification.
When you try to join a game with entry of over 1000 real chips and your PAN is not updated on Ace2Three, you will get an alert asking you to update the same. Please click on ‘Verify PAN’ in the alert window. You will be redirected to the website where you can update your PAN.
For any queries, please contact us at firstname.lastname@example.org.