At the end of the Financial Year (i.e. 31st March 2024), if you have any amount remaining in your RummyCircle A/c, tax will be deducted on that amount considering it as “withdrawal”. The remaining amount will be carried forward to the new Financial Year (i.e. 1st April 2024).
Let’s consider the following table as an example -
|
Opening A/c Balance as on 1st April 2023 |
Total Deposit |
Total Withdrawal |
Closing A/c Balance as on 31st March 2024 |
Opening A/c Balance as on 1st April 2024 |
| ₹ 1500 | ₹ 2000 | ₹ 3000 | ₹ 4000 | ₹ 3,850 |
-
Let’s start by calculating the Net Winning
= (Total Withdrawal) + (Closing Account Balance) - (Total Deposit) - (Opening Account Balance )
= ₹ 3000 + ₹ 4000 - ₹ 2000 - ₹ 1500
= ₹ 3500
- 30% Tax on above Net Winnings = ₹ 1050
- Of ₹ 1050, ₹ 900 tax already paid earlier
- And so, the remaining tax to be deducted is ₹ 150
The remaining tax would be deducted from the Closing A/c Balance & carried forward to the new Financial Year: ₹ 4000 - ₹ 150 = ₹ 3,850
