Will tax be deducted if I withdraw an amount lesser than my total deposits?
If your total withdrawal is less than your deposit, no tax will be deducted. Example -
Total Deposit = ₹ 4000
Total Withdrawal = ₹ 2000
Here, Net Winnings = Total Withdrawal - Total Deposit
= ₹ 2000 - ₹ 4000
Net Winnings = - ₹ 2000
As Net Winning is negative, there will be no tax deduction.
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