What will happen if there is some amount remaining in my My11Circle A/c at the end of the Financial Year?

If there is some balance remaining in your My11Circle a/c on 31st March 2024, the tax will be deducted on that amount (considering it a withdrawal), and the remaining amount will be carried forward to 1st April 2024 i.e. the New Financial Year.

Example - Mr. Rao plays games & wins cash prizes on 31st March 2024 and does not make a withdrawal until 11:59 PM. Below are some more details - 

* Closing Balance = Deposit Balance + Winning Balance as on 31st March, 11:59 PM

To understand the tax deducted, we will have to determine the Net Winnings 

= (Total Withdrawal) + (Closing A/c Balance) - (Total Deposit) - (Opening A/c Balance )

= ₹ 3000 + ₹ 1000 - ₹ 2000 - ₹ 1500

= ₹ 500

30% Tax on above Net Winnings = ₹ 150

Let’s say, out of ₹ 150, ₹ 100 tax already deducted earlier 

And so, the remaining Tax to be deducted is ₹ 50

The remaining Tax would be deducted from the Closing A/c Balance & carried forward to the new Financial Year: ₹ 1000 - ₹ 50 = ₹ 950