Mangal Prasad, a resident of Ghasi Ram Purva village in Kaushambi district of Uttar Pradesh, is dominated on social media today. The 30 -year -old Mars works in a simple plywood factory. He won a reward of Rs 4 crore by paying an entry fee of Rs 39 on Dream 11 in an IPL match. The match was played between Punjab Kings and Chennai Super Kings on 29 April.
But .. Mars will not get 4 crores
Although the fate of Mars is shining, but they will not get full money. In India, the money won on platforms such as fantasy sports is considered to be income from other sources from other sources and is directly taxed at 30%. With this, the total tax rate becomes about 39% after adding surcharge and cess.
How is tax deduction?
Awnted amount won: Rs 4,00,00,000
Rate of Tax (TDS): 39%
TDS deduction by Dream11: Rs 1.56 crore
Net amount received by Mars: Rs 2.44 crore
According to Dream 11 law, the amount releases the amount by cutting the TDS on a win above Rs 10,000, so Mars will get money only after cuts.
What will Mars have to do now?
A full amount of Rs 4 crore will have to be shown in your income tax return (ITR).
Form will show in 26As how much TDS has been cut.
There is no difference between the deducted tax and tax credit statement of Dream 11, it has to be taken care of.
GST also had to be given
Not only income tax, Mangal has also filled 28% GST on entry fees of Rs 39. Dream 11 has deposited Rs 9.92 from it as GST and deposited it to the government. This charge is charged from the amount of player.
Dream flight
This journey of Mangal to become a millionaire from Rs 39 is an inspiration for millions, but it also states that with great earnings, a big tax is also responsible. Even though the government has gone to the government of Rs 1.56 crore, the amount of Rs 2.44 crore is also enough to change the lives of Mars and his family.
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