Payment T&C

Terms and Conditions

Users agree to be bound by the following terms of payment for all transactions entered on the Prime Captain, including making a payment to participate in a paid version of Contest(s)

• The payment of pre-designated amount Users make to participate in the Contest(s) is inclusive of the pre-designated platform fee for access to the Prime Captain Services charged by Prime Captain and pre-determined participant’s contribution towards winnings.
• Subject to these Terms and Conditions, all amounts received from the User shall be held in separate non-interest-earning bank accounts.
• The User may participate in a Contest wherein the User has to contribute a pre-specified contribution towards the Winnings of such Contest, which will be passed on to the Winner(s) of the Contest after the completion of the Contest as per the T&C of such Contest. Prime Captain only work as intermediary engaged in collecting and distributing the Prize Money Pool in accordance with the Contest terms and conditions.
• The withdrawal request processed from Prime Captain can take maximum 24 hours of bank working days depending upon flow of withdrawals with Prime Captain. Usually payments are processed within 2-3hrs of bank working days.
• Withdrawal requested and not received within 24 banking hours then the same should be informed at the earliest to Prime Captain on support@primecaptain.com for further process.
• 5% TDS will be deducted while processing referral withdrawals.
• As per government regulations a tax of 31.2% will be liable to be deducted if an individual wins more than 10,000.
• Any transaction debited from the users bank account but not added to users Prime Captain account, in such case there is a delay in communication among the parties involved in the transaction primarily from the bank’s end. User will get his/her money into their bank account from the bank end with in the working days of bank.
• The withdrawal request will only be processed after successful Email, Mobile No, Pan & Bank verification. All the details provide for KYC process should be of same individual only.
• A transaction once confirmed on Prime Captain is final and no cancellation is permissible.

New TDS Law That Will Take Effect On April 1, 2023

• All Real Money Gaming Apps are required to deduct tax at a rate of 30% from users' Net Winnings in accordance with the Finance Bill approved in 2023.
• 30% tax as TDS will be deducted from net winning at the time of withdrawal beginning on April 1, 2023.
• TDS will be deducted from net winning as of March 31, 2024, if there were no withdrawals made over the whole financial year.

What is a new TDS law for fantasy app?

TDS is imposed on the year-end wallet balance by treating it as a withdrawal amount. The remaining balance will be carried over as a deposit balance to the coming financial year after TDS have been applied to the remaining balance (in accordance with policy). The carried forward balance will be regarded as an investment for the next year, and TDS will not be charged on that amount.

Prior to April 1, 2023, TDS was deducted at the game level whenever earnings exceeded 10K.

After April 1, if I win any money, say Rs. 11,000, NO TDS would be taken out when that money is credited to my withdrawal wallet. The entire amount of Rs. 11,000 will be deposited to the winning wallet. We shall only consider the net winning and the applicable TDS when the user tries to withdraw any money from their wallet.

We shall therefore only take TDS out when the running total of withdrawals exceeds the running total of deposits. There won't be any TDS if the user experiences a loss. So, the users will benefit from this.

What is Net Winning?

The difference between total money won and entry fees paid by a user is what is referred to as net winning.

Overall winnings – (Total Entry Amount – Cash Bonus/Discount) equals net winnings.

For Example-

suppose a user enters a tournament and plays 100 games total, paying Rs.1000 entry fee. If the player wins 2000 from these 100 games, the net winning is 2000 (winnings) - 1000 (entry fee) = 1000.

At the beginning of each financial year, the Net Winnings will be reset.

*Subject to Modification in Consequence of Notification of Rules Under Income Tax 1961.

Q&A

• Is there a certain amount over which TDS won't be taken?
  - No, TDS will be deducted from net winnings on each withdrawal amount or from net winnings at the end of each financial year.
• Will this have an impact on my account balance, which is held until March 31, 2023?
  - No. According to the current update, TDS will not be deducted from your account balance holdings that were in place as of 1 April 2023.
• What if I have net losses?
  - If there are net losses at the time of withdrawal or at the end of the financial year, no TDS will be applied.
• What if I don't request any withdrawals throughout the financial year?
  - A 30% TDS will be applied on the net winnings at the end of the financial year, which will be deducted from your winning amount.
• Can I get my already-deducted TDS back if my "Net Winnings" decrease throughout the year?
  - Users may submit tax returns to the income tax division and make claims for refunds, subject to their overall tax liability.
• How can I obtain a tax certificate to submit IT returns?
  - Following the deadline for submitting TDS returns for each quarter, tax certificates will be provided within a month.

Conflicts or Disputes of any nature or kind taking place after using our application or services will be addressed in and will be subject to PUNE JURISDICTIONS only