The below terms govern all payment-related transactions made by You, and You agree to abide by them.
When you use Our Platform, you're given two types of
accounts to manage and track your payments:
a) Unutilized Account - This account stores funds you've sent
through a specific payment gateway for using Our Services.
b) Winning Account - This account keeps track of any
winnings you receive from participating in Paid Contests.
1. In order to conduct promotional activities and provide
incentives, We may issue discounts to You which may be
utilised for joining any paid Public Contest(s)
(“Discount(s)”). You agree to the following
2. You shall not be permitted to transfer or withdraw any
amount of Discounts offered to any other account
including Your bank account.
3. The utilisation of any Discount shall be subject to certain
terms which will be notified to You at the time of issuance
of any Discount.
4. Discount shall be issued at our sole discretion and will not
be demanded as a matter of right.
5. Discount will be applied towards the Pre-designated
Amount for joining any Contest.
6. Upon termination of Your Account, all Discounts shall be
forfeited and You shall not have any right or interest on
such Discount.
7. Any Discount issued to you may take up to 24 hours to
reflect in their respective Discount account as defined
below. You agree not to hold Us responsible or liable for
any delay, including any loss of opportunity to join any
Contest(s) due to delay in crediting the Discount.
8. In the event of any conflict between these Terms and the
terms specific to the Discount, if any, the Discount terms
shall prevail.
When you enter a contest, the Pre-Designated Amount will be deducted first from your Unutilized Account, followed by your Winnings Account, after accounting for any Discount Bonus and Discount Points. Debits from the Unutilized Account will be processed based on the date the funds were initially credited. If your account balances are insufficient to join a paid contest, you must deposit the required Pre-Designated Amount. Any deposited amount is subject to deduction of applicable GST as per the terms outlined here.
Upon initiating your first withdrawal, you will need to submit specific documents for payment processing and verification purposes. The name on your identification document provided during withdrawal must match the name you provided during account creation. Once we verify your bank account details and/or UPI ID, if applicable, we will proceed with processing your withdrawal. After verification, we will deduct the amount from your Winning Account and promptly transfer it to your bank account online. Please note that we reserve the right to charge a processing fee for transferring funds from your Winning Account to your bank account. Since we rely on banks and third-party entities for transaction processing on our platform, it may take up to 24 hours to complete payments to your bank account. By using our services, you agree not to hold us responsible for any delays in payment processing. Once a transaction is confirmed, it is deemed final, and no cancellations are permitted.
As of October 1, 2023, a 28% GST applies to any funds
deposited into your Unutilised Account. You can monitor
the GST paid on each deposit through the 'My Transaction'
page on the Platform. The GST amount stated on the invoice
will be the final charge to you. Moreover, all winnings will be
subject to a tax deduction known as TDS, in accordance
with the Income Tax Act 1961. Starting April 1, 2023, a 30%
TDS will be subtracted from the Net Winnings (NW) upon
each withdrawal request you make.
For the first withdrawal within the Financial Year (FY):
NW = A - (B + C)
Where:
● A represents the total amount withdrawn from the
Winning Account.
● B represents the cumulative amount of non-taxable
deposits made in the Unutilised Account until the time
of withdrawal.
C represents the remaining balance in both the
Unutilised Account and the Winning Account at the
beginning of the FY (referred to as the "Opening Balance").
● NW will be zero if the combined value of B and C
equals or exceeds A.
For subsequent withdrawals during the FY from the
Winning Account:
The NW calculation follows the same formula as above.
If no winnings are withdrawn during a financial year,
and there exists a Net Winning balance as of March 31st of
each year, a TDS (Tax Deducted at Source) of 30% will be
deducted from the Net Winnings balance in the Winning
Account as of March 31st, as calculated previously.
In the event of any revisions by the Government
of India to the prescribed TDS rate or the definition of
Net Winnings, TDS will be deducted by the
organisation according to the updated TDS rate and
the revised definition of Net Winnings. Winners will
receive TDS certificates for these deductions. They are
responsible for any other applicable taxes, such as
income tax, gift tax, etc., related to the Net Winnings.
The organisation is not liable for users' individual tax
matters.
We will reimburse any remaining balance in your
Unutilised Account if your account is suspended or
terminated for the following reasons:
(a) Our failure to deliver services as promised,
(b) Any directive issued by a government or regulatory
authority.
If a contest is cancelled in accordance with our terms,
we will refund the Pre-Designated Amount you paid. We will
deactivate your account as per instructions from a
government agency or competent authority, refunding the
deposited amount from your Unutilised Account to the
source account upon receiving necessary instructions,
subject to applicable processing fees.
If our services become unavailable due to
circumstances beyond our control, such as acts of god, war,
terrorism, etc., we reserve the right to cancel contests and
refund the Pre-Designated Amount. In a Public Contest
involving only two users with identical teams, the Prize
Money Pool and Platform Fee will be split evenly between
them. Your share of the Prize Money Pool will be credited to
your Winning Account, and your share of the Platform Fee
will be credited to your Discount Bonus Account.
Any withdrawal request from your Unutilised Account
will be processed net of GST. The 28% GST applicable on
the amount deposited in the Unutilised Account is
non-refundable according to government laws
By agreeing to these terms, you give us permission to designate an impartial third party, such as a trustee or escrow agent, to act on your behalf. This third party will hold any funds you deposit in a fiduciary capacity. You understand that we do not claim any ownership rights over the deposited funds, which are solely intended for participating in paid contests. Your deposited funds will only be forfeited by us in the event of receiving instructions from a government agency or competent authority. Additionally, you authorise us to direct the third party to establish non-interest earning bank accounts for specific purposes, including withdrawing your winnings, covering platform fees, paying applicable taxes on net winnings, and settling government obligations such as GST payments.
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