TOPIC DETAILS
Posted By : Rksh Posted On : Aug 12, 2017
Subject :Cheque payment at HRC?? when can I get amt?
HI guys

In my previous posting.. I was very depressed on the low payment at HRC tote on Copernicus... Thx to repliers... Yesterday Am very satisfied with the payments... Probably as it's the concluding day of Bng races!!
But I got 2 payments above 1.5 L which they told would payin Chq!!
Last race... Depth Charge was paid 121... .which I played 2000 5 tickets shp... 2000 5 tickets win....I got after tax deduction... Around 95000
Saladin... Paid 35 here...which I played same way but double amt...due to lack of time....I. got 1,05,000 after tax

These two payments.. As they told wud be paid by Chq after some days.they gave acknowledgement and told they wud call after some days....As I was not there live at Tote...I cudnt clarify
Wats the process of Chq payment at HRC...if anyone knows plz inform. And can I deposit in my regular account for It issues? How can I show tax deducted for tax benefit.??
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  raghavan said ... On : 8/14/2017 8:24:42 PM
@RKSH,

I agree that I do not know anything about how the HYD calculates tds.

Your reply, instead of clarifying has only confused me further.

The shp paid on Depth Charge for a fiver is 114. I do not know why you insist that it is 121.

Saladin paid 35 for a fiver. So for 2000/- the gross dividend is 14000. (for each ticket of 2000). Your tax liability is only on 12000 which should be 3600. And here you are telling that it is 4200.

The another horse that paid 26/- for fiver, your entitlement per ticket of 2000 is 10,400. At BTC payout up to 19999 will be in cash. Why HYD should give cheque for this amount? Is HYD is paying by cheque only even for 10000/-?

The only horse that paid shp 26 at HYD on 11th is Majestic style (sandesh). That was in race no 3. Pradeep finished 2nd on Nagarjuna that paid 24 shp.

  Rksh said ... On : 8/14/2017 10:10:15 AM
HI raghavanji and Madman

Heream clarifying the details...I came to see the acknowledgement and tickets directly yesterday only...

Saladin which I played 2000 10 tickets paid... 14000 total but after the tds paid 9800...only per ticket...which brought me 98000 total.....I lost 42000 there!!!

Depth charge was paid 121 which I played 1000 ( not 2000 as I mentioned earlier) 5 tickets... Paid 24200 actually per ticket but after Tds... I got only 16500 per ticket so total was 82500.... I lost 39000 here....

I also played another horse ( don't remember the name).I think AR pradeep came shp...whichvpaid 26 here that I payed 2000 5 tickets...where I got 10,400 per ticket payment but tds not deducted... Bcos payment is less than [10000 +bet amount] per ticket..I got total amt here.. But again through Chq.... Don't know when these amts get deposited!!!

Hope I solved ur queries..
Regard

  raghavan said ... On : 8/13/2017 11:43:36 PM
@RKSH,

You have deposited your win tkts and they have given acknowledgment. In the said acknowledgment, actual amount payable to you after tds should have been mentioned.

Depth charge 2000/- worth tickets 5 times. for both win & shp. O K. That means you had 10000/- worth win tickets on shp. The dividend is 114 & not 121. And gross dividend admissible to you is 228000. Against this hefty amount are you getting only 95,000/-. Have they deducted 1,33,000 tax at source?

Now Saladin. 35/- dividend. You had win tickets worth 20000. Dividend payable is 1,40,000. Against this admissible dividend, are you getting take home of 1,05,000 after tds?

For 1,40,000 gross dividend, deduct your bet 20000. Balance 120000 is profit. For that at 30ps per rupee BTC will withhold 36k towards tds. So at HYD also, there can not be any difference. If they also following the same procedure as BTC, then you should get 1,04,000. Not 1,05,000.

Mumbai follows a different method. From your dividend, your investment and first 10000 will be exempted.

In that case, for every ticket of 4000, gross dividend is 28000. Your bet is 4000 & exemption is 10000. So, tax will be on 14,000 only for which the tax liability is 4200. You should get 23,800 per ticket or 1,19,000 for all your 5 tickets put together.

  PraveenS said ... On : 8/13/2017 12:35:04 AM
If it is OTC(Offcourse tote center) it will take 4 to 5 days. And you can claim your TDS amount back after the current financial year ends i.e March 31st 2018 you can claim the entire amount deducted as TDS from the Income tax department.

  Mad Max said ... On : 8/12/2017 1:41:27 PM
@ Rksh

Please note how they deduct TDS 30% on the winning ticket, and also inform us whether they deduct Rs 10000 (Exempted from TDS) and calculate TDS on remaining amount? Please do this for us !

  ISR said ... On : 8/12/2017 12:29:42 PM
@ Rksh

If you have deposited your ticket at HRC main center you will get the cheque within 3 to 4 days. This is as per my earlier experience.

I am also stuck with Rs.1000 SHP ticket and I will be visiting HRC main center on Sunday so that I can have good Biryani besides encashing the ticket.