TOPIC DETAILS
Posted By : Santosh S Posted On : Feb 10, 2018
Subject :Tax avoidance in Tote
Hello I'm Santosh, I'm new to the forum and this is my first post :)
Usually in Bangalore tote punters avoid paying taxes by making multiple wagers if the odds are high, suppose if the odds are 10/1 and someone wants to bet 2000 they can get 50×4 tickets and avoid taxes right? Or is there something I'm missing here? I know it's morally wrong but what's the point if they can do this...
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  Hunter said ... On : 2/12/2018 11:26:36 PM
Lol....
You try buying a 10,000 rupee ticket on RWITC's fixed tote in Delhi. The machine is programmed to print multiple tickets. Go figure!

HH

  Srinivasan said ... On : 2/11/2018 11:56:52 AM
@ Santosh,

You are not EVADING the tax (Which is a crime), you are avoiding the tax which is permissible. As long as the ticket does not exceed Rs.10000/- you can avoid the tax.
Even the Tote printers do not print continuously, every FIVE ticket there is a brake and this was introduced by BTC because the IT authorities start questioning BTC for not taxing continuous tickets payment cross Rs. 10000/-.

Recently in Bengluru summer I won 180000/- (for Five hundred) and asked them for voucher they declined because it may attract tax!!!


  Arun jet lee said ... On : 2/10/2018 7:40:48 PM
Racing is business of dishonesty and deceitful. (Beimaani aur makkari.) You should not think like a employee of office. THink of your profit and nothing else. People who study race card should understand that no gambling business works as per study books. Here only one book works that is bookmaker's book.
If books was supposed to work then bookies would not have existed.

  raghavan said ... On : 2/10/2018 7:14:27 PM
@santosh s

For win/place/shp you can buy tickets of small face value.

But, for jackpot, exacta, trinella etc the tax man will be demanding his share in no of cases.

  Santosh S said ... On : 2/10/2018 4:40:11 PM
@Raghavan Hey, I'm going from a year now.

@Sabzposh Hi, I'm not concerned about morals here,TBH even I split bets like that. Im just trying to understand whats the point in implementing these taxes when we can easily avoid it, at least if the taxes were below 10% or something I'd be really happy in paying taxes as our winnings would become legal income :)

  Sabzposh said ... On : 2/10/2018 1:35:03 PM
28% GST plus club commission has killed the Tote. Punters are getting puttance on their bets and you are talking of morals. Horse racing and betting on it carries a stigma and so you shouldn't even enter the course if you are so particular about 'morals'

  N. VASUDEVAN said ... On : 2/10/2018 10:38:32 AM
Santosh : There is nothing wrong in splitting your high value bets so that they don't attract tax. It is only tax avoidance, (which is not illegal) and not tax evasion. Even while taking jackpot tickets, the same tactic is adopted

  raghavan said ... On : 2/10/2018 9:42:04 AM
@Santosh,

You can buy 1O tickets 2O times. Even 5 tickets 4O times. That is a trick to ensure payout on each ticket does not exceed 1OOOO. Some times even if the probable dividend is shown 6O/- people buy as extreme caution 5O tickets 4 times, 4O tickets 5 times etc.

Please do not bring morals, honesty etc into this discussion.

Your understanding that the split tickets are purchased to avoid tax is perfectly right.

How long you are betting at BNG?