Sixer employs a First In First Out approach to calculating realized gain/loss when you sell your stocks
The only fee Sixer controls is our withdrawal fee at 0.5%
Any withdrawal on winnings (i.e. in excess of your initial deposit) is subject to TDS at 31.2%, which must be paid if winnings exceed INR 10,000 in a Financial Year
GST is calculated by the payment gateway for each payment method on the fee that is deposited and withdrawn
First in First Out
If you buy stocks in multiple transactions at different prices, then Sixer will calculate the realized loss/gain for those stocks based on a First In First Out principle. That means that the stocks you sold will be at the earliest time frame, and will move forward as you buy more stocks. Confusing? Don’t worry, here’s an example:
- 1. You buy
10 stocks of Kohli at
150 Sixer Coins per stock
- 2. You buy another
15 stocks of Kohli and
180 Sixer Coins per stock
- 3. Kohli plays well and you sell
12 stocks at
185 Sixer Coins per stock
10 stocksof Kohli at
150 Sixer Coinsper stock
15 stocksof Kohli and
180 Sixer Coinsper stock
185 Sixer Coinsper stock
Your profits will be calculated as follows:
10 Stocks x (185-150) + 2 Stocks x (185-180). So, 350 + 10 = 360 Coins as profit.
Tax Deduction at Source (TDS)
If you submit a withdrawal request that is less than or equal to your deposits (i.e., not withdrawing any profits), no TDS will be deducted to the extent of this withdrawal.
However, any withdrawal made
in excess of the available deposit, or any withdrawal of profits, will be treated as withdrawal from winnings and thus attract TDS @ 31.2%. TDS is only applicable when withdrawal from winnings exceeds INR 10,000 in a Financial Year (April 1st to March 31st every year).
Sixer is responsible for reserving 31.2% of your withdrawal from winnings towards future tax liability, and remits the balance to your bank account. So at any given time, if your withdrawals from winnings exceeds INR 10,000 (and is TDS applicable) the reserved coins would be utilized towards the TDS liability. However, if withdrawals from winnings
does not exceed INR 10,000in the Financial Year, such reserved coins will be refunded to you and remitted to the user bank account
at the end of the Financial Year.
Payment Gateway and Sixer Fees
by the payment gatewaydepend on which payment method you use, here is a quick summary for deposits:
- 1. Credit card = 1.75%
- 2. Debit card = 0.50% Under 2,000 INR. 1% above 2,000 INR
- 3. UPI = No Charge
- 4. Net Banking: 1.7%
The GST is a fixed 18% on the charge itself. So, let’s say you want to deposit 100 Sixer Coins and you use Net Banking:
The charge in that case would be 1.7 INR (100 x 1.7%). The GST would be 18% x 1.7 INR = 0.306. So the total charge on a 100 Sixer Coin deposit would be 102.006 INR
For withdrawals, it’s the same process.
Sixer only charges a 0.5% platform fee on withdrawals, and the bank fee is as follows: