In India there is no such facility for punters and no punter reports his winnings to the IT DEPT.

Only if his winnings have had a TDS cut he does so..

IIMBLUE,

I think you are right. Losses cannot be set off. Every punter including the tote punter is obliged to declare his winnings and pay the applicable tax. How many punters are doing it? How many professional paid tipsters are collecting GST from their clients and remitting it to the govt? Evasion of tax is a criminal offence for everybody.

Turf club is a separate entiity says toteman - People at the helm of affairs all play at half tax -  club top guys/ club enforcers are all part of half tax - actually its good for the govt also-  without half tax people would bet more with their mobile phones -avoid the ring bookies - ring bookies have to compete with outside bookies - otherwise it will be one sided ....money/business going out.

The main market is outside - its all credit betting - volume of tote / ring bookies is no where close to their volume -  cannot run away from reality .

@Glasgow Prince, 

As far as I know,  the benefit of setting off losses against winnings is available to only those who are in the business of owning and maintaining horses. 

I reckon that the benefit of set off is not available to ordinary punters. 

In BTC  , they have refused even to deduct the investment amount of the winning ticket,  while deducting taxes,  on the advice of local IT office. ( I gather that the treatment is different at Mumbai )

Correct me if I am wrong. 

Race joker,

There are supervisors in turf club.   AND there is turf club.  Should not confuse these two. 

Bookies cheat turf clubs.  But, supervisors who are supposed to keep a strict watch on the bookies are deliberately siding with bookies and allowing them to cheat the turf club. 

I think, I have explained correctly.  Turf club is a separate entity.  And the staff of turf club are also separate entity .

Raghavan,

Agree with your post except your "in the bargain cheating the Government & club". Cheating the government, yes. But the Racing clubs are actually hand in glove with bookies as far as tax evasion is concerned. Both are equal culprits.

Club /govt/ online financer,- they will want sure shot income - sure shot means large chunk of money will be taken by them and then payment to winners will be given - sure shot also means they can NEVER lose only win

With bookies in the ring and outside they do lose money time to time and some even close down - that is why  punters doing business with club/govt will get a raw deal-  This can be an opportunity to close illegal betting only if punters are happy with club/govt odds - but they will want sure shot income -so it wont happen.

Food for thought: All those who bet either on the tote or with the bookies are required to report their income from winnings to the IT authorities. If there are losses, they are permitted to set them off against the winnings. How many race goers are doing this? Are all professional paid tipsters too filing their income tax returns honestly and paying tax thereon? Something to ponder about.

Sharma jee,

Bookies take bets at 10% tax.  And punters see that as a friendly measure.

Bookies are responsible to collect the tax and club commission.  If they are giving discount, & in the bargain cheating the Government & club, that is definitely against Law.  It is an economic offence.

People are arguing that such things are going on for more than a decade!  With the full knowledge of turf club supervisors.  Right.  But, I do not endorse such arguments.  In fact,  turf club authorities, accounts personnel etc are all hand in glove with the bookies. 

However the bookies were arrested at BTC, spent 2/3 days in lock up and are now out on bail.  They were not seen in the ring for good part of winter campaign.

Anyway, till at least a vaccine is detected for the COVID 19, there will be no punters inside the race course.  And of course no bookies.  Some kind of transparency will be definitely visible in coming days.  

JP:

Illegal betting is as old as racing.  Right.  Extremely difficult to bring in some kind of accountability in racing. 

HP++,

Punters not to be blamed!  No one is blaming the punter.  He is too busy in surrendering the cash in his hand to bookies.

Srinivas,

A good number of punters collect dividend whenever favorite or 2nd favorite wins.  And, the bookies cheerfully disburse such dividends.  And everything will be taken back in one lumpsum whenever an outsider wins.

If people lost heavily in races, a big portion of blame will be with punters only.  You should not expect to build house, or celebrate expensive marriage of your offspring by earnings from race betting.  Bet only the amount you can afford to lose.  If you win, enjoy.  Otherwise, just forget that.  

I am not against bookies winning heavily whenever an outsider wins.  I am only against their taking bets at 10%.  Of course, no bookie has objected to my posts.  Maximum opposiion to my posts are only from punters.

Yes very much right ????

Illegal betting is as old as racing. It all started by the owners/trainers/jockeys and then to the punters.What the punters bet in race courses(with or without tax) is only minuscule.There are illegal book makers accepting in crores.These people are dangerous to FAIR RACING as they are well connected with the connections.

There is MATKA market and bucket shops for racing where a small chit corban copy is given for the bets you make. So you cannot avoid. Clubs have to ponder over different methods to attract crowd starting with FAIR RACING atlest in most of the races. I have seen in RWITC the sponsers get a race either before or after and the race itself is far form being FAIR.

All the clubs should got for ONE RACE/ONE CENTER/ONE TOTE as their motto.Even if they wish to have two centers then it should be morning and afternoon or after noon/night.

They should think of introducing cash pay back upto say 2% for large bets say >Rs.25000/

Sharing of commission between clubs should be proportion to the sale of tickets irrespective of the center which hold the race or otherwise.

Clubs should think of having uniform commision for all clubs for all tote tickets like win,place,JP and Exacta etc.All pools ahould have the same deduction as club commission

Lot of experts talking about online and great benefit to punters - first of all it will be a curse to society all hardcore gamblers know why - 1] club will want its share 2]govt with a stick not far behind 3]The wheels turner one who pushes the button and invests say as a bookie/company what about him 4] live streaming charges 5]there might be a deposit to be paid in a bank a/c -  etc-  small punters who have a budget of say 5 grand on a single day - are out of this - with live viewing some other charges it most probably be 1000 just to enter the site each day.- Club /Govt plus the investor -these 3 will want sure shot income - where will it come from..easy to guess -so you will get replica of tote.

Sir I played lot in bookies only favorite or second favorite . Not only me almost 90 percent punters played only for favorite . Any thing after 3rd or 4th favorite it's bookies amount lot and huge amount they take . Many involved in this that is why ccb raid and everything happenend in btc . I think everything will stop here onwards a good government started to give permission online we are blessed ???? GST works horse racing life long one and only best game and gambling in the world . .

Sir I played lot in bookies only favorite or second favorite . Not only me almost 90 percent punters played only for favorite . Any thing after 3rd or 4th favorite it's bookies amount lot and huge amount they take . Many involved in this that is why ccb raid and everything happenend in btc . I think everything will stop here onwards a good government started to give permission online we are blessed ???? GST works horse racing life long one and only best game and gambling in the world . .