Deduction of tax at source-Section 194BB of the Income-tax Act, 1961-Income by way of winnings from horse races-Rates of tax for the financial year 1982-83 - Income Tax - 339/1982

Deduction of tax at source-Section 194BB of the Income-tax Act, 1961-Income by way of winnings from horse races-Rates of tax for the financial year 1982-83 Circular No. 339 Dated 4/5/1982 From R.C. Handa, Secretary, Central Board of Direct Taxes. To All Race Clubs. Subject: Deduction of tax at source-Section 194BB of the Income-tax Act, 1961-Income by way of winnings from horse races-Rates of tax for the financial year 1982-83. Sir, I am directed to invite a reference to the Board's Circular No. 301 [F. No. 275/11/81-IT(B)], dated the 29th April, 1981, printed at [1981] 129 ITR (St.) 52 on the above subject, wherein the rates at which deduction of tax under section 194BB to be made during the financial year 1981-82, from winnings from horse races were communicated. 2. The Finance Bill, 1982, does not propose any change in the rates for deduction of tax at source from such income for financial year 1982-83, in Part II of the First Schedule thereof. However, some changes have been proposed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the said Finance Bill, a copy of which is annexed. The tax should, therefore, continue to be deducted at source during the financial year 1982-83, at the rates intimated in the Board's Circular referred to in para. 1 above except where the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule are applicable. 3. These instructions are issued only with a view to helping the persons responsible for making deductions of tax under this provision of the Income-tax Act. The Finance Act of the relevant year through which the changes in the tax structure are made should always be referred to for any difference of opinion. Yours faithfully, (Sd.) R.C. Handa Secretary, Central Board of Direct Taxes.