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Deduction of tax at source under sections 194B and 194BB of the Income-tax Act, 1961-Deduction from winnings from lottery or crossword puzzles or house races-Rates of tax applicable during the financial year 1987-88-Levy of surcharge-Regarding - Income Tax - 507/1988Extract Deduction of tax at source under sections 194B and 194BB of the Income-tax Act, 1961-Deduction from winnings from lottery or crossword puzzles or house races-Rates of tax applicable during the financial year 1987-88-Levy of surcharge-Regarding Circular No. 507 Dated 23/2/1988 To All State Government including Union Territory Administrations All Race Clubs. Sir, Subject: Deduction of tax at source under sections 194B and 194BB of the Income-tax Act, 1961-Deduction from winnings from lottery or crossword puzzles or house races-Rates of tax applicable during the financial year 1987-88-Levy of surcharge-Regarding. I am directed to invite a reference to this Department's Circular No. 485 (F. No. 275/42/87-IT(B)), dated 27th May, 1987-[1987] 166 ITR (St.) 121, on the above subject and wherein the rates at which deduction of tax under sections 194B and 194BB to be made during the financial year 1987-88 from winnings from lottery or crossword puzzles or horse races were communicated to you. 2. It is brought to your notice that by section 3 of the Finance (Amendment) Act, 1987 (No. 46 of 1987), the First Schedule to the Finance Act, 1987, has been amended. According to this amendment, the amount of income-tax computed on the basis of the aforesaid circular shall be increased by a surcharge for the purpose of the Union calculated at the rate of 5% of such income-tax. The levy of surcharge comes into force with effect from 16-12-1987. 3. The contents of this circular may be brought to the notice of all concerned. 4. If any assistance is required in this regard, the Income-tax Officer concerned and/or the Local Public Relations Officer to the Income-tax Department may be approached for the same. Yours faithfully, (Sd.) B.E. Alexander, Under Secretary, Central Board of Direct Taxes.
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