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TMI BlogInstructions for deduction of tax at source from winnings from lottery or crossword puzzle during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974X X X X Extracts X X X X X X X X Extracts X X X X ..... r crossword puzzle during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974 1. Under section 194B every person responsible for paying to any person, whether resident or non-resident, any income by way of winnings from any lottery or crossword puzzle, in an amount exceeding Rs. 1,000 is required to deduct income-tax thereon at the rates prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zzle had been the total income, whichever is higher. II. In the case of a company :— (a) where the company is a domestic company 23 per cent (IT 22 per cent + SC 1 per cent); (b) where the company is not a domestic company 73.5 per cent (IT 70 per cent + SC 3.5 per cent). 2. It is requested that pending the passing of the Finance Bil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kind. Where, however, the prize is given only in kind no income-tax will be required to be deducted. (3) Income-tax will be deductible at the aforesaid rates during the financial year 1974-75, from prizes given after March 31, 1974, even if the relevant draw in respect of lottery or, as the case may be, the competition in respect of a crossword puzzle may have been held on or before that date. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. In other cases, the tax deducted should be paid to the credit of the Central Government within one week from the date of deduction. The challans for paying income-tax in the Government account may be obtained from the Income-tax Officer concerned. (8) The relevant forms in relation to the provisions for deduc tion of income-tax at source from lotteries and crossword puzzle prizes are prescri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Government account. (iii) The person making deduction of tax in accordance with section 194B from income by way of winnings from lotteries or crossword puzzles should send to the Income-tax Officer having jurisdiction to assess him the statement in Form No. 26B quarter ly on July 15, October 15, January 15 and April 15 in respect of deductions made by him during the immediately preceding qua ..... X X X X Extracts X X X X X X X X Extracts X X X X
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