9911796707
TMI BlogDeduction of income-tax at source-Section 194B of the Income-tax Act, 1961-Deduction from winnings from lottery or crossword puzzle-Financial year 1977-78X X X X Extracts X X X X X X X X Extracts X X X X ..... uzzle-Financial year 1977-78. I am directed to invite a reference to this department's circular No.217* (F.No.275/19/77-IT-B) dated March 31, 1977, on the above subject. Under section 194B of the Income-tax Act, 1961, 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 rates specified in this behalf in the Finance Act of the relevant year. The rates of the deduction of income-tax at source for the financial year 1977-78 have been specified in Part II of the First Schedule to the Finance (No.2) Bill, 1977, and are as follows: Rates of income-tax including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd puzzle is Rs.1,000 or less. (ii) where the prize is given partly in cash and partly in kind, income-tax will be deductible from the cash prize with reference to the aggregate amount of the cash prize and the value of the prize in kind. Where, however, the prize is given only in kind no income-tax will be required to be deducted. (iii) Income-tax will be deductible at the aforesaid rates during the financial year 1977-78 from prizes given after 31st March, 1977, 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. (iv) Where the lottery or crossword puzzle is paid in instalments, the deduction will be made at the time of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct no tax as may be appropriate to his case. Such certificate will be valid for the period specified therein unless it is cancelled by the Income-tax Officer earlier. (b) The person responsible for making any payment by way of winnings from lotteries or crossword puzzles should issue a certificate in Form No. 19B showing therein the amount of the prize, the amount of tax deducted at source and the date of payment in the Government account. (c) 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 quarterly on July 15th, October 15th, January 15th and April 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
