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TMI BlogDeduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races--Financial year 1980-81X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961, enjoins on any person, being a bookmaker or a person to whom a licence has been granted by the Government under any law for the time being in force for horse racing in any race course and who is responsible for paying to any person any income by way of winnings from any horse race in amount exceeding two thousand five hundred rupees, to deduct income-tax thereon at the rates in force ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal income, whichever is higher. II. In the case of a company— (a) where the company is a domestic company 23 per cent (IT 21.5 per cent + SC 1.5 per cent); (b) where the company is not a domestic company 75.25 per cent (IT 70 per cent + SC 5.25 per cent). 3. It is requested that the deduction of tax at source from the payments made after June 18, 1980 of income by way of winnings from any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . New colour band challans are being introduced with separate numbers. The relevant challan for making payment of tax deducted at source from payments by way of winnings from horse races made to the company-assessees is No. 2 with "Red Colour Band" and in respect of payments made to non-company-assessees is No. 8 with "Blue Colour Band". Along with these colour band challans the old chal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs and with fine. 6. These instructions are not exhaustive and are issued only with a view to helping those responsible for making deductions of tax under this section. Whenever there is a difference of opinion, a reference should always be made to the provisions of the Act, and the relevant Finance Act through which the changes in the tax structure are made. 7. In case any assistance is require ..... X X X X Extracts X X X X X X X X Extracts X X X X
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