Deduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races--Financial year 1981-82

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..... S.R. Wadhwa, Director. 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--Financial year 1981-82. Sir, I am directed to invite a reference to this Department's Circular No. 280 (F.No. 275/19/80-ITB), dated the September 20, 1980, printed at [1981] 127 ITR (St.) 1 .....

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..... nance Bill, 1981, (Annex), if such income had been the total income, whichever is higher. (ii) In the case of a company: (a) where the company is a domestic company 22% (IT 21.5% + S.C. 0.5%) (b) where the company is not a domestic company 71.75% (IT 70% + S.C. 1.75%) a domestic company 3. The tax deducted should be paid to the .....

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..... to section 276B, where it is provided that if a person without reasonable cause or excuse fails to deduct, or after deducting fails to pay the tax as required under the provisions of Chapter XVIIB of the Income-tax Act, 1961, he shall be punishable: (i) in a case where the amount of tax which he has failed to deduct or pay exceeds one hundred thousand rupees, with rigorous imprisonment for a te .....

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