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TMI BlogDeduction of tax at source-Section 194BB of the Income-tax Act, 1961-Deduction from income by way of winnings from horse races-Financial Year 1984-85X X X X Extracts X X X X X X X X Extracts X X X X ..... 8/1984 From B. Nagarajan, Secretary, Central Board of Direct Taxes. To All Race Clubs. Subject: Deduction of tax at source-Section 194BB of the Income-tax Act, 1961-Deduction from income by way of winnings from horse races-Financial Year 1984-85. Sir, I am directed to invite a reference to this Department Circular No. 366 (F. No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1984, 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 22.575 per cent (IT 21.5 per ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m horse races made to 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". 4. Attention is also invited to section 276B, wherein 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tructure are made. 6. In case any assistance is required, the ITO concerned or the local Public Relations Officer of the Income-tax Department may be approached for the same, who will, if necessary, obtain the orders of higher authorities in the matter. 7. The copies of this Circular will be available with the Director of Inspection (Research, Statistics Public Relations) 6th Floor, Mayur Bh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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