9911796707
TMI BlogDeduction of tax at source-Sections 194B and 194BB of the I.T. Act, 1961-Deduction from winnings from lottery or crossword puzzles or horse races-Rates of tax applicable during the financial year 1986-87X X X X Extracts X X X X X X X X Extracts X X X X ..... s or horse races-Rates of tax applicable during the financial year 1986-87 Circular No.467 Dated 21/8/1986 From B. Nagarajan, Secretary, Central Board of Direct Taxes. To All State Governments, (Including Union Territories Administration) All Race Clubs. Sir, Subject: Deduction of tax at source-Sections 194B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of section 194B, every person responsible for paying to any person, whether resident or non-resident, any income by way of winnings from lottery or crossword puzzles in any amount exceeding Rs. 1,000 is required to deduct income-tax thereon at the rates specified in this behalf in the Finance Act of the relevant year. According to the provisions of section 194BB of the I.T. Act, any person, bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under: Rates of income-tax ( i ) In the case of a person other than a company : ( a ) where the person is resident in India 40 per cent; ( b ) where the person is not resident in the amount of the income; income-tax at 30 per cent of India or income-tax in respect of income at the rates specified in Sub-Paragraph I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substance of the main provisions in the law in so far as they relate to deduction of income-tax at source from winnings from lotteries or crossword puzzles or horse races is available in the aforesaid circulars. These instructions are not exhaustive and are issued only with a view to helping the persons responsible for making deduction of tax at source under these sections. Wherever there is diffe ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
