9911796707
TMI BlogTDS u/s. 194B, 194BB and 194G of the Income-tax Act, 1961, from winnings from lottery, crossword puzzles, horse races or from commission, etc., paid on sale of lottery tickets--Rates of tax applicable during the financial year 1992-93X X X X Extracts X X X X X X X X Extracts X X X X ..... erein the rates at which the deduction of tax under sections 194B, 194BB and 194G of the Income-tax Act, 1961, was to be made during the financial year 1991-92 from winnings from lotteries, crossword puzzles, horse races and from commission, etc., paid on sale of lottery tickets, were communicated. 2. There is no change in the rates of tax which will be applicable during the financial year 1992-93 in the matter of deduction of tax at source under section 194B, 194BB and 194G of the Income-tax Act. The salient provisions relating to deduction of tax at source under the aforesaid sections are as follows: (i) As per section 194B, the person responsible for paying to any person any income by way of winnings from lotteries or crossword puzzl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , referred in para 3). It is clarified in this regard that where any such income, e.g., commission, remuneration, etc., is credited to any account, whether called "Suspense Account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the tax thereon will have to be deducted at source. 3. The amount of income-tax to be deducted at the aforesaid rates shall be further increased by a surcharge, for the purposes of the Union, at the following rates: ( i ) In a case where the payee is a non-corporate resident person - 12% ( ii ) In a case where the payee is a domestic company - 15%. 4. The responsibilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if a person fails to pay to the credit of the Central Government, the tax deducted at source by him, he shall be punishable with rigorous imprisonment for a term which shall not be less than 3 months but which may extend to seven years and with fine. (b) According to the provisions of section 203, every person responsible for deducting tax at source is required to furnish a certificate to the effect that the tax has been deducted and, to specify therein, the amount deducted and certain other prescribed particulars. The certificate has to be furnished within the prescribed period (as given in rule 31 of the Income-tax Rules, 1962, generally within one month and fourteen days of the date of payment/credit) to the person to whose account cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the prescribed person in the case of every local authority or other public body or association, every private employer and every other person responsible for deducting tax under the provisions of Chapter XVII of the Income-tax Act (which includes sections 194B, 194BB and 194G) shall, within the prescribed time, after the end of each financial year, prepare and deliver or cause to be delivered to the designated/concerned Assessing Officer, a return of deduction of tax under section 194B, 194BB and 194G. The returns for tax deduction under sections 194B and 194BB have to be filed by 31st May following the financial year in which tax deduction is made. These returns have to be filed in the prescribed forms (Nos.26B and 26BB respectively). For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... making deduction of tax at source under sections 194B, 194BB and 194G. However, if there is any doubt, reference may be made to the provisions of the Income-tax Act, 1961, the Income-tax Rules, 1962, and the Finance Act, 1992. In case any assistance is required, the Assessing Officer concerned, or, the local public relations officer of the Income-tax Department may be approached. 7. Copies of the circular will be available with the Directorate of Income-tax (RSP PR), 6th Floor, Mayur Bhavan, Connaught Circus, New Delhi-110001. (Sd.) Rajesh Chandra, Under Secretary, Central Board of Direct Taxes. Annexure I Form No. 16A [ See rule 31(1)( b )] Certificate of deduction of tax at source under section 203 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TO 19.......... DETAILS OF PAYMENT, TAX DEDUCTION AND DEPOSIT OF TAX INTO CENTRAL GOVERNMENT ACCOUNT Date of payment/credit Amount paid/credited (Rs.) Amount of income-tax deducted (Rs.) Rate at which deducted Date Challan No. of deposits of tax into Central Government Account Name of bank and branch where tax deposited Certified that a sum of Rs. (in words)..........................has been deducted at source and paid to the credit of the Central Government as per details given above. Place....................... ................................................................. Date............. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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