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TMI BlogDeduction of income-tax at source-Section 194B of the Income-tax Act, 1961--Deduction from lottery and crossword puzzle prizes--Financial year 1976-77.X X X X Extracts X X X X X X X X Extracts X X X X ..... l State Governments. Sir, Subject: Deduction of income-tax at source-Section 194B of the Income-tax Act, 1961--Deduction from lottery and crossword puzzle prizes--Financial year 1976-77. Under section 194B of the Income-tax Act, 1961, every person responsible for paying to any person, whether resident or non-resident, any income by way of winnings from any lottery or crossword puzzle in an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 76 (Extract appended), if the winnings from lottery or crossword puzzle has been the total income whichever is higher (ii) In the case of a company- (a) Where the company is 23%(IT 22%+S.C. 1%) a domestic company (b) Where the cmpany is 73.5%(IT 70%+S.C.3.5%) not a domestic company 2. It is requested that deduction of tax from l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the financial year 1976-77 from prizes given after 31st March,1976, even if the relevant draw in respect of lottery or , as the case may be, the competition in respect of a crossword puzzle may have been held on or before that date. (iv) Where the lottery or crossword puzzle is paid in instalments, the deduction will be made at the time of actual payment of each instalment. (v) Income-tax wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The challans for paying income-tax in the Government account may be obtained from the Income-tax Officer concerned. (viii) The relevant forms in relation to the provisions for deduction of income-tax at source from lotteries and crossword puzzle prices are prescribed by the Income-tax Rules, 1962. In this connection, the following instructions may be noted:- (a) In the case of any person, ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crossword puzzles should send to the Income-tax Officer having jurisdiction to assess him the statement in Form No.26B quarterly on July 15th, October 15th, January 15th and April 15th in respect of deductions made by him during the immediately preceding quarter. 4. These instructions may be brought to the notice of all concerned under the control of the State Government. 5. In cases of doubt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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