Deduction of tax from winnings from horse races.

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..... source from winnings from horse races as required under section 194BB of the Income-tax Act, 1961. 2. The income-tax is deductible at source only where the income by way of winnings from any horse race in an amount exceeding Rs.2,500 is paid by any book-maker or a race club. The provisions of section 194BB are applicable in the case of resident as well as non-resident tax-payers. The rates for d .....

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..... ompany. 75.25%(IT70%+S.C.5.25)% 3. This being a provision introduced only last year it is necessary that a close supervision and control is exercised over its implementation. You may kindly make adequate arrangements for ensuring that the book-makers and the race clubs deduct the tax at source regularly and pay the same to the credit of the Central Government within the time, namely, within one .....

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