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of <h1>Finance Act 1972: Tax Deduction on Lottery Winnings Over Rs. 1,000; Rates Vary for Individuals, Companies, Non-Residents.</h1> The Finance Act, 1972 mandates tax deduction at source on lottery and crossword puzzle winnings exceeding Rs. 1,000 from the financial year 1972-73. The tax rates are 34.5% for individuals and 23% for domestic companies, with higher rates for non-resident entities. No tax is deducted for prizes Rs. 1,000 or less or paid before June 1, 1972. Tax applies even if draws occurred before June 1, 1972, and is deducted from cash prizes or instalments. Recipients can apply for lower rates. Tax must be credited to the government promptly, and payers must issue certificates detailing deductions. Further instructions will follow.
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