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<h1>Income Tax Deduction Rules for Lottery and Puzzle Prizes u/s 194B for FY 1977-78 Announced by India.</h1> The circular issued by the Deputy Secretary of the Department of Revenue & Banking, Government of India, addresses the deduction of income tax at source under Section 194B of the Income-tax Act, 1961, specifically for lottery and crossword puzzle prizes for the financial year 1977-78. It refers to a previous circular from June 25, 1976, and instructs that until further notice, tax should be deducted at the rates specified in Part II of the First Schedule to the Finance Act, 1976. The circular requests that these instructions be communicated to all relevant parties under the State Government's control, advising consultation with the Income-tax Officer in case of uncertainty.