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of <h1>New Guidelines for Tax Deduction on Lottery Winnings u/s 194B: Rates, Exemptions, and Procedures for 1977-78.</h1> The circular issued by the Deputy Secretary of the Department of Revenue outlines the guidelines for deducting income tax at source under Section 194B of the Income-tax Act, 1961, for winnings from lotteries or crossword puzzles for the financial year 1977-78. Tax must be deducted at specified rates for winnings exceeding Rs.1,000, with different rates for individuals and companies, both domestic and foreign. Special provisions include no tax deduction for prizes Rs.1,000 or less, and specific rules for prizes given in kind or in installments. The circular also details procedural requirements for tax deduction certificates and reporting.
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