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of <h1>Income Tax Deduction Rules for Lottery Winnings u/s 194B: Rates, Exemptions, and Compliance for 1978-79.</h1> The circular outlines the requirements for deducting income tax at source from winnings from lotteries and crossword puzzles under Section 194B of the Income-tax Act, 1961, for the financial year 1978-79. It specifies that tax should be deducted at a rate of 34.5% for individuals and 23% for domestic companies, with higher rates for non-domestic companies. No tax is deducted for winnings of Rs.1,000 or less. Tax is deducted from cash prizes or combined cash and kind prizes but not from prizes solely in kind. Specific forms and procedures are detailed for compliance, and taxes must be paid promptly to the Central Government.
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