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of <h1>Income Tax Deduction Rules for Lottery Winnings Over Rs. 1,000 Explained u/s 194-B for 1979-80.</h1> The circular outlines the requirements for deducting income tax at source from winnings from lotteries or crossword puzzles under Section 194-B of the Income-tax Act, 1961, for the financial year 1979-80. Tax must be deducted at specified rates for winnings exceeding Rs. 1,000, with different rates for residents, non-residents, domestic companies, and non-domestic companies. Tax is not deducted for prizes solely in kind or for winnings of Rs. 1,000 or less. The circular also details procedures for tax payment, rounding off amounts, and issuing certificates and forms related to tax deductions.
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