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of <h1>Income Tax Deduction Required for Lottery Prizes u/s 194B: Compliance Urged for State Governments and Union Territories.</h1> The circular issued by the Deputy Secretary to the Government of India addresses the requirement for the deduction of income tax at source under section 194B of the Income-tax Act, 1961, from prizes awarded to lottery agents through 'lucky dip draws.' It clarifies that these prizes are considered 'lotteries' as they rely on chance and are subject to tax deduction at rates specified by the annual Finance Act. State Governments and Union Territories conducting such lotteries are requested to ensure compliance by deducting the appropriate tax from these prizes and informing all relevant parties.
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