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of <h1>Income Tax Deduction Rules for Lottery Winnings: Section 194B Guidelines for FY 1980-81 Explained.</h1> The circular outlines the procedure 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 1980-81. It specifies the tax rates for residents and non-residents, both individuals and companies, and details the conditions under which tax deductions apply. The circular also provides instructions on handling prizes given in cash and kind, the timing of deductions, and the process for remitting tax to the government. Additionally, it includes guidance on issuing certificates and submitting statements related to tax deductions.
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