Deduction of tax at source on horse-race winnings: bookmakers must withhold at prescribed rates and remit timely. Bookmakers and licensed racing payors must deduct tax at source on horse-race winnings above the statutory threshold at rates prescribed by the Finance Act for the financial year 1980-81, applying the higher applicable rate where comparisons with total-income rates arise; these rates apply to payments after the stated June 1980 date and prior deductions under the Finance Act rates need not be adjusted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction of tax at source on horse-race winnings: bookmakers must withhold at prescribed rates and remit timely.
Bookmakers and licensed racing payors must deduct tax at source on horse-race winnings above the statutory threshold at rates prescribed by the Finance Act for the financial year 1980-81, applying the higher applicable rate where comparisons with total-income rates arise; these rates apply to payments after the stated June 1980 date and prior deductions under the Finance Act rates need not be adjusted.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
