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of <h1>Bookmakers Must Deduct Tax on Horse Race Winnings Over Rs. 2,500 Per Section 194BB; Non-compliance Leads to Penalties.</h1> Section 194BB of the Income-tax Act, 1961 requires bookmakers or licensed individuals responsible for paying winnings from horse races exceeding 2,500 rupees to deduct income tax at the rates specified by the Finance Act for the financial year 1980-81. The prescribed rates are 33% for individuals and 23% for domestic companies, with higher rates for non-residents and non-domestic companies. Tax deducted must be remitted to the government within a week. Failure to comply can result in imprisonment and fines. Relevant challans for tax payments are specified, and assistance is available from Income-tax Officers or Public Relations Officers.
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