Deduction of income-tax at source--Section 194B of the Income-tax Act, 1961--Deduction from winnings from lottery or crossword puzzle--Financial year 1981-82
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Deduction of tax at source from lottery winnings requires specified withholding rates, procedural certificates, and timely remittance. Deduction at source under Section 194B requires withholding income-tax from lottery and crossword puzzle winnings above the exempt threshold at rates ... Summary
Deduction of tax at source from lottery winnings requires specified withholding rates, procedural certificates, and timely remittance.
Deduction at source under Section 194B requires withholding income-tax from lottery and crossword puzzle winnings above the exempt threshold at rates specified for natural persons and companies; tax is calculated on aggregate cash and cash-equivalent prizes, withheld on actual payment (including instalments), rounded to the nearest rupee, remitted to Government within prescribed timeframes, and accompanied by prescribed certificates and quarterly statements, with provision for a recipient to obtain a certificate authorising lower or nil deduction.
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