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of <h1>CBDT Clarifies Tax Deduction at Source for Lottery and Puzzle Winnings Over Rs. 1,000 u/s 194B.</h1> The circular issued by the Central Board of Direct Taxes addresses the deduction of income tax at source under Section 194B of the Income-tax Act, 1961, specifically for winnings from lotteries or crossword puzzles during the financial year 1983-84. It mandates that any person responsible for paying such winnings exceeding Rs. 1,000 must deduct income tax at specified rates. For individuals, the rate is 33.75%, and for domestic companies, it is 22.575%, while non-domestic companies face a 73.5% rate. The circular emphasizes that these instructions should be communicated to all relevant parties under state government control.
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