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of <h1>CBDT Circular: Tax Deduction Rates for Horse Race Winnings u/s 194BB for FY 1983-84 Announced.</h1> The circular issued by the Central Board of Direct Taxes outlines the tax deduction rates at source for winnings from horse races under Section 194BB of the Income-tax Act, 1961, for the financial year 1983-84. For individuals, both residents and non-residents in India, the tax rate is 33.75%, while for domestic companies, it is 22.575%, and for non-domestic companies, 73.5%. The deducted tax must be remitted to the Central Government within a week of the deduction. The circular advises consulting the Income-tax Act and Finance Act for any uncertainties and provides contact information for further assistance.
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