Deduction of tax at source for horse-race winnings now required at prescribed rates with specified payment procedure and penalties. Deduction of tax at source on winnings from horse races under Section 194BB for 1984-85 is prescribed at rates set out in the Finance Act, 1984, distinguishing persons other than companies and companies, with a rule that a higher computed tax under alternative schedule provisions shall govern. Tax deducted must be remitted to the Central Government within one week of the month-end using specified challans identified by type and colour, and failures to deduct or remit without reasonable cause attract penalties under Section 276B.