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of <h1>CBDT Clarifies Tax Deduction on Lottery Winnings u/s 194B: Rates, Exemptions, and Documentation for 1984-85.</h1> The circular issued by the Central Board of Direct Taxes outlines the tax deduction requirements under Section 194B of the Income-tax Act, 1961, for winnings from lotteries and crossword puzzles for the financial year 1984-85. It specifies that tax should be deducted at a rate of 33.75% for individuals and 22.575% for domestic companies, with higher rates for non-residents and non-domestic companies. No tax is deducted for winnings of Rs. 1,000 or less. The circular also provides guidelines for tax deduction on prizes given in cash and kind, instalment payments, and rounding off tax amounts. Additionally, it details the procedure for payment and documentation of tax deductions.
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