Tax deduction at source from horse-race winnings: prescribed withholding rates and mandatory remittance and challan requirements. Deduction of tax at source is required on winnings from horse races under Section 194BB, with prescribed withholding rates for resident and non-resident persons and differing rates for companies. Tax deducted must be remitted to Government through authorised banks within one week from the last day of the month of deduction, ensuring correct recording of income-tax and surcharge in the specified challans for company and non-company assessees. Section 276B penal consequences for failure to deduct or pay without reasonable cause are noted.
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Provisions expressly mentioned in the judgment/order text.
Tax deduction at source from horse-race winnings: prescribed withholding rates and mandatory remittance and challan requirements.
Deduction of tax at source is required on winnings from horse races under Section 194BB, with prescribed withholding rates for resident and non-resident persons and differing rates for companies. Tax deducted must be remitted to Government through authorised banks within one week from the last day of the month of deduction, ensuring correct recording of income-tax and surcharge in the specified challans for company and non-company assessees. Section 276B penal consequences for failure to deduct or pay without reasonable cause are noted.
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