Deduction of tax at source-Sections 194B and 194BB of the I.T. Act, 1961-Deduction from winnings from lottery or crossword puzzles or horse races-Rates of tax applicable during the financial year 1986-87
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Tax deduction at source: specified withholding rates apply to lottery, crossword and horse-race winnings after Finance Act revisions. Deduction of tax at source is required on winnings from lotteries, crossword puzzles and horse races under sections 194B and 194BB; the circular ... Summary
Tax deduction at source: specified withholding rates apply to lottery, crossword and horse-race winnings after Finance Act revisions.
Deduction of tax at source is required on winnings from lotteries, crossword puzzles and horse races under sections 194B and 194BB; the circular communicates the withholding rates for 1986-87 and records that the Finance Act, 1986, amended the monetary thresholds and introduced section 115BB imposing a flat charge on gross winnings. The guidance distinguishes resident and non-resident treatment and separates corporate and non-corporate withholding rates, and directs payers to consult statutory provisions or departmental officers for clarification.
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