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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Clarification: No Tax on Lottery, Crossword, Horse Race Winnings Under Rs. 5,000; 40% Above Rs. 5,000.</h1> The circular from the Central Board of Direct Taxes addresses the deduction of tax at source under Sections 194B and 194BB of the Income Tax Act, 1961, for winnings from lotteries, crossword puzzles, and horse races for the financial year 1986-87. It clarifies that no tax is levied if the total winnings and casual receipts do not exceed Rs. 5,000 annually. For winnings exceeding Rs. 5,000, a 40% tax is deducted at source on the gross winnings, post-exemption of Rs. 5,000, applicable from June 1, 1986. The circular requests dissemination of this information to relevant parties.
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