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of <h1>New 5% Surcharge on Tax for Lottery, Puzzle, and Horse Race Winnings u/ss 194B and 194BB.</h1> The circular addresses the deduction of tax at source under sections 194B and 194BB of the Income-tax Act, 1961, specifically concerning winnings from lotteries, crossword puzzles, or horse races for the financial year 1987-88. It references a previous circular and highlights an amendment by the Finance (Amendment) Act, 1987, which introduces a 5% surcharge on the computed income tax from these winnings, effective from December 16, 1987. The circular instructs that this information be disseminated to relevant parties and offers guidance on seeking further assistance from the Income-tax Department.
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