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of <h1>Tax Deduction Rules for Lotteries & Horse Races: 40% TDS on Winnings Over Rs. 5,000, Plus Surcharge.</h1> The circular outlines the tax deduction procedures under sections 194B and 194BB of the Income-tax Act, 1961, for winnings from lotteries, crossword puzzles, and horse races for the financial year 1988-89. It mandates a 40% tax deduction at source on winnings exceeding Rs. 5,000, with an additional 5% surcharge for resident individuals and domestic companies. It emphasizes the obligation to quote the Tax Deduction Account Number (TAN) and details penalties for non-compliance. The circular also highlights the legal consequences for failing to remit deducted taxes to the government and advises consulting the Income-tax Act for further guidance.
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