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of <h1>Tax Deduction on Horse Race Winnings: Section 194BB Requires TDS for Winnings Over Rs. 2500 Since 1978.</h1> The circular outlines the procedure for deducting tax at source from winnings from horse races as per Section 194BB of the Income Tax Act, 1961. Effective from May 31, 1978, tax must be deducted on winnings exceeding Rs. 2500, applicable to both resident and non-resident taxpayers. The deduction rates for individuals and companies are specified, with higher rates for non-domestic companies. The estimated tax collection is Rs. 3.5 crores for the financial year 1978-79. The circular emphasizes the need for strict supervision to ensure timely tax deduction and payment by bookmakers and race clubs, and mandates amendments to reporting and record-keeping procedures.
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