Tax deduction at source on horse-race winnings requires bookmakers and race clubs to deduct and remit tax promptly. Deduction of tax at source is required on winnings from horse races paid by bookmakers or race clubs to resident and non resident recipients; prescribed withholding rates apply to individuals and companies. Deductors must withhold and remit tax to the central government within the prescribed time, provide challans to payers, obtain quarterly statements in Form No.26BB, and ensure close administrative supervision including amended reporting lines to monitor collections.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction at source on horse-race winnings requires bookmakers and race clubs to deduct and remit tax promptly.
Deduction of tax at source is required on winnings from horse races paid by bookmakers or race clubs to resident and non resident recipients; prescribed withholding rates apply to individuals and companies. Deductors must withhold and remit tax to the central government within the prescribed time, provide challans to payers, obtain quarterly statements in Form No.26BB, and ensure close administrative supervision including amended reporting lines to monitor collections.
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