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of <h1>New Tax Rules for Horse Race Winnings: Section 194BB Imposes Source Deductions for Winnings Over Rs. 2,500.</h1> The circular addresses the deduction of tax from winnings in horse races as per Section 194BB of the Income-tax Act, 1961. Tax is deducted at source when winnings exceed Rs. 2,500, applicable to both resident and non-resident taxpayers. For the financial year 1979-80, individuals face a 36% tax rate, while domestic companies are taxed at 24% and non-domestic companies at 75.25%. Book-makers and race clubs must deduct and remit taxes to the Central Government within a week of deduction. Income-tax officers are instructed to monitor compliance and ensure timely submission of Form No. 26BB.
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