Tax Deduction on Race Winnings: Withholding required from bookmakers and race clubs for resident and nonresident recipients. Deduction of tax at source is mandated on winnings from horse races under section 194BB, applicable to payments by bookmakers and race clubs for resident and nonresident recipients. Withholding must follow prescribed rates and be the higher of the flat rate or tax computed as if winnings were the total income, and applies to both individuals and companies. Administrative measures require timely deposit of withheld tax, supply of challans, identification of liable payers, and submission of periodic statements in Form No.26BB to ensure compliance.
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 on Race Winnings: Withholding required from bookmakers and race clubs for resident and nonresident recipients.
Deduction of tax at source is mandated on winnings from horse races under section 194BB, applicable to payments by bookmakers and race clubs for resident and nonresident recipients. Withholding must follow prescribed rates and be the higher of the flat rate or tax computed as if winnings were the total income, and applies to both individuals and companies. Administrative measures require timely deposit of withheld tax, supply of challans, identification of liable payers, and submission of periodic statements in Form No.26BB to ensure compliance.
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