https://www.taxtmi.com/circulars?id=9276 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. en-us Mon, 04 Jun 1979 00:00:00 +0530 Fri, 03 Jun 2011 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9276 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. Circulars Income Tax Mon, 04 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9276