TaxTMI 
TaxTMI 
Instructions for deduction of tax at source from winnings from lottery or crossword puzzle during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974
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....m winnings from lottery or crossword puzzle during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974 1. Under section 194B every person responsible for paying to any person, whether resident or non-resident, any income by way of winnings from any lottery or crossword puzzle, in an amount exceeding Rs. 1,000 is required to deduct income-tax thereon a....
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....rd puzzle had been the total income, whichever is higher. II. In the case of a company :— (a) where the company is a domestic company 23 per cent (IT 22 per cent + SC 1 per cent); (b) where the company is not a domestic company 73.5 per cent (IT 70 per cent + SC 3.5 per cent). 2. It is requested that pending the passing of the Finance Bill, 1974, deductio....
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...., however, the prize is given only in kind no income-tax will be required to be deducted. (3) Income-tax will be deductible at the aforesaid rates during the financial year 1974-75, from prizes given after March 31, 1974, even if the relevant draw in respect of lottery or, as the case may be, the competition in respect of a crossword puzzle may have been held on or before that date. (4) Wher....
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..... In other cases, the tax deducted should be paid to the credit of the Central Government within one week from the date of deduction. The challans for paying income-tax in the Government account may be obtained from the Income-tax Officer concerned. (8) The relevant forms in relation to the provisions for deduc­tion of income-tax at source from lotteries and crossword puzzle prizes are pres....