Deduction of tax at source from income by way of winnings from horse races under new section 194BB of the Income-tax Act, 1961--Consequential amendments to Income-tax Rules, 1962--Explanatory Notes regarding

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....of the Income-tax Act, 1961--Consequential amendments to Income-tax Rules, 1962--Explanatory Notes regarding. Circular No. 241 Dated 1/6/1978 Under the new section 194BB of the Income-tax Act, 1961, every person being a bookmaker or a person to whom a licence has been granted by the Government under any law in force for horse racing in any race course or for arranging for wagering or bett....

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....197(1)(a) of the Income-tax Act, in the case of any person other than a company, it will be open to the recipient of the winnings from horse race to make an application to the Income-tax Officer and obtain from him a certificate authorising the payer to deduct tax at such lower rate or deduct no tax, as may be appropriate in his case. The amendment to rule 28 of the Income-tax Rules seeks to provi....