TaxTMI 
TaxTMI 
Deduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races--Financial year 1980-81
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....20/9/1980 1. Section 194BB of the Income-tax Act, 1961, enjoins on any person, being a bookmaker or a person to whom a licence has been granted by the Government under any law for the time being in force for horse racing in any race course and who is responsible for paying to any person any income by way of winnings from any horse race in amount exceeding two thousand five hundred rupees, to de....
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....graph A of Part III of the First Schedule to the Finance (No. 2) Act, 1980, if such income 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 21.5 per cent + SC 1.5 per cent); (b) where the company is not a domestic company 75.25 per cent (IT 70 per cent + SC 5.25 per cent....
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....e correct amount of income-tax and surcharge is recorded in the relevant challan. It may also be ensured that the right type of challan is used. New colour band challans are being introduced with separate numbers. The relevant challan for making payment of tax deducted at source from pay­ments by way of winnings from horse races made to the company-assessees is No. 2 with "Red Colour Band" and....
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....en years and with fine; and (ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine. 6. These instructions are not exhaustive and are issued only with a view to helping those responsible for making deductions of tax under this section. Whenever there is a difference of opinion, a re....