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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....x 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 deduct income-tax thereon at the rates in force,....

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....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). 3. It is requested that the deduction of tax at source from the payments made after June 18, 1980 of income by way of winnings from ....

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....sed. 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 in respect of pay­ments made to non-company-assessees is No. 8 with "Blue Colour Band". Along with these colour band challans the old c....