Deduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races--Financial year 1981-82

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....29/4/1981 From             S.R. Wadhwa,             Director. To             All Race Clubs. Subject : Deduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races-....

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....r   income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Bill, 1981, (Annex), 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 22% (....

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....ade to 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". 4. Attention is also invited to section 276B, where it is provided that if a person without reasonable cause or excuse fails to deduct, or after deducting fails to pay the tax as required under the provisions of Chapter XVIIB of the Income-tax Act, ....