Deduction of tax at source-Section 194BB of the Income-tax Act, 1961-Deduction from income by way of winnings from horse races-Financial Year 1984-85

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....ular No. 389 Dated  4/8/1984 From             B. Nagarajan,             Secretary,             Central Board of Direct Taxes. To             All Race Club....

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....y—   (a) where the person is resident 33.75 per cent (IT 30 per cent + SC 3.75 per cent); (b) where the person is not resident 33.75 per cent (IT 30 per cent + SC 3.75 per cent);   or   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....

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....s recorded in the relevant challan. It may also be ensured that the right type of challan is used. The relevant challan for making payment of tax deducted at source from payments by way of winnings from horse races made 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 s....

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....this section. Whenever there is a difference of opinion, a reference should always be made to the provisions of the Income-tax Act, 1961, and the relevant Finance Act through which the changes in the tax structure are made. 6. In case any assistance is required, the ITO concerned or the local Public Relations Officer of the Income-tax Department may be approached for the same, who will, if nece....