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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....agarajan, Secretary, Central Board of Direct Taxes. To All Race Clubs. Subject: 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. Sir, I am directed to invite a reference to this Department Circular No. 366 (F. No. 275/23/83-IT-B), dated the 20th July, 1983, printed at [1984] 145 ITR (St.....

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.... to the Finance Act, 1984, 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 22.575 per cent (IT 21.5 per cent + SC 1.075 per cent) (b) where the company is not a domestic company 73.5 per cent (IT 70 per cent + SC 3.5 per cent). 3. The tax deducted should be paid to the credit of the Central Government....

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....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, 1961, he shall be punishable: (i) in a case where the amount of tax which he has failed to deduct or pay exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be les....