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 1985-86

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....i B. Nagarajan, Secretary, Central Board of Direct Taxes. To All Race Clubs. Sir, 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 1985-86. I am directed to invite a reference to this Department's Circular No. 389 (F. No. 275/16/84-IT-B) dated the 4th August, 1984, printed at [1984] 149 ....

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....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% + SC 1.075 per cent) (b) where the company is not a domestic company 68.25 per cent (IT 65 per cent + SC 3.25 per cent) 3. The tax deducted should be paid to the credit of the Central Government by remitting it into the office of the Re....

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....able cause or excuse fails to deduct or after deducting fails to pay the tax as required under the provisions of Chapter XVII-B 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 less than six months but which may extend to seve....