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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....rcular No.425 Dated 24/7/1985 From             Shri B. Nagarajan,             Secretary,             Central Board of Direct Taxes. To             All Race Clu....

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....a company :   (a) where the person is resident IT 30 per cent, SC Nil; (b) where the person is not resident IT 30 per cent of the amount of the income;   or   income-tax and 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 Act, 1985 (Annex), if such income had been the ....

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....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 race made to company-assessees is No. 2 with "Read 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, wherein it is provided that if a perso....