Deduction of tax from winnings from horse races u/s.194 BB of the Income Tax Act.

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....enclosing copies of the notification No.2306/F.No.142(4)/78-TPL, dated 25th May, 1978, containing Income-tax Rules, 1978 regarding deduction of tax at source from winnings from horse races as required u/s.194 BB of the I.T.Act. 2. As you are aware income-tax will be deductible at source where the income by way of winnings from any horse races in an amount exceeding Rs.2500 is paid after 31-5-78....

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....ides this being a new provision it is necessary that a close supervision and control is exercised over its implementation. You are therefore requested to make necessary arrangements for ensuring that the bookmakers and the race clubs deduct the tax at source regularly and pay the same to the credit of the central government within the prescribed time, namely within one week from the date of deduct....

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....ration tax add new item (e) "Deduction from winnings from horse races u/s.194 BB"; ii. the present items e to g under the sub-head ibid may be re-numbered as f to h; iii. similarly under the sub-head "Deduction at source" of major head 021 taxes on income other than corporation tax after item (e) add new item (f) Deduction from winnings from horse races u/s.194 BB; iv. re-number the prese....