TaxTMI 
TaxTMI 
Deduction of tax from winnings from horse races u/s.194 BB of the Income Tax Act.
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....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 by any book-maker or a race club. The provisions of sec.19....
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....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 deduction or the date of the receipt of challan. ITOs may also be instructed to....
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.... 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 present items f to h under the sub-head referred to at iii above as g to i. 5. Apart fr....