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TMI BlogInstructions for deduction of tax at source from winnings from lottery or crossword puzzle during financial year 1972-73 at the rates specified in Part II of First Schedule to Finance Act, 1972X X X X Extracts X X X X X X X X Extracts X X X X ..... ring financial year 1972-73 at the rates specified in Part II of First Schedule to Finance Act, 1972 1. The Finance Act, 1972 has made several modifications in the scheme of tax exemption of casual and non-recurring receipts. The effect of these modifications will, inter alia be that winnings from lotteries and crossword puzzles will become chargeable to income-tax from the assessment year 1973-7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resident in India 34.5 per cent (IT 30 per cent + SC 4.5 per cent); or income-tax and surcharge on income-tax at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1972, if the winnings from lottery or crossword puzzle had been the total income, whichever is higher. II. In the case of a company :— (a) where the company is a domestic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ible from prizes given after May 31, 1972, even if the relevant draw in respect of a lottery or, as the case may be, the competition in respect of a crossword puzzle may have been held on or before that date. (4) Where the lottery or crossword puzzle prize is paid in instalments, the deduction will be made at the time of actual payment of each instalment. 3. The relevant forms, etc. in relation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50 paise and increasing the amounts of 50 paise or more to one rupee. (3) The tax deducted on behalf of Government should be paid to the credit of the Central Government on the same day by book adjustment. In other cases, the tax deducted should be paid to the credit of the Central Government within one month of the last day of the month in which the deduction is made. The challans for payi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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