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 ..... crossword puzzle during 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cent (IT 30 per cent + SC 4.5 per cent); ( b ) where the person is not 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the cash prize and the value of the prize in kind. Where, however, the prize is given only in kind no income-tax will be required to be deducted. ( 3 ) Income-tax will be deductible 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 ) W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Officer earlier. ( 2 ) In view of the existing provision in section 288B, the amount of tax to be deducted at source should be rounded off to the nearest rupee by ignoring amounts less than 50 paise and increas ing 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 adjust ..... X X X X Extracts X X X X X X X X Extracts X X X X
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