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TMI BlogInstructions for deduction of tax at source from winnings from lottery or crossword puzzle during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974X X X X Extracts X X X X X X X X Extracts X X X X ..... uring financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974 1. Under section 194B every person responsible for paying to any person, whether resident or non-resident, any income by way of winnings from any lottery or crossword puzzle, in an amount exceeding Rs. 1,000 is required to deduct income-tax thereon at the rates prescribed in this behalf in the Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e company is a domestic company 23 per cent (IT 22 per cent + SC 1 per cent); (b) where the company is not a domestic company 73.5 per cent (IT 70 per cent + SC 3.5 per cent). 2. It is requested that pending the passing of the Finance Bill, 1974, deduction of tax from lotteries and crossword puzzle prizes may be made during the financial year 1974-75 according to the above rates. If any chang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the financial year 1974-75, from prizes given after March 31, 1974, even if the relevant draw in respect of 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 is paid in instalments, the deduction will be made at the time of actual payment of each instalment. (5) Income-tax will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax in the Government account may be obtained from the Income-tax Officer concerned. (8) The relevant forms in relation to the provisions for deduction of income-tax at source from lotteries and crossword puzzle prizes are prescribed by the Income-tax Rules. In this connection, the following instructions may be noted : (i) In the case of any person, other than a company, it is ope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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