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TMI BlogInstructions for deduction of tax at source from winnings from lottery or crossword puzzle during financial year 1975-76 at the rates specified in Part II of First Schedule to Finance Act, 1975X X X X Extracts X X X X X X X X Extracts X X X X ..... ring financial year 1975-76 at the rates specified in Part II of First Schedule to Finance Act, 1975 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 Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mestic 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 deduction of tax from lotteries and crossword puzzle may be made during the financial year 1975-76, according to the above rates. 3. The substance of the main provisions in the law insofar as they relate to deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 be deductible from the amount of the prize money paid to the owner of the lucky ticket with reference to the amount paid to him. Income-tax is not deductible from the income by way of bonus or commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 open to the recipient of the prize to make an application in Form No. 13B to the Income-tax Officer concerned and obtain from him a certificate authorising the payer to deduct tax at such lower rates or d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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