Deduction of tax at source from income by way of winnings from horse races under new section 194BB of the Income-tax Act, 1961--Consequential amendments to Income-tax Rules, 1962--Explanatory Notes regarding

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..... tial amendments to Income-tax Rules, 1962--Explanatory Notes regarding. Circular No. 241 Dated 1/6/1978 Under the new section 194BB of the Income-tax Act, 1961, every person being a bookmaker or a person to whom a licence has been granted by the Government under any law in force for horse racing in any race course or for arranging for wagering or betting in any race course, who is responsible f .....

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..... any person other than a company, it will be open to the recipient of the winnings from horse race to make an application to the Income-tax Officer and obtain from him a certificate authorising the payer to deduct tax at such lower rate or deduct no tax, as may be appropriate in his case. The amendment to rule 28 of the Income-tax Rules seeks to provide that the application of this purpose is to be .....

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..... particulars. (iv) The amendment to rule 37 of the Income-tax Rules seeks to provide that the person responsible for making the deduction of income-tax from the winnings from horse races shall also furnish to the Income-tax Officer having jurisdiction to assess him a quarterly statement in the new Form No. 26BB on 15th July, 15th October, 15th January and 15th April in respect of the deductions m .....

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