Deduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races--Financial year 1981-82

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..... To All Race Clubs. Subject : Deduction of tax at source--Section 194BB of the Income-tax Act, 1961--Income by way of winnings from horse races--Financial year 1981-82. Sir, I am directed to invite a reference to this Department's Circular No. 280 (F.No. 275/19/80-ITB), dated the September 20, 1980, printed at [1981] 127 ITR (St.) 1, on the above subject, wherein the rates at which deduction .....

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..... the company is a domestic company 22% (IT 21.5% + S.C. 0.5%) (b) where the company is not a domestic company 71.75% (IT 70% + S.C. 1.75%) a domestic company 3. The tax deducted should be paid to the credit of the Central Government by remitting it into the office of the Reserve Bank of India or State Bank of India or any other authorised public sector bank within one week from the last day o .....

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..... B of the Income-tax Act, 1961, he shall be punishable: (i) in a case where the amount of tax which he has failed to deduct or pay exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; and (ii) in any other case, with rigorous imprisonment for a term which shall not be less than three .....

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