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TMI BlogDeduction of tax at source-Sections 194B and 194BB of the I.T. Act, 1961-Deduction from winnings from lottery or crossword puzzles or horse races-Rates of tax applicable during the financial year 1986-87X X X X Extracts X X X X X X X X Extracts X X X X ..... races-Rates of tax applicable during the financial year 1986-87 Circular No.467 Dated 21/8/1986 From B. Nagarajan, Secretary, Central Board of Direct Taxes. To All State Governments, (Including Union Territories Administration) All Race Clubs. Sir, Subject: Deduction of tax at source-Sections 194B and 194BB of the I.T. Act, 1961-Deduction from winnings from lottery or crossword puz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or non-resident, any income by way of winnings from lottery or crossword puzzles in any amount exceeding Rs. 1,000 is required to deduct income-tax thereon at the rates specified in this behalf in the Finance Act of the relevant year. According to the provisions of section 194BB of the I.T. Act, any person, being a book-maker or a person to whom licence has been granted by the Government under an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere the person is resident in India 40 per cent; (b) where the person is not resident in the amount of the income; income-tax at 30 per cent of India or income-tax in respect of income at the rates specified in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1986 [Annex I], if such income had been the total income, whichever is higher. (ii) In the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot exhaustive and are issued only with a view to helping the persons responsible for making deduction of tax at source under these sections. Wherever there is difference of opinion, a reference should always be made to the provisions of the I.T. Act, 1961, and the relevant Finance Act through which the changes in law are made. In case any assistance is required, the ITO concerned or the local Publ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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