TMI BlogDeduction of tax at source-Sections 194B and 194BB of the Income-tax Act, 1961-Deduction from winnings from lotteries or crossword puzzles or horse races-Rates of tax applicable during the financial year 1987-88X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions 194B and 194BB of the Income-tax Act, 1961-Deduction from winnings from lotteries or crossword puzzles or horse races-Rates of tax applicable during the financial year 1987-88. I am directed to invite a reference to this Department's Circular No. 467 [F. No. 275/69/86-IT (B)] dated 21-8-1986 [printed at [1986] 161 ITR (St.) 125] and Circular No. 478 [F. No. 275/106/86-IT (B)] dated 14-1-1987 [printed at [1987] 164 ITR (St.) 147] on the above subject, wherein the rates at which deduction of tax under sections 194B and 194BB to be made during the financial year 1986-87 from winnings from lotteries or crossword puzzles or horse races were communicated. 2. According to the provisions of section 115BB of the Income-tax Act, 1961, any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 94BB, section 194C, section 194D and section 195, if he has not been allotted any tax deduction account number shall, within such time as may be prescribed, apply to the Income-tax Officer for the allotment of a tax deduction account number. (2) Where a tax deduction account number has been allotted to a person, such person shall quote such number:- (a) in all challans for the payment of any sum in accordance with the provisions of section 200; (b) in all certificates issued in accordance with the provisions of section 203; (c) in all the returns delivered in accordance with the provisions of sections 206, 206A and 206B to any income-tax authority; and (d) in all other documents pertaining to such transactions as may be prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax at 30 per cent of India or income-tax in respect of income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1987 [ Annex I ], if such income had been the total income, whichever is higher. ( ii ) In the case of a company : ( a ) where the company is a domestic company 21.5 per cent; ( b ) where the company is not a domestic company 65 per cent. Explanation .-For the removal of doubt, it is however clarified that on finalising the assessment, the amount of gross winnings should be taxed in accordance with section 115BB and tax shall be levied on the amounts in cases of all suc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
