Deduction of income-tax at source-Section 194B of the Income-tax Act, 1961--Deduction from lottery and crossword puzzle prizes--Financial year 1976-77.

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..... . Sir, Subject: Deduction of income-tax at source-Section 194B of the Income-tax Act, 1961--Deduction from lottery and crossword puzzle prizes--Financial year 1976-77. Under section 194B of the Income-tax Act, 1961, 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. 1,0 .....

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..... er (ii) In the case of a company- (a) Where the company is 23%(IT 22%+S.C. 1%) a domestic company (b) Where the cmpany is 73.5%(IT 70%+S.C.3.5%) not a domestic company 2. It is requested that deduction of tax from lotteries and crossword puzzle prizes may be made during the financial year 1976-77 according to the above rates. 3. The substance of the main provisions in the law, in so far as t .....

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..... puzzle may have been held on or before that date. (iv) Where the lottery or crossword puzzle is paid in instalments, the deduction will be made at the time of actual payment of each instalment. (v) 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 .....

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..... of income-tax at source from lotteries and crossword puzzle prices are prescribed by the Income-tax Rules, 1962. In this connection, the following instructions may be noted:- (a) 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.13-B to the Income-tax Officer concerned and obtain from him a certificate authorising the paye .....

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..... ect of deductions made by him during the immediately preceding quarter. 4. These instructions may be brought to the notice of all concerned under the control of the State Government. 5. In cases of doubt the Income-tax Officer concerned may be consulted. Yours faithfully, (Sd.) K.R. Raghavan, Director, DEPARTMENT OF REVENUE & BANKING, GOVERNMENT OF INDIA.
Circular, Trade Notice, Public .....

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