What is Winnings from lottery or crossword puzzle? What
is Winnings from horse race? Section 194B and 194BB of Income Tax Act 1961
Winnings from lottery or crossword puzzle and Winnings
from horse race are
defined under section 194B and 194BB of Income Tax Act 1961. Provisions under these Sections
are
:
Section 194B of Income Tax Act "Winnings from
lottery or crossword puzzle"
Section 194B. The person responsible for paying to any
person any income by way of winnings from any lottery or
crossword puzzle or card game and other game of any sort in
an amount exceeding ten thousand rupees shall, at the time
of payment thereof, deduct income-tax thereon at the rates
in force :
Provided that in a case where the winnings are wholly in
kind or partly in cash and partly in kind but the part in
cash is not sufficient to meet the liability of deduction of
tax in respect of whole of the winnings, the person
responsible for paying shall, before releasing the winnings,
ensure that tax has been paid in respect of the winnings.
Section 194BB of Income Tax Act "Winnings from
horse race" 194BB. Any person, being a bookmaker or a
person to whom a licence has been granted by the Government
under any law for the time being in force for horse racing
in any race course or for arranging for wagering or betting
in any race course, who is responsible for paying to any
person any income by way of winnings from any horse race in
an amount exceeding five thousand rupees shall, at the time
of payment thereof, deduct income-tax thereon at the rates
in force. |
