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Annual Information Statement (AIS) information category ‘Winning from horse race under Section 115BB’

Annual Information Statement, shortly known as AIS, is a statement of all-inclusive information for an income taxpayer displayed in Form 26AS. Under each section of AIS, reported value and updated value (that is value after considering the feedback of taxpayer) will be displayed.

On the other hand, Taxpayer Information Summary, shortly known as TIS, is a category-wise information summary for an income taxpayer. TIS will be updated on the basis of the feedback provided by the taxpayer in AIS. It will be used for the pre-filing of the Income Tax Return.

The present article provides a briefing on the AIS information category ‘winning from horse race u/s 115BB’.

AIS information source for category ‘Winning from horse race u/s 115BB’-

The AIS information source under the said category is summarized hereunder-

AIS information category ‘Winning from horse’

  • The person paying the amount of winning from horse race will be liable to deduct TDS as per provisions of section 194BB of the Income Tax Act. Accordingly, the payer/ deductor is also required to file the TDS quarterly return in Form 26Q mentioning the amount so paid. The amount so reflected in the TDS return will be taken as a source of information in AIS.
  • Simultaneously, the payer/ deductor will provide a TDS deduction certificate to the receiver in Form 16A.

AIS processing for category ‘Winning from horse race u/s 115BB’

The AIS processing under the said category will be done in the following manner-

  • The amount reflected by the payer/ deductor under section 194BB i.e., Winning from horse race’ while filing the TDS return in Form 26Q will be taken into consideration;
  • Accordingly, as per the AIS process, the said amount will be taxable in the hands of the receiver under the head ‘Income from other sources’.

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May 2024