FINANCIAL YEAR 1983-84

1761. Instructions for deduction of tax at source from winnings from horse races during financial year 1983-84 at the rates specified in Part II of First Schedule to Finance Act, 1983

1. I am directed to invite a reference to Board’s Circular No. 339 [F. No. 275/18/82-IT(B)], dated 6-5-1982, on the above subject, wherein the rates at which deduction of tax under section 194BB to be made during the financial year 1982-83 from winnings from horse races were communicated.

2. The Finance Act, 1983 specifies the rates of tax for deduction at source from payments by way of winnings from horse races during the financial year 1983-84 in Part II of the First Schedule to the said Act. They are as under :

Rates of income-tax including surcharge
I. In the case of a person other than a company—
(a) where the person is resident in India
33.75 per cent (IT 30 per cent + SC 3.75 per cent);
(b) where the person is not resident in India
33.75 per cent (IT 30 per cent + SC 3.75 per cent);
or
income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1983, 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
22.575 per cent (IT 21.5 per cent + SC 1.075 per cent)
(b) where the company is not a domestic company
73.5 per cent (IT 70 per cent + SC 3.5 per cent).

3. The tax deducted should be paid to the credit of the Central Government by remitting it into the office of the Reserve Bank of India or the State Bank of India or any other authorised public sector bank within one week from the last day of the month in which the deduction is made. While making the payment of tax deducted at source to the credit of the Central Government, it may please be ensured that the correct amount of income-tax and surcharge is recorded separately in the right type of challan form.

4. These instructions are not exhaustive and are issued only with a view to helping the persons responsible for making deductions of tax under this section. Whenever there is a doubt a reference should always be made to the Income-tax Act and the rele­vant Finance Act through which the changes in the tax structure are made.

5. In case any assistance is required, the Income-tax Officer concerned or the local Public Relations Officer of the Income-tax Department may be approached for the same.

Circular: No. 366 [F. No. 275/23/83-IT(B)], dated 20-7-1983.

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