Rules and forms framed for the purposes of deduction of tax at source from winnings from horse race under the section from 1-6-1978
Circular : No. 241 [F. No. 142(4)/78-TPL], dated 1-6-1978.
1. Under the new section 194BB, every person being a book-maker or a person to whom a licence has been granted by the Government under any law 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 any income by way of winnings from any horse race in an amount exceeding Rs. 2,500 is required to deduct income-tax thereon at the rates prescribed in this behalf in the Finance Act of the relevant year.