Who is liable to deduct TDS under Section 194BB :
Any person, who is responsible for paying to any person any income by way of winnings from any horse race an amount exceeding Rs.10,000 (Rs.5,000 upto 31.5.2016) shall deduct income-tax at the rates in force.
Any person here means a book maker 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.
Rate of TDS under Section 194BB for the financial years 2017-18 & 2018-19:
The rate of TDS is 30%.
When TDS under Section 194BB is to be Deducted:
At the time of payment of such income.
No tax is to be deducted at source if winnings from horse race does not exceed Rs.10,000.
There is no provisions under section 194BB for deduction of tax at a rate lower than the rate prescribed above.