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TDS on Winning from House Races [Section 194BB]


The Provisions of Section-194 B towards Winning From Horse Race [ Section 194BB] are given below---

Who is the taxpayer

Any person paying winning from Horse Races

Who is the recipient

Any person

Payment covered

Winning from Horse Races

At what time tax has to be deducted at source

At the time of payment

Maximum amount which can be paid without Tax Deduction

If the amount of payment is Rs.10,000 or less

Rate of tax deducted at source

30% (No Surcharge or Education Cess)

Is it possible to get the payment without Tax Deduction or with Lower Tax Deduction Not Possible

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.

  1. No tax is to be deducted at source if winnings from horse race does not exceed Rs.10,000.

  2. There is no provisions under section 194BB for deduction of tax at a rate lower than the rate prescribed above.

CONTENT-Tax Deducted at Source (TDS) [Section 190 to 206CA]

Related Topics....TDS (Tax Deducted at Source)


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