Mayank Shyamsukha (CA FINAL) (119 Points)
21 November 2009Hi,
Will any one tell me at what rate TDS would be deducted on income from races other than Horse Race. As there is provision under the Income Tax Act 1961 for lottery, crossword , card games etc. u/s- 194B of Income Tax Act, 1961 and a separate provision for income from horse race u/s- 194BB.
Can it be consider as the normal income as the act is silent about the other races' TDS rate?
Sunil
(Trader)
(2611 Points)
Replied 21 November 2009
In horse races gambling is legalin some of our states. The section is there assuming that there is a legalsanction for gambling.
If the races you are referring to are for things like car races, then the prize money will be under the same section as lotteries, crossword puzzles and gameshows. However, it has to be a legally organised race.
Wherever there is betting involved the same section as lottery is applicable and there is no exemption. However,the organisation has to legal in the jurisdiction.
CAclubindia
