Section-194BB of the Income Tax Act
This query is : Resolved
04 February 2009
Is it necessary to deduct the investment amount from the the amount of winnings from horse races while deducting Tax?
CA. B.SRINIVASULU
(Expert)
04 February 2009
You have to deduct tax at source under 194BB if it exceeds rs.2500. You can't adjust ticket amount or any other amount invested for getting the prize.
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