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Tax deduction at source
Rate of tax deduction at source in case of winnings from camel race will be???
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Sec 194BB income tax act 1961 winnings from horse race or any race whom license has by granted by govt and amount of winnings exceed rs. 5000 then 30% TDS required to be deduct whether person having PAN or not.
If winning amount exceeds Rs. 10,000 then there is a liability to deduct TDS.
Note that Exemption limit increased from Rs. 5,000 to Rs. 10,000 with effective from 01st June 2016.
Note that Exemption limit increased from Rs. 5,000 to Rs. 10,000 with effective from 01st June 2016.
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