What is Section 194BB?
As per section 194BB, if you have income from winning from horse races, betting then TDS is deducted under Section 194BB if the income exceeds INR 10,000.
What is the point of time for TDS deduction under section 194BB?
As per section 194BB, TDS is required to be deducted at the time of payment of the prize.
If the payer makes payment in installments, they must deduct TDS at the time of actual payment of each installment.
Read Also : TDS on interest other than interest on securities
Who shall deduct TDS u/s 194BB ?
A person liable to distribute the prize for winning from horse races should deduct TDS from the payment and pay the balance amount to the winner. TDS should be deducted only if the winning amount exceeds INR 10,000.
What is rate of TDS u/s 194BB of Income tax Act ?
The payer shall deduct tax at the rate of 30% under Sec 194BB from the money paid for horse races if the amount exceeds INR 10,000.
What is the due Date to deposit TDS u/s 194BB?
Particulars | Time limit to deposit TDS |
If the amount is paid or credited in the month other than March | Within 7 days from the end of the month is which deduction is made |
If the amount is paid or credited in the month of March | On or before 30th April |
What is the due date for TDS returns u/s 194BB ?
The Deductor i.e. prize distributor is liable to deduct tax under Section 194BB of Income Tax Act. They shall file quarterly returns in Form 26Q within the following due dates:
Particulars | Due Date |
April - June | 31st July |
July - September | 31st October |
October-December | 31st January |
January - March | 31st May |
Read Also : Income tax scrutiny on International transactions above Rs 50,000
What is the due dates for issuing of TDS certificate u/s 194BB ?
Deductor i.e. prize distributor shall issue a TDS Certificate to the deductee i.e. winner in Form 16A for TDS deducted on income from horse races u/s 194BB
Particulars | Due Date |
April - June | 15th Aug |
July - September | 15th November |
October-December | 15th February |
January - March | 15th June |
