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Commission, etc., on the sale of lottery tickets.

 

194G. (1) Any person who is responsible for paying, on or after the 1st day of October, 1991 to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding [fifteen] thousand rupees shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of 1. [two per cent.] 

(2) [***]

 

(3) [***]

 

Explanation.—For the purposes of this section, where any income is credited to any account, whether called "Suspense Account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.

 

Notes

 

1. substituted by the Finance Bill 2024 dated  07.08.2024 w.e.f 01.10.2024

 

for the words

“five per cent.”,

 shall be substituted

“two per cent.”