55. Deduction from income from lottery, etc.-

55.  Deduction  from  income  from  lottery,  etc.- 

The  person  responsible  for paying any amount on account of winnings referred to in section 19(13) shall, at the time of making such payment, deduct tax ¹[payable on the amount at the rate of twenty per cent.]

Explanation.-  For the purposes of this section, the expression "any amount" means the value of any goods or assets where the payment on account of such winnings is made not in the form of cash but in the form of goods or other assets.

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¹ Subs. for the words "payable on the amount at the rates specified in paragraph 3(b) of the
Second Schedule" by F.A. 1994

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