Annual Information Statement - Winnings from horse race U/S 115BB. [AIS Update - 10]

The key information sources under this information category are as under:

S.No	Information Source	Information Description
1	Winnings from Horse Race (Section 194BB)	Payer is liable to deduct tax at applicable rate as per act from winnings from Horse race. Information about winnings is reported by payer in TDS form 26Q. Information is reported on quarterly basis and is chargeable to tax at special rate. This information is provided by the deductor to the deductee (taxpayer) in Form 16A.

The approach for AIS processing and information handling is as under:

1. Payer/Deductor while making payment, relating to the winning from horse races to the winner, deducts TDS and reports the same in TDS form 26Q. Winning from horse races is taxable in the hands of recipient under the head income from other sources.

2. The AIS information level feedback can be used for providing following inputs:

• Information is correct

• Income is not taxable

• Information is not fully correct: This functionality can be used to modify key attributes (e.g.Account Number, Account Type in case of interest), Information value etc.

• Information relates to other PAN/Year

• Information is duplicate / included in other information

• Information is denied

1. The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

2. Winnings from Horse Races will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.

3. All deductions and depreciation u/s 57 from other source income to be claimed in the return.