The 26-day Bangalore Summer Season will commence on Saturday (May 18) and will conclude on August 9. Racing will be held on Saturdays and Sundays except during the last two weeks when Mysore summer races will be concurrently held.
Briefing the media here on Thursday, the BTC Chairman Mr. D.M. Kumaraswamy said that an estimated total outlay for the season would be Rs. 18.50 crore covering stakes, incentives and subsidy, as compared to Rs 18 crore paid last summer. Sweepstakes have been reduced in all the Sweepstakes races to 0.4 per cent from 1.6 per cent of the added money.
The Chairman, added pursuant to an order dated March 20, 2013 passed by the High Court of Karnataka in writ petition No. 6565/2013 filed by the Bangalore Turf Club Ltd., and in terms of the interim direction, which is subject however to the final disposal of the petition, tax is required to be deducted at source on payments of stakes/prize money and incentives (prize money) as per the provisions of Section 194B of the Income Tax act 1961 and the same is required to be remitted to the Income Tax Department.
In compliance with the above directions, tax would be deducted at source by the Club in respect of payments arising towards stakes/prize money/incentives. At present the rate of tax is 30 per cent plus surcharge, wherever applicable. In the light of the above, the financial module supporting racing has been reviewed and following which, the level of stakes and subsidy structure has been revised to enable Racehorse owners to absorb the impact to the extent possible. Stakes/prize money, as modified, for various categories payable to Racehorse owners/trainers/jockeys has been summarized, as detailed in the enclosure.
The enclosure next to the Thoroughbred Counter in the first floor is now available for use of the public on payment of Rs. 80. This new enclosure for patrons will ensure additional seating.
In respect of horses bred in Karnataka, 10 per cent incentive on 1, 2, 3, 4, 5, and 6 stakes earned in ordinary races during Bangalore Summer will be credited to the accounts of the owners concerned. In respect of local horses, 20 per cent incentive on 1, 2, 3, 4, 5 and 6 stakes earned in ordinary races during Bangalore Summer will be credited on a pro-rata basis to the concerned owners, provided such owners have no interest in more than five local horses excluding 2-y-o (foaled in 2011) owned either individually and/or jointly and/or by syndicate. The cut off date for determining the eligibility for the above incentive will be November 1, 2012 after which any owner acquiring interest in more than five horses excluding 2-y-o (foaled in 2011) will automatically cease to receive the above incentive. In respect of local horses additional incentive (summer incentive) of 15 per cent on 1, 2, 3, 4, 5 and 6 stakes earned in ordinary races during Bangalore Summer will be credited to the respective owners’ accounts.
The Kingfisher Derby Bangalore will be sponsored with added money of Rs. 100 lakhs, inclusive of the Club’s contribution of Rs. 50 lakhs, and an equal contribution of Rs. 50 lakhs from the sponsors. The total stakes for this race is expected to be in excess of Rs. 2 crores and it will be the second richest race this year, next only to the Indian Derby. The Club guarantees stakes of Rs. one crore to the winner of the above race. The added money for the Fillies Championship Stakes and Colts Championship Stakes will be Rs. 25 lakhs each as during last Summer and efforts are being made to secure sponsorship for the races. The Nanoli Stud Juvenile Million carrying an added prizemoney of Rs. 12 lakhs, plus trophy value Rs. 60,000 inclusive of the Club’s contribution of Rs. 6.30 lakhs, will be sponsored by M/s. Nanoli Stud Farm.
Racing dates: May 18 and 19 (Jayachamaraja Wadiyar Cup); 25 and 26 (Nanoli Stud Juvenile Million); June 1 and 2 (Chief Minister’s Cup); 8 and 9 (Karnataka Mile Championship Cup); 15 and 16 (Fillies Championship Stakes); 22 (Chief Justice’s Cup) and 23 (Colts Championship Stakes); 29 and 30 (Juvenile Spirinter’s Million); July 6 and 7 (Maharaja’s Cup); 13 (B.T.C Anniversary Cup); 14 (Kingfisher Derby Bangalore); 20 and 21 (Bangalore St. Leger); 27 and 28 (Bangalore Summer Million); August 1 and 2 (Bangalore City Gold Cup); 8 and 9 (Governor’s Cup).
