Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2010 Chapters List Chapter III - Part 1 Income Tax This

Clause 36 - Amendment of section 194BB - FINANCE BILL, 2010

FINANCE BILL, 2010
Chapter III - Part 1
Income Tax
  • Contents

CHAPTER III

DIRECT TAXES

Income-tax

 

Amendment of section 194BB.

36. In section 194BB of the Income-tax Act, for the words "two thousand five hundred rupees", the words "five thousand rupees" shall be substituted with effect from the 1st day of July, 2010.

 



 

Notes on Clauses:

Clause 36 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race.

Under the existing provisions contained in the aforesaid section, a bookmaker or a licensee for horse racing in any race course or for arranging any wagering or betting in any race course, who is responsible for paying to any person any income by way of winnings from any horse race in excess of two thousand five hundred rupees is required to deduct income-tax on such payments at the rates in force.

It is proposed to enhance the said limit from two thousand five hundred rupees to five thousand rupees.

This amendment will take effect from 1st July, 2010.

 
 
 
 

Quick Updates:Latest Updates