Amendment of section 194BB.
71. In section 194BB of the Income-tax Act, for the words “five thousand rupees”, the words “ten thousand rupees” shall be substituted with effect from the 1st day of June, 2016.
Notes on Clauses:
Clause 71 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race.
Under the existing provisions of the aforesaid section, any person responsible for paying to any person any income by way of winning from horse race in excess of five thousand rupees shall deduct income-tax on such payment at the rates in force.
It is proposed to enhance the said threshold limit from five thousand rupees to ten thousand rupees.
This amendment will take effect from 1st June, 2016.