Amendment of section 115BB.
53. In section 115BB of the Income-tax Act, for the Explanation, the following shall be substituted with effect from the 1st day of April, 2024, namely:––
‘Provided that nothing contained in this section shall apply to income by way of winnings from any online game for the assessment year beginning on or after the 1st day of April, 2024.
Explanation.-For the purposes of this section,––
(i) “horse race” shall have the meaning assigned to it in section 74A;
(ii) “online game” shall have the meaning assigned to it in section 115BBJ.’.
Notes on Clauses:
Clause 53 of the Bill seeks to amend section 115BB of the Income-tax Act relating to tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever.
It is proposed to amend the said section to insert a proviso to provide that nothing contained in said section shall apply to income by way of winnings from any online game for the assessment year beginning on or after 1st April, 2024.
It is further proposed to substitute the Explanation to define the expression “horse race” and “online game”.
This amendment will take effect from 1st April, 2024 and will, accordingly, apply in relation to the assessment year 2024-2025 and subsequent assessment years.
