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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2023 Chapters List Chapter III DIRECT TAXES - Income-tax This

Clause 82 - Amendment of section 194B. - FINANCE BILL, 2023

FINANCE BILL, 2023
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 194B.

82. In section 194B of the Income-tax Act, ––

(i) for the marginal heading, the following marginal heading shall be substituted, namely:––

“Winnings from lottery or crossword puzzle, etc.”;

(ii) for the words “in an amount exceeding ten thousand rupees”, the words “or from gambling or betting of any form or nature whatsoever, being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year” shall be substituted;

(iii) after the proviso, the following shall be inserted with effect from the 1st day of July, 2023, namely:––

‘Provided further that nothing contained in this section shall apply to deduction of income-tax on winnings from any online game on or after the 1st day of July, 2023.

Explanation.-For the purposes of this section, “online game” shall have the meaning assigned to it in clause (iii) of the Explanation to section 115BBJ.’.

 



 

Notes on Clauses:

Clause 82 of the Bill seeks to amend section 194B of the Income-tax Act relating to winnings from lottery or crossword puzzle.

It is proposed to amend the said section so as to include winnings from gambling or betting of any form or nature whatsoever within the ambit of section 194B and accordingly proposed to amend the marginal heading.

It is further proposed to provide that deduction of tax under the said section shall be on the amount or aggregate of the amounts exceeding ten thousand rupees during the financial year.

These amendments will take effect from 1st April, 2023.

It is also proposed to insert a new proviso to provide that nothing contained in this section shall apply to deduction of income-tax on winnings from any online game on or after 1st July, 2023 and also an Explanation to provide that “online game” shall have the meaning assigned to it in clause (iii) of Explanation to the proposed section 115BBJ.

This amendment will take effect from 1st July, 2023.

 
 
 
 

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