Amendment of section 194BB.
84. In section 194BB of the Income-tax Act, for the words “in an amount exceeding ten thousand rupees”, the words “, being the amount or aggregate of amounts exceeding ten thousand rupees during the financial year,” shall be substituted.
Notes on Clauses:
Clause 84 of the Bill seeks to amend section 194BB of the Income-tax Act, 1961 relating to winning from horse race.
It is proposed to amend the said section so as to provide that deduction of tax under section 194BB shall be on the amount or aggregate of the amounts exceeding ten thousand rupees during the financial year.
This amendment will take effect from 1st April, 2023.