Section 194BB - Winnings from horse race - Income-tax Act, 1961

1 [Winnings from horse race. 194BB. Any person, being a bookmaker or a person to whom a licence has been granted by the Government under any law for the time being in force for horse racing in any race course or for arranging for 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 5 [ , being the amount or aggregate of amounts exceeding ten thousand rupees during the financial year, ] shall, at the time of payment thereof, deduct income-tax thereon at the rates in force. 3 [***]] ---------------------- Notes :- 1. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 2. Substituted for five thousand rupees by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. Earlier italicized words were substituted by the Finance Act, 1986, w.e.f. 1-6-1986 . Further substituted vide Finance Act, 2010 with effect from the 1st day of July, 2010, before it was read as, two thousand five hundred rupees , 3. Proviso omitted by the Finance Act, 1999, w.e.f. 1-4-2000. Prior to its omission, the proviso read as under : Provided that no deduction shall be made under this section from any payment made before the 1st day of June, 1978. 4. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 before it was read as, 2 [ five thousand rupees] 5. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, in an amount exceeding 4 [ ten thousand rupees ]