Section 194BB - Winnings from horse race

Union Budget 2025-26 (Full) + Finance Bill, 2025

Section 194BB - Winnings from horse race

Section 194BB of the Act requires that any person, being a bookmaker or a person to whom a license 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 , being the amount or aggregate of amounts exceeding Rs. 10,000/- during the financial year, shall, at the time of payment thereof, deduct income-tax thereon at the rates in force.

2. It is proposed to remove the condition of threshold applying on aggregate of amounts exceeding Rs. 10,000/- and to now instead apply in respect of a single transaction.

3. This amendment will take effect from the 1st day of April 2025.

[Clause 55]

Full Text:

Union Budget 2025-26 (Full) + Finance Bill, 2025

Dated: 1-2-2025