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of <h1>Amendment to Section 194BB: Tax deduction threshold for horse race winnings raised from 2,500 to 5,000, effective July 1, 2010.</h1> Clause 36 of the Finance Bill, 2010 proposes an amendment to section 194BB of the Income-tax Act, which pertains to tax deductions on winnings from horse races. The amendment increases the threshold for mandatory income tax deduction by bookmakers or licensees from winnings exceeding two thousand five hundred rupees to five thousand rupees. This change is set to take effect on July 1, 2010, and requires tax to be deducted at the prevailing rates on payments exceeding the new threshold.
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