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of <h1>Income Tax Amendment: Section 194BB Raises Deduction Threshold on Horse Race Winnings from 5,000 to 10,000 Effective June 2016.</h1> Clause 71 of the Finance Bill, 2016, proposes an amendment to section 194BB of the Income-tax Act, which pertains to winnings from horse races. The amendment increases the threshold for deducting income tax on such winnings from five thousand rupees to ten thousand rupees. This change means that tax will only be deducted on winnings exceeding ten thousand rupees. The amendment is set to take effect from June 1, 2016.
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