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of <h1>New Section 194BB: Tax Deduction Mandated for Horse Racing Winnings Over 2,500 Rupees by Bookmakers or Licensed Individuals.</h1> Section 194BB is introduced to the Income-tax Act, mandating that any bookmaker or government-licensed individual involved in horse racing must deduct income tax from winnings exceeding 2,500 rupees. This deduction must occur at the time of payment, adhering to the prevailing tax rates. However, the provision specifies that no tax deduction is required for payments made before June 1, 1978.
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