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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>40% Tax on Lottery, Puzzle, Race, and Gambling Winnings u/s 115BB of Income-tax Act.</h1> Section 115BB of the Income-tax Act, introduced by the Finance Act of 1986, effective from April 1, 1987, imposes a specific tax rate on winnings from lotteries, crossword puzzles, races (excluding income from owning and maintaining race horses), card games, and gambling or betting. The tax on such income is calculated at a rate of 40%. Additionally, the assessee is charged income tax on their total income, excluding the winnings, as if the winnings were not part of their income. The term 'horse race' is defined as per section 74A.
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