TDS on horse-race winnings now triggers by single transaction rather than annual aggregation, altering deduction obligations. The amendment to section 194BB requires that tax be deducted at source on horse-race winnings when the amount payable in respect of a single transaction ... Summary
TDS on horse-race winnings now triggers by single transaction rather than annual aggregation, altering deduction obligations.
The amendment to section 194BB requires that tax be deducted at source on horse-race winnings when the amount payable in respect of a single transaction exceeds ten thousand rupees, removes the provision aggregating amounts "during the financial year," and takes effect from 1st April, 2025.
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