Tax deduction on horse race winnings: threshold now applies per single payout, altering withholding obligation at payment. Section 194BB requires a bookmaker or licensed person paying horse-race winnings to deduct tax at source at the rates in force at the time of payment. The ... Summary
Tax deduction on horse race winnings: threshold now applies per single payout, altering withholding obligation at payment.
Section 194BB requires a bookmaker or licensed person paying horse-race winnings to deduct tax at source at the rates in force at the time of payment. The Finance Bill 2025 removes the aggregate-year threshold and makes the deduction requirement apply where a single transaction exceeds the threshold, shifting the test from annual aggregation to single-transaction application.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
