{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"85","heading":"Amendment of section 194B","text":"Amendment of section 194B. 85.  In section 194B of the Income-tax Act,— (i) | for the marginal heading, the following marginal heading shall be substituted, namely:— \"Winnings from lottery or crossword puzzle, etc.\"; (ii) | for the words \"in an amount exceeding ten thousand rupees\", the words \"or from gambling or betting of any form or nature whatsoever, being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year\" shall be substituted; (iii) | after the proviso, the following shall be inserted, namely:— 'Provided further that nothing contained in this section shall apply to deduction of income-tax on winnings from any online game on or after the 1st day of April, 2023. Explanation.—For the purposes of this section, \"online game\" shall have the meaning assigned to it in clause (iii) of the Explanation to section 115BBJ.'.","html":"<p><b>Amendment of section 194B.</b></p><p><b>85. </b> In section 194B of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the marginal heading, the following marginal heading shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"Winnings from lottery or crossword puzzle, etc.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for the words \"in an amount exceeding ten thousand rupees\", the words \"or from gambling or betting of any form or nature whatsoever, being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year\" shall be substituted;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>after the proviso, the following shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'<b>Provided further</b> that nothing contained in this section shall apply to deduction of income-tax on winnings from any online game on or after the 1st day of April, 2023.</td></tr><tr><td></td><td></td><td><i>Explanation</i>.—For the purposes of this section, \"online game\" shall have the meaning assigned to it in clause (<i>iii</i>) of the <i>Explanation</i> to section 115BBJ.'.</td></tr></table></div>","words":141,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/85/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}