Amendment of section 115BB
Section 55 of the Finance Act, 2023 deals with amendment of section 115BB. Amendment of section 115BB. 55. In section 115BB of the Income-tax Act, for the Explanation, the following shall be substituted with effect from the 1st day of April, 2024, namely:— 'Provided that nothing contained in this section shall apply to income by way of winnings from any online game for the
Amendment of section 115BB.
55. In section 115BB of the Income-tax Act, for the Explanation, the following shall be substituted with effect from the 1st day of April, 2024, namely:—
'Provided that nothing contained in this section shall apply to income by way of winnings from any online game for the assessment year beginning on or after the 1st day of April, 2024.
Explanation.—For the purposes of this section,—
Section 55, The Finance Act, 2023 (Act 8 of 2023).
(i) "horse race" shall have the meaning assigned to it in section 74A; (ii) "online game" shall have the meaning assigned to it in section 115BBJ.'.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 55
What does Section 55 of the Finance Act deal with?
Section 55 of the Finance Act is headed "Amendment of section 115BB". Amendment of section 115BB. 55. In section 115BB of the Income-tax Act, for the Explanation, the following shall be substituted with effect from the 1st day of April, 2024, namely:— 'Provided that nothing contained in this section shall apply to income by way of winnings from any online game for the
How do I find court cases under Section 55 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2023 55, section 55 Finance Act 2023, section 55 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 55 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 115BB (Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2023 as Act 8 of 2023. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule10190 words
- 2. Income-tax8337 words
- Fourth Schedule. Fourth Schedule6615 words
- 5. Amendment of section 102717 words
- 150. Substitution of new section for section 1101621 words
- 54. Insertion of new section 115BAE1218 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.