In India, income generated from horse racing activities has unique tax implications and cultural significance. The Royal Calcutta Turf Club and Mumbai Race Course are prominent venues where this tradition thrives.
Local betting platforms like Bet365 and local bookmakers operate under strict regulations. The Income Tax Act specifically addresses taxation on winnings from horse races under Section 194BB, requiring deductors to withhold tax at source.
Traditional Indian horse breeds like Marwari and Kathiawari horses often participate in these races. Many racing enthusiasts use mobile applications and online platforms to place bets and track their potential income from these events.
The legal framework governing horse race income varies across states, with Sikkim and Goa having more liberal policies compared to other regions. Professional jockeys and stable owners constitute a significant part of this industry\“s workforce. |
