Deduction under section 80C: sub section (7) omitted consequential to repeal of section 88, affecting deduction eligibility.

The Bill omits sub section (7) of the principal income tax deduction provision that covers life insurance premia, deferred annuity, provident fund contributions and certain subscriptions, as a direct consequence of repeal of the linked statutory provision; the omission removes the cross reference and takes effect from the commencement of the relevant fiscal year.

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