Amendment to Section 80C of Income-tax Act: Removal of Sub-section (7) Following Section 88's Earlier Repeal. Effective April 2023.
Clause 36 of the Finance Bill, 2023 proposes an amendment to section 80C of the Income-tax Act, which addresses deductions for life insurance premiums, deferred annuities, provident fund contributions, and subscriptions to certain equity shares or debentures. The amendment involves the omission of sub-section (7) due to the previous removal of section 88. This change is scheduled to take effect from April 1, 2023.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.