Amendment to section 27 removes specified clauses, altering income-tax statutory provisions and streamlining related tax law. The Finance Act, 2001 omits clauses (iv) and (v) of section 27 of the Income-tax Act, removing those subclauses from the statute and making that omission effective from the first day of April, 2002, so that the provision operates thereafter without the deleted clauses.
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Amendment to section 27 removes specified clauses, altering income-tax statutory provisions and streamlining related tax law.
The Finance Act, 2001 omits clauses (iv) and (v) of section 27 of the Income-tax Act, removing those subclauses from the statute and making that omission effective from the first day of April, 2002, so that the provision operates thereafter without the deleted clauses.
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