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of <h1>Union Budget 2023-24 Proposes Removal of Obsolete Tax Provisions Including Section 88 and Certain Clauses of Section 10.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose to remove redundant provisions from the Act. Section 88, which related to rebates on life insurance premiums and provident fund contributions, is deemed obsolete since it was replaced by section 80C in 2005. Thus, section 88 is proposed for omission. Additionally, clauses (23BBF), (23EB), (26A), (41), and (49) of section 10, which detail incomes not included in total income and have already been sunset, are also proposed for removal. These amendments are set to take effect on April 1, 2023.
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