Omission of redundant tax provisions: repeal of section 88 and specified income exclusions to streamline statutory law. Proposal to omit a provision relating to rebate on life insurance premia and provident fund contribution-formerly in section 88-on the ground that it was ... Summary
Omission of redundant tax provisions: repeal of section 88 and specified income exclusions to streamline statutory law.
Proposal to omit a provision relating to rebate on life insurance premia and provident fund contribution-formerly in section 88-on the ground that it was sunsetted and superseded by the deduction regime under section 80C; and to omit specified clauses of section 10 that had already been sunsetted, with the amendments to take effect from the commencement of the next fiscal year beginning 1st April, 2023.
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