Amendment of section 80C.
36. In section 80C of the Income-tax Act, sub-section (7) shall be omitted.
Notes on Clauses:
Clause 36 of the Bill seeks to amend section 80C of the Income-tax Act relating to deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
It is proposed to omit sub-section (7) of the said section which is consequential due to the omission of section 88.
This amendment will take effect from 1st April, 2023.
