Amendment of section 87.
42. In section 87 of the Income-tax Act,––
(a) in sub-section (1), the figures and letters “, 88, 88A, 88B, 88C, 88D” shall be omitted;
(b) in sub-section (2), the words, figures and letters “or section 88 or section 88A or section 88B or section 88C or section 88D” shall be omitted.
Notes on Clauses:
Clause 42 of the Bill seeks to amend section 87 of the Income-tax Act relating to rebate to be allowed in computing income-tax.
It is proposed to omit reference of sections 88, 88A, 88B, 88C and 88D in sub-sections (1) and (2) of the said section which is consequential in nature.
These amendments will take effect from 1st April, 2023.
