Omission of section 88.
44. Section 88 of the Income-tax Act shall be omitted.
Notes on Clauses:
Clause 44 of the Bill seeks to omit section 88 of the Income-tax Act relating to rebate on life insurance premia, contribution to provident fund, etc.
It is proposed to omit the said section as it was sunset by Finance Act, 2005 and section 80C was introduced for allowing deduction on various instruments listed therein.
This amendment will take effect from 1st April, 2023.