{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":217,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/"},"unit":"section","section":{"number":"23","heading":"Amendment of section 80C","text":"Amendment of section 80C 23. In section 80C of the Income-tax Act, in sub-section (2), after clause (xxiv), the following clause shall be inserted with effect from the 1st day of April, 2020, namely:— '(xxv) | being an employee of the Central Government, as a contribution to a specified account of the pension scheme referred to in section 80CCD— (a) | for a fixed period of not less than three years; and (b) | which is in accordance with the scheme as may be notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation.—For the purposes of this clause, \"specified account\" means an additional account referred to in sub-section (3) of section 20 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013).'.","html":"<p><b><b>Amendment of section 80C</b></b></p><p><b><b>23</b>.</b> In section 80C of the Income-tax Act, in sub-section (2), after clause (<i>xxiv</i>), the following clause shall be inserted with effect from the 1st day of April, 2020, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>xxv</i>)</td><td></td><td>being an employee of the Central Government, as a contribution to a specified account of the pension scheme referred to in section 80CCD—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for a fixed period of not less than three years; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>which is in accordance with the scheme as may be notified by the Central Government in the Official Gazette for the purposes of this clause.</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><i>Explanation</i>.—For the purposes of this clause, \"specified account\" means an additional account referred to in sub-section (3) of section 20 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013).'.</td></tr></table></div>","words":132,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/23/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}