{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"13","heading":"Amendment of Section 17","text":"Amendment of section 17. 13. In section 17 of the Income-tax Act, in clause (2), for sub-clause (vii), the following sub-clauses shall be substituted with effect from the 1st day of April, 2021, namely:— \"(vii) | the amount or the aggregate of amounts of any contribution made to the account of the assessee by the employer— (a) | in a recognised provident fund; (b) | in the scheme referred to in sub-section (1) of section 80CCD; and (c) | in an approved superannuation fund, to the extent it exceeds seven lakh and fifty thousand rupees in a previous year; (viia) | the annual accretion by way of interest, dividend or any other amount of similar nature during the previous year to the balance at the credit of the fund or scheme referred to in sub-clause (vii) to the extent it relates to the contribution referred to in the said sub-clause which is included in total income under the said sub-clause in any previous year computed in such manner as may be prescribed; and\".","html":"<p><b>Amendment of section 17.</b></p><p><b>13.</b> In section 17 of the Income-tax Act, in clause (<i>2</i>), for sub-clause (<i>vii</i>), the following sub-clauses shall be substituted with effect from the 1st day of April, 2021, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>vii</i>)</td><td></td><td>the amount or the aggregate of amounts of any contribution made to the account of the assessee by the employer—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in a recognised provident fund;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in the scheme referred to in sub-section (1) of section 80CCD; and</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in an approved superannuation fund,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>to the extent it exceeds seven lakh and fifty thousand rupees in a previous year;</td></tr><tr><td>(<i>viia</i>)</td><td></td><td>the annual accretion by way of interest, dividend or any other amount of similar nature during the previous year to the balance at the credit of the fund or scheme referred to in sub-clause (<i>vii</i>) to the extent it relates to the contribution referred to in the said sub-clause which is included in total income under the said sub-clause in any previous year computed in such manner as may be prescribed; and\".</td></tr></table></div>","words":173,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/13/","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."}