{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"10","heading":"Amendment of section 17","text":"Amendment of section 17. 10.  In section 17 of the Income-tax Act,— (i) | in clause (1), after sub-clause (viii), the following sub-clause shall be inserted, namely:— \"(ix) | the contribution made by the Central Government in the previous year, to the Agniveer Corpus Fund account of an individual enrolled in the Agnipath Scheme referred to in section 80CCH;\"; (ii) | in clause (2), with effect from the 1st day of April, 2024,— (a) | in sub-clause (i), after the word \"employer\", the words \"computed in such manner as may be prescribed\" shall be inserted; (b) | for sub-clause (ii) and Explanations 1 to 4 thereto, the following shall be substituted, namely:— \"(ii) | the value of any accommodation provided to the assessee by his employer at a concessional rate. Explanation.—For the purposes of this sub-clause, it is clarified that accommodation shall be deemed to have been provided at a concessional rate, if the value of accommodation computed in such manner as may be prescribed, exceeds the rent recoverable from, or payable by, the assessee;\".","html":"<p><b>Amendment of section 17.</b></p><p><b>10. </b> In section 17 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>1</i>), after sub-clause (<i>viii</i>), the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>ix</i>)</td><td></td><td>the contribution made by the Central Government in the previous year, to the <i>Agniveer</i> Corpus Fund account of an individual enrolled in the <i>Agnipath</i> Scheme referred to in section 80CCH;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>2</i>), with effect from the 1st day of April, 2024,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-clause (<i>i</i>), after the word \"employer\", the words \"computed in such manner as may be prescribed\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>for sub-clause (<i>ii</i>) and <i>Explanations 1</i> to <i>4</i> thereto, the following shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>ii</i>)</td><td></td><td>the value of any accommodation provided to the assessee by his employer at a concessional rate.</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><i>Explanation.</i>—For the purposes of this sub-clause, it is clarified that accommodation shall be deemed to have been provided at a concessional rate, if the value of accommodation computed in such manner as may be prescribed, exceeds the rent recoverable from, or payable by, the assessee;\".</td></tr></table></div>","words":175,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/10/","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."}