Amendment of section 17

Section 10 of the Finance Act, 2023 deals with amendment of section 17. 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 enr

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;".

Section 10, The Finance Act, 2023 (Act 8 of 2023).