Clause 13 - Amendment of section 17. - Finance Bill, 2020

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 .