Section 10 - Amendment of section 17. - Finance Act, 2023

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; .