Clause 23 - Amendment of section 80C. - Finance (No. 2) Bill, 2019

Amendment of section 80C. 23. In section 80C of the Income-tax Act, in sub-section (2), after clause (xxiv), the following clause shall be inserted with effect from the 1st day of April, 2020, namely:- (xxv) being an employee of the Central Government, as a contribution to a specified account of the pension scheme referred to in section 80CCD (a) for a fixed period of not less than three years; and (b) which is in accordance with the scheme as may be notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation.- For the purposes of this clause, specified account means an additional account referred to in sub-section (3) of section 20 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013). .