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of <h1>New Sub-Clause (iiia) Added to Section 17 of Income-Tax Act: Tax on Specified Securities for Employees</h1> Section 17 of the Income-tax Act is amended to include a new sub-clause (iiia) effective April 1, 2000. This provision addresses the taxation of the value of specified securities allotted or transferred, either free or at a concessional rate, to individuals employed by the transferor. If the transfer results from an option exercised by the individual, the securities' value is taxable in the year the option is exercised. 'Specified security' includes employees' stock options and sweat equity shares, while 'cost' is the amount paid or nil if unpaid. 'Value' is the difference between fair market value and cost.
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