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of <h1>Finance Act, 2001: Increased Tax Exemption Limits and New Provisions for Fringe Benefits and Employee Stock Options</h1> The Finance Act, 2001 amends section 17 of the Income-tax Act, affecting clauses (2) and (3). In clause (2), sub-clause (iii), item (c), the exemption limit is increased from twenty-four thousand rupees to fifty thousand rupees, effective April 1, 2002. The proviso is revised to include any Employees' Stock Option Plan or Scheme aligned with Central Government guidelines. A new sub-clause (vi) is added for prescribed fringe benefits. In clause (3), a new sub-clause (iii) is added, covering amounts due or received by an assessee before joining or after leaving employment, effective April 1, 2002.
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