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of <h1>Taxation Laws Amendment: Unused Leave and Low-Interest Loans Now Taxable Income Under Section 17 of Income-tax Act, 1961.</h1> The amendment to Section 17 of the Income-tax Act, 1961, introduced by the Taxation Laws (Amendment) Act, 1984, includes new provisions regarding employee benefits. Clause (1) now includes payments for unused leave as taxable income, effective from April 1, 1978. Clause (2) adds a provision regarding loans provided by employers for housing or vehicle purchases. If no interest or below-market interest is charged, the difference is considered taxable income, except for government employees or those with a salary under eighteen thousand rupees, excluding non-monetary benefits.
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