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of <h1>Finance Act 2002 amends Income-tax Act: New sub-clause added, employer tax inclusion, interest rate reduced to 12%.</h1> Section 40 of the Income-tax Act is amended by the Finance Act, 2002. Effective April 1, 2003, a new sub-clause (v) is added to clause (a), specifying that any tax paid by an employer as mentioned in clause (10CC) of section 10 is included. Additionally, in clause (b), sub-clause (iv), the interest rate is amended from eighteen percent to twelve percent, effective June 1, 2002.
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