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Substitution of new section for section 80JJAA- Deduction in respect of employment of new employees.

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..... ployment of new employees. 80JJAA. (1) Where the gross total income of an assessee to whom section 44AB applies, includes any profits and gains derived from business, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty per cent. of additional employee cost incurred in the course of such business in the previous year, for t .....

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..... lanation to section 288 giving such particulars in the report as may be prescribed. Explanation.-For the purposes of this section,- (i) additional employee cost means total emoluments paid or payable to additional employees employed during the previous year: Provided that in the case of an existing business, the additional employee cost shall be nil, if- (a) there is no increase in t .....

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..... rupees per month; or (b) an employee for whom the entire contribution is paid by the Government under the Employees Pension Scheme notified in accordance with the provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952); or (c) an employee employed for a period of less than two hundred and forty days during the previous year; or (d) an employee wh .....

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..... ible to claim any deduction for any assessment year commencing on or before the 1st day of April, 2016. . - Clause 44 of the Bill seeks to substitute a new section for section 80JJAA of the Income-tax Act relating to deduction in respect of employment of new employees. The existing section provide for a deduction of thirty per cent. of additional wages paid to the new regular workmen in a .....

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..... in accordance with the Employees Provident Funds and Miscellaneous Provisions Act, 1952. This amendment will take effect from 1st April, 2017 will, accordingly, apply in relation assessment year 2017-2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanage .....

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