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Substitution of new section for section 80JJAA.

Section 45 - Acts - DIRECT TAXES - FINANCE ACT, 2016 - Section 45 - 45. For section 80JJAA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:- Deduction in respect of employment of n .....

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n amount equal to thirty per cent. of additional employee cost incurred in the course of such business in the previous year, for three assessment years including the assessment year relevant to the previous year in which such employment is provided. .....

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ed as a result of re-establishment, reconstruction or revival by the assessee of the business in the circumstances and within the period specified in section 33B; (b) if the business is acquired by the assessee by way of transfer from any other perso .....

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Explanation.-For the purposes of this section,- (i) additional employee cost means the total emoluments paid or payable to additional employees employed during the previous year: Provided that in the case of an existing business, the additional emplo .....

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nk draft or by use of electronic clearing system through a bank account: Provided further that in the first year of a new business, emoluments paid or payable to employees employed during that previous year shall be deemed to be the additional employ .....

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does not include- (a) an employee whose total emoluments are more than twenty-five thousand 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 .....

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