Section 80JJAA

Tax Incentive to Business / Service sector/ Industry on salary of new employees

Income Tax - Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufacturing industry can claim additional deduction of 30% of salary paid to additional employees, subject to fulfilment of certain conditions. This deduction of 30% of [...

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CRUX of Section 80JJAA of Income Tax Act 1961

Income Tax - Applicability of of Section 80JJAA of Income Tax Act 1961: -Assessee who are covered under Section 44AB. -Profit & Gains derived from business. Amount of Deduction under Section 80JJAA of Income Tax Act 1961: 30% of additional employee cost. Three Assessment years including assessment year relevant to the previous year in which such e...

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Cash restrictions under income tax act (with illustrations)

Income Tax - Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions...

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Deduction in Respect of Employment of New Employees [Section 80JJAA]

Income Tax - I. Applicability of Section 80JJAA:- In order to promote Employee generation, deduction under section 80JJAA is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. II. Quantum and Duration of Deduction under Section 80JJAA:- Where the gross total income of an assesse to whom section 44AB applies, includes ...

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Income Tax Law Relating To Cash Transactions

Income Tax - A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

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Benefits U/s. 80JJAA to Footwear & Leather Industry to Help Employment Generation

Income Tax - Currently, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year under section 80-JJAA of the Income-tax Act....

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Section 80JJAA do not differentiate between Salary & Wages

Manhattan Associates (India) Development Centre (P.) Ltd. Vs DCIT (ITAT Bangalore) - person working in software industry cannot be termed as 'Wages'. In our view there is no distinction sought to be made in the provisions of Sec.80JJAA of the Act...

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CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Notification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...

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CBDT notifies revised audit report format for claiming deduction U/s. 80JJAA

Notification No. 26/2017-Income TAx [G.S.R. 325(E)] - (03/04/2017) - Rule 19AB. Form of report for claiming deduction under section 80JJAA. Report of an accountant which is required to be furnished by the assessee along with the return of income under clause (c) of sub-section (2) of section 80JJAA shall be in Form No. 10DA....

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Recent Posts in "Section 80JJAA"

Tax Incentive to Business / Service sector/ Industry on salary of new employees

Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufacturing industry can claim additional deduction of 30% of salary paid to additional employees, subject to fulfilment of certain conditions. This deduction of 30% of [...

Read More
Posted Under: Income Tax |

CRUX of Section 80JJAA of Income Tax Act 1961

Applicability of of Section 80JJAA of Income Tax Act 1961: -Assessee who are covered under Section 44AB. -Profit & Gains derived from business. Amount of Deduction under Section 80JJAA of Income Tax Act 1961: 30% of additional employee cost. Three Assessment years including assessment year relevant to the previous year in which such e...

Read More
Posted Under: Income Tax |

Cash restrictions under income tax act (with illustrations)

Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions...

Read More
Posted Under: Income Tax |

Deduction in Respect of Employment of New Employees [Section 80JJAA]

I. Applicability of Section 80JJAA:- In order to promote Employee generation, deduction under section 80JJAA is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. II. Quantum and Duration of Deduction under Section 80JJAA:- Where the gross total income of an assesse to whom section 44AB applies, includes ...

Read More
Posted Under: Income Tax |

Income Tax Law Relating To Cash Transactions

A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

Read More
Posted Under: Income Tax |

E-Book- Know When to Say No to Cash Transactions -Income Tax Act

E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue),  Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on C...

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Taxation of Cash Transactions under Income Tax Act, 1961

Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise...

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Posted Under: Income Tax |

Section 80JJAA do not differentiate between Salary & Wages

Manhattan Associates (India) Development Centre (P.) Ltd. Vs DCIT (ITAT Bangalore)

person working in software industry cannot be termed as 'Wages'. In our view there is no distinction sought to be made in the provisions of Sec.80JJAA of the Act...

Read More

Section 80JJAA Deduction In Respect of Employment of New Employees

ANALYSIS OF SECTION 80JJA A. Applicability of Section 80JJA 1. This section applicable to all assesses i.e. corporate and non-corporate assessee. It is also applicable to non-resident carrying on business in India. 2. This section applies to any assessee to whom section 44AB applies i.e. applicable to a person who is required to get his [...

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Posted Under: Income Tax |

Section 80JJAA 2.0: Old Wine in a New Bottle or New Wine in a New Bottle?

This article makes an attempt to analyse the new provisions of section 80JJAA introduced vide Finance Act 2016 and the issues in implementing the said provisions in practice. Historical Background The erstwhile section 80JJAA of the Income Tax Act 1961 (‘the Act’) was introduced vide Finance Act 1998 (No.2). The said section was intro...

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Posted Under: Income Tax |

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