Section 80JJAA

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 ...

Read More

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 ...

Read More

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

Income Tax - 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...

Read More

Taxation of Cash Transactions under Income Tax Act, 1961

Income Tax - 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...

Read More

Section 80JJAA Deduction In Respect of Employment of New Employees

Income Tax - 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 [...

Read More

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....

Read More

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

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 ̵...

Read More

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....

Read More

Recent Posts in "Section 80JJAA"

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...

Read More

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...

Read More
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 [...

Read More
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...

Read More
Posted Under: Income Tax |

New Section 80JJAA Deduction for Salaries paid to New Employees

The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961 which allows for deduction in respect of employment of new employees. Section 80JJAA enables an employer to enjoy tax sops or you can say – cashback for payment of salaries to new employees employed ...

Read More
Posted Under: Income Tax |

Section 80JJAA: Tax incentive for employment generation

The existing provisions of Section 80JJAA provide for a deduction of thirty percent of additional wages paid to new regular workmen in a factory for three years. The provisions apply to the business of manufacture of goods in a factory where 'workmen' are employed for not less than three hundred days in a previous year. ...

Read More
Posted Under: Income Tax |

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 ‘account payee bank draft or use of ele...

Read More

Browse All Categories

CA, CS, CMA (5,003)
Company Law (6,668)
Custom Duty (8,035)
DGFT (4,377)
Excise Duty (4,399)
Fema / RBI (4,410)
Finance (4,662)
Income Tax (34,825)
SEBI (3,725)
Service Tax (3,605)

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30