Income Tax : Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practi...
Finance : A company opting for special rate taxation under section 115BAA and 115BAB of the Act are exempt from paying MAT. Further, a compa...
Income Tax : Explore Section 80JJA of the Income Tax Act, 1961, offering deductions for businesses engaged in collecting and processing biodegr...
Income Tax : Section 80JJAA of the Income Tax Act, 1961 is a deduction which an assessee can claim on the emoluments paid to new and incrementa...
Income Tax : Learn about Section 80JJAA Deduction for employment of new employees. Find out how you can get a deduction of 30% of additional em...
Income Tax : During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s ...
Goods and Services Tax : Currently, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new emp...
Corporate Law : Delhi High Court halts NFRA proceedings against CA Unnikrishnan Menon, challenging show cause notice for irregularities in Quess C...
Income Tax : ITAT Delhi held that the assessee is entitled to make additional claim of deduction u/s. 80JJAA of the Income Tax Act on the stren...
Income Tax : ITAT Delhi deleted TP adjustment on payment of model fee for export to AEs stating that scope of TPO is limited to determination o...
Income Tax : ITAT Mumbai allows the claim of deduction u/s. 80JJAA for the assessment year 2020-21, as the taxpayer had filed the original retu...
Income Tax : ITAT Chennai held that assessee failed furnish any evidences to prove that there are negotiations between assessee and AEs with re...
Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : Rule 19AB. Form of report for claiming deduction under section 80JJAA. Report of an accountant which is required to be furnished b...
Section 80JJAA of the Income Tax Act, 1961 is a deduction which an assessee can claim on the emoluments paid to new and incremental employees during the previous year.
Tangar Exports LLP Vs ACIT (ITAT Chennai) The Assessing Officer has made adjustment of total income computed in the intimation received u/s.143(1) of the Act, towards deduction claimed u/s.80JJAA of the Act, in respect of employment of new employees on the ground that the assessee has not satisfied conditions prescribed therein, including filing of audit […]
Learn about Section 80JJAA Deduction for employment of new employees. Find out how you can get a deduction of 30% of additional employee cost.
Section 80JJAA of Income Tax Act, 1961 provides deduction for the recruitment of new or additional employees. Section 80JJAA has been made available in the Income Tax Act to encourage employers to recruit fresh employees on a periodic basis. I am enclosing herewith the Format to calculate Deduction under Section 80JJAA of Income Tax Act, […]
Unlock tax benefits with Section 80JJAA! Learn who can claim, conditions, and examples. Discover how to calculate additional employee cost and the quantum of deduction. FAQs answered for clarity. Start saving on taxes today!
Essential conditions to claim deduction under section 80JJAA: (a) Business of taxpayer should not be formed by splitting up or reconstructing of an existing business; (b) Business should not be acquired by tax payer as a result of transfer from another person or on account of business reorganization;
OnMobile Global Ltd. Vs ACIT (ITAT Bangalore) Section 80JJAA of the Act allows for deduction of additional wages paid to new workmen for an industrial undertaking. While the term “industrial undertaking” has not been defined in section 80JJAA of the Act, it has been defined in other provisions of the Act; like section 10(15) and […]
Section 80JJAA of the Income Tax Act was created to encourage firms to hire new employees on a regular basis. Section 80JJAA deduction is for the recruitment of new or additional employees. Section 80JJAA DEDUCTION: 30% of additional employee cost for three years. ELIGIBILITY for Section 80JJAA Deduction: Applicable to all Assessees having business income. […]
Learn about the tax benefits of Section 80JJAA for organizations. Discover how to claim an additional deduction for employee costs.
During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961. The investigations further revealed, that, even though the emoluments of new employees added were more than Rs. 25,000 per month, the assessee has been wrongfully claiming deduction u/s 80JJAA by excluding certain components of emoluments of such employees to fit into the eligible emoluments limit of Rs. 25,000 per month.
