Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...
Income Tax : Learn about Deduction u/s 80JJAA: Who's eligible, how much is allowed, and what it means for additional employee costs. Expert ins...
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 : 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...
Income Tax : The case examined whether reassessment proceedings were valid when approval was obtained from an incorrect authority. The Court he...
Income Tax : ITAT Mumbai held that deduction claimed by the assessee under section 80G of the Income Tax Act cannot be denied merely on the gro...
Income Tax : The Tribunal held that reopening beyond three years requires escaped income in the form of an asset. Since bogus purchases are rev...
Income Tax : ITAT Mumbai held that deduction under Section 80JJAA cannot be allowed when not claimed in the original return of income. Section ...
Income Tax : The Tribunal ruled that once the Assessing Officer scrutinized the Section 10AA claim and R&D allocation, revision cannot be invok...
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...
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 electronic clearing system through […]
Article explains Background of Section 80JJAA, Conditions to be fulfilled for claiming deduction under Section 80JJAA, Amount of Deduction under Section 80JJAA and Illustration on deduction under Section 80JJAA. Before I delve into my topic of discussion, lets have a little background of Section 80JJAA of the Income Tax Act 1961. Background of Section 80JJAA […]
As the IT Return due date is near for A.Y 2017-18 now everyone is looking for tax saving by various section. Here is the option to claim additional expense that to without any additional investment of 30% for new employee’s u/s 80JJA of IT Act. This purpose behind this section is to employment generation across all sectors.
Section 80JJAA – Deduction in respect of employment of new employees is allowed under Chapter VI-A of the IT Act. In case of an assessee opting to provision to sec 115BAA or Sec. 115BAB, all other deduction under Chapter VI-A will be not be allowed except to Sec. 80JJAA deduction on employment. This means, this […]
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
There are various provisions in the Act which prohibit cash transactions and allow/encourage payment or receipt only through account payee cheque, account payee draft or electronic clearing system through a bank account. Section 13A of the Act requires a political party to receive donation exceeding rupees two thousand only through an account payee cheque or […]
At present, under section 80-JJAA of the Act, 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.
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.
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.
Budget 2015-16 Deduction for employment of new workmen extended to benefit to all assessees having manufacturing units instead of only corporate assessees. Further, in order to enable the smaller units to claim this incentive, it is proposed to extend the benefit under the section to units employing even 50 instead of 100 regular workmen.
