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Income Tax Deduction under section 80JJAA

Applicability

Assessee to whom section 44AB Applies

Deduction Allowed on

Employment of new employees

Amount of Deduction

30% of Additional employee cost (cost means emoluments paid or payable) applicable for 3 Assessment year including the year in which Employment is provided

Condition of Deduction

  • The business should not be formed by splitting up, or the reconstruction, of an existing business. However, a business which is formed as a result of re-establishment, reconstruction or revival by the assessee of the business is allowed for deduction.
  • Business should not be acquired by the assessee by way of transfer from any other person or as a result of any business reorganization
  • The taxpayer must file income tax return along with report of a Chartered Accountant

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