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of <h1>Finance Act 2013 amends Section 80JJAA: 30% tax deduction on wages for new factory workers over three years.</h1> Section 80JJAA of the Income-tax Act was amended by the Finance Act, 2013, effective April 1, 2014. The amendment allows Indian companies a deduction of 30% on additional wages paid to new regular workmen employed in a factory, applicable for three assessment years starting from the year of employment. Changes include replacing 'undertaking' with 'factory' and clarifying that 'factory' aligns with the definition in the Factories Act, 1948. The amendment also specifies conditions for factories acquired through amalgamation or transfer from another entity.
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