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of <h1>Income-tax Act Section 80JJAA amended: Indian company phrase removed, factory transfer rules updated, workmen requirement reduced.</h1> Section 80JJAA of the Income-tax Act is amended effective April 1, 2016. In sub-section (1), the phrase 'being an Indian company' is removed. Sub-section (2) is revised to replace clause (a) with a new provision stating that the factory can be acquired by the assessee through transfer from another person or due to business reorganization. Additionally, in the Explanation, clause (i) is modified to change the requirement from 'one hundred workmen' to 'fifty workmen.'
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