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of <h1>New Tax Deduction: 30% on Additional Employee Costs for Three Years Under Section 80JJAA of Income-tax Act</h1> Clause 44 of the Finance Bill, 2016 proposes a new section 80JJAA in the Income-tax Act, effective April 1, 2017. It allows a 30% deduction on additional employee costs for three assessment years, applicable to assessees under section 44AB. The deduction is for new employees whose emoluments are up to 25,000 per month, excluding those fully covered by government contributions under the Employees' Pension Scheme. The business should not be formed by splitting or reconstruction, and an accountant's report must accompany the income return. This amendment applies from the 2017-2018 assessment year onwards.
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