Section 45 - Substitution of new section for section 80JJAA.

Deduction for new employee hires available for qualifying businesses subject to conditions and reporting requirements.

An assessee subject to audit deriving business profits may claim a deduction equal to thirty per cent of additional employee cost for three assessment years where additional employees increase the workforce and emoluments are paid through prescribed banking methods. Deductions are barred for businesses formed by splitting, reconstruction, acquisition, or reorganisation (subject to limited revival exceptions). Claimants must file an accountant's report. Definitions exclude employees above a monthly emolument threshold, those with government-paid pension contributions, short-term employees, and employees not in a recognised provident fund; emoluments exclude employer contributions and terminal lump sums.