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of <h1>Amendment to Section 80JJAA: 30% Deduction for New Employee Costs Now Includes Electronic Payments Beyond Bank Accounts</h1> Clause 27 of the Finance (No. 2) Bill, 2019 proposes an amendment to section 80JJAA of the Income-tax Act, which pertains to deductions for employing new employees. It modifies clause (b) in the first proviso of the Explanation, allowing deductions of 30% of additional employee costs for existing businesses if emoluments are paid through prescribed electronic modes, beyond just bank accounts. This change is effective from April 1, 2020, applicable to the assessment year 2020-2021 and onwards.
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