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of <h1>Income Tax Bill 2025: Clause 29 Sets New Deduction Rules for Employee Welfare Contributions, Aligns with Section 40A</h1> Clause 29 of the Income Tax Bill, 2025, establishes guidelines for deductions related to employee welfare contributions, including provident funds, superannuation funds, pension schemes, and gratuity funds. It aims to incentivize employers to contribute to employee welfare, promoting financial security for employees. The clause specifies conditions and limits for deductions, ensuring contributions are consistent and meet defined standards. It prohibits deductions for certain gratuity provisions unless specific conditions are met. A comparative analysis with Section 40A of the Income-tax Act, 1961, shows Clause 29's focus on genuine welfare contributions, while Section 40A addresses the reasonableness of deductions.
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