Budget 2021: Cap On Emoluments Must Be Raised To Rs 50,000 Under Section 80JJAA

Budget 2021: Section 80JJAA of the Income Tax Act provides that every assessee, earning business income and liable to tax audit, is eligible to claim a deduction under the provision for additional employee cost. Section 80JJAA, provides for deduction of 30 per cent on emoluments paid to new employees, which can be claimed for three years. This is available upto an emolument of Rs 25,000 per month. The cap should either be removed or ...