Section 80JJAA of ITA, 1961 : Section 80Jjaa: Deduction In Respect Of Employment Of New Workmen
ITA, 1961
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Explanation using Example
Imagine a software development company, XYZ Tech, that is eligible for tax audits under section 44AB of the Income-tax Act. In the financial year 2022-23, XYZ Tech expanded its team by hiring 10 new software engineers due to increased demand for its services. These new hires are considered 'additional employees' as per the Income-tax Act's definition because they increase the total number of employees compared to the last day of the preceding year.
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