{"act":{"id":"finance-act-2013","short_title":"The Finance Act, 2013","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2013-2014.","act_number":null,"act_year":2013,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":142,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2013/"},"unit":"section","section":{"number":"20","heading":"Amendment of section 80JJAA","text":"Amendment of section 80JJAA. 20. In section 80JJAA of the Income-tax Act, with effect from the 1st day of April, 2014,— (i) | for sub-section (1), the following sub-section shall be substituted, namely:— \"(1) | Where the gross total income of an assessee, being an Indian company, includes any profits and gains derived from the manufacture of goods in a factory, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty per cent of additional wages paid to the new regular workmen employed by the assessee in such factory, in the previous year, for three assessment years including the assessment year relevant to the previous year in which such employment is provided.\"; (ii) | in sub-section (2), for clause (a), the following clause shall be substituted, namely:— \"(a) | if the factory is hived off or transferred from another existing entity or acquired by the assessee company as a result of amalgamation with another company;\"; (iii) | in the Explanation,— (a) | in clause (i), in the proviso, for the word \"undertaking\" at both the places where it occurs, the word \"factory\" shall be substituted; (iv) | after clause (iii), the following clause shall be inserted, namely:— '(iv) | \"factory\" shall have the same meaning as assigned to it in clause (m) of section 2 of the Factories Act, 1948 (63 of 1948).'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80JJAA.</b></p><p><b>20.</b> In section 80JJAA of the Income-tax Act, with effect from the 1st day of April, 2014,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for sub-section (1)<i>, </i>the following sub-section shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(1)</td><td></td><td>Where the gross total income of an assessee, being an Indian company, includes any profits and gains derived from the manufacture of goods in a factory, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty per cent of additional wages paid to the new regular workmen employed by the assessee in such factory, in the previous year, for three assessment years including the assessment year relevant to the previous year in which such employment is provided.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>in sub-section (2), for clause (<i>a</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>a</i>)</td><td></td><td>if the factory is hived off or transferred from another existing entity or acquired by the assessee company as a result of amalgamation with another company;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>in the <i>Explanation,</i>—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>i</i>), in the proviso, for the word \"undertaking\" at both the places where it occurs, the word \"factory\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iv</i>)</td><td></td><td>after clause (<i>iii</i>)<i>, </i>the following clause shall be inserted, namely:—</td></tr><tr><td>'(<i>iv</i>)</td><td></td><td>\"factory\" shall have the same meaning as assigned to it in clause (<i>m</i>) of section 2 of the Factories Act, 1948 (63 of 1948).'.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":239,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/20/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}