The Central Board of Direct Taxes (CBDT) has issued the revised Form 10DA for claiming Tax Deduction of wages of New Workmen.
The recent notification amended Rule 19AB of the Income Tax Rules, 1962 according to which the report of an accountant which is required to be furnished by the assessee along with the return of income under clause (c) of sub-section (2) of section 80JJAA shall be in Form No. 10DA.
Section 80JJAA of the Income Tax Act provides tax benefit to an Indian company deriving profit from manufacturing of goods in its factory. The deduction available to the Company is 30 percent of additional wages paid to the new workmen employed by the assessee in such factory, in the previous year for three assessment year including the assessment year relevant for the previous year in which such employment is provided.
Read the full text of the notification below.
