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TMI BlogDeduction in respect of employment of new employeesX X X X Extracts X X X X X X X X Extracts X X X X ..... owed,- (a) if the business is formed by splitting up, or the reconstruction, of an existing business: Provided that nothing contained in this clause shall apply in respect of a business which is formed as a result of re-establishment, reconstruction or revival by the assessee of the business in the circumstances and within the period specified in section 33B; (b) if the business is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation; (c) unless the assessee furnishes 15[the report of the accountant, as defined in the Explanation below sub-section (2) of section 288, before the specified date referred to in section 44AB] giving such particulars in the report as may be prescr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d forty days during the previous year; or (d) an employee who does not participate in the recognised provident fund; 11[ Provided that in the case of an assessee who is engaged in the business of manufacturing of apparel 12[or footwear or leather products], the provisions of sub-clause (c) shall have effect as if for the words "two hundred and forty days", the words "one hundred and fifty days" had been substituted ] 13[Provided further that where an employee is employed during the previous year for a period of less than two hundred and forty days or one hundred and fifty days, as the case may be, but is employed for a period of two hundred and forty days or one hundred and fifty days, as the case may be, in the immediately succeeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cent of additional wages paid to the new regular workmen employed by the assessee in the previous year for three assessment years including the assessment year relevant to the previous year in which such employment is provided." 3. Substituted vide Finance Act, 2013 w.e.f. 1st day of April, 2014, before it was read as, "(a) if the industrial undertaking is formed by splitting up or reconstruction of an existing undertaking or amalgamation with another industrial undertaking;" 4. Substituted vide Finance Act, 2013 w.e.f. 1st day of April, 2014 before it was read as, "undertaking" 5. Substituted vide Finance Act, 2013 w.e.f. 1st day of April, 2014 before it was read as, "undertaking" 6. Inserted vide Finance Act, 2013 w.e.f. 1st day o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the accountant, as defined in the Explanationbelow sub-section (2) of section 288 giving such particulars in the report as may be prescribed. Explanation.-For the purposes of this section, the expressions,- (i) "additional wages" means the wages paid to the new regular workmen in excess of 9[fifty workmen] employed during the previous year : Provided that in the case of an existing 4[factory], the additional wages shall be nil if the increase in the number of regular workmen employed during the year is less than ten per cent of existing number of workmen employed in such 5[factory ] as on the last day of the preceding year; (ii) "regular workman", does not include- (a) a casual workman; or (b) a workman employed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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