Job creation is one of Modi government’s biggest challenges, with the Opposition using what it calls the government’s poor performance in this regard as a stick to beat the prime minister’s economic policies with. With Budget 2018 less than a month away, and with employment generation reportedly being a key theme this year, one way the government could give job creation a boost is by tweaking taxation laws to provide companies an incentive for hiring.
India already provides tax benefits to incentivise job creation by companies. However, according to a Times of India report, certain lacunae in the rules have kept many companies, particularly from the services sector, from reaping the benefits of such incentives. In view of this, according to the national daily, the government could tweak Section 80JJAA — which sets out conditions under which a company can avail of deductions in respect of employment of new employees — of the Income Tax (I-T) Act or introduce some read more
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