- In section 80JJAA of the Income-tax Act, with effect from the 1st day of April, 2014,-(i)for sub-section (7), the following sub-section shall be substituted, namely:-"(I) 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 (1), in the proviso, for the word "undertaking" at both the places where it occurs, the word "factory" shall be substituted;(b)after clause (iif), 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)'.
