Lok Sabha clears Taxation Laws (Amendment) Bill, 2016 – Feedback

The Lok Sabha on Wednesday passed the Taxation Laws (Amendment) Bill, 2016 paving way for employers in the textile sector to avail of the income tax benefit on additional employment provided the employee has worked for 150 days and not 240 days as mandated earlier. The bill will now be taken up by Rajya Sabha following which the changes will be notified.

Union Cabinet had on June 22 approved a special package for employment generation and promotion of exports in textile and apparel sector, in line with its commitment to generate one crore jobs in the textile and apparel industry over next three years. One of six incentives announced included enhancing the scope of Section 80JJAA of Income Tax Act. “Looking at the seasonal nature of garment industry, the provision of 240 days under Section 80JJAA of Income Tax Act would be relaxed to 150 days for garment industry,” the Cabinet had said.

http://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/lok-sabha-clears-taxation-laws-amendment-bill-2016/articleshow/53634851.cms

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