, 9 tweets, 3 min read Read on Twitter
Jobs plan is missing link in Modi's Interim Budget amid drama over data ecoti.in/pvIWJb64 (Job plan is already there since 2016 Budget. It is called #Section80JJAA of Income-Tax Act,1961. Section was rewritten to extend tax incentives for job creation to all sectors. )
That section allows employer to claim additional 30% deduction for wages paid to new employees. This is in addition to 100% of wages deduction under section 37 of the Act. Earlier, section applied to corporates in manufacturing sector,
In 2016, Modi Govt liberated the section from needless fetters imposed by UPA in 2013 and rewrote it to extend it to formal job creation in all sectors whether employer be corporate or non-corporate
Incidentally, Congress Govts never extended any tax incentives to job creation. Section 80JJAA was first enacted by Vajpayee Govt in 1998. UPA needlessly fettered the section in 2013 to restrict it to corporate employers only
All that PM @NarendraModi needs to do now is to ask Income-Tax Dept to aggregate formal jobs created from Form No.10DA audit reports e-filed by employers for claiming section 80JJAA deduction for FYs 2016-17 and 2017-18 and add figures of PMRPY to it
The resulting figures of formal jobs created be furnished to Parliament if possible or published on Income-Tax Department website. PMRPY and Section 80JJAA are mutually exclusive and hence no overlap
Unlike PF/ESI, there is no cut-off limit of no.of employees for section 80JJAA (as it stands from FY 2016-17) for the section to become applicable. So, there will be no debate on whether data represents new jobs created or existing jobs formalised
To clarify further, I am not belittling formalisation of existing jobs. That is also creditable as employee gets social security
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