Deduction in respect of compensation for termination managing agency, etc.,in the case of assessees other than companies
7[Deduction in respect of compensation for termination managing agency, etc.,in the case of assessees other than companies.
80S. Where the gross total income of an assessee not being a company includes any income by way of compensation or other payment which is chargeable as the profits and gams of business or profession in accordance with the provisions 8[of sub-clause (a) or sub-clause (b) or sub-clause (c)] of clause (ii) of section 28, there shall be allowed, in computing the total income of the assessee, a deduction from suck income of an amount equal to twenty-five per cent thereof, so, however, that the amount of the deduction under this section shall not, in any case, exceed one hundred thousand rupees.]
7. Section 80S shall be omitted by the Finance Act, 1986, w.e.f. 1-4-1987. It was earlier inserted, in place of section 112 which was omitted, by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.
8. Inserted by the Finance Act, 1973, with retrospective effect from 1-4-1972.
[AS AMENDED BY THE FINANCE ACT, 1986]