Deduction in respect of compensation for termination of managing agency, etc., in the case of assessees other than companies
1[Deduction in respect of compensation for termination of 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 gains of business or profession in accordance with the provisions of 2[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 such 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.]
Amendments - 1. Inserted by the Finance (No 2) Act, 1967, w.e.f. 1-4-1968 in place of section 112 .
2. Inserted by the Finance Act, 1973, with retrospective effect from 1-4-1972.
[As amended by the Finance Act, 1981]