Section 80S

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 ¹[provisions 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 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.

[As Amended by the Finance Act, 1976]