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of <h1>VRS payments: one-fifth deductible in year paid; remaining four-fifths amortised equally over next four years; transferee inherits schedule</h1> Where an assessee incurs expenditure by paying sums to employees on voluntary retirement under a VRS, one-fifth of the payment is deductible in the year of payment and the balance is amortised in equal instalments over the next four years. If an eligible Indian company's undertaking is transferred in an amalgamation, demerger or specified business reorganisation, the transferee or successor entity inherits the amortisation schedule as if the reorganisation had not occurred; no deduction is allowed for the transferor in the year of transfer, and the expenditure cannot be deducted under any other provision of the Act.
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