Deduction for compensation in business income was established, capped, and later omitted by legislative amendment. Section 80S provided a deduction for compensation or other payments treated as business income in respect of termination of managing agency and similar ... Summary
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Deduction for compensation in business income was established, capped, and later omitted by legislative amendment.
Section 80S provided a deduction for compensation or other payments treated as business income in respect of termination of managing agency and similar payments for assessees other than companies, allowing a deduction equal to a specified percentage of such compensation subject to a statutory monetary ceiling. The provision was later omitted by subsequent Finance Act amendments and is no longer in force.
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