Deduction under Section 80MM: allowed for income from approved agreements, subject to Central Government approval and application deadline. The amendment substitutes subsection (1) of Section 80MM to allow a deduction equal to forty per cent of income arising under an agreement entered into on or after 1 April 1969 and approved by the Central Government, with the proviso that the application for such approval must be made to the Central Government before 1 October of the relevant assessment year.