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of <h1>Amortization of Voluntary Retirement Expenses under Section 35DDA: Deduct One-Fifth Annually Over Five Years</h1> Section 35DDA of the Income-tax Act, introduced by the Finance Act, 2001, effective April 1, 2002, allows for the amortization of expenses incurred under a voluntary retirement scheme. It permits an assessee to deduct one-fifth of the amount paid to an employee upon voluntary retirement in the year the expenditure is incurred. The remaining amount is to be deducted in equal installments over the next four years. This section specifies that no other deductions for this expenditure are allowed under any other provision of the Act.
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