(1)Where an assessee incurs any expenditure in any previous year by way of payment of any sum to an employee [in connection with his voluntary retirement] [ Substituted by Act 11 of 1983, Section 16, for sub-Section (2) (w.r.e.f. 1.4.1983).][, in accordance with any scheme or schemes of voluntary retirement, one-fifth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance shall be deducted in equal instalments for each of the four immediately succeeding previous years.] [Inserted by Act 14 of 2001, Section 24 (w.e.f. 1.4.2001).]
