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2006 (10) TMI 98 - JHARKHAND HIGH COURTIncentive bonus earned by the assessee, a Development Officer of the Life Insurance Corporation of India – keeping in view the terms, conditions, rules and regulations of the service, impugned “incentive bonus” is assessable as “salary” as defined under section 17 of the Act, and is not professional income - therefore, the assessee is entitled to standard deduction under section 16 of the Act - the reference is answered accordingly
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