Section 33AB(1)(b)

(b) 8[a sum equal to forty per cent. . of the profits] of such business (computed under the head “Profits and gains of business or profession” before making any deduction under this section), whichever is less: Provided that where such assessee is a firm, or any association of persons or any body of individuals, the deduction under this section shall not be allowed in the computation of the income of any partner, or as the case may be, any member of such firm, as sociation of persons or body of individuals: Provided further that where any deduction, in respect of any amount deposited in the special account 9[, or in the 10[Deposit Account], has been allowed under this sub -section in any previous year, no deduction s hall be allowed in respect of such amount in any other previous year.