Section 64 - Substitution of sub-heading in chapter XV - Finance Act, 1992

64. Substitution of sub-heading in chapter XV In Chapter XV of the Income-tax Act, for the sub-heading DD. - Association of persons and body of individuals , the following shall be substituted, with effect from the 1st day of April, 1993, namely :- DD. - Firms, association of persons and body of individuals 167A. Charge of tax in the case of a firm. - In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the maximum marginal rate. .