Section 13 - Amendment of section 44AE - Finance Act, 1997

13. Amendment of section 44AE In section 44AE of the Income-tax Act, - (i) in sub-section (3), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1994, namely :- Provided that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40. ; (ii) sub-section (6) shall be omitted.