9911796707
Advanced Search 
TMI BlogProvisions relating to assessment of partnership firms--Clarification regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... s ``the DTL(A) act, 1987), to be effective from 1-4-1989, i.e., from the assessment year 1989-90. 2. After the DTL(A) Act, 1987, was enacted, a number of representations from various quarters were received regarding the new scheme of taxation. On 30-3-1988, the Minister of State in the Ministry of Finance made a statement in Parliament to the effect that suitable amendments will be moved by the G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apply. The important sections containing the old provisions for taxation of firms and their partners, which will continue to operate for the assessment years 1988-89 and 1989-90 are listed below :-- (i) Section 40(b) relating to disallowance of interest and salary, etc., paid by a firm to its partners. (ii) Section 64(1) relating to inclusion of shares of spouse and minor children in the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are to come into force with effect from 1-4-1990, there are other amendments made by the DTL(A) Act, 1987, which are operative with effect from 1-4-1989, in case of all the assessees including partnership firms. The important ones are discussed below :-- (i) Introduction of financial years as the uniform previous year : A new section 3 substituted in the Income-tax Act for the old section 3 by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions relating to filing of return of income, assessment procedure and charging of mandatory interest under sections 234A to 234C will also be applicable in the case of partnership firms with effect from 1-4-1989, like other assessees. 5. Deduction of tax at source : The provisions of the new section 194E relating to deduction of tax at source from interest and salary, etc., paid by a firm to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
